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2019-064C
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Last modified
12/27/2019 12:59:57 PM
Creation date
4/23/2019 2:09:14 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Report
Approved Date
04/19/2019
Control Number
2019-064C
Agenda Item Number
9.A. (1 of 2)
Entity Name
Clerk of Circuit Court & Comptroller
Subject
Comprehensive Annual Financial Report
Note: Only Electronic Copy on File
Area
Fiscal Year 2017-2018
Alternate Name
CAFR
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This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government <br />(the Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, the Property <br />Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), and the blended component <br />units consisting of the Emergency Services District and the Solid Waste Disposal District. <br />These component units were included because generally accepted accounting principles require that <br />organizations which are fiscally dependent on the County and that financially benefit from the <br />relationship with the County be reported with the primary government (the County) as the reporting <br />entity. This CAFR does not include the Indian River County School District, the Indian River County <br />Mosquito Control District or the Cleveland Clinic Indian River Hospital. <br />Local Economy <br />Indian River County's estimated population of 151,825 was a 1.92% increase over the previous year. <br />While the population of the County has been steadily increasing, so has the median age of residents <br />living here. Indian River County is ranked seventh among Florida counties by percent of population <br />ages 65 and older with 29.7%. Nationally, average ages have risen due to the increasing age of the baby <br />boomer generation as well as the increase in life expectancy for all Americans. In addition, Florida <br />continues to be a popular destination for retirees. <br />Historically, Indian River County's economy was made up of agriculture (citrus and cattle) and tourism. <br />Those industries have now been complemented with an increase in health care and information <br />technology firms, light manufacturing, wholesale and retail trade and service sector jobs. The top three <br />major employers in Indian River County, providing 9.93% of total employed persons, are the School <br />District, Cleveland Clinic Indian River Hospital and Indian River County government. The <br />unemployment rate has decreased from 4.6% in 2017 to 3.9% in 2018. <br />Piper Aircraft, Inc., whose headquarters for aircraft research, development and manufacturing operations <br />are located in Vero Beach, is the largest manufacturing employer in the area. CVS Pharmacy operates a <br />distribution center which provides the distribution of products to all CVS locations in the southern half <br />of Florida. The Atlantic beaches and the Indian River, along with the comfortable climate, provide the <br />basis for a year-round tourism industry. Residents can enjoy these resources at any of the County parks, <br />the Sebastian Inlet State Park or the Pelican Island National Wildlife Refuge. <br />Indian River County continues to experience signs of improvement in the economy. Total property tax <br />values increased from $16.3 billion in 2017 to $17.3 billion in 2018. Construction activity saw a <br />significant increase with 8.5% more building permits issued for new construction in 2018 over 2017. <br />Please see Statistical Schedules 6 and 17 for more information. <br />The citrus industry in Indian River County saw a decrease in production of 40% from 4.3 million boxes <br />in 2017 to 2.6 million in 2018. This ranked the County 7th among all Florida counties in total citrus <br />production. The acreage dedicated to citrus production within the County also saw a 19% decrease from <br />23,761 acres in 2017 to 19,228 acres in 2018, ranking Indian River County 8th among all Florida <br />counties. <br />iii <br />
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