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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2020 We offer readers of the County's financial statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended September 30, 2020. We encourage readers to consider the information presented here, in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages i -viii of this report. FINANCIAL HIGHLIGHTS • The County's overall financial position improved over 2019. • The assets and deferred outflows of resources of the County exceeded its liabilities and deferred inflows by $1,059.1 million (net position). Of this amount, $63.7 million (unrestricted net position) may be used to meet the government's ongoing obligations to its citizens and creditors. Further information can be found on page 8. • The government's total net position increased by $33.6 million or 3.3%. Governmental activities accounted for $31.8 million of this increase and business -type activities accounted for the remaining $1.8 million. Further information can be found on page 10. • Governmental activities expenses reflected a 5.9% increase ($201.4 million in 2019 to $213.3 million in 2020) and business -type activities expenses reflected a 1.2% decrease ($67.3 million in 2019 to $66.5 million in 2020). Further information can be found on page 10. • Unassigned fund balance for the general fund was $56.3 million, or an 6.6% increase from the prior year general fund unassigned fund balance of $52.8 million. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the County's basic financial statements. The County's basic financial statements are composed of three elements: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -wide financial statements The government -wide financial statements are designed to provide readers with a broad overview of the County's finances, in a manner similar to a private -sector business. The Statement of Net Position presents information on all of the County's assets, liabilities, and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. The Statement of Activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon 5