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Major Initiatives In response to the critical erosion of several areas of County beaches, the Board of County Commissioners approved the Comprehensive Beach Preservation Plan (BPP) in 1999. The BPP provides for renourishment of these areas and is periodically updated to identify changing beach conditions. On February 3, 2009,the Board of County Commissioners voted to approve the 2008 Beach Preservation Plan which presents an overall strategy to protect and nourish the current status of critically eroded beaches within Indian River County. The plan also presents probable costs and prioritizes means for funding the implementation of the BPP. Since the implementation of the BPP, approximately 5 miles of beach have been renourished. A large scale beach nourishment of Sector 3 is currently underway. This project consists of placing approximately 472,000 cubic yards of dump truck hauled upland beach sand onto approximately 6.6 miles of County beaches. Total costs for design, construction and monitoring are estimated at $13.1 million. Funding will be from the Beach Preservation Fund, a portion of local option tourist tax revenue, and the one-cent sales tax. State and federal grants as well as an inter-local agreement with the Sebastian Inlet Taxing District will provide additional funding for this project. Indian River County entered into an agreement with Indian River State College (IRSC) for construction of a joint-use library. The Brackett library opened in October 2009 and is located on the IRSC campus but is part of the County's public library system. This additional facility provides a resource to serve the County's growing population as well as the students of IRSC. The County's fifty percent share of funding for the project came from the one-cent sales tax and library impact fees. Ad valorem taxes will provide most of the funding for operating costs. The college will contribute a portion of the operating costs per the interlocal agreement, which will reduce the impact on ad valorem dollars. The Utilities Department has planned on the addition of several new water distribution and wastewater p collection lines to serve new customers. Expansion of the West Regional Wastewater Treatment Plant is currently underway at a cost of approximately $25 million and the North County R/O Water Plant Expansion was completed in 2009 at a cost of$24 million. All of these improvements will be funded by current utility capacity charges and from the additional customer base they will serve. Awards and Acknowlede�ments The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Indian River County for its comprehensive annual financial report (CAFR) for the fiscal year ended September 30, 2008. This was the 26th consecutive year that the County has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. iv