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Indian River County,Florida Management's Discussion and Analysis For the Year Ended September 30,2012 We offer readers of the County's financial statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended September 30, 2012. We encourage readers to consider the information presented here, in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages i-vi of this report. All amounts,unless iotherwise indicated, are expressed in millions of dollars. FINANCIAL HIGHLIGHTS • The County's overall financial position improved over 2011. • The assets and deferred outflows of resources of the County exceeded its liabilities by $1,006.6 million (net position). Of this amount, $146.8 million (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. • The government's total net position increased by $1.5 million. Governmental activities accounted for $4.3 million of this increase, which was offset by a $2.8 million decrease in business-type activities net position. • Governmental activities expenses reflected a 0.3% increase ($147.0 million in 2011 to $147.4 million in 2012) and business-type activities expenses reflected a 0.1% increase ($48.3 million in 2011 to $48.9 million in 2012). • Unassigned fund balance for the general fund was 8. million, ° g g $4 7 1 on, ora 44.5/o increase from the i prior year general fund unassigned balance. One of the factors for the increase in the unassigned amount was the change in the designation of $8.0 million in committed economic incentives fund balance to unassigned fund balance due to the company not meeting the required timelines in the agreement. The other factor was the change in the designation of over $10.0 million of emergency and budget stabilization reserves to unassigned fund balance due to clarification of the use of the committed fund balance category. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the County's basic financial statements. The County's basic financial statements are composed of three elements: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the County's finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the County's assets, liabilities, and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or I decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. 3