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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2018 ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES Service demands have increased as Indian River County recovers from the economic downturn and as the population continues to grow. There is a delicate balance in meeting service needs and maintaining low tax rates for the citizens in Indian River County. The approved budget for FY 2018/2019 is $339,878,868, a decrease of $33,464,461 or 8.96% from the prior year. For FY 2018/2019, the tax roll is increasing 6.93% and is consistent with more moderate increases experienced during the last three years. The largest individual expense in the budget is personnel services. In total, 34.03 net additional full-time (FT) positions are proposed for FY 2018/2019. BCC departments are increasing 18 full-time positions, resulting in an additional cost of $1,143,561. Constitutional officers show a net increase of 16.03 positions. School safety is a major issue in Florida, prompting state legislators to adopt a comprehensive bill regarding school safety. The Sheriff's Office budget includes funding for seven additional positions, which will provide a minimum of one School Resource Officer at every school. Another major issue impacting budget development is the sale of Vero Beach Electric to Florida Power and Light (FPL). Electricity budgets were reduced approximately 20% for County facilities currently served by Vero Beach Electric due to FPL's lower rate structure. Electric franchise fee revenues are expected to decrease. It must also be noted that in FY 2020, the value of transmission lines and related infrastructure will be added to the tax roll. This will have a positive impact on the taxable value in all taxing funds. Overall, the countywide millage rate is decreasing by 0.34%. This is reflective of the General Fund millage rate remaining constant at 3.4604 mills, offset by a 4.33% reduction in the Land Acquisition Bond millage. The M.S.T.U. Fund millage rate of 1.0733 remains the same as the current year. The Emergency Services District millage is also remaining flat at 2.3655. Within the Solid Waste Disposal District Fund, proposed residential assessment rates are increasing by $7.75 or 7.1% to $116.85 per Equivalent Residential Unit. Commercial rates are increasing by $2.83 or 7.5% to $40.50 per Waste Generation Unit (W.G.U.). The proposed readiness -to -use fee is $24.60 per W.G.U., an increase of $3.01 from last fiscal year. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the County's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Clerk of the Circuit Court and Comptroller Attention: Comptroller Division 1801 27th Street Vero Beach, FL 32960 18