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2011-075
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Last modified
5/13/2022 10:12:51 AM
Creation date
10/5/2015 9:09:20 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Report
Approved Date
03/22/2011
Control Number
2011-075
Agenda Item Number
8.B.
Entity Name
Indian River County
Subject
Comprehensive Annual Financial Report
Fiscal Year October 1, 2009 - September 30, 2010
Alternate Name
CAFR
Supplemental fields
SmeadsoftID
9332
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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2010 <br />Proprietary funds <br />Unrestricted net assets at the end of the year amounted to $18.5 million in the Solid Waste Disposal <br />District Fund, ($0.2) million in the Golf Course Fund, $3.9 million in the County Building Fund, and <br />$32.4 million in the County Utilities Fund. <br />Other factors concerning the finances of these funds have already been addressed in the discussion of the <br />County's business -type activities. <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />During the year there was a $10.7 million increase in appropriations between the original and final <br />amended budget. The main components of the increase are as follows: <br />$8,000,000 supplemental appropriation for incentive payments to Piper Aircraft. <br />$1,748,566 grants appropriations and prior year rollovers for the Senior Resource Association to <br />provide County -wide public transportation. <br />$149,656 payment of the State Criminal Alien Assistance Program (SCARP) to the Sheriff's <br />Department. <br />Actual revenues exceeded final budget by $2.5 million for the following reasons: <br />Actual receipts of taxes exceeded budget by $700,000. <br />Actual franchise fees received exceeded budget by $500,000. <br />Grants received mid -year that are not budgeted until awarded. <br />Actual expenditures were lower than anticipated for the following reasons: <br />Positions budgeted but not filled due to hiring freeze. <br />Utilities expenses decreased due to a reduction in electric rates. <br />Piper incentive of $8 million was not paid. <br />The General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances — Budget and <br />Actual is shown on page 27. <br />CAPITAL ASSETS AND DEBT ADMINISTRATION <br />Capital Assets <br />The County's investment in capital assets for its governmental and business -type activities as of <br />September 30, 2010, amounts to $813.1 million (net of accumulated depreciation). This investment in <br />capital assets includes land, right-of-way, buildings and improvements, intangibles, equipment, <br />infrastructure and construction in progress. The overall increase in the County's investment in capital <br />assets for the current fiscal year was 1% (a 3% increase for governmental activities and a 2% decrease <br />for business -type activities). <br />11 <br />
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