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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2018
<br />NOTE 19 - COMMITMENTS AND CONTINGENCIES - Continued
<br />B. Contracts and Other Commitments - Continued
<br />In the Special Revenue Funds, contracts are for 58th Avenue pavement reclamation and resurfacing,
<br />CR512 resurfacing and shoulder widening from Myrtle Street to 125th Avenue, Courthouse
<br />renovations, 45th Street beautification - Phase II, beach profile surveys and monitoring, several
<br />conservation area improvements as well as a variety of other road paving and drainage projects. In the
<br />Capital Projects Fund, contracts are for roof replacements at the jail, health department and Sebastian
<br />Corners, the Osprey Acres floway and nature preserve, P25 radio system migration project, and several
<br />sidewalk and road improvement projects throughout the County. In the Enterprise Funds, contracts are
<br />for the golf course maintenance, aquifer wells rehabilitation project, north county water and sewer, and
<br />various other water and sewer projects. In the Internal Service Funds, contracts are for GIS oblique
<br />aerial imagery acquisition.
<br />A summary of these projects at September 30, 2018, is as follows:
<br />General
<br />Special Revenue
<br />Capital Projects
<br />Enterprise
<br />Internal Service
<br />Total
<br />C. Grants
<br />Total Total Paid as of
<br />Contract Price September 30, 2018
<br />$ 1,228,107 $
<br />11,716,034
<br />19,358,468
<br />30,883,618
<br />345,933
<br />Remaining
<br />Balance at
<br />September 30, 2018
<br />(551,378) $
<br />(5,249,011)
<br />(11,532,277)
<br />(10,661,789)
<br />(230,622)
<br />$ 63,532,160 $
<br />676,729
<br />6,467,023
<br />7,826,191
<br />20,221,829
<br />115,311
<br />(28,225,077) $ 35,307,083
<br />Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
<br />agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to
<br />the grantor agency would become a liability of the County. In the opinion of management, any such
<br />adjustments would not be significant.
<br />NOTE 20 - SUBSEQUENT EVENTS
<br />On December 18, 2018 the County approved a new lease agreement with Major League Baseball
<br />(MLB) for the Historic Dodgertown facility. This 11 year agreement included repairs and
<br />improvements to be completed by both the County and MLB. In addition, the County will fund
<br />$800,000 per year into the Capital Reserve Account for the first 5 years of the agreement, and then
<br />$400,000 per year for the remaining term. On January 22, 2019, the Board approved a partial payoff of
<br />the Series 2001 Spring Training Bonds in the amount of $1,125,000 with Fourth Cent Tourist Tax
<br />reserves. This partial payoff eliminated the need to utilitze the Fourth Cent Tourist Development Tax
<br />for debt service payments. Future debt service payments will be funded from the State of Florida
<br />spring training facility payments. In February 2019, the City of Vero Beach agreed to sell the former
<br />Dodgertown Golf Course property to the County for $2,450,000. The property will be used for future
<br />anticipated expansions and parking needs.
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