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RIVER JEFFREY K . BARTON ' Clerk of Circuit Court z K P. O . Box 1028 # # ' Vero Beach , Florida 32961 - 1028 OR10�` Telephone: ( 772 ) 770-5185 ' March 11 , 2004 ' To the Citizens of Indian River County : ' The Comprehensive Annual Financial Report of Indian River County, Florida for the fiscal year ended September 30, 2003 , is respectfully submitted. This report was prepared by the Finance Department under the ' supervision ofthe Clerk ofthe Circuit Court. Responsibility for both the accuracy ofthe presented data and the completeness and fairness ofthe presentation, including all disclosures , rests with the Finance Department. This report contains four major sections : the Introductory, the Financial, the Statistical and the Compliance Sections . The Introductory Section is designed to give the reader ofthe financial report some basic background information about the County. The Financial Section is divided into ( 1 ) management' s discussion & analysis and the basic financial statements , and (2) the combining and individual fund financial statements . The Statistical Section reflects social and economic data, financial trends and the fiscal capacity of Indian River County. The Compliance Section includes a schedule ofexpenditures offederal awards and state projects as required by the Florida Single Audit Act, the U . S . Single Audit Act of 1984, the U. S . Single Audit Act Amendments of 1996 and the U. S . Office of Management and Budget. The County has prepared the financial statements to meet the requirements of Governmental Accounting Standards Board Statement No . 34 , Basic Financial Statements - and Management 's Discussion and ' Analysis for State and Local Governments (GASB 34) . These statements are significantly different from the financial statements prepared by the County for previous fiscal years . GASB 34 establishes a new reporting model that the County has reported in four parts : ' 1 ) Management' s Discussion and Analysis - a narrative reportproviding significant information about the County and how the County ' s financial position has changed from September 30 , 2002, to September 30 , 2003 , and ' the reasons for the change ; 2) Government-wide Financial Statements - financial reports on the governmental and business-type assets , liabilities, expenses and revenues ofthe County; ' 3) Fund Financial Statements - financial reports on the major individual governmental and proprietary funds of the County, and budgetary comparisons for the County' s general fund and major special revenue funds ; and 4) Notes to the Financial Statements .