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This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, the Property Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), and the blended component units consisting of the Emergency Services District and the Solid Waste Disposal District. These component units were included because generally accepted accounting principles require that organizations which are fiscally dependent on the County and that financially benefit from the relationship with the County be reported with the primary government (the County) as the reporting entity. This CAFR does not include the Indian River County School District, the Indian River County Mosquito Control District or the Indian River Medical Center. Local Economy According to the 2010 Census, Indian River County had a population of 138,028, which is a 53% increase over the 1990 population of 90,208. While the population of the County has been steadily increasing, so has the median age of residents living here. Nationally, average ages have risen due to the increasing age of the baby boomer generation as well as the increase in life expectancy for all Americans. In addition, Florida continues to be a popular destination for retirees. Based on the Bureau of Economic Research, University of Florida, persons ages 15-44 make up the largest percentage of residents in the County, followed by ages 45-64 and 65+ respectively with persons ages 14 and under comprising the smallest portion of the population. Indian River County's economy is made up of agriculture (citrus and cattle), tourism, light manufacturing, wholesale and retail trade. Piper Aircraft, Inc., whose headquarters for aircraft research, development and manufacturing operations are located in Vero Beach, is the largest manufacturing employer in the area. CVS Pharmacy operates a distribution center which provides the distribution of products to all CVS locations in the southern half of Florida. In 2012, INEOS New Planet BioEnergy opened a state of the art center in Indian River County. The facility converts low-cost organic materials such as household and vegetative waste into bioethanol for use as a renewable road transport fuel (ethanol) while generating renewable power for export to the local electricity grid. This new technology will reduce greenhouse gas emissions from cars and energy generation in addition to reducing the amount of waste going into our landfills. The Atlantic beaches and the Indian River, along with the comfortable climate provide the basis for a year-round tourism industry. Residents can enjoy these resources at any of the forty-one County parks, the Sebastian Inlet State Park or the Pelican Island Wildlife Refuge. The effects of the decline in the national economy continued to affect Indian River County in 2012. Property tax values decreased from $14.1 billion in 2011 to $13.2 billion in 2012. Construction activity had a slight increase over 2011, which is the third consecutive year of positive growth since the peak activity in 2005. Please see Statistical Schedule 19 for more information. The unemployment rate decreased from 13.7% in 2011 to 11.3 % in 2012. Although Indian River County is a major producer of citrus with approximately 32,820 acres dedicated to citrus production, over the last ten years production has decreased dramatically from 19.1 million boxes in 2002 to 9.4 million in 2012. iii