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Indian River County, Florida Management ' s Discussion and Analysis For the Year Ended September 30 , 2007 The County ' s General Obligation and Revenue Bonds maintain a "AAA" rating from Standard & Poor ' s . It is the County ' s policy to receive two bond ratings for each issue . Standard & Poor ' s rating is required on all issues . A second rating from Fitch or Moody ' s is also required . Additional information on the County ' s long-term debt can be found in Note 12 on pages 73 - 86 of this report . Economic Factors and Next Year' s Budgets and Rates The County ' s staff and elected officials considered many factors in developing the fiscal year 2007 - 2008 budget . One major factor was the tax reform legislation passed in June 2007 which required Indian River County to cut tax revenues by 5 % in the General Fund . A reduction of 3 % was required in the Fire District, Indian River County ' s local economy consists of construction, tourism , retail , agriculture , and light manufacturing . Construction activity has fallen sharply as a result of the downturn in real estate . The unemployment rate increased from 4 . 7% in 2006 to 7 . 0 % in 2007 . The tourist tax revenue decreased slightly while the population grew by an estimated 3 . 3 % from 2006 to 2007 . Revenue projections for 2007 -2008 are quite weak as a result of recent slowdowns in the national and local economies . The tax roll is increasing by only 3 % compared to 25 . 3 % last year . State shared tax revenues are projected to decrease 2 . 7 % , while half cent sales tax revenue is projected to decrease 13 . 9 % . Interest earnings are expected to decrease slightly as short term rates are projected to fall from last year ' s rates . The total proposed budget (with capital project expenditure adjustments) is a decrease of 2 . 7% from last year . With area growth and the department ' s cost cutting measures , Solid Waste Disposal District ( SWDD ) residential rates have decreased 5 . 3 % and the commercial assessment rates decreased 4 . 9 % for the fiscal year 2007 -2008 . Street lighting district assessment rates remained the same except for 5 districts that were able to see a decrease . All other rates and user ' s fees remain unchanged from fiscal year 2006 - 2007 . Request for Information This financial report is designed to provide a general overview of the County ' s finances for all those with an interest in the government ' s finances . Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to : Clerk of the Circuit Court Attention : Finance Department 180127 1h Street Vero Beach, FL 32960 13