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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30 , 2002 FINANCIALANALYSIS OF THE COUNTY The following schedule provides a summary of the assets, liabilities and net assets of the County. Total net assets for Governmental Activities increased from $333 . 3 million to $356 million. Total net assets for Business-type Activities increased from $ 168 . 3 million to $ 182 . 3 million. Net Assets (inmillions) Total Governmental Business-type Percent Activities Activities Total Change 2002 2001 2002 2002 2002 2001 Current assets $ 151 . 2 $ 139 . 9 $ 43 . 2 $ 38 . 5 $ 194 . 4 $ 178 . 4 9 . 0% Restricted assets 3 . 7 - 44 . 2 42 . 5 47 . 9 42 . 5 12 . 7% Non-current assets 0 . 3 0 . 2 1 . 2 1 . 3 1 . 5 1 . 5 0% Capital assets 256 . 4 234 . 6 185 . 2 178 . 8 441 . 6 413 . 4 6 . 8 % Total assets 411 . 6 374 . 7 273 . 8 261 . 1 685 . 4 635 . 8 7 . 8 % Current liabilities (payable from current assets) 13 . 9 11 . 2 1 . 5 Li 15 . 4 12 . 3 25 . 2 % Current liabilities (payable from restricted assets) 3 . 7 1 . 5 12 . 4 12 . 2 16 . 1 13 . 7 17 . 5 % ' Long-term liabilities 38 . 0 28 . 7 77 . 6 79 . 5 115 . 6 108 . 2 6 . 8 % Total liabilities 55 . 6 41 . 4 91 . 5 92 . 8 147 . 1 134 . 2 9 . 6% ' Net assets - invested in capital assets , net of related debt 225 . 2 214 . 6 106 . 0 97 . 7 331 . 2 312 . 3 6 . 1 % Net assets - restricted 113 . 2 100 . 8 31 . 2 26 . 8 144 . 4 127 . 6 13 . 2 % Net assets - unrestricted 17 . 6 17 . 9 45 . 1 43 . 8 62 . 7 61 . 7 1 . 6% Total net assets $ 356 . 0 $ 333 . 3 $ 182 . 3 $ 168 . 3 $ 538 . 3 $ 501 . 6 7 . 3 % The increase in Governmental Activities current assets, long-teen liabilities and restricted net assets is primarily due ' to the issuance of the Series 2001 General Obligation Bonds ($ 11 million) . The bond proceeds will be used to acquire environmentally sensitive lands . Governmental Activities capital assets increased due to ongoing construc- tion of the North County Regional Park, expansion of the Main and North County libraries , roadway improve- ments to Kings Highway and Jungle Trail , stormwater improvements and renovations to the Dodgertown Com- plex. ' The increase in Business-type Activities current assets ($4 . 7 million) is primarily due to capital contributions from developers and home builders for County Utilities . Net assets - invested in capital assets, increased due to acqui- sitions using capital contributions . Unspent capital contributions are the primary reason that restricted net assets increased from $26 . 8 million to $31 .2 million. 5