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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2014 <br />® Overall program revenues increased $2.0 million. <br />1) Charges for services increased by $1.7 million or 4%. A gradual improvement in the local <br />economy has attributed to the following increases over 2013 revenues: water and sewer <br />charges increased by $1.0 million or 3%, solid waste revenues increased $0.3 million or 3%, <br />and the building revenues increased by $0.4 million or 20%. <br />2) Capital grants and contributions were $0.3 million higher in 2014 than in 2013, an overall <br />increase of 6% due to water and sewer developer contributions. <br />• Interest earnings decreased by $0.2 million or 28% from the preceding year due to lower interest <br />rates. <br />FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS <br />As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance <br />related legal requirements. <br />Governmental funds <br />Unassigned fund balance may serve as a useful measure of the County's net resources available for <br />spending at the end of the fiscal year. Approximately 28% of this total amount ($48.1 million) <br />constitutes unassigned fund balance, which is available for spending at the County's discretion. <br />The remainder of fund balance is presented in classifications that comprise a hierarchy based primarily <br />on the extent to which the County is bound to honor constraints on the specific purposes for which <br />amounts in those funds can be spent. The County had fund balance in 1) a nonspendable category for <br />inventories, prepaid items, and advances to other funds ($1.1 million), 2) a restricted category for <br />resources that are either restricted externally by creditors, grantors, contributors, or laws or regulations <br />of other governments or imposed by law through constitutional provisions or enabling legislation <br />($113.3 million), 3) a committed category for constraints imposed by approval of ordinances and <br />contracts by Board of County Commissioners ($2.7 million), and 4) an assigned category for constraints <br />by the County's intent to use for specific purposes ($8.2 million). <br />The two largest restricted amounts are in the Impact Fees Fund with a $15.1 million restricted fund <br />balance and the Optional Sales Tax Fund with a $54.0 million restricted fund balance. Fifty-eight <br />percent of the Impact Fees Fund ($8.7 million) and thirty-eight percent ($20.5 million) of the Optional <br />Sales Tax Fund is slated for major road expansions throughout the County. <br />The County's governmental funds reported a combined fund balance of $173.4 million, which is an <br />increase of $0.8 million over the prior year of $172.6 million. Contributing factors to the $0.8 million <br />increase in fund balance are: <br />a Fund balance in the General Fund increased by $1.8 million. This increase was mainly due to the <br />increased property taxes and reduced transfers due to the payoff of a portion of the Spring <br />Training Bonds in the prior year. <br />13 <br />