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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2011 We offer readers of the County's financial statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended September 30, 2011. We encourage readers to consider the information presented here, in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages i -vii of this report. All amounts, unless otherwise indicated, are expressed in millions of dollars. FINANCIAL HIGHLIGHTS • The County's overall financial position improved over 2010. • The assets of the County exceeded its liabilities by $1,005.8 million (net assets). Of this amount, $145.9 million (unrestricted net assets) may be used to meet the government's ongoing obligations to citizens and creditors. • The government's total net assets increased by $1.0 million. Governmental activities accounted for $3.6 million of this increase, which was offset by a $2.6 million decrease in business -type activities net assets. • Governmental activities expenses reflected a 1.3% reduction ($148.9 million in 2010 to $147.0 million in 2011) and business -type activities expenses reflected a 2.2% reduction ($49.4 million in 2010 to $48.3 million in 2011). The reductions were largely due to staff reductions and lower fringe benefit costs. • Unassigned fund balance for the general fund was $33.7 million, or a 1.6% increase from the prior year general fund unassigned balance. The key factor for the increase in the unassigned amount was a $600,000 reduction in the fund balance amount committed to budget stabilization and disaster relief. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the County's basic financial statements. The County's basic financial statements are composed of three elements: 1) government - wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -wide financial statements The government -wide financial statements are designed to provide readers with a broad overview of the County's finances, in a manner similar to a private -sector business. The Statement of Net Assets presents information on all of the County's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. 3