2021-046 - Laserfiche WebLink

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Government -Wide Financial Statements Statement of Net Position The Statement of Net Position presents information on all the County's assets, liabilities, and deferred inflows/ outflows of resources. The difference is 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. Assets and deferred outflows of resources exceeded liabilities and deferred inflows by $1,059.1 million at the close of the fiscal year. The largest portion of the County's net position reflects its net investment in capital assets, such as land, buildings, and infrastructure, less any related outstanding debt used to acquire those assets. The net investment in capital assets amounts to $813.5 million, or 77% of the County's net position. Restricted net position totaled $181.9 million, or 17%, which represents resources that are subject to external restrictions on how they may be used. The remaining $63.7 million, or 6%, is unrestricted and may be used to meet the County's ongoing obligations to citizens and creditors. The increase in restricted net position was mainly due to an increase in net position restricted for capital projects and public safety. The increase in capital projects restricted net position was mainly caused by lower than expected expenditures for projects due to be completed in future fiscal years. The increase in public safety restricted net position is due to increased property tax revenue for '0 emergency services and increased public -safety related impact fees. 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. Deferred Outflows of Resources 64.0 54.1 9.9 Liabilities Other liabilities 221.7 Long-term liabilities 38.7 Total liabilities 260.4 Deferred Inflows of Resources 13.1 Net Position: Net investment in capital assets 813.5 Restricted 181.9 Unrestricted 63.7 Total net position $1,059.1 (Chart in millions) The Vero Pier 177.7 44.0 46.3 Increase 224.0 2020 2019 (Decrease) Assets Current and other assets $448.1 $417.7 $30.4 Capital assets 820.5 797.7 22.8 Total Assets 1,268.6 1,215.4 53.2 Deferred Outflows of Resources 64.0 54.1 9.9 Liabilities Other liabilities 221.7 Long-term liabilities 38.7 Total liabilities 260.4 Deferred Inflows of Resources 13.1 Net Position: Net investment in capital assets 813.5 Restricted 181.9 Unrestricted 63.7 Total net position $1,059.1 (Chart in millions) The Vero Pier 177.7 44.0 46.3 (7.6) 224.0 36.4 20.0 (6.9) 781.6 171.9 72.0 $1,025.5 10 Photo courtesy of the Indian River County Chamber of Commerce 31.9 10.0 (8.3) $33.6 -gra:.