2015-063-63A - Laserfiche WebLink

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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2014 ® Overall program revenues increased $2.0 million. 1) Charges for services increased by $1.7 million or 4%. A gradual improvement in the local economy has attributed to the following increases over 2013 revenues: water and sewer charges increased by $1.0 million or 3%, solid waste revenues increased $0.3 million or 3%, and the building revenues increased by $0.4 million or 20%. 2) Capital grants and contributions were $0.3 million higher in 2014 than in 2013, an overall increase of 6% due to water and sewer developer contributions. • Interest earnings decreased by $0.2 million or 28% from the preceding year due to lower interest rates. 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 28% of this total amount ($48.1 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 ($1.1 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 ($113.3 million), 3) a committed category for constraints imposed by approval of ordinances and contracts by Board of County Commissioners ($2.7 million), and 4) an assigned category for constraints by the County's intent to use for specific purposes ($8.2 million). The two largest restricted amounts are in the Impact Fees Fund with a $15.1 million restricted fund balance and the Optional Sales Tax Fund with a $54.0 million restricted fund balance. Fifty-eight percent of the Impact Fees Fund ($8.7 million) and thirty-eight percent ($20.5 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 $173.4 million, which is an increase of $0.8 million over the prior year of $172.6 million. Contributing factors to the $0.8 million increase in fund balance are: a Fund balance in the General Fund increased by $1.8 million. This increase was mainly due to the increased property taxes and reduced transfers due to the payoff of a portion of the Spring Training Bonds in the prior year. 13