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Indian River County, Florida Management’s Discussion and Analysis For the Year Ended September 30, 2019 17 Debt Administration – Long-term debt At the end of the current fiscal year, the County had total debt outstanding of $14.7 million. Of this amount, $7.3 million is debt backed by the full faith and credit of the government. The revenue bonds represent bonds secured solely by specified revenue sources. Indian River County’s Outstanding Debt General Obligation and Revenue Bonds (In Millions) Governmental Business-type Activities Activities Total General Obligation Debt: 2019 2018 2019 2018 2019 2018 Limited General Oblig. Note, Series 2015 $ 7.3 $ 11.5 $ - $ - $ 7.3 $ 11.5 Revenue Bonds/Notes: Spring Training Facility, Series 2001 4.2 5.7 - - 4.2 5.7 Water and Sewer Rev Note, Series 2015 - - 3.2 4.2 3.2 4.2 Water and Sewer Ref. Rev., Series 2009 - - - 14.5 - 14.5 Total $ 11.5 $ 17.2 $ 3.2 $ 18.7 $ 14.7 $ 35.9 Additional information on the County’s long-term debt can be found in Note 10 on pages 74-80 of this report. 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 County continues to increase our focus on catching up on deferred maintenance and capital item replacement. Funding for these items was drastically reduced to absorb the funding reduction during the economic downturn. While a determined effort has been made to catch up on these items over the last several years, a substantial amount of work remains. A departmental review earlier this year revealed a total backlog of $44 million across the County. Additionally, ongoing renewal and replacement work needs to be considered. The proposed budget includes $11,287,253 in funding ($1,107,253 in taxing funds). Indian River County voters approved two bond issues to acquire and preserve environmentally sensitive lands several years ago. Over the ensuing years, the County has acquired over 12,250 acres of property (2,791 acres actively managed) with these funds as well as matching grants. County funding in the amount of $77.7 million was supplemented with grant funding totaling $63.1 million, for a total expenditure of $140.8 million. Over the last few years, the County has made a concerted effort to make these lands accessible. These properties also require a significant amount of maintenance. The proposed budget includes funding for two (2) Conservation Lands Technicians to help maintain these valuable community assets. The addition of these two positions will allow for the current backlog of exotics treatments, estimated at $205,000 to be handled in-house. This will enable the County to realize a current cost savings in addition to reaping the benefit of ongoing exotics maintenance.