The Town operates on a fiscal year beginning October 1 and ending September 30.
The Budget for FY 17-18 was approved on September 28, 2017.
For detailed financial information please see the most current Audited Financial Statement from FY 15-16.
Prior audited financial statements FY 14-15 FY 13-14 FY 12-13 FY 11-12 FY 10-11 FY 09-10
The Council is required to set a tentative millage rate each year to submit to the Tax Collector, which results in the TRIM (TRuth In Millage) statement that property owners receive each August. As the final millage rate may be set at a lower level but never higher, the TRIM notice may contain a higher than adopted rate. This chart shows the occasions that has occurred, and our adopted millage rates since 2002.
The public is invited to participate in the budget process, which begins with a workshop to discuss tentative general fund budgets, usually in July. The Finance Committee is involved in an advisory capacity to the Council, and meets prior to that workshop. Once a tentative budget is set with the maximum millage rate for property tax, the TRIM notices are distributed. The Town is required by the State to hold two public hearings in September before the final budget is adopted each year.
Indian River County publishes a typical annual tax bill in their comprehensive budget each year. This gives you an idea of the rate in the Town of Indian River Shores compared to the rest of the County, which includes the cost for an Emergency District (Fire and EMS) at 2.3010 mils that the Town residents have included within their ad valorem tax of 1.3774 mils. This is because of our unique triple-certified Public Safety Department, which serves the Town's residents' needs for police, fire and EMS. Even though the residents of the Town are obligated to pay County taxes of 3.3602 mils and for the Land Acquisition Bonds of 2004 of 0.3143 mils, they still receive the lowest possible tax rate in the County, followed by all other incorporated areas, with the highest being the unincorporated areas. In 2015, the millage rate of 1.6786 for the Town of Indian River Shores was in the bottom 20 of 420 municipalities.
Florida Statute 112.664 requires information for defined benefit pension plans to be publicly posted on municipal websites. The Town's information follows below.
For Fiscal Year Ended 9-30-2015 pension reports for Police-Fire Defined Benefit Plan, please click here.
For Fiscal Year Ended 9-30-2016 pension reports for Police-Fire Defined Benefit Plan, please click here.
Police & Fire Employees 2014 Compliance with FS 112.664 Composite Summary - Disciplined Value Factsheet Aggregate Summary Factsheet
2015 Compliance with FS 112.664
General Employees Compliance with FS 112.664 (all years)
Following the completion of the Town's annual audit of the prior fiscal year, which results are usually presented betweeen February and May at a Town Council meeting, the elected officials and staff of Indian River Shores for many years prepared a detailed Annual Report.
With the inception of the comprehensive News Alerts in 2013 being emailed to many residents and posted on the Town's bulletin board for those who do not use computer access to the website or receive email, this report's format has been changed to a one-page management summary providing bulleted summary highlights of activities over the previous year.
For financial data, historical facts, photos and answers to common questions, we believe the website has ample information. Should you have any other questions, please do not hesitate to contact the Town Clerk, who will find your answers.
Annual Recap Report Oct 2014-Nov 2015 (New one page format)
Annual Report FY End 2013 (4 page cover) Annual Report FY End 2013 (8 page interior)
Annual Report Fiscal Year End 2012
Annual Report 2011 Part A Annual Report 2011 Part B Annual Report 2011 Part C
Annual Report 2010 Annual Report 2009 Annual Report 2008
The State of Florida's Chief Financial Officer has provided several resources on their website about home and health insurance, retirement planning, budgeting and many other topics. Your Money Matters is a good place to look for information.