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Indian River County,Florida Management's Discussion and Analysis For the Year Ended September 30,2009 Government-wide Financial Analysis As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the County, assets exceeded liabilities by $987.3 million at the close of the fiscal year. By far, the largest portion of the County's net assets (69%) reflects its investment in capital assets (e.g., land, buildings, infrastructure, intangibles, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in its capital assets is reported as net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Indian River County Net Assets (In Millions) Governmental Business-type Activities Activities Total 2009 2008 2009 2008 2009 2008 Current and other assets $ 247.4 $ 248.2 $ 108.9 $ 125.6 $ 356.3 $ 373.8 Capital assets 523.9 513.0 283.0 267.5 806.9 780.5 Total assets 771.3 761.2 391.9 393.1 1163.2 1154.3 Current liabilities 23.7 28.8 14.8 19.5 38.5 48.3 Other liabilities 71.7 71.2 65.7 67.2 137.4 138.4 Total liabilities 95.4 100.0 80.5 86.7 175.9 186.7 Net assets: Invested in capital assets, net of related debt 461.7 445.5 223.3 206.1 685.0 651.6 Restricted 158.3 163.1 51.0 75.8 209.3 238.9 Unrestricted 55.9 52.6 37.1 24.5 93.0 77.1 Total net assets $ 675.9 $ 661.2 $ 311.4 $ 306.4 $ 987.3 $ 967.6 A portion of the County's net assets (21.2%)represents resources that are subject to external restrictions on how they may be used. The remaining balance of the unrestricted net assets ($93 million) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of the current fiscal year, the County is able to report positive balances in all three categories of net assets, both for the government as a whole, as well as for its separate governmental and business- type activities. The same situation held true for the prior fiscal year. The government's net assets increased by $19.7 million during the current fiscal year. There was a $33.4 million increase in net assets invested in capital assets, net of related debt resulting from: 1) the construction of roads, drainage and beach restoration projects, 2) the purchase of right-of-way, 3) the expansion of water and wastewaterlants expansion of the County landfill. p and 4)the 6