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Profile of the Government Indian River County, established on June 29, 1925 by an act of the Florida Legislature, is on the central Atlantic coast of Florida, approximately 100 miles southeast of Orlando and 135 miles north of Miami. The County is bordered by Brevard County to the north, St. Lucie County to the south, and Osceola and Okeechobee Counties on the west. There are approximately 100 miles of waterfront land in the County, including 23 miles of Atlantic beaches. The City of Vero Beach is the seat of County government. The functional (seasonal plus resident) population reaches approximately 162,000. Like the rest of the state of Florida, the County experienced significant population growth over the last ten years. Government, retail and the service industry remain the largest sectors of employment in the County. Indian River citrus is a well-recognized name and product throughout the United States and internationally. Indian River County is a non -charter county established under the Constitution and the Laws of the State of Florida. This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court, the Property Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), and the blended component units consisting of the Emergency Services District and the Solid Waste Disposal District. These component units were included because generally accepted accounting principles require that organizations for which the County is financially accountable be reported with the primary government (the County) as the reporting entity. This CAFR does not include the Indian River County School District, the Indian River County Mosquito Control District or the Indian River Medical Center. Local Economy The effects of the decline in the national economy continued to affect Indian River County in 2010. Property tax values decreased from $17.4 billion in 2009 to $15.8 billion in 2010. Construction activity dramatically decreased as well. The peak activity of growth occurred in 2005 as illustrated in Statistical Schedule 19 and since that time, the number of building permits issued for new construction has decreased over 90%. Indian River County's population remained relatively unchanged from the previous year with a decrease of 277 residents or less than I%. The unemployment rate continued to increase from 15.2% in 2009 to 15.4%. Indian River County is a major producer of citrus in the state with approximately 11.5% of total County acreage dedicated to citrus production. Citrus production decreased 16% from 11.4 million boxes in 2009 to 9.6 million boxes in 2010. Long Term Financial Planning On January 15, 2008, the County entered into a locally funded agreement with the Florida Department of Transportation (FDOT) to advance the 6-laning of State Road 60 from 82nd Avenue to 66th Avenue (Segment One) at a cost of $23,833,362, funded by gas taxes and optional one -cent sales tax. On November 18, 2008 a second agreement was established with the FDOT to advance the widening of State Road 60 from Interstate 95 to 82nd Avenue (Segment Two) at a cost of $14,429,754. Segment One will be repaid to the County over a two year period which began in September 2009 and Segment Two will be repaid over a four and one half year period beginning in July 2011 with completion of the project expected in April 2011. ii