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Indian River County, Florida <br /> Management's Discussion and Analysis <br /> For the Year Ended September 30, 2015 <br /> Debt Administration-Long-term debt <br /> At the end of the current fiscal year, the County had total bonded debt outstanding of$59.1 million. Of <br /> this amount, $23.6 million is debt backed by the full faith and credit of the government. The revenue <br /> bonds represent bonds secured solely by specified revenue sources. <br /> Indian River County's Outstanding Debt <br /> General Obligation and Revenue Bonds <br /> (In Millions) <br /> Governmental Business-type <br /> Activities Activities Total <br /> General Obligation Debt: 2015 2014 2015 2014 2015 2014 <br /> Limited General Oblig. Bonds, Series 2006 $ 3.5 $ 26.6 $ - $ - $ 3.5 $ 26.6 <br /> Limited General Oblig. Note, Series 2015 20.1 - - - 20.1 - <br /> Revenue Bonds/Notes: <br /> Spring Training Facility, Series 2001 7.2 7.7 - - 7.2 7.7 <br /> Water and Sewer Ref. Rev., Series 2005 - - - 16.3 - 16.3 <br /> Water and Sewer Rev Note, Series 2015 - - 7.2 - 7.2 - <br /> Water and Sewer Ref.Rev., Series 2009 - - 21.1 23.1 21.1 23.1. <br /> Total $ 30.8 $ 34.3 $ 28.3 $ 39.4 $ 59.1 $ 73.7 <br /> Additional information on the County's long-term debt can be found in Note 1.2 on pages 81-89 of this <br /> report. <br /> ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES <br /> The County taxroll has begun to recover following a significant drop during the "Great Recession". For <br /> FY 15/16, the taxroll is increasing by approximately 7.1% from last year. This follows smaller increases <br /> over the last two years. During the downturn, significant cuts were made to adjust for a 31% taxroll <br /> drop while avoiding millage rate increases. These measures resulted in a leaner, more efficient <br /> organization that is better prepared to provide services to the public at a reduced cost going forward. <br /> For FY 2014/2015, the County embarked on a catch-up plan for needed capital equipment replacement. <br /> Staff is recommending a continuation of that plan with moderate increases in capital equipment funding <br /> in FY 2015/2016. <br /> The total proposed budget for FY 2015/2016 is $279,943,033, a decrease of$34,497,691 or 11.0% from <br /> the prior year. This is still 40.7%below the approved FY 2006/2007 amount of$472,420,328. <br /> 1.8 <br />