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11 Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2006 We offer readers of the County's financial statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended September 30, 2006. We encourage readers to consider the information presented here, in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages i -v of this report. All amounts, unless otherwise indicated, are expressed in millions of dollars. Financial Highlights • The County's overall financial position improved over 2005. • The assets of the County exceeded its liabilities at the close of the most recent fiscal year by $852.8 million (net assets). Of this amount, $175.3 million (unrestricted net assets) may be used to meet the government's ongoing obligations to citizens and creditors. • The government's total net assets increased by $109.8 million. A substantial portion of this increase is attributable to impact fees collected and unspent and capital contributions received by utilities. These increases reflect the construction boom that was taking place in the County. • As of the close of the current fiscal year, the County's governmental activities reported combined ending fund balances of $557.8 million, an increase of $82.8 million in comparison with the prior year. Of this total amount, $121.6 million is available for spending at the government's discretion (unreserved, undesignated fund balance). • At the end of the current fiscal year, unreserved, undesignated fund balance for the general fund alone was $45.3 million, or 55 percent of total general fund expenditures. • Limited General Obligation bonds were issued in the par amount of $46.8 million for the purpose of acquiring environmentally sensitive land, historic sites, and lands to protect water resources. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the County's basic financial statements. The County's basic financial statements are composed of three elements: 1) government - wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -wide financial statements The government -wide financial statements are designed to provide readers with a broad overview of the County's finances, in a manner similar to a private -sector business. The statement of net assets presents information on all of the County's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. 3