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Indian River County, Florida - Management 's Discussion and Analysis For the Year Ended September 30 , 2003 The following schedule provides a summary of the assets, liabilities and net assets of the County. Total net assets for Governmental Activities increased from $322 . 1 million to $360 . 3 million. Total net assets for Business-type Activities increased from $ 182 . 3 million to $203 .4 million. Total assets ofthe County exceeded total liabilities by $563 . 7 million (net assets) . Unrestricted net assets for Governmental Activities were $20.4 million and unrestricted net assets for Business-type Activities were $47. 1 million. Net Assets (inmillions) Total Governmental Business-type Percent Activities Activities Total Change 2003 2002 2003 2002 2003 2002 Current assets $ 151 . 5 $ 154 . 9 $ 101 . 8 $ 87 . 4 $ 253 . 3 $ 242 . 3 4 . 5 % Non-current assets 0 . 2 0 .2 Li 1 . 2 1 . 3 1 . 4 (0 . 7)% Capital assets 261 . 5 222 . 5 190 . 5 185 . 2 452 . 0 407 . 7 10 . 8 % Total assets 413 . 2 377 . 6 293 . 4 273 . 8 706 . 6 651 . 4 ` 8 . 5 % Current liabilities 17 . 8 17 . 6 14 . 5 13 . 9 32 . 3 31 . 5 2 . 5 % Long-term liabilities 35 . 1 37 . 9 75 . 5 77 . 6 110 . 6 115 . 5 (0 . 4)% Total liabilities 52 . 9 55 . 5 90 . 0 91 . 5 142 . 9 147 . 0 (0 . 3)% Net assets - invested in capital assets , net of related debt 227 . 8 191 .2 113 . 3 106 . 0 341 . 1 297 . 2 14 . 8 % Net assets - restricted 112 . 1 113 . 3 43 . 0 31 . 2 155 . 1 144 . 5 7 . 3 % Net assets - unrestricted 20 . 4 17 . 6 47 . 1 45 . 1 67. 5 62 . 7 7 . 6% Total net assetsj $ 360 . 3 $ 322 . 1 $ 203 . 4 $ 182 . 3 $ 563 . 7 $ 504 . 4 11 . 7% The decrease in Governmental Activities current assets is primarily due to the acquisition of capital assets. Govern- mental Activities capital assets increased due to the purchase of the Lost Tree Islands (environmentally sensitive islands in the Indian River Lagoon), completition of the North County Regional Park, ongoing construction of a new Public Works complex, ongoing renovations to the Dodgertown complex, and beach renorishment of ap- proximately 2 . 5 miles of ocean front beaches . The increase in Business-type Activities current assets ($ 14.4 million) is primarily due to capital contributions from developers and home builders for County Utilities . Capital assets and Net assets - invested in capital assets , increased due to acquisitions using capital contributions and expansion of the water distribution system in the City of Sebastian . Unspent capital contributions are the primary reason that restricted net assets increased from $31 .2 million to $43 .0 million. 4