2013-054 - Laserfiche WebLink

Home Browse Search

t Indian River County,Florida Management's Discussion and Analysis For the Year Ended September 30,2012 Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial I position. In the case of the County, assets and deferred outflows of resources exceeded liabilities by ` $1,006.6 million at the close of the fiscal year. By far, the largest portion of the County's net position (72%) reflects its investment in capital assets (e.g., land, buildings, infrastructure, intangibles, machinery, and equipment), less any related outstanding debt used to acquire those assets that is still outstanding. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in its capital assets is reported as net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Indian River County Net Position (In Millions) Governmental Business-type Activities Activities Total 2012 2011 2012 2011 2012 2011 Current and other assets $ 228.7 $ 242.3 $ 108.7 $ 107.0 $ 337.4 $ 349.3 Capital assets 553.4 544.7 257.3 267.1 810.7 811.8 Total assets 782.1 787.0 366.0 374.1 1,148.1 1,161.1 l Deferred outflows of resources - - 2.8 - 2.8 - Total deferred outflows - - 2.8 - 2.8 - ( I Current liabilities 21.3 23.6 13.5 12.0 34.8 35.6 I Other liabilities 54.0 60.8 55.5 58.9 109.5 119.7 Total liabilities 75.3 84.4 69.0 70.9 144.3 155.3 Net position: Net investment in capital assets 509.1 492.3 211.6 217.9 720.7 710.2 Restricted 121.2 125.4 17.9 24.3 139.1 149.7 Unrestricted 76.5 84.9 70.3 61.0 146.8 145.9 Total net position $ 706.8 $ 702.6 $ 299.8 $ 303.2 $ 1,006.6 $ 1,005.8 A portion of the County's net position(14%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of the unrestricted net position ($146.8 million) may be used to meet the government's ongoing obligations to citizens and creditors. Overall, the County's net position increased less than 1%. In governmental activities, the decrease in unrestricted net position was due to the early payoff of bonds and the increase in net investment in capital assets was a result of right of way purchases and construction of roads and beach restoration projects. In business-type activities, the increase in unrestricted net position and decrease in net investment in capital assets, was a net result of decreasing book value of capital assets and the decreasing amount of debt outstanding. 6