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Indian River Count is a non-charter count established County y estab shed 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 Medical Center. Local Economy The effects of the decline ec e m the national economy were also felt by Indian River County in 2009. Property tax values decreased from $18.6 billion in 2008 to $17.4 billion in 2009. Construction activity has dramatically decreased as well. The total number of building permits issued for new construction in 2009 was 564 compared to 2008 when the permits numbered 1,063. This was a 47% decrease. Our peak activity of growth occurred in 2005 and 2006 as illustrated in Statistical Schedule 19. Indian River County's population remained relatively unchanged from the previous year with a decrease of 192 residents or less than 1%. Total employment, however, decreased 33% from 55,041 in 2008 to 36,992 in 2009. The unemployment rate increased over 50%from 10.1% in 2008 to 15.2%in 2009. Indian River County is a major producer of citrus in the state with approximately 12.5% of total County acreage dedicated to citrus production. Citrus production decreased 17% from 13.8 million boxes in 2008 to 11.4 million boxes in 2009. Long Term Financial Planning On January 15, 2008, the County entered into a locally funded agreement with the Florida Department of Transportation (FDOT) to advance the 6-laning of State Road 60 from 82nd Avenue to 66`x` Avenue (Segment One) at a cost to $23,833,362 and funded by gas taxes and optional one-cent sales tax. On November 18, 2008 a second agreement was established with the FDOT to advance the widening of State Road 60 from Interstate 95 to 82nd Avenue (Segment Two) at a cost of$14,429,754. Segment One will be repaid to the County over a two year period which began in July 2009. The first of eight quarterly reimbursements by the FDOT of$2,979,170 was received in September 2009. Segment one is expected to be completed by December 2010. Segment Two will be repaid over a four and one half year period beginning in July 2011 with completion of the project expected in April 2011. In March 1989, Indian River County voters passed the optional one-cent sales tax which was effective for a fifteen year period. In November 2002, a voter referendum approved extending the optional one- cent sales tax another 15 years until December 31, 2019. Many capital projects have been completed with this funding that otherwise would have been funded by ad valorem dollars. In 2009, approximately $13 million was received and will be used towards funding numerous capital projects including the following construction projects: ii