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Indian River County, Florida Management's Discussion and Analysis For the Year Ended September 30, 2002 County Utilities Fund This fund is used to account for the operations of the County 's water and sewer systems , and sludge disposal . As of September 30, the County had approximately 41 , 000 water customers and 30, 000 sewer customers compared ' to 39,000 water customers and 29,000 sewer customers last year. The utilities system has experienced significant growth over the last decade and will continue to have significant growth over the next decade , anticipating an additional 3 ,000 new users every year. Total assets as of September 30 were $225 . 3 million, total liabilities were $ 76 . 3 million and net assets were $ 149 . 0 million. Operating income was $928 , 836 , an increase of $ 71 , 846 from last year 's operating income . During the year, the County paid $ 1 , 690,000 to reduce the amount of outstanding ' bonds to $ 74 . 525 million. Net revenues available for debt service were 2 . 79 times the debt service requirements of $ 5 , 792 , 839 . ' CAPITAL ASSETS ACTIVITY Governmental Activities capital assets activity during the fiscal year: ' A decrease in land is the result of transferring an environmentally significant land to the State . The County had entered into a cost sharing agreement with the State that required title to the land to be held by the State . ' A decrease in infrastructure assets is the result of depreciation expense for the current period and no major infrastructure projects being completed during the year. An increase in buildings and improvements was primarily due to the completion of the Gifford Aquatic Center at a cost of $ 1 . 8 million. An increase in equipment was primarily due to the acquisition of a new touch screen voting system for $2 ' million. Business-type Activities capital assets activity during the fiscal year: An increase in land due to the acquisition of 20 acres at a cost of$2 . 8 million for expansion of the Landfill . Completion of Phases 2 D & E in Sebastian, at a cost of $ 3 million, will provide water service to 1 , 661 lots . This addition offsets buildings and improvements depreciation expense for the current period. Capital Assets (net of depreciation, in millions) Total Governmental Business -type Percent Activities Activities Total Change 2002 2001 2002 2001 2002 2001 Land $ 52 . 1 $ 53 . 7 $ 15 . 9 $ 13 . 0 $ 68 . 0 $ 66 . 7 1 . 9% Right of way 10 . 5 9 . 7 - - 10 . 5 9 . 7 8 . 2% Infrastructure 101 . 8 103 . 7 - - 101 . 8 103 . 7 ( 1 . 8 )% Buildings and improvements 41 . 4 40 . 0 150 . 2 150 . 0 191 . 6 190 . 0 0 . 8 % ' Equipment 23 . 5 21 . 4 3 . 7 3 . 6 27 . 2 25 . 0 8 . 8 % Construction in progress 27 . 1 6 . 1 15 . 4 12 . 2 42 . 5 18 . 3 132 . 2 % ' Total $ 256 . 4 $ 234 . 6 $ 185 . 2 $ 178 . 8 $ 441 . 6 $ 413 . 4 6 . 8 % 9