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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2010 Governmental Activities Governmental activities revenues exceeded expenses by $23.3 million. Key elements of this increase are as follows: • Overall program revenues decreased $7.0 million. 1) Charges for services decreased by $3.7 million or 20%. Effective July 1, 2009 the accounting treatment of certain court related revenues changed, and this resulted in a $1.8 million decrease compared to the previous year. The remaining decrease of $1.9 million is a reflection of the slowdown in the general economy. 2) Operating grants in 2010 were $4.7 million higher, an increase of 42% from the 2009 operating grant revenues. Economic environment operating grants increased by $3.2 million, transportation increased by $2.1 million, and the remaining grants decreased by $0.6 million. 3) Capital grants were $8.0 million lower in 2010 than in 2009, an overall decrease of 53%. This was largely due to decreased physical environment capital grants ($3.1 million lower) and decreased culture/recreation capital grants ($3.0 million lower). • The governmental activities expenses were $16.0 million lower in 2010 than in 2009. The decrease is a reflection of budget cuts and the completion of projects. General government expenses decreased by $2.3 million, public safety expenses decreased by $3.0 million, transportation decreased by $2.8 million, human services decreased by $1.1 million, culture/recreation decreased by $8.5 million, and the remaining expenses increased by $1.7 million. Business -type Activities Business -type activities net assets decreased by $5.6 million. Key elements of this decrease are as follows: • Operating grants decreased by $1.2 million as there were no operating grants in 2010. Capital grants/contributions decreased $2.0 million as a result of lower developer capital contributions. • Interest earnings had decreased by $2.5 million or 68% from the preceding year due to lower interest rates. • In 2009, transfers in the amount of $7.5 million represented water and sewer capital project contributions from the governmental activities. • Overall expenses were $2.9 million or 5% lower in 2010 than in 2009, the reflection of budget cuts due to the expected economic slowdown, which included: 1) golf course had $0.2 million or 8% lower expenses in 2010 than in 2009, 2) building department had $0.3 million or 14% lower expenses in 2010 than in 2009, 3) water and sewer utilities expenses were $2.7 million or 7% lower in 2010 than in 2009. Water and sewer utilities expenses also decreased due to lower renewal and replacement costs. Solid waste expenses were $0.3 million or 3% higher in 2010 than in 2009 mainly due to increased depreciation costs for completed capital projects. I