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JEFFREY K. BARTON Clerk of Circuit Court and Comptroller 1 801 27th Street Vero Beach, Florida 32960-3388` ' Telephone (772) 226-1945 March 15, 2011 To the Citizens of Indian River County: The Comprehensive Annual Financial Report of Indian River County, Florida for the fiscal year ended September 30, 2010, is respectfully submitted. State law requires that every general-purpose government publish a complete set of audited financial statements within six months of the close of each fiscal year. This report was prepared by the Finance Department under the supervision of the Clerk of the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Finance Department and is contingent upon the internal control established for this purpose. Since the cost of internal control should not exceed anticipated benefits, the objective of the financial statements is to provide reasonable, rather than absolute, assurance that they are free of any material misstatements. Section 11.45, Florida Statutes, requires an annual audit of all County agencies. The unqualified opinion of the auditors, Harris, Cotherman, Jones, Price and Associates, Certified Public Accountants — Chartered, of the County's financial statements for the year ended September 30, 2010 has been included in this report. The independent auditors' report is located at the front of the financial section of this report. The audit was also designed to meet the requirements of Government Auditing Standards, the Florida Single Audit Act, the Federal Single Audit Act of 1984, the Single Audit Act Amendments of 1996, and revised OMB Circular A-133. The County early implemented the Governmental Accounting Standards Board (GASB) Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions and has prepared the financial statements to meet these requirements. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Readers of this report are encouraged to read Management's Discussion and Analysis (MD&A), which provides basic financial information about the County and an overview of the County's activities. The MD&A immediately follows the independent auditors' report.