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Indian River County is a Non-Charter County established underthe Constitution and the Laws ofthe State of + Florida. This Comprehensive Annual Financial Report (CAFR) includes the funds ofthe primary government (the Board of County Commissioners , the Clerk ofthe Circuit Court, the Property Appraiser, the Sheriff, the Supervisor ofElections and the Tax Collector) and the following component units : The Emergency Services District M The Indian River County Housing Authority The Solid Waste Disposal District These entities were included because generally accepted accounting principles require that organizations for which the County is financially accountable be reported with the primary government (the County) as the reporting entity. This CAFR does not include the Indian River County School District, the Indian River County Mosquito Control District or the Indian River County Memorial Hospital. - y ECONOMIC CONDITION AND OUTLOOK Indian River County, established on June 29, 1925 , by an act ofthe Florida Legislature, is onthe central Atlantic coast ofFlorida, approximately 100 miles southeast of Orlando and 135 miles north ofMiami . The County is bordered by Brevard County to the north, St. Lucie County to the south, and Osceola and Okeechobee Counties on the west. There are approximately 100 miles of waterfront land in the County, including 23 miles of Atlantic beaches . The City of Vero Beach is the seat of County government, as well as the largest municipality in the County. Indian River County is the winter home for thousands ofvisitors, spring training grounds ofthe Los Angeles Dodgers , and home ofthe Disney Resort on Orchid Island . The functional (seasonal plus resident) population reaches approximately 15 0, 000. Like the State of Florida, the County has experienced significant population growth. Retail trade and the service industries remain the largest sectors of employment in the County. Other maj or sources of j obs are found in government and agriculture . Indian River citrus is a well recognized name and product throughout the United States and internationally. Strong growth in the County continued and has provided the County the opportunity to lower tax rates while still providing a high level of services to Countyresidents and visitors . Property tax values increased 13 . 7 % and the taxable value compared to the total j ust value of property was 74 . 9 % . Construction activity in 2003 was strong with 2,854 permits being issued fornew construction with avalue of$514. 87 million. This was an increase of 18 . 7% from last year and sets a new record for annual construction value . Just slightly less than 18% ofthe total County acreage is dedicated to citrus production. The County is a maj or producer of citrus in the state and produced 14 . 8 million boxes of citrus in 2003 compared to last year' s production of 19 . 1 million boxes . Total employment increased 9 . 3 % from 43 , 766 to 47 , 841 . However, as did the national annual average unemployment rate, the annual average unemployment rate in the County increased, rising from 7 . 7% to 8 . 2% . Population growth, which was averaging about 2 . 15% per year in the 1990s, was 1 . 8 % in 2003 . Indian River County ' s estimated population for 2003 was 120,271 . Construction activity in the County continued to exhibit strength with a number ofproj ects being completed during the past year. There appears to be continuing strength going forward with many projects in the planning stages or currently underway, ii