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Major Initiatives Construction was completed on the new County Administration Complex during fiscal year 2006 - 2007 . Optional one-cent sales tax funded this project at over $ 43 million . Operating costs will increase slightly ' due to the larger size of the new facility and will be funded by ad valorem taxes . The Board of County Commissioners approved the Comprehensive Beach Preservation Plan (BPP) in 1999 . Several areas of County beaches have been listed as critically eroded . The Beach Preservation Plan provides for renourishment of these portions . State grants , local option sales tax , and tourist tax make up the necessary funding for these projects . The County will complete restoration efforts of the South County Beach (Sector 7) and the Ambersand Beach ( Sectors 1 & 2) in fiscal year 2007 -2008 . These areas experienced drastic erosion after the 2004 and 2005 hurricanes . FEMA grants totaling approximately $ 10 . 0 million will assist in providing emergency renourishment for storm protection from future hurricanes . Grant applications will also be submitted for construction of additional offshore artificial reefs . Indian River County has entered into an agreement with Indian River Community College to construct a joint-use library for both Indian River County and the college . This additional facility will provide a resource to serve the County ' s growing population and students of the college . Funding for the project is from one - cent sales tax , library impact fees , gas tax and a Challenge Grant secured by the college . Ad valorem taxes will provide most of the funding for operating costs . The college will contribute a portion of the operating costs in this joint venture , which will reduce the impact on ad valorem dollars . Public Works , Utilities , and Community Development are currently proceeding with the design and construction of storm water projects in Vero Lake Estates , East Gifford, and Roseland areas . Local funds will be used to match several State grants awarded for these storm water projects . The East Gifford Storm Water Watershed M . S . B . U . was created to account for local non-ad valorem assessments , collected as a local match to receive a State grant for a comprehensive storm water improvement project for this area. Implementation of the Storm Water Master Plan as required by The National Pollutant Discharge Elimination System Requirements (NPDES ) will reduce the amount of freshwater runoff and chemicals (fertilizers , pesticides , herbicides) entering the Indian River Lagoon. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Indian River County for its �» comprehensive annual financial report (CAFR) for the fiscal year ended September 30 , 2006 . This was the 24th consecutive year that the County has received this prestigious award . In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements . A Certificate of Achievement is valid for a period of one year only . We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program ' s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate . In addition, Indian River County also received the GFOA ' s Distinguished Budget Presentation Award for its annual budget document for the 2006 -2007 fiscal year . This was the 16th consecutive year that the County has received this prestigious award . In order to qualify for the Distinguished Budget Presentation Award, the County ' s budget document had to be judged proficient as a policy document, financial plan, operations guide , and communications device . iv