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Indian River County, Florida Management 's Discussion and Analysis For the Year Ended September 30 , 2002 Fund financial statements include a balance sheet and a statement of revenues , expenditures , and changes in fund balances for all governmental funds . A statement of revenues, expenditures , and changes in fund balances - budget and actual, is provided for the County's General Fund and major special revenue funds. For the proprietary funds, which includes internal service funds in addition to business-type activities, a statement of net assets ; a statement of revenues, expenses, and changes in fund net assets ; and a statement of cash flows are presented . A statement of fiduciary net assets is presented for the County 's agency fund. Fund financial statements provide more detailed information about the County's activities. Individual funds are established by the County to track revenues that are restricted to certain uses, comply with legal requirements, or account for the use of State and federal grants . The government-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-major 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. Notes to the financial statements provide additional detail concerning the financial activities and financial balances of the County. Additional information about the accounting practices of the County, investments of the County, long-term debt, and pension plans are some of the items included in the notes to the financial statements . FINANCIAL HIGHLIGHTS Total assets of the County exceeded total liabilities by $ 538 . 3 million (net assets) . Unrestricted net assets for Governmental Activities were $ 17 . 6 million and unrestricted net assets for Business-type Activities were $45 . 1 million. Governmental Activities restricted net assets were $ 113 .2 million and Business-type Activities restricted net assets were $31 . 2 million. Total net assets increased by $36 . 7 million. Governmental Activities net assets increased by $22 . 7 million and Business-type Activities net assets increased by $ 14 . 0 million. Governmental Activities revenues increased 2.2% to $ 125 .4 million while governmental activities expenses increased 7% to $ 101 . 3 million. Business-type Activities revenues increased less than 1 % to $49 . 8 million while business-type expenses increased 2 . 6% to $35 . 9 million. 4