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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2012 Governmental Activities Governmental activities net position increased by $4.3 million. Key elements of this increase are as follows: • Overall program revenues increased $5.0 million. 1) Charges for services decreased by $0.5 million or 3%, due to a one time reimbursement of court fees from the federal government in fiscal year 2011. 2) Operating grant and contribution revenues in 2012 were $0.3 million higher, an increase of 4% from 2011. This was the net effect of a decrease in housing assistance grants and an increase in contributions for beach and park improvements. 3) Capital grants were $5.2 million higher in 2012 than in 2011, an overall increase of 273%. This was largely due to increased physical environment capital grants ($1.0 million higher) for an environmental land purchase and increased transportation capital grants ($4.1 million higher) for the completion of the County's transit administration building and a sidewalk project. • Overall general revenues decreased by $4.5 million mainly due to decreased property tax values. • The governmental activities expenses were $0.4 million higher in 2012 than in 2011. Increases of $1.4 million in transportation and $1.6 million in culture and recreation expenses were mainly due to impact fee refunds. Increases of $1.1 million in physical environment were due to an environmental land purchase. Budget reductions resulted in decreases of $2.2 million in general government expenses, $0.9 million in public safety expenses, and $0.6 million in the remaining expenses. Business -type Activities Business -type activities net position decreased by $2.8 million. Key elements of this decrease are as follows: • Overall program revenues increased $1.6 million. 1) Charges for services increased by $1.1 million or 3%. A gradual improvement in the local economy has attributed to the following increases over 2011 revenues: water and sewer charges increased by $0.5 million or 2%, solid waste revenues increased $0.4 million or 4%, the golf course revenues increased by $0.05 million or 2%, and the building revenues increased by $0.15 million or 9%. 2) Capital grants and contributions were $0.5 million higher in 2012 than in 2011, an overall increase of 25%. This was largely due to a $0.4 million increase in customer impact fee contributions from 2011 to 2012 in the water and sewer fund. • Interest earnings decreased by $0.1 million or 17% from the preceding year due to lower interest rates. 8