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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2015 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 ($47.3 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 ($0.6 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 ($121.5 million), 3) a committed category for constraints imposed by approval of ordinances and contracts by Board of County Commissioners ($2.6 million), and 4) an assigned category for constraints by the County's intent to use for specific purposes ($7.1 million). The two largest restricted amounts are in the Impact Fees Fund with a $14.2 million restricted fund balance and the Optional Sales Tax Fund with a $64.1 million restricted fund balance. Sixty percent of the Impact Fees Fund ($8.5 million) and twenty-five percent ($16.3 million) 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 $179.1 million, which is an increase of$5.7 million over the prior year of$173.4 million. Contributing factors to the $5.7 million increase in fund balance are: • Fund balance in the General Fund decreased by $1.4 million. This decrease was due to an increase in legal services mainly related to the All Aboard Florida train expansion and the Florida Municipal Power Agency electric matter. • In the Impact Fees Fund, fund balance decreased $0.9 million. This was largely due to the $5.1 million in transportation spending for major road construction and right-of-way purchases. • In the Transportation Fund, fund balance decreased$1.0 million due to the purchase of numerous replacement vehicles, including dump trucks and front end loaders. • Fund balance in the Emergency Services District Fund decreased by $2.4 million due to the construction of Fire Station#13. • Fund balance in the Optional Sales Tax Fund increased by $10.1 million mainly due to an $8.5 million decrease in expenditures for road construction. 1.4