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Indian River County, Florida <br /> Management ' s Discussion and Analysis <br /> For the Year Ended September 30 , 2003 <br /> ' Management's discussion and analysis provides an objective and easily readable analysis ofthe County's financial <br /> activities for the October 1 , 2002 through September 30, 2003 fiscal year. The analysis provides summary finan- <br /> cial information for the County and should be read in conjunction with the County's financial statements . <br /> FINANCIALANALYSIS OF THE COUNTY <br /> ' The County was in very good financial condition at the end of the 2003 fiscal year. Total net assets of $ 563 . 7 <br /> million represented an 11 . 7% increase from the previous fiscal year. <br /> ' Capital assets of the County increased $44 . 3 million ( 10 . 8 %) from the previous fiscal year. Preserving environ- <br /> mentally significant lands , completion of the North County Regional Park and expansion of the Utilities system <br /> ' were some ofthe major accomplishments . <br /> Lost Tree Islands land acquisition $ 15 .2 million <br /> North County Regional Park $5 .97 million <br /> Sebastian Phase 3B water lines $2.2 million <br /> While total expenses increased $6 .2 million, from 139 .2 million to $ 145 .4 million, total revenues increased $29 . 5 <br /> million from $ 175 .2 million to $204 .7 million. <br /> Changes in Assets <br /> (in millions) <br /> / $563.7 <br /> $600.0 / <br /> ' <br /> $452.0 <br /> •.%;yy <t;::•:::::''•',• . 07.7 <br /> $500.0 i•...ey}y.{i:: : :: <br /> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <br /> 5400.0 <br /> $300.0 <br /> 200. <br /> $ 0 <br /> 5700.0 <br /> 50.0 <br /> Net assets Capital assets <br /> ' 0 FY 2003 ■ FY 2002 <br /> The significant increase in revenues was due to a strong County economy, increases in property values and con- <br /> tinuing expansion ofthe Utilities system . <br /> Capital contributions up $ 15 . 1 million for governmental activities . <br /> Capital contributions up $8 . 5 million for business-type activities . <br /> Property taxes up $ 5 . 7 million with no increases in tax rates . <br /> Even with the increased operating costs of the Utilities system and the implementation of new recreation programs, <br /> ' such as the North County Recreational Park, the County was able to limit the increase in expenses to a 4 . 4% <br /> growth rate . <br /> ' 3 <br />