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Total expenditures for the General, Special Revenue, Debt Service and Capital Projects Funds
<br />were $77,587,773, an increase of $1,539,716 from FY 1993. Expenditures for FY 1994 and the change
<br />from FY 1993 are as follows:
<br />The increase in General Government is due to the construction of a new Judicial Complex. The
<br />increase in Public Safety is for Fire Control and Emergency Services. The increase in Transportation
<br />represents the completion of Indian River Boulevard Phase 1V, improvements to the intersection of
<br />CR512 and CR510, and replacement of the Ord Avenue Bridge. The increase in Human Services is a
<br />result of the County implementing the State Housing Initiatives Partnership program, which is designed
<br />to provide loans and grants for the creation and preservation of affordable housing. The increase in
<br />Culture/Recreation represents the expenditure of State and County funds for Round Island Park. The
<br />Debt Service decrease was caused by the refunding of bonds in FY 1993 to achieve a long term savings
<br />in interest rates.
<br />The Solid Waste Disposal District produced a net income of $367,488, compared to a net loss
<br />of $877,065 in FY 1993. Income available for debt service was $2,302,808, providing 2.49 times
<br />coverage for debt service. The net loss for the Golf Course was $34,484, compared to a net loss of
<br />$1,019,608 in FY 1993. Income available for debt service was $683,671, providing 0.91 times coverage
<br />for debt service. The net income for the Water and Sewer System was $1,011,676, compared to a net
<br />loss of $297,207 in FY 1993. Income available for debt service was $7,189,104, providing 1.95 times
<br />coverage for debt service.
<br />As noted above, the net income available for debt service on the County's Recreational (Golf
<br />Course) Revenue Refunding Bonds, Series 1993 was less than the required 1.00 to 1. These bonds are
<br />secured by the net revenues of the golf course, in addition to racetrack and jai alai fronton funds of the
<br />County. Although there was a net loss from operations, prior year's reserves were sufficient to pay debt
<br />service on the bonds without necessitating a draw on the reserve account for the bonds. As a result of
<br />the net loss, the County increased rates at the golf course and is currently in compliance with the rate
<br />covenant included in the resolution authorizing the issuance of the these bonds.
<br />3247AND3800 MPOS-BODY-1 21
<br />Increase
<br />FY 1994
<br />Percent
<br />(Decrease)
<br />Amount
<br />of Total
<br />from FY 1993
<br />General Government
<br />$22,592,742
<br />29.1%
<br />$2,303,687
<br />Public Safety
<br />28,383,551
<br />36.6
<br />403,864
<br />Physical Environment
<br />282,866
<br />0.4
<br />4,829
<br />Transportation
<br />13,201,190
<br />17.0
<br />1,805,303
<br />Economic Environment
<br />183,369
<br />0.2
<br />13,010
<br />Human Services
<br />3,888,198
<br />5.0
<br />338,505
<br />Culture/Recreation
<br />5,227,780
<br />6.7
<br />184,186
<br />Debt Service
<br />3,828,077
<br />5.0
<br />(3,513,668)
<br />Total Expenditures
<br />$77,587,773
<br />100.0%
<br />$1,539,716
<br />The increase in General Government is due to the construction of a new Judicial Complex. The
<br />increase in Public Safety is for Fire Control and Emergency Services. The increase in Transportation
<br />represents the completion of Indian River Boulevard Phase 1V, improvements to the intersection of
<br />CR512 and CR510, and replacement of the Ord Avenue Bridge. The increase in Human Services is a
<br />result of the County implementing the State Housing Initiatives Partnership program, which is designed
<br />to provide loans and grants for the creation and preservation of affordable housing. The increase in
<br />Culture/Recreation represents the expenditure of State and County funds for Round Island Park. The
<br />Debt Service decrease was caused by the refunding of bonds in FY 1993 to achieve a long term savings
<br />in interest rates.
<br />The Solid Waste Disposal District produced a net income of $367,488, compared to a net loss
<br />of $877,065 in FY 1993. Income available for debt service was $2,302,808, providing 2.49 times
<br />coverage for debt service. The net loss for the Golf Course was $34,484, compared to a net loss of
<br />$1,019,608 in FY 1993. Income available for debt service was $683,671, providing 0.91 times coverage
<br />for debt service. The net income for the Water and Sewer System was $1,011,676, compared to a net
<br />loss of $297,207 in FY 1993. Income available for debt service was $7,189,104, providing 1.95 times
<br />coverage for debt service.
<br />As noted above, the net income available for debt service on the County's Recreational (Golf
<br />Course) Revenue Refunding Bonds, Series 1993 was less than the required 1.00 to 1. These bonds are
<br />secured by the net revenues of the golf course, in addition to racetrack and jai alai fronton funds of the
<br />County. Although there was a net loss from operations, prior year's reserves were sufficient to pay debt
<br />service on the bonds without necessitating a draw on the reserve account for the bonds. As a result of
<br />the net loss, the County increased rates at the golf course and is currently in compliance with the rate
<br />covenant included in the resolution authorizing the issuance of the these bonds.
<br />3247AND3800 MPOS-BODY-1 21
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