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Indian River County, Florida <br />Management's Discussion and Analysis <br />For the Year Ended September 30, 2020 <br />Governmental Activities <br />In governmental activities, the increase in restricted net position was mainly due to an increase <br />in net position restricted for capital projects and public safety. The increase in capital projects <br />restricted net position was mainly caused by lower than expected expenditures for projects to <br />be completed in future fiscal years. The increase in public safety restricted net position is due <br />to increased property tax revenue for emergency services and increased public -safety related <br />impact fees. The increase in net investment in capital assets was a result of completed <br />construction projects and decreased outstanding debt. The decrease in unrestricted net <br />position was due to an increase in the net pension liability. <br />Business -type Activities <br />In business -type activities, the increase in invested in capital assets was due to an increase in <br />capital purchases and decreasing outstanding debt. The increase in invested in capital assets, <br />along with the increase in the net pension liability, contributed to the decrease in unrestricted <br />net position. <br />Indian River County Total Net Position (In i' Zillions <br />September 30, 2019 and 2020 <br />net investment in capital.. <br />assets <br />restricted <br />un restricted <br />200 <br />400 <br />600 <br />800 <br />1000 <br />2019 <br />2020 <br />By far, the largest portion of the County's net position (77% or $813.5 million) reflects its <br />investment in capital assets (e.g., land, buildings, infrastructure, intangibles, machinery, and <br />equipment), less any related outstanding debt used to acquire those assets. The County uses <br />these capital assets to provide services to citizens; consequently, these assets are not available <br />for future spending. Although the County's investment in its capital assets is reported as net <br />of related debt, it should be noted that the resources needed to repay this debt must be <br />provided from other sources, since the capital assets themselves cannot be used to liquidate <br />these liabilities. <br />A portion of the County's net position (17% or $181.9 million) represents resources that are <br />subject to external restrictions on how they may be used. The remaining balance of the <br />unrestricted net position (6% or $63.7 million) may be used to meet the government's ongoing <br />obligations to its citizens and creditors. <br />9 <br />