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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2012 • Other miscellaneous general revenues decreased by $0.6 million from the preceding year. This was due to the sale of numerous solid waste capital assets in fiscal year 2011 upon privatization of the County's landfill. I • Overall expenses were $0.6 million or 1% higher in 2012 than in 2011. The golf course had$0.1 million or 4% lower expenses in 2012 than in 2011 and the building department had $0.1 million or 6% lower expenses in 2012 than in 2011 due to staff and benefit cost reductions. The water and sewer utilities expenses were $0.5 million or 1%higher in 2012 than in 2011 due to the write off of bond issuance costs and the loss on the demolition of two water and sewer buildings. The solid waste expenses were $0.3 million or 3% higher in 2012 than in 2011 due to an increase in I the recycling services contract. 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 26% of this total amount ($48.5 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 ($0.9 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 ($117.5 million), 3) a committed category for constraints imposed by approval of ordinances and contracts by Board of County Commissioners ($3.8 million), and 4) an assigned category for constraints by the County's intent to use for specific purposes ($13.1 million). The two largest restricted amounts are in the Impact Fees Fund with a $23.1 million restricted fund i balance and the Optional Sales Tax Fund with a$50.5 million restricted fund balance. The fund balance of the Secondary Roads Construction Fund($12.7 million), sixty percent of the Impact Fees Fund($13.8 million) and seventy-five percent 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 $183.8 million, which is a decrease of $13.2 million over the prior year of $197.0 million. Contributing factors to the $13.2 million decrease in fund balance are: ® Fund balance in the General Fund decreased by $2.5 million. This decrease was mainly due to the early payoff of the general obligation bonds. ` 9