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Indian River County, Florida ' Management 's Discussion and Analysis For the Year Ended September 30 , 2002 Management 's discussion and analysis provides an objective and easily readable analysis of the County ' s financial activities for the October 1 , 2001 through September 30 , 2002 fiscal year. The analysis provides sum - ' maty financial information for the County and should be read in conjunction with the County's financial statements . 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 of Net Assets 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 Statement of Net Assets presents information on all assets and liabilities of the County, with the difference between assets and liabilities reported as net assets . Net assets are reported in three categories ; l ) invested in ' capital assets , net of related debt, 2) restricted, and 3 ) unrestricted. Assets , liabilities , and net assets are reported for all Governmental Activities separate from the assets , liabilities and net assets of Business-type Activities . In addition, assets , liabilities , and net assets are reported for the Indian River County Housing Authority, which is considered a component unit of the County. The Statement ofActivities presents information on all revenues and expenses of the County and the change in net assets . Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the County. To assist in understanding the County's operations , expenses have been reported as governmental activities or business-type activities . Governmental Activities fi- nanced by the County include public safety, transportation, culture and recreation, and general government ser- vices . Business-type Activities financed by user charges include water and sewer services , solid waste disposal , and a golf course . Again, expenses and revenues of the Indian River County Housing Authority are reported separately from the County's financial information. Fund financial statements present financial information for governmental funds, proprietary funds, and a fiduciary fund. These statements provide financial information for the major funds of the County. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial re- sources (revenues and expenditures), and current available resources . The proprietary funds financial statements provide information on all assets and liabilities of the funds , changes in the economic resources (revenues and expenses) , and total economic resources . The fiduciary fund statement provides information concerning assets held in trust by the County on behalf of others . 3