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Indian River County, Florida Management’s Discussion and Analysis For the Year Ended September 30, 2019 Other information In addition to the basic financial statements and accompanying notes, this report also contains required supplementary information concerning Indian River County’s progress in funding its obligations to provide other postemployment benefits to its employees, as well as information regarding the County's proportionate share of its pension liability. Required supplementary information can be found on pages 109-114 of this report. Government-wide financial analysis As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the County, assets and deferred outflows of resources exceeded liabilities and deferred inflows by $1,025.5 million at the close of the fiscal year. Indian River County Net Position (In Millions) Governmental Business-type Activities Activities Total 2019 2018 2019 2018 2019 2018 Current and other assets $ 286.8 $ 269.7 $ 130.9 $ 143.9 $ 417.7 $ 413.6 Capital assets 580.6 570.4 217.1 215.7 797.7 786.1 Total assets 867.4 840.1 348.0 359.6 1,215.4 1,199.7 Deferred outflows of resources 50.4 54.5 3.7 4.5 54.1 59.0 Other liabilities 158.6 140.3 19.1 17.1 177.7 157.4 Long-term liabilities 33.9 39.8 12.4 33.9 46.3 73.7 Total liabilities 192.5 180.1 31.5 51.0 224.0 231.1 Deferred inflows of resources 18.5 22.6 1.5 1.8 20.0 24.4 Net position: Net investment in capital assets 569.4 553.5 212.2 197.9 781.6 751.4 Restricted 171.9 159.4 - - 171.9 159.4 Unrestricted (34.5) (21.0) 106.5 113.4 72.0 92.4 Total net position $ 706.8 $ 691.9 $ 318.7 $ 311.3 $ 1,025.5 $ 1,003.2 Governmental Activities In governmental activities, the increase in restricted net position was mainly due to an increase in net position restricted for capital projects. This increase was caused by greater optional sales tax revenues offset by a decrease in expenditures for projects to be completed in future fiscal years. The increase in net investment in capital assets was a result of completed construction projects and decreased outstanding debt. The decrease in unrestricted net position was due to an increase in the net pension liability. Business-type Activities In business-type activities, the increase in invested in capital assets resulted from an increase in capital purchases as well as decreased outstanding debt. The decrease in unrestricted net position was due to the write-off of outstanding utilities accounts under the amnesty program approved during the fiscal year. 8