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• South County Park - The expansion of this park is necessary to provide recreation facilities and programs to the growing population in the southern part of the County. A multi-purpose facility will be constructed at a cost of$1.8 million. Ad valorem tax proceeds and user fees will fund increased operating costs. The impact to ad valorem taxpayers could be reduced through the use of possible public-private partnerships to operate this facility. • Parks Maintenance Complex — This facility is needed to replace the existing facility that was severely damaged by the hurricanes in 2004. The construction of the $1.5 million complex began in fiscal year 2008-2009 and includes three buildings consisting of a 3,500 square foot office building, a 1,250 square foot equipment repair/storage building including an attached covered patio and a 2,500 square foot garage building. • EPret Marsh Stormwater Park—The County's first Algal Turf Scrubber System (ATS) is under construction and is expected to be completed during fiscal year 2009-2010 at a cost of approximately $6.0 million. This system will remove dissolved nutrients from ten million gallons of Indian River Farms Water Control District's canal water each day and it will produce a useable byproduct of harvested algae. • Fire/EMS Station #13 - Construction of Fire/EMS Station 13 is scheduled for fiscal year 2009- 2010 at a cost of$3.0 million. One-cent sales tax will provide $1.5 million while the remaining $1.5 million will be funded by Emergency Services District Reserves. This station is needed to serve the expanding south county population. The operating expense impact will be approximately$2.1 million beginning in fiscal year 2011-2012. • 800 Mhz Radio Expansion — Construction of a $2.2 million communications tower is planned for fiscal year 2009-2010. This tower will help eliminate deficiencies in "in-building coverage" for public safety agencies that have resulted since the significant growth in the south county area. Relevant Financial Policies In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which guides the investment of County surplus funds. This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs. The secondary objective is to obtain competitive returns on the investment of County surplus funds. During FY 2009, County investments had yields ranging from 0.30%to 4.75%. The overall average yield of the portfolio as of September 30, 2009 was 2.10%. On September 23, 2008, the County established the OPEB (Other Post-Employment Benefits) Trust. An OPEB investment policy was approved by the Board of County Commissioners on February 3, 2009 and revised on May 12, 2009. The objective was to establish an advisory committee and to provide short- term and long-term investment guidelines. This policy also outlines the same criteria as noted in the County's investment policy, as well as including performance measures. The net cash contribution to the OPEB Trust for the fiscal year was $1.8 million. In addition, interest, dividend and mark-to-market income was $389,000. Yields ranged from-0.89%to 48.18%throughout the year. iii