2012-051A - Laserfiche WebLink

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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2011 Proprietary funds Unrestricted net assets at the end of the year amounted to $18.8 million in the Solid Waste Disposal District Fund, ($0.3) million in the Golf Course Fund, $3.9 million in the County Building Fund, and $38.6 million in the County Utilities Fund. Other factors concerning the finances of these funds have already been addressed in the discussion of the County's business -type activities. GENERAL FUND BUDGETARY HIGHLIGHTS During the year there was an $11.5 million increase in appropriations between the original and final amended budget. The main components of the increase are as follows: $8,000,000 supplemental appropriation for incentive payments to Piper Aircraft carried over from prior years. $2,882,000 grants appropriations and prior year rollovers for the Senior Resource Association to provide County -wide public transportation. $144,874 payment of the State Criminal Alien Assistance Program (SCAAP) to the Sheriff's Department. Actual revenues exceeded final budget by $2.4 million for the following reasons: Actual receipts of taxes exceeded budget by $977,838. Grants received mid -year that are not budgeted until awarded. Insurance reimbursement of $493,217. Actual expenditures were lower than anticipated for the following reasons: Retirement savings of $636,410 for last quarter of FY 2011 due to mid -year legislative change. Positions budgeted but not filled due to hiring freeze. Piper incentive of $8.0 million was not paid. The General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances — Budget and Actual is shown on page 27. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The County's investment in capital assets for its governmental and business -type activities as of September 30, 2011, amounts to $811.9 million (net of accumulated depreciation). This investment in capital assets includes land, right-of-way, buildings and improvements, intangibles, equipment, infrastructure and construction in progress. The overall decrease in the County's investment in capital assets for the current fiscal year was less than 1%. 10