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Indian River County, Florida Management ' s Discussion and Analysis For the Year Ended September 30 , 2007 We offer readers of the County ' s financial statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended September 30 , 2007 . We encourage readers to consider the information presented here , in conjunction with additional information that we have furnished in our letter of transmittal , which can be found on pages i -v of this report . All amounts , unless otherwise indicated, are expressed in millions of dollars . Financial Highlights • The County ' s overall financial position improved over 2006 . • The assets of the County exceeded its liabilities at the close of the most recent fiscal year by $ 914 . 2 million (net assets) . Of this amount, $ 108 . 1 million (unrestricted net assets) may be used to meet the government ' s ongoing obligations to citizens and creditors . • The government ' s total net assets increased by $ 61 . 3 million. Governmental activities accounted for 83 % of this increase . Interest income of $ 16 . 0 million in government activities and $ 9 . 2 million in business-type activities together represented 41 % of the $ 61 . 3 million increase . The water and sewer capital contribution revenue declined substantially from $ 26 . 5 million in 2006 to $ 9 . 7 million in 2007 , reflecting a considerable slowdown in the construction industry . • As of the close of the current fiscal year, the County ' s governmental activities reported combined ending net assets of $ 608 . 5 million, an increase of $ 50 . 6 million in comparison with the prior year . Of the $ 608 . 5 ending net assets , 10 % or $ 60 . 7 million, is unrestricted net assets . • At the end of the current fiscal year, unreserved, undesignated fund balance for the general fund alone was $ 50 . 3 million. The remaining balance of unreserved funds pertained to the insurance internal service fund . Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the County ' s basic financial statements . The County ' s basic financial statements are composed of three elements : 1 ) government- wide financial statements , 2) fund financial statements , and 3 ) notes to the financial statements . This report also contains other supplementary information in addition to the basic financial statements themselves . Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the County ' s finances , in a manner similar to a private- sector business . The statement of net assets presents information on all of the County ' s assets and liabilities , with the difference between the two reported as net assets . Over time , increases or decreases in net assets may serve as a useful indicator of whether the financial position of the County is improving or deteriorating . 3