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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2013 Government -wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the County, assets and deferred outflows of resources exceeded liabilities by $1,007.7 million at the close of the fiscal year. Indian River County Net Position (In Millions) Current and other assets Capital assets Total assets Deferred outflows of resources Total deferred outflows Current liabilities Other liabilities Total liabilities Governmental Business -type Activities Activities Total 2013 2012 2013 2012 2013 2012 $ 223.8 $ 228.8 $ 111.1 $ 108.7 $ 334.9 $ 337.5 556.4 553.4 251.3 257.3 807.7 810.7 780.2 782.2 362.4 366.0 1,142.6 1,148.2 2.5 2.8 2.5 2.8 2.5 2.8 2.5 2.8 23.8 21.3 13.7 13.5 37.5 34.8 49.0 54.0 50.9 55.5 99.9 109.5 72.8 75.3 64.6 69.0 137.4 144.3 Net position: Net investment in capital assets 518.3 509.1 210.7 211.6 729.0 720.7 Restricted 117.3 121.2 20.9 17.9 138.2 139.1 Unrestricted 71.8 76.6 68.7 70.3 140.5 146.9 Total net position $ 707.4 $ 706.9 $ 300.3 $ 299.8 $ 1,007.7 $ 1,006.7 Overall, the County's net position increased $1.0 or less than 1%. Governmental and business -type activities net position each increased by $0.5 million. Governmental Activities In governmental activities, the decrease in unrestricted net position was due to the early payoff of bonds and the increase in net investment in capital assets and decrease in restricted net position was a result of right of way purchases and construction of roads and beach restoration projects. Business -type Activities In business -type activities, the decrease in unrestricted net position was due to funds spent on maintenance projects. The decrease in net investment in capital assets was due to depreciation expense. The increase in restricted net position was due to increased water and sewer impact fee collections. 6