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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2014 <br />Government -wide Financial Analysis <br />As noted earlier, net position may serve over time as a useful indicator of a government's financial <br />position. In the case of the County, assets and deferred outflows of resources exceeded liabilities by <br />$1,003.9 million at the close of the fiscal year. <br />Current and other assets <br />Capital assets <br />Total assets <br />Indian River County Net Position (In Millions) <br />Governmental Business -type <br />Activities Activities <br />Total <br />2014 2013 2014 2013 2014 2013 <br />$ 221.0 $ 223.8 $ 107.5 $ 111.1 $ 328.5 $ 334.9 <br />549.1 540.9 248.9 251.3 798.0 792.2 <br />770.1 764.7 356.4 362.4 1,126.5 1,127.1 <br />Deferred outflows of resources - - 2.2 2.5 2.2 2.5 <br />Total deferred outflows - - 2.2 2.5 2.2 2.5 <br />Long-term liabilities 56.3 60.7 51.8 54.9 108.1 115.6 <br />Other liabilities 10.0 12.1 6.7 9.7 16.7 21.8 <br />Total liabilities 66.3 72.8 58.5 64.6 124.8 137.4 <br />Net position: <br />Net investment in capital assets 514.7 502.8 211.7 210.7 726.4 713.5 <br />Restricted 116.2 117.3 20.9 116.2 138.2 <br />Unrestricted 72.9 71.8 88.4 68.7 161.3 140.5 <br />Total net position $ 703.8 $ 691.9 $ 300.1 $ 300.3 $ 1,003.9 $ 992.2 <br />The capital assets and net investment in capital assets for governmental activities for 2013 have been <br />reduced by $15.5 million to reflect the adjustment to beginning net position for accumulated <br />depreciation not previously reported on some County assets. See Note 21B for further information on <br />this restatement. <br />Overall, the County's net position increased $11.7 million or 1%. Governmental activities net position <br />increased by $11.9 million and business -type activities decreased by $0.2 million. <br />Governmental Activities <br />In governmental activities, the increase in unrestricted net position was due to the reduction of economic <br />incentives and appropriation of fund balance from the prior year. The increase in net investment in <br />capital assets and decrease in restricted net position was a result of road construction, recreational, and <br />public safety projects. <br />Business -type Activities <br />In business -type activities, the increase in unrestricted net position and decrease in restricted net position <br />was due to the reclassification of water and sewer capital projects funds previously reported as <br />restricted. The decrease in net investment in capital assets was due to depreciation expense. <br />8 <br />