2004-069 - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Management 's Discussion and Analysis For the Year Ended September 30, 2003 increase in tax rates . The overall millage rate of 6 . 5336 is 1 % less than the millage rate for the 2002/2003 fiscal year. By refunding the General Obligation Bonds , Series 1995 , the County was able to reduce the millage rate for debt service from 0 . 2839 to 0 . 2344 . Business-type Activities For the 2002/2003 fiscal year, the County was able to keep business -type activities fees at the same rates . Revenues generated by the solid waste system, golf course, utilities system and other business-type activities will be sufficient to cover their operating costs and capital needs . Additionally, on October 15 , 2003 , the County issued the $6 . 455 million Recreational Revenue Refunding Bonds , Series 2003 and used the proceeds to pay off the Recreational Revenue Refunding Bonds, Series 1993 outstanding balance of$6 . 735 million. Future principal and interest payments will be reduced by $974,000 and the County realized a net present value savings of$452,000. OVERVIEW OF THE FINANCIAL STATEMENTS The County's basic financial statements comprise three components; l ) Government-wide financial statements, 2) Fund financial statements, and 3 ) Notes to the financial statements . The Government-wide financial statements present an overall picture of the County's financial position and results of operations . The Fund financial statements present financial information for the County's major funds . The Notes to the financial statements provide additional information concerning the County 's finances that are not disclosed in the Government-wide or Fund financial statements . The Government-wide financial statements are the Statement ofNetAssets and the Statement ofActivities . These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net assets of governmental activities and business-type activities and the change in net assets . Governmental Activities are primarily supported by property taxes , sales taxes , federal and state grants, and state shared rev- enues . Business-type Activities are supported by charges to the users of those activities, such as water and sewer service charges . The govemment-wide financial statements and the fund financial statements provide different pictures of the County. The government-wide financial statements provide an overall picture of the County's financial standing, split be- tween Governmental Activities and Business-type Activities . These statements are comparable to private-sector companies and give a good understanding of the County's overall financial health and how the County paid for the various activities, or functions, provided by the County. All assets of the County, including buildings, land, roads, bridges, and traffic signals, are reported in the statement of net assets. All liabilities, including principal outstanding on bonds, capital leases, and future employee benefits obligated but not paid by the County, are included. The statement of activities includes depreciation on all long lived assets of the County, but transactions between the different functions of the County have been eliminated in order to avoid "doubling up" the revenues and expenses . The fund financial statements provide a picture of the major funds of the County and a column for all non-maj or funds . In the case of governmental activities, outlays for long lived assets are reported as expenditures and long- term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a reconciliation is provided from the fund financial statements to the government wide financial statements. 10