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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2011 Government -wide Financial Analysis As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the County, assets exceeded liabilities by $1,005.8 million at the close of the fiscal year. By far, the largest portion of the County's net assets (71%) reflects its investment in capital assets (e.g., land, buildings, infrastructure, intangibles, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in its capital assets is reported as net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Current and other assets Capital assets Total assets Indian River County Net Assets (In Millions) Governmental Business -type Activities Activities Total 2011 2010 2011 2010 2011 2010 $ 242.3 5447 � VJHM $ 251.8 $ 107.0 $ 105.2 $ 349.3 $ 357.0 517 0 9671 ?.76 1 R1 1 R R11 1 788.8 374.1 381.3 1,161.1 1,170.1 Current liabilities 23.6 24.7 12.0 12.7 35.6 37.4 Other liabilities 60.8 65.1 58.9 62.8 119.7 127.9 Total liabilities 84.4 89.8 70.9 75.5 155.3 165.3 Net assets: Invested in capital assets, net of related debt 492.3 480.2 217.9 223.4 710.2 703.6 Restricted 125.4 133.0 24.3 27.8 149.7 160.8 Unrestricted 84.9 85.8 61.0 54.6 145.9 140.4 Total net assets $ 702.6 $ 699.00 $ 303.2 $ 305.8 $ 1,005.8 $ 1,004.8 A portion of the County's net assets (15%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of the unrestricted net assets ($145.9 million) may be used to meet the government's ongoing obligations to citizens and creditors. Overall, the County's net assets increased less than 1%. In governmental activities, the decrease in restricted net assets and increase in net assets invested in capital assets, net of related debt, were a net result of right of way purchases and construction of roads and beach restoration projects from restricted funds. In business -type activities, the increase in unrestricted net assets and decrease in net assets invested in capital assets, net of related debt, was a net result of decreasing book value of capital assets and the decreasing amount of debt outstanding. Con