2021-046A - Laserfiche WebLink

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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2020 • Overall expenses were $0.8 million or 1% higher in 2020 than in 2019. The water and sewer utilities expenses were $2.3 million or about 5% tower in 2020 than in 2019 due a decrease in the write-off of outstanding balances under an amnesty program, the majority of which occurred in 2019. The solid waste expenses were $1.7 million or 7% higher in 2020 than in 2019 due to landfill expansion -related costs. The golf course had $0.1 million or less than 1% lower expenses in 2020 than in 2019. The building department had $0.5 million or 9% higher expenses in 2020 than in 2019 due to increases in personnel and contracted labor services required to meet service level needs of developers and builders. FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. Governmental funds Unassigned fund balance may serve as a useful measure of the County's net resources available for spending at the end of the fiscal year. Of the total fund balance, 23% ($56.0 million) constitutes unassigned fund balance, which is available for spending at the County's discretion. The remainder of fund balance is presented in classifications that comprise a hierarchy based primarily on the extent to which the County is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The County had fund balances in 1) a nonspendable category for inventories, prepaid items, and advances to other funds ($1.0 million), 2) a restricted category for resources that are either restricted externally by creditors, grantors, contributors, or laws or regulations of other governments or imposed by law through constitutional provisions or enabling legislation ($170.6 million), 3) a committed category for constraints imposed by approval of ordinances and contracts by the Board of County Commissioners ($2.3 million), and 4) an assigned category for constraints by the County's intent to use for specific purposes ($9.5 million). The two largest restricted amounts are in the Impact Fees Fund with a $28.7 million restricted fund balance and the Optional Sales Tax Fund with a $90.8 million restricted fund balance. Thirty-seven percent of the Impact Fees Fund ($10.6 million) and thirty-six percent ($32.4 million) of the Optional Sales Tax Fund is slated for major road expansions throughout the County in fiscal year 2021. The Optional Sales Tax Fund is a principal funding source in the five year Transportation Capital Improvement Program. The County's governmental funds reported a combined fund balance of $239.4 million, which is an increase of $7.0 million over the prior year of $232.4 million. Contributing factors to the $7.0 million increase in fund balance are: • Fund balance in the General Fund increased by $3.4 million. This was due to increased tax revenues. 13