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��vER c JEFFREY K . BARTON Clerk of Circuit Court P. O . Box 1028 Vero Beach , Florida 32961 - 1028 F�0R�� Telephone: ( 772 ) 770-5185 March 5 , 2003 To the Citizens of Indian River County : The Comprehensive Annual Financial Report of Indian River County, Florida for the fiscal year ended September 30, 2002 , is respectfully submitted. This report was prepared by the Finance Department under the supervision ofthe Clerk ofthe Circuit Court. Responsibility for both the accuracy ofthe presented data and the completeness and fairness ofthe presentation, including all disclosures , rests with the Finance Department. This report contains four major sections : the Introductory, the Financial , the Statistical and the Compliance Sections . The Introductory Section is designed to give the reader ofthe financial report some basic background information about the County. The Financial Section is divided into ( 1 ) management' s discussion & analysis and the basic financial statements , and (2) the combining and individual fund financial statements . The Statistical Section reflects social and economic data, financial trends and the fiscal capacity of Indian River County. The Compliance Section includes a schedule of expenditures of federal awards and state projects as required by the Florida Single Audit Act, the U. S . Single Audit Act of 1984, the U . S . Single Audit Act Amendments of 1996 and the U . S . Office of Management and Budget. The County has prepared the financial statements to meet the requirements of Governmental Accounting Standards Board Statement No . 34 , Basic Financial Statements - and Management 's Discussion and Analysis -forState and Local Governments (GASB 34) . These statements are significantly different from the financial statements prepared by the County for previous fiscal years . GASB 34 establishes a new reporting model that the County has reported in four parts : 1 ) Management' s Discussion andAnalysis - anarrative reportproviding significant information aboutthe County and how the County' s financial position has changed from September 30 , 200 1 , to September 30 , 2002 , and the reasons for the change ; 2) Government-wide Financial Statements - financial reports on the governmental and business-type assets, ' liabilities , expenses and revenues ofthe County; 3) Fund Financial Statements - financial reports on the major individual governmental and proprietary funds of the County, and budgetary comparisons for the County' s general fund and mayor special revenue funds ; and 4) Notes to the Financial Statements .