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PRESENTATION OF 1985 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR <br />INDIAN RIVER COUNTY <br />Duke Landorf, partner in May Zima, explained that the <br />Finance Department under the direction of the Clerk of the <br />Circuit Court is responsible for the preparation and content of <br />this report. They use May Zima to actually prepare this finan- <br />cial document and also to perform a financial and compliance <br />audit for the year ending September 30, 1985. The financial <br />report itself is essentially unchanged in its format from the <br />prior year and is presented in accordance with the governmental <br />accounting guidelines. Mr. Landorf then proceeded to highlight <br />some of the information in the report, as follows. <br />Page 23 is the accountants' report on the combined <br />statements. In essence, they are are giving an unqualified <br />opinion that the statements are fairly presented in accordance <br />with generally accepted accounting principles. <br />Pages 26 and 27 show the combined balance sheets of all the <br />various fund types and account groups in the county. Mr. <br />Landorf pointed out that the General Fund, for instance, includes <br />the consolidated funds of the Constitutional Officers and the <br />Board of County Commissioners, and the general fixed assets <br />.include both the fixed assets of the Board of County Commissioner <br />and those fixed assets the Sheriff is responsible for. Mr. <br />Landorf cautioned that the general fixed assets of the county do <br />not reflect any depreciation and also specifically exclude <br />infrastructural type assets. He stated that the total assets at <br />the end of the year are shown as approximately 87 million, which <br />is up some 17 million, and the main increases in assets this year <br />were attributed to cash and special assessment fund activity, <br />particularly in connection with the SR60 utilities project. The <br />total liability was approximately 40 million, up approximately 10 <br />million, and again, this is primarily attributable to the <br />Special assessment funds, essentially a net increase in bonds <br />payable and also due to some rather large collections of prepaid <br />impact fees. <br />33 <br />BOOK D"" 4 <br />