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PAGE .. <br />B. Annual Financial Report <br />The Board reviewed a Memorandum of February 26, 1997: <br />TO: The honorable Members of the Board of County Commissioners <br />DATE: February 26, 1997 <br />SUBJECT: ANNUAL FINANCIAL REPORT <br />FROM: Edwin M. Fry, Jr, Finance Director <br />Florida Statutes require that each unit of local government submit an Annual Financial Report <br />covering operations during the preceding fiscal year. The Indian River County Annual Financial <br />Report for Fiscal Year 1996 has been prepared and is ready to be submitted to the Department of <br />Banking and Finance in Tallahassee. The report is due by March 31, 1997. The report is signed by <br />the Chief Financial Officer and the Chairman of the Board of County Commissioners. <br />Respectfully request the Board of County Commissioners authorize the Chairman to sign the County's <br />Fiscal Year 1996 Annual Financial Report. <br />Commissioner Ginn questioned whether the figures are accurate <br />in that there appears to be a large surplus, and OMB Director Joe <br />Baird asked the Board to defer the item until later in the meeting <br />to give him a chance to verify the figures with Finance Director Ed <br />Fry. <br />Later in the meeting, Finance Director Ed Fry appeared to <br />answer the Board's questions concerning the surplus. There are a <br />number of different items to explain why the revenue is higher and <br />the expenses are lower. Revenue was up by $500,000 more than <br />anticipated. On the expense side, every year the engineers review <br />the Landfill and give us an estimate of its useful life. <br />Permitting of the infill at the Landfill significantly increased <br />its life and reduced the expenses to close the existing phase and <br />its long term maintenance. That was $450,000 less than we had <br />budgeted, and the long term maintenance was $745,000 less than <br />budgeted. Those monies are directly attributed to the infill being <br />approved by the DEP. Also, this past year we paid down $580,000 on <br />the bond, which was not treated as an expense but the funds were <br />budgeted. <br />Director Baird commented that the lengthened life of the <br />Landfill reduces the amount of money to be set aside each year. <br />Commissioner Ginn requested a complete detailed accounting of <br />revenues and expenses, and Chairman Eggert asked that a copy be <br />provided for each of the Commissioners, and Director Fry advised he <br />would be glad to provide the accounting. <br />MARCH 4, 1997 12 <br />