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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2016 Debt Administration — Long-term debt At the end of the current fiscal year, the County had total debt outstanding of S51.6 million. Of this amount, $19.7 million is debt backed by the full faith and credit of the government. The revenue bonds represent bonds secured solely by specified revenue sources. Indian River County's Outstanding Debt General Obligation and Revenue Bonds (In Millions) Governmental Business -type Activities Activities General Obligation Debt: 2016 2015 2016 2015 Limited General. Oblig. Bonds, Series 2006 $ - $ 3.5 $ - $ - $ - $ 3.5 Limited General Oblig. Note, Series 2015 19.7 20.1 - - 19.7 20.1 Revenue Bonds/Notes: Spring Training Facility, Series 2001 6.7 7.2 6.7 7.2 Water and Sewer Rev Note, Series 2015 - - 6.2 7.2 6.2 7.2 Water and Sewer Ref. Rev., Series 2009 19.0 21.1 19.0 21.1 Total $ 26.4 $ 30.8 $ 25.2 $ 28.3 $ 51.6 $ 59.1 Total 2016 2015 Additional information on the County's long-term debt can be found in. Note 10 on pages 74-81 of this report. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES In recent years, Indian River County has survived direct landfall of multiple hurricanes and, most recently, the worst economic turmoil experienced since the Great Depression. The key to surviving these occurrences was the commitment of County employees, steady management by the executive team and strong leadership provided by the County Commissioners, as significant budget cuts were made to adjust for a 31% tax roll drop while avoiding millage rate increases. For FY 2016/2017, the tax roll is increasing 6.2%. In spite of turbulence in both the national and State economies, Indian. River County is now on the cusp of a full economic recovery as evidenced by strong building permit and impact fee revenue collections, strong tourism activity, and moderate population growth drawn by our friendly small-town atmosphere, beautiful beaches, cultural amenities, and rich environmental surroundings making us an ideal tourist destination. However, a consequence of the population growth is pressure on County government to continue to deliver government services at an affordable price. The FY 2016/2017 budget is focused on continuing to deliver high-quality services, with an emphasis on technology to maintain our low cost service model. The total proposed budget for FY 2016/2017 is $308,029,307, a decrease of $33,718,474 or 9.9% from FY 2015/2016 mid -year amended budget. This is still 34.8% below the approved FY 2006/2007 amount of $472,420,328. 17