2010-069B - Laserfiche WebLink

Home Browse Search

Indian River County,Florida Management's Discussion and Analysis For the Year Ended September 30,2009 Governmental Activities Governmental activities revenues exceeded expenses by $14.7 million, accounting for 75% of the total growth in the County's net assets. Key elements of this increase are as follows: • Overall program revenues decreased $23.9 million. 1) Charges for services decreased by $5.6 million or 23%, a reflection of the slowdown in the general economy. 2) Operating grants in 2009 were $4.1 million lower, a decrease of 27% from the 2008 operating grant revenues. Economic environment operating grants decreased by $3.0 million,transportation decreased by $1.5 million, and the remaining grants increased by$0.4 million. 3) Capital grants were $14.2 million lower in 2009 than in 2008, an overall decrease of 48%. This was largely due to decreased physical environment capital grants ($12.0 million lower) and decreased transportation capital grants ($3.4 million lower). The large decrease in physical environment capital grants was mainly due to $7.3 million in FEMA and $4.1 million in stormwater grant reimbursements that occurred in fiscal year 2007-2008. • The governmental expenses were $3.9 million lower in 2009 than in 2008. The decrease is a reflection of budget cuts and completion of grant funded projects in fiscal year 2009. The large increase ($15.0 million) in culture/recreation expenses was mainly due to a $5.1 million contribution towards the construction of a joint use library with the college and increased depreciation costs for beach restoration projects that were capitalized as infrastructure. • The fluctuations between general government and physical environment expenses from 2008 to 2009 were due to $21.8 million in environmentally sensitive land purchases that were classified between these two functions. Business-type activities Business-type activities increased the County's net assets by $5.0 million, accounting for 25% of the total growth in the government's net assets. Key elements of this increase are as follows: • Capital grants/contributions decreased $7.1 million due to the reclassifying of capital assets from capital contributions to transfers in. • Charges for services for business-type activities decreased by $3.2 million or 7%. Solid waste charges decreased $1.1 million, or 10%, due to decreased construction activity. County building charges decreased by $1.2 million or 42%, due to decreased construction activity in the County. • Interest earnings had decreased by $1.9 million or 34% from the preceding year due to lower interest rates. 8