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iii This Comprehensive Annual Financial Report (CAFR) includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, the Property Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), and the blended component units consisting of the Emergency Services District and the Solid Waste Disposal District. These component units were included because generally accepted accounting principles require that organizations which are fiscally dependent on the County and that financially benefit from the relationship with the County be reported with the primary government (the County) as the reporting entity. This CAFR does not include the Indian River County School District, the Indian River County Mosquito Control District or the Cleveland Clinic Indian River Hospital. Local Economy Indian River County’s estimated population of 154,939 was a 2.05% increase over the previous year. While the population of the County has been steadily increasing, so has the median age of residents living here. Indian River County is ranked seventh among Florida counties by percent of population ages 65 and older with 30.1%. Nationally, average ages have risen due to the increasing age of the baby boomer generation as well as the increase in life expectancy for all Americans. In addition, Florida continues to be a popular destination for retirees. Historically, Indian River County’s economy was made up of agriculture (citrus and cattle) and tourism. Those industries have now been complemented with an increase in health care and information technology firms, light manufacturing, wholesale and retail trade and service sector jobs. The top three major employers in Indian River County, providing 8.94% of total employed persons, are the School District, Cleveland Clinic Indian River Hospital and Indian River County Government. The unemployment rate has decreased from 3.9% in 2018 to 3.7% in 2019. Piper Aircraft, Inc., whose headquarters for aircraft research, development and manufacturing operations are located in Vero Beach, is the largest manufacturing employer in the area. CVS Pharmacy operates a distribution center which provides the distribution of products to all CVS locations in the southern half of Florida. The Atlantic beaches and the Indian River, along with the comfortable climate, provide the basis for a year-round tourism industry. Residents can enjoy these resources at any of the County parks, the Sebastian Inlet State Park or the Pelican Island National Wildlife Refuge. Indian River County continues to experience signs of improvement in the economy. Total property tax values increased from $17.3 billion in 2018 to $18.5 billion in 2019. Construction activity saw a significant increase with 31.23% more building permits issued for new construction in 2019 over 2018. Please see Statistical Schedules 6 and 17 for more information. The citrus industry in Indian River County saw an increase in production of 11% from 2.6 million boxes in 2018 to 2.9 million in 2019. This ranked the County 8th among all Florida counties in total citrus production. The acreage dedicated to citrus production within the County saw an 18% decrease from 19,228 acres in 2018 to 15,708 acres in 2019, ranking Indian River County 8th among all Florida counties.