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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30 , 2003 Golf Course Fund This fund is used to account for the operations of the County golf course . Total assets as of September 30 were $ 8 . 1 million, total liabilities were $ 7 .4 million and net assets were $0 . 7 million. Operating income was $650,611 , an increase of $ 139, 864 from last year 's operating income . During the year, the County paid $375 , 000 to reduce the amount of outstanding bonds to $6 . 735 million. Net revenues available for ,debt service were 1 . 11 times the debt service requirements of $732 , 103 . County Utilities Fund This fund is used to account for the operations of the County 's water and sewer systems, and sludge disposal . As r of September 30, the County had approximately 44 ,000 water customers and 32 ,000 sewer customers compared to 41 ,000 water customers and 30,000 sewer customers last year. The utilities system has experienced significant growth over the last ten years and will continue to have significant growth in the future, anticipating an additional 3 , 000 new users every year. Total assets as of September 30 were $241 . 8 million, total liabilities were $ 75 . 0 million and net assets were $ 166 . 8 million. Operating income was $382 ,927, a decrease of $ 545 ,909 from last year 's operating income . During the year, the County paid $ 1 ,765 ,000 to reduce the amount of outstanding bonds to $ 72 . 76 million. Net revenues available for debt service were 2 . 64 times the debt service requirements of $ 59809 , 887 . CAPITAL ASSETS ACTIVITY Governmental Activities capital assets activity during the fiscal year: The increase in land is the result of purchasing the Lost Tree Islands for $ 15 . 2 million, the acquisition of other environmentally significant lands and the purchase of land for expansion of the corrections complex. A decrease in infrastructure assets is the result of depreciation expense for the current period and no major infrastructure projects being completed during the year. An increase in buildings and improvements was primarily due to the completion of the North County Regional Park at a cost of$5 . 96 million. Capital Assets (net of depreciation, in millions) Total Governmental Business-type Percent Activities Activities Total Change 2003 2002 2003 2002 2003 2002 Land $ 69 . 8 $ 52 . 1 $ 16 . 4 $ 15 . 9 $ 86 . 2 $ 68 . 0 26 . 8 % Right of way 11 . 0 10 . 5 - - 11 . 0 10 . 5 4 . 8% Infrastructure 64 . 4 67 . 9 - - 64 . 4 67 . 9 (5 .2)% Buildings and improvements 50 . 5 41 . 4 149 . 2 150 . 2 1993 191 . 6 4 . 2% Equipment 23 . 0 23 . 5 3 . 9 3 . 7 26 . 9 27 . 2 ( 1 . 1 )% Construction in progress 42 . 8 27 . 1 21 . 0 15 .4 63 . 8 42 . 5 50 , 1 % Total $ 261 . 5 $ 222 . 5 $ 190 . 5 $ 185 . 2 $ 452 . 0 $ 407 . 7 10 . 9% 8