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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2013 <br />• Fund balance in the General Fund decreased by $4.5 million. This decrease was mainly due to <br />the payoff of a portion of the Spring Training Bonds ($2.3 million), delayed transportation grant <br />reimbursements ($1.1 million), and decreased property tax revenues. <br />• Fund balance in the Emergency Services District Fund decreased by $2.5 million, largely the <br />result of decreased revenue from property tax values and interest income. <br />• In the Impact Fees Fund, fund balance decreased $6.1 million. This was largely due to the $7.0 <br />million in transportation spending for major road construction and right-of-way purchases. <br />• Fund balance in the Optional Sales Tax Fund increased by $2.0 million due to budgeted projects <br />not yet completed. <br />Proprietary funds <br />Unrestricted net position at the end of the year amounted to $12.5 million in the Solid Waste Disposal <br />District (SWDD) Fund, ($1.4) million in the Golf Course Fund, $4.6 million in the County Building <br />Fund, and $52.9 million in the County Utilities Fund. Other factors concerning the finances of these <br />funds have already been addressed in the discussion of the County's business -type activities. <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />During the year there was an $8 million increase in appropriations between the original and final <br />amended budget. The main components are as follows: <br />• $4,303,610 grants appropriations and prior year rollovers for the Senior Resource Association to <br />provide County -wide public transportation. <br />• $2,275,000 to call a portion of the Spring Training Bonds, Series 2001. <br />• $189,334 Local Jobs Grants <br />• $156,073 Homeland Security Grants <br />Actual revenues exceeded final budget by $1.5 million for the following reasons: <br />• $613,016 Ad Valorem actual at 96.5% - budgeted at 95% <br />• $328,199 Half Cent Sales Tax exceeded budgeted amount <br />Actual expenditures were $2.7 million lower than anticipated for the following reasons: <br />• $601,346 Senior Resource Association capital budgeted but not expended <br />• $558,071 in reserves not fully expended <br />• $292,672 in Medicaid invoices backlogged for two months <br />• $255,055 in contractual services expenses lower than expected <br />• $243,536 lower than expected communication expenses due to new towers installed mid -year <br />• $198,332 lower than expected Tax Collector expenses <br />12 <br />