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Indian River County,Florida Management's Discussion and Analysis For the Year Ended September 30,2009 Actual expenditures were lower than anticipated for the following reasons: • Positions budgeted but not filled due to hiring freeze. • Departments were advised to reduce expenditures mid-year. Piper incentive of$8 million was not paid. The General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances — Budget and Actual is shown on page 25. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The County's investment in capital assets for its governmental and business-type activities as of September 30, 2009, amounts to $806.9 million (net of accumulated depreciation). This investment in capital assets includes land, right-of-way, buildings and improvements, intangibles, equipment, infrastructure and construction in progress. The overall increase in the County's investment in capital assets for the current fiscal year was 3% (a 2% increase for governmental activities and a 6% increase for business-type activities). Governmental activities had the following major increases during the fiscal year: • An increase in infrastructure primarily due to the capitalization of the Oslo Road widening project from 27th Avenue to Timber Ridge ($11 million), the Sectors 1, 2 and 7 beach renourishment projects ($17.9 million), and the main relief canal pollution control system ($5.3 million). • An increase in construction in progress primarily due to the Egret Marsh Stormwater project ($5 million), Fire Station #9 renovation and Fire Station #12 construction ($3.9 million), and the County Road 512 widening project($5 million). An increase in right-of-way primarily due to $2.8 million for right-of-way on 43rd Avenue and $2.3 million for 66th Avenue. Business-type activities had the following major increases during the fiscal year: • An increase in construction in progress was due to the Class I Landfill expansion, the West Regional Wastewater Treatment Plant expansion, the Spoonbill Marsh project, and construction of the new Biosolids facility. o An increase in improvements due to the capitalization of the North County R/O plant expansion, and the Segment One Landfill Slopes C&D projects. 11