2015-063-63A - Laserfiche WebLink

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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 140,955 was a 1.0% increase over the previous year. 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. According to the University of Florida, Bureau of Economic and Business Research, persons aged 45-64 now make up the largest percentage of residents in the County, followed by persons aged 65+, 18-44, 0-17 respectively. The median age of Indian River County is 49.1 which is 20.6% above the State median age of 40.7 and 32.3% above the national median age of 37.1. Historically, Indian River County's economy was made up of agriculture (citrus and cattle) and tourism. Those industries have been now been complimented with an increase in health care and information technology firms, light manufacturing, wholesale and retail trade and service sector jobs. The top three major employers in Indian River County, providing 9% of total County employees, are the School District, Indian River County Government and Indian River Medical Center. The unemployment rate decreased from 8.8% in 2013 to 7.9% in 2014. 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. Indian River County is beginning to experience signs of improvement in the economy. Total property tax values increased slightly from $12.7 billion in 2013 to $12.8 billion in 2014. Construction activity saw a significant increase with 23% more building permits issued for additions and alterations in 2014 over 2013. Please see Statistical Schedules 6 and 17 for more information. Although Indian River County is a major producer of citrus with approximately 32,820 acres dedicated to citrus production, production has decreased by 5.1% from 8.2 million boxes in 2013 to 7.8 million in 2014. iii