2014-029 - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2013 2) Capital grants and contributions were $2.2 million higher in 2013 than in 2012, an overall increase of 85%. This was largely due to a $0.7 million capital grant for the West Wabasso Sewer Project and a $1.5 million increase in customer impact fee contributions from 2012 to 2013 in the water and sewer fund. • Interest earnings decreased by $0.2 million or 28% from the preceding year due to lower interest rates. • Overall expenses were $0.6 million or 1% lower in 2013 than in 2012. The water and sewer utilities expenses were $0.5 million or 1% lower in 2013 than in 2012 due to a prior year loss on capital asset sales and lower bond interest expenses. The solid waste expenses were $0 3 million or 3% lower in 2013 than in 2012 due to reduced engineering costs. The golf course had $0.1 million or 4% higher expenses in 2013 than in 2012 due to maintenance projects completed during the fiscal year. The building department had $0.1 million or 7% higher expenses in 2013 than in 2012 due to staffing increases. 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. Governmental funds Unassigned fund balance may serve as a useful measure of the County's net resources available for spending at the end of the fiscal year. Approximately 25% of this total amount ($44.0 million) constitutes unassigned fund balance, which is available for spending at the County's discretion. The remainder of fund balance is presented in classifications that comprise a hierarchy based primarily on the extent to which the County is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The County had fund balance in 1) a nonspendable category for inventories, prepaid items, and advances to other funds ($1.3 million), 2) a restricted category for resources that are either restricted externally by creditors, grantors, contributors, or laws or regulations of other governments or imposed by law through constitutional provisions or enabling legislation ($113.5 million), 3) a committed category for constraints imposed by approval of ordinances and contracts by Board of County Commissioners ($3.9 million), and 4) an assigned category for constraints by the County's intent to use for specific purposes ($9.9 million). The two largest restricted amounts are in the Impact Fees Fund with a $17.0 million restricted fund balance and the Optional Sales Tax Fund with a $52.4 million restricted fund balance. Fifty-eight percent of the Impact Fees Fund ($9.9 million) and fifty percent ($25.6 million) of the Optional Sales Tax Fund is slated for major road expansions throughout the County. The County's governmental funds reported a combined fund balance of $172.6 million, which is a decrease of $11.3 million over the prior year of $183.9 million. Contributing factors to the $1 1.3 million decrease in fund balance are: 11