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r Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30,2009 • Overall expenses are $5.5 million or 9% lower in 2009 than in 2008. Solid waste expenses were $0.9 million or 8% lower in 2009 than in 2008 due to a reduction in the required contribution for closure costs of the County landfill. The golf course had $0.1 million or 4% higher expenses in 2009 than in 2008 due to increased maintenance costs. The building department had $0.8 million or 27% lower expenses in 2009 than in 2008, largely the result of reduced staff. Water and sewer utilities expenses were $3.9 million or 9% lower in 2009 than in 2008 mainly due to adjustments for the capitalization of projects that were expensed in prior years. FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. Governmental funds Unreserved fund balance may serve as a useful measure of the County's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the County's governmental funds reported combined ending fund balances of $200.5 million, an increase of $1 million in comparison with the prior year. • The fund balance of the County's General Fund increased by$2.7 million. • In the Impact Fees Fund, expenditures exceeded revenues by $12.1 million. Contributing factors were the slowdown in construction activity reflected by a decrease in impact fee revenue of$3.4 million, or 62%, and a decrease in interest earnings of $1.2 million due to market conditions. The transportation expenditures decreased by $8.9 million, from $23.1 million in 2008 to $14.1 million in 2009, due to the completion of some large road projects in 2008. Culture/recreation expenditures increased by $1.6 million, from $0.3 million to 2008 to $1.9 million in 2009, due to the purchase of the initial book collection for the Brackett Library. • The Emergency Services District fund balance increased $0.3 million, which was significantly less than the $2.4 million increase in 2008. Contributing to this decrease was a reduction in property taxes (down by $2.0 million) and increased expenditures for the EOC Training Center and Fire Station#2 renovations. • The Optional Sales Tax Fund increased by $5.6 million in 2009 compared with a $10.0 million increase in 2008. This accumulation of sales taxes is earmarked to help fund the Sector 3 beach project scheduled to begin in fiscal year 2010. Grant revenues decreased by 33% or $2.1 million due to the completion of the main relief canal stormwater project and the closure of the grant for that project. • Of the $200.5 million combined ending fund balances, 69% is classified as unreserved, undesignated fund balance. The prior year's ending fund balance of $199.5 million reflected 71% as the unreserved, undesignated portion. The 2% decrease reflects additional monies reserved for capital projects. 9