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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2010 <br />Government -wide Financial Analysis <br />As noted earlier, net assets may serve over time as a useful indicator of a government's financial <br />position. In the case of the County, assets exceeded liabilities by $1,004.8 million at the close of the <br />fiscal year. By far, the largest portion of the County's net assets (70%) reflects its investment in capital <br />assets (e.g., land, buildings, infrastructure, intangibles, machinery, and equipment), less any related debt <br />used to acquire those assets that is still outstanding. The County uses these capital assets to provide <br />services to citizens; consequently, these assets are not available for future spending. Although the <br />County's investment in its capital assets is reported as net of related debt, it should be noted that the <br />resources needed to repay this debt must be provided from other sources, since the capital assets <br />themselves cannot be used to liquidate these liabilities. <br />Indian River County Net Assets (In Millions) <br />Net assets: <br />Invested in capital assets, <br />net of related debt 480.2 461.7 223.4 223.3 703.6 685.0 <br />Restricted 133.0 158.3 27.8 51.0 160.8 209.3 <br />Unrestricted <br />Governmental <br />Business -type <br />54.6 <br />37.1 <br />140.4 <br />Activities <br />Activities <br />Total <br />2010 <br />2009 <br />2010 2009 <br />2010 <br />2009 <br />Current and other assets <br />$ 251.8 <br />$ 247.4 <br />$ 105.2 $ 108.9 <br />$ 357.0 <br />$ 356.3 <br />Capital assets <br />537.0 <br />523.9 <br />276.1 283.0 <br />813.1 <br />806.9 <br />Total assets <br />788.8 <br />771.3 <br />381.3 391.9 <br />1,170.1 <br />1,163.2 <br />Current liabilities <br />24.7 <br />23.7 <br />12.7 14.8 <br />37.4 <br />38.5 <br />Other liabilities <br />65.1 <br />71.9 <br />62.8 65.7 <br />127.9 <br />137.6 <br />Total liabilities <br />89.8 <br />95.6 <br />75.5 80.5 <br />165.3 <br />176.1 <br />Net assets: <br />Invested in capital assets, <br />net of related debt 480.2 461.7 223.4 223.3 703.6 685.0 <br />Restricted 133.0 158.3 27.8 51.0 160.8 209.3 <br />Unrestricted <br />85.8 <br />55.7 <br />54.6 <br />37.1 <br />140.4 <br />92.8 <br />Total net assets <br />$ 699.0 $ <br />675.7 <br />$ 305.8 <br />$ 311.4 <br />$ 1,004.8 $ <br />987.1 <br />A portion of the County's net assets (16.0%) represents resources that are subject to external restrictions <br />on how they may be used. The remaining balance of the unrestricted net assets ($140.4 million) may be <br />used to meet the government's ongoing obligations to citizens and creditors. <br />The $18.6 million increase in net assets invested in capital assets, net of related debt resulted from: 1) <br />the construction of roads, drainage and beach restoration projects, 2) the purchase of right-of-way, and <br />3) the expansion of water, wastewater and sludge facilities. <br />Con <br />