2008-085A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Management ' s Discussion and Analysis For the Year Ended September 30 , 2007 Governmental Activities Governmental activities revenues exceeded expenses by $ 50 . 6 million, accounting for 83 percent of the total growth in the County ' s net assets . Key elements of this increase are as follows : • Program revenues decreased $4 . 8 million . Charges for services decreased by $ 17 . 3 million or 39 % . The decrease was primarily due to a large reduction in impact fee collections , an effect of the slow down in construction activity . • Operating grants in 2007 were $ 25 . 6 million, an increase of 90% over the 2006 operating grant revenues . Transportation grants increased by $ 1 . 9 million, economic environment grants increased by $ 5 . 5 million, and culture/recreation grants increased by $ 5 . 8 million . These increases were partially offset by decreases in the public safety and human services grants . • Capital grants and contributions were $ 0 . 3 million higher in 2007 than in 2006 , an overall increase of 3 % . This was largely due to contributions by developers for increased road capacity in the southern part of the County . • Property taxes levied for general purposes increased by $ 10 . 1 million, or 12% , as a result of higher property valuations . Property taxes , levied for debt service increased by $ 4 . 6 million, or 188 % which is the result of additional collections earmarked for debt service on the 2006 Limited General Obligation bonds . • Interest earnings , a major component of general revenues , increased by $ 3 . 8 million, the result of higher interest rates in 2007 . • The governmental expenses were $ 37 . 8 million higher in 2007 than in 2006 . The increase was largely the result of environmentally sensitive land purchases and beach restoration costs . Business -type activities Business -type activities increased the County ' s net assets by $ 10 . 7 million, accounting for 17 percent of the total growth in the government ' s net assets . Key elements of this increase are as follows : • Charges for services for business-type activities decreased by $ 3 . 7 million or 7 % . Water and sewer impact fee charges decreased $ 0 . 5 million, or 2 % , due to lower meter installations . Solid waste charges decreased $ 1 . 8 million, or 13 % , due to a calm hurricane season . County building charges decreased by $ 1 . 6 million, or 35 % , due to decreased construction activity in the County . These decreases were offset partially by revenue increases in the golf course and shooting range . • Operating grants for business -type activities decreased by $ 1 . 1 million because 2006 included FEMA grant revenue from the September 2004 and October 2005 hurricanes . • Of the $ 17 . 1 million decrease in capital grants and contributions , $ 16 . 8 million is water and sewer utility related . Due to the decrease in construction activity, the water and sewer utility department of the County experienced a 63 % decrease in developer capital contributions . 8