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The City of Vero Beach is the seat of County government. The functional (seasonal plus resident) population reaches approximately 160,000. Like the rest of the State of Florida, the County has experienced significant population growth. Retail trade and the service industries remain the largest sectors of employment in the County. Other major sources of jobs are found in government and agriculture. Indian River citrus is a well-recognized name and product throughout the United States and internationally. I I Indian River County is a Non -Charter County established under the Constitution and the Laws of the State of Florida. This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court, the Property Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), the blended component units consisting of the Emergency Services District and the Solid Waste Disposal District and one discretely presented component unit, the Indian River County Housing Authority. These component units were included because generally accepted accounting principles require that organizations for which the County is financially accountable 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 County Memorial Hospital. Local Economy Strong growth in the County continued and has provided the County the opportunity to lower tax rates while still providing a high level of services to County residents and visitors. Property tax values increased 17% from $12.1 billion in 2005 to $14.2 billion in 2006. Construction activity in 2006 was strong with 4,586 permits being issued for new construction with a value of $940.4 million. This was a slight decrease of 2.7% from last year. Just slightly less than 10% of the total County acreage is dedicated to citrus production. The County is a major producer of citrus in the state with citrus production increasing from 4.2 million boxes in 2005 to 7.5 million boxes in 2006. Total employment for FY 2006 was 56,664 and the average unemployment rate in 2006 reflected a decrease of .1 % from FY 2005. Population growth, which was averaging about 2.15% per year in the 1990s, was 3.9% in 2006. Indian River County's estimated population for 2006 was 135,262. In accordance with Florida Statute 163.3177(3)(a), Indian River County maintains a Capital Improvements Plan that covers a five-year period. Indian River County's Capital Improvement Program consists of many projects with the majority pertaining to road improvements and utility (water and sewer) expansion. The Public Works Department projects consist of road widening, secondary roads construction, bridge improvements, right-of-way acquisition and intersection improvements. The costs of these projects over a five-year period of time are estimated at $311,250,539. Several revenue sources are utilized to fund the various transportation infrastructure needs of the County. Some of these sources are road impact fees, one -cent sales tax, various gas taxes and fund transfers from the General Fund and Municipal Service Taxing Unit Fund (MSTU) of ad valorem taxes. The Utilities Department has planned on the addition of several new water distribution and wastewater collection lines to serve new customers. Expansion of the West Regional Wastewater Plant is set to begin during the 2007/2008 fiscal year at an estimated cost of $12 million. Additionally, an expansion is planned for the North R/O Water Plant at an estimated cost of $27 million. All of these improvements will be funded by Utility capacity charges from the additional customer base they will serve. ii