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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2017 Debt Administration — Long-term debt At the end of the current fiscal year, the County had total debt outstanding of $43.9 million. Of this amount, $15.7 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) General Obligation Debt: Limited General Oblig. Note, Series 2015 Revenue Bonds/Notes: Spring Training Facility, Series 2001 Water and Sewer Rev Note, Series 2015 Water and Sewer Ref. Rev., Series 2009 Total Governmental Business -type Activities Activities 2017 2016 2017 2016 Total 2017 2016 $ 15.7 $ 19.7 $ - $ - $ 15.7 $ 6.2 6.7 - - 6.2 - - 5.2 6.2 5.2 - - 16.8 19.0 16.8 $ 21.9$ 26.4$ 22.0$ 25.2$ 43.9$ 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 19.7 6.7 6.2 19.0 51.6 The constant goal of local governments is to provide high-quality services at a reasonable cost. Throughout the Great Recession, Indian River County government worked very hard to continue to bring out additional organizational efficiencies, as taxable values plummeted and millage rates were held constant to reduce the burden on the taxpayer. As the local economy recovers from the downturn, there is ongoing pressure to increase service levels, however, Indian River County continues to be vigilant with taxpayer dollars in good economic times as was done during the downturn. Maintaining a safe community with strong emergency services is a requirement for all residents. Indian River County has always placed a primary emphasis on funding public safety as this is a fundamental service provided by local government. The FY 2017/2018 budget promotes continued emphasis on public safety through: increased funding of law enforcement, the opening of a new fire station, continued funding of capital equipment deferred during the downturn, addressing the responsiveness of development review and ensuring that new developments are built to proper specifications, and also addressing single source dependencies within the organization that could impact overall service delivery to the public. 17