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In January 2015, Fitch Rating Service affirmed the County's "AAA" rating for the Water and Sewer Revenue Refunding Bonds, Series 2009. During fiscal year 2015, the County implemented Government Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions. The primary objective of the Statement is to improve accounting and financial reporting by state and local governments for pensions. It establishes standards for measuring and recognizing liabilities, deferred outflows of resources, deferred inflows of resources, and expenses/expenditures. The County now includes in the government- wide statements its proportionate share of the net pension liability of the cost-sharing pension plans in. which it participates. This proportionate amount represents a share of the present value of projected benefit payments to be provided through the cost-sharing pension plan to current active and inactive employees that is attributed to those employees' past periods of service (total pension liability), less the amount of the cost-sharing pension plan's fiduciary net position. Implementation resulted in a restatement of beginning net position as illustrated in Note 20. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Indian River County for its comprehensive annual financial report (CAFR) for the fiscal year ended September 30, 2014. This was the 32nd consecutive year that the County has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. In addition, Indian River County also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the 2014-201.5 fiscal year. This was the 24th consecutive year that the County has received this prestigious award. In order to qualify for the Distinguished Budget Presentation. Award, the County's budget document had to be judged proficient as a policy document, financial plan, operations guide, and communications device. I would like to thank the entire staff of the Finance Department for their invaluable assistance in the preparation of this report. I would also like to thank the Board of County Commissioners and their staff, and the other Constitutional Officers for their personal interest and support in planning and conducting the financial operations of the County in a responsible and progressive manner. Finally, thanks to the citizens for the trust you continue to place in your County and those who work to serve you. Respectfully submitted, Jeffrey R. Smith, CPA, CGFO, CGMA Clerk of the Circuit Court and Comptroller vi