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Indian River County, Florida Management 's Discussion and Analysis For the Year Ended September 30 , 2003 property taxes . The strong local economy plus population growth ofthe County contributed to increases in charges for services . Capital grants/contributions increased significantly due to State and local government grants for the acquisition ofthe Lost Tree Islands and contributions from Utilities customers . The significant decrease in other revenues is a direct result of plummeting interest rates , which reduced interest earnings from $9 . 0 million to $5 . 3 million. Total expenses increased $6 .2 million from the previous year. Increased spending for general government (financial & administrative costs, other general government costs), public safety (law enforcement, fire protection, ambulance services), and water and sewer services were primarily responsible for the increase in expenses . Property taxes provide 43 % of the revenues for Governmental Activities . Most of the Governmental Activities resources are spent for Public Safety (43 %), General Government ( 19%), Transportation ( 15 %) , and Culture/ Recreation (8%) activities . f As would be expected for Business-type Activities, charges for services provide 62% of the revenues . What is unusual about the County 's Business-type Activities is the amount of revenue provided by capital grants and contributions, over 33 % of total revenue . The reason for this is the rapid growth ofthe County's Utilities System, adding approximately 3 , 000 new users every year. Major developers are required to provide water distribution and sewer collection systems for their projects and then must donate those systems to the County. Everynew user is required to pay impact fees , which are used to expand and enhance the system . FUND FINANCIAL INFORMATION t Governmental Funds General Fund I` t: The County's General Fund is the main operating fund ofthe County. It is used to account for all financial resources that are not restricted by State or Federal laws, County Ordinances or other externally imposed requirements . As of September 30, 2003 , total assets were $24, 148 , 672 and total liabilities were $4,044 , 557 . The ending fund balance of $20, 104, 115 represents approximately 30% ofthe budgeted uses of funds for the next fiscal year. Total sources of funds , $ 74, 852 ,675 , exceeded total uses of funds, $ 72,993 ,285 , by $ 1 , 859, 390 . During the fiscal year, the County amended the budget in the amount of$2.08 million for Federal and State Grants (primarily mass transit and stormwater grants) approved during the course of the year and in the amount of $636 thousand for charges to other governments for the housing of prisoners . Revenues from taxes exceeded the budget because State law requires that the County budget taxes at 95 % of the total levy and actual collections were 96 . 0% . Intergovernmental revenues fell short of anticipated since most grants are reimbursable grants and the County did not incur the expenditures prior to year end. Charges for services exceeded the budget due to service fees collected by the Sheriff, Tax Collector and Property Appraiser. Interest earnings were less than budgeted because interest rates were significantly lower than anticipated. Actual expenditures for general government ser- vices were less than the final approved budget due to vacancies in professional positions , staff turnover, and operating costs of County buildings being less than anticipated. Actual expenditures for public safety were less than the final approved budget primarily because of lower operating costs for law enforcement and staffturnover at the corrections facility. Actual expenditures for physical environment were less than budgeted because grant awards by the County were not made prior to year-end. Actual expenditures for culture/recreation were less than bud- geted because due to delays in staffing new recreational facilities . 6