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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