2011-075 - Laserfiche WebLink

Home Browse Search

In March 1989, Indian River County voters passed the optional one -cent sales tax which was effective for a fifteen year period. In November 2002, a voter referendum approved extending the optional one - cent sales tax another 15 years until December 31, 2019. Many capital projects have been completed with this funding that otherwise would have been funded by ad valorem dollars. In 2010, approximately $12.6 million was received and will be used towards funding numerous capital projects including the following construction projects: • South County Park — Phase III Improvements - The expansion of this park is necessary to provide recreation facilities and programs to the growing population in the southern part of the County. A multi-purpose facility will be constructed at a cost of $1.8 million. Ad valorem tax proceeds and user fees will fund increased operating costs. The impact to ad valorem taxpayers could be reduced through the use of possible public-private partnerships to operate this facility. • Parks Maintenance Complex — This facility was needed to replace the existing facility that was severely damaged by the hurricanes in 2004. The construction of the $1.5 million complex was completed in 2010 and includes three buildings consisting of a 3,500 square foot office building, a 1,250 square foot equipment repair/storage building including an attached covered patio and a 2,500 square foot garage building. • Egret Marsh Stormwater Park — The County's first Algal Turf Scrubber System (ATS) was completed in 2010 at a cost of approximately $6.0 million. This system removes dissolved nutrients from ten million gallons of Indian River Farms Water Control District's canal water each day and produces a useable byproduct of harvested algae. • 53rd Street Widening — Due to growth in the northern portion of the County, 53rd Street is reaching capacity. This project will widen the road from two to four lanes from 58th Avenue to Indian River Boulevard at a cost of approximately $5.1 million. • 800 Mhz Radio Expansion — Construction of a $2.2 million communications tower is planned for fiscal year 2010-2011. This tower will help eliminate deficiencies in "in -building coverage" for public safety agencies that have resulted since the significant growth in the south county area. Relevant Financial Policies In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which guides the investment of County surplus funds. This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs. The secondary objective is to obtain competitive returns on the investment of County surplus funds. During FY 2010, County investments had yields ranging from 0.05% to 4.75%. The overall annual yield of the portfolio as of September 30, 2010 was 1.27%. On September 23, 2008, the County established the OPEB (Other Post -Employment Benefits) Trust. An OPEB investment policy was approved by the Board of County Commissioners on February 3, 2009 and revised on May 12, 2009. The objective was to establish an advisory committee and to provide short- term and long-term investment guidelines. This policy also outlines the same criteria as noted in the County's investment policy, as well as including performance measures. The net cash contribution to the OPEB Trust for the fiscal year was $1.7 million. In addition, interest, dividend and mark -to -market income was $415,361. Yields ranged from -15.38% to 17.18% throughout the year. iii