2007-096A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2006 Series 2006 Limited General Obligation Bonds with a par of $48.6 million were issued in order to purchase environmentally sensitive land, historic sites, and lands that preserve our water resources. The County's General Obligation and Revenue Bonds maintain a "AAA" rating from Standard & Poor's. It is the County's policy to receive two bond ratings for each issue. Standard & Poor's rating is required on all issues. A second rating from Fitch or Moody's is also required. Additional information on the County's long-term debt can be found in Note 12 on pages 73-86 of this report. Economic Factors and Next Year's Budgets and Rates The County's staff and elected officials considered many factors in developing the fiscal year 2006-2007 budget. One major factor impacting the budget process is the economic outlook for the upcoming year. Indian River County's local economy consists of construction, tourism, retail, agriculture, and light manufacturing. Construction activity has slowed down in recent months, and it is expected to have a lower level of activity in 2006-2007 than last year. Retail activity has remained steady. The tourist tax revenue decreased 9.5 percent in 2005-2006 compared to the previous year. The population grew by an estimated 5,219 residents in 2005-2006. The unemployment rate during 2005-2006 was 4.7 percent. These factors indicate an overall healthy economy throughout Indian River County. u The tax roll is increasing 25.6 percent in 2006-2007 compared to 16.9 percent last year, largely resulting from a change in the existing property value. The impact of the increased revenue more than offsets the decrease in niillage rates. State shared tax revenues are projected to increase 10.6 percent, half -cent sales tax by 15.5 percent, interest earnings by 61.6 percent. Together these increases provide the additional tax revenue to support a 5.6 percent budget increase. This budget has been formulated to continue LJ providing a high quality level of service to the residents of our growing community. u The Solid Waste Disposal District (SWDD) residential rates are reduced slightly by 0.4 percent, and the commercial assessment rates will decrease 0.8 percent for the fiscal year 2006-2007. The SWDD rate cuts were allowed by the area's growth and the department's cost cutting measures. The golf course increased its 18 -hole summer rates by $1.00 and winter rates by $2.00. All other rates and user's fees remain unchanged from fiscal year 2005-2006. Request for Information This financial report is designed to provide a general overview of the County's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Clerk of the Circuit Court Attention: Finance Department 1840 25`" Street Vero Beach, FL 32960 LJ 13