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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2013 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, 2013. 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 -vi of this report. FINANCIAL HIGHLIGHTS • The County's overall financial position improved over 2012. • The assets and deferred outflows of resources of the County exceeded its liabilities by $1,007.7 million (net position). Of this amount, $140.5 million (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. • The government's total net position increased by $1.0 million. Governmental activities accounted for $0.5 million of this increase and business -type activities accounted for $0.5 million of this increase. Further information can found on page 6. • Governmental activities expenses reflected a 2.8% increase ($147.4 million in 2012 to $151.6 million in 2013) and business -type activities expenses reflected a 1.2% decrease ($48.9 million in 2012 to $48.3 million in 2013). Further information can found on page 8. • Unassigned fund balance for the general fund was $44.4 million, or an 8.8% decrease from the prior year general fund unassigned balance of $48.7 million. Contributing to this decrease was the $2.275 million in unassigned fund balance used to pay off a portion of the Spring Training bonds and $1.565 loaned to the Golf Course Fund to call the balance of the Recreational Revenue Bonds. 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 Position presents information on all of the County's assets, liabilities, and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. 3