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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2011 Governmental Activities Governmental activities revenues exceeded expenses by $3.6 million. Key elements of this increase are as follows: • Overall program revenues decreased $11.7 million. 1) Charges for services increased by $1.4 million or 9%, due to increased public safety charges of $0.8 million and increased transportation charges of $0.6 million. 2) Operating grants in 2011 were $7.8 million lower, a decrease of 50% from the 2010 operating grant revenues due to the completion of various projects. Public safety operating grants decreased by $0.6 million, transportation grants decreased by $3.5 million, economic environment decreased by $3.4 million, and the remaining grants decreased by $0.3 million. 3) Capital grants were $5.1 million lower in 2011 than in 2010, an overall decrease of 72%. This was largely due to decreased physical environment capital grants ($1.2 million lower) and decreased culture/recreation capital grants ($3.9 million lower) for completed beach restoration and storm -water projects. • The governmental activities expenses were $1.9 million lower in 2011 than in 2010. The decrease is a reflection of budget cuts and the completion of projects. General government expenses decreased by $2.2 million, public safety expenses decreased by $0.8 million, economic environment decreased by $0.4 million, court related decreased by $0.5 million, interest and fiscal charges decreased by $0.2 million, and the remaining expenses increased by $2.2 million. Business -type Activities Business -type activities net assets decreased by $2.6 million. Key elements of this decrease are as follows: • Interest earnings decreased by $0.5 million or 38% from the preceding year due to lower interest rates. • In 2011, transfers in the amount of $0.6 million represented impact fees transferred from the Impact Fees Fund to the Solid Waste Disposal District Fund for the lateral expansion of the landfill. • Overall expenses were $1.0 million or 2% lower in 2011 than in 2010, the reflection of budget cuts and reduced required retirement contributions, which included: 1) golf course had $0.2 million or 7% lower expenses in 2011 than in 2010, 2) building department had $0.2 million or 13% lower expenses in 2011 than in 2010, 3) water and sewer utilities expenses were $0.3 million or 1% lower in 2011 than in 2010 and 4) solid waste expenses were $0.3 million or 3% lower in 2011 than in 2010. FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. N.