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This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, the Property Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), and the blended component units consisting of the Emergency Services District and the Solid Waste Disposal District. These component units were included because generally accepted accounting principles require that organizations which are fiscally dependent on the County and that financially benefit from the relationship with the County be reported with the primary government (the County) as the reporting entity. This CAFR does not include the Indian River County School District, the Indian River County Mosquito Control District or the Indian River Medical Center. Local Economy Indian River County's population of 139,586 in 2013 has increased 10% over the last ten years. While the population of the County has been steadily increasing, so has the median age of residents living here. Nationally, average ages have risen due to the increasing age of the baby boomer generation as well as the increase in life expectancy for all Americans. In addition, Florida continues to be a popular destination for retirees. Based on the 2010 census, persons ages 15-44 make up the largest percentage of residents in the County, followed by ages 45-64 and 65+ respectively with persons ages 14 and under comprising the smallest portion of the population. Indian River County's economy is made up of agriculture (citrus and cattle), tourism, light manufacturing, wholesale and retail trade. Piper Aircraft, Inc., whose headquarters for aircraft research, development and manufacturing operations are located in Vero Beach, is the largest manufacturing employer in the area. CVS Pharmacy operates a distribution center which provides the distribution of products to all CVS locations in the southern half of Florida. INEOS New Planet BioEnergy opened a state of the art center in Indian River County. The facility converts low-cost organic materials such as household and vegetative waste into bioethanol for use as a renewable road transport fuel (ethanol) while generating renewable power for export to the local electricity grid. This new technology will reduce greenhouse gas emissions from cars and energy generation in addition to reducing the amount of waste going into our landfills. The Atlantic beaches and the Indian River, along with the comfortable climate, provide the basis for a year-round tourism industry. Residents can enjoy these resources at any of the County parks, the Sebastian Inlet State Park or the Pelican Island National Wildlife Refuge. The effects of the decline in the national economy continued to affect Indian River County in 2013. Total property tax values continued to decrease from $13.2 billion in 2012 to $12.7 billion in 2013; however, construction activity saw a significant increase with 30% more building permits issued in 2013 over 2012. Please see Statistical Schedules 6 and 17 for more information. The unemployment rate decreased from 11.3% in 2012 to 8.8% in 2013. Although Indian River County is a major producer of citrus with approximately 32,820 acres dedicated to citrus production, over the last ten years production has decreased by 45% from 14.8 million boxes in 2003 to 8.2 million in 2013. iii