HomeMy WebLinkAbout2007-096A6
t9
Unit ID and Name:
Indian River
`
Financial Officer Name:
Jeffrey K. Barton
c'�,
Financial Officer Title:
Clerk of Circuit Court
Mailing Address:
1840 25th Street
City Address:
Vero Beach
State:
FL
Zip Code:
32960-3394
Email Address:
dbernardo@clerk.indian-river.org
Phone Number:
(772) 567-8000
Phone Extension:
1205
Contact Person's Name:
Diane Bernardo
Contact's Phone Number:
772 567-8000
Contact's Extension:
1205
FAX Number:
772 770-5331
Certification
We the undersigned certify, to the best of our knowledge, that the information
reported herein or submitted electronically is accurate and complete.
Gary C. Wheeler
Name
Chairman -$pard of County Commissioners
X Si�`iaat Ghalrr%an; cif Covemment Board (required)
_ U
Name,.*
Clerlc3o Circuit Court
X Signure o hief Financial Officer (required)
FORM DFS -Al -401 (Rev. 08/03/2006)
Was Annual Financial Report filed electronically?
® Yes ❑ No
If yes indicate method:
® FTP 0 Diskette
Date completed Audit Report was received
MW "VA
AFR Tracked
Audit Tracked
Rev/Exp
Complete
Amount of outstanding long-term debt: $ 138,451,190
Initials Date
Have you experienced a financial emergency in fiscal year ended 2006? O Yes (29N.
If yes, have you complied with Section 218.503(2), Florida Statutes? 0 Yes 0 No
(ie: Have you reported a financial emergency if there has been one?)
Use separate page for response if needed.
Mail Completed Forms and Required Attach men WEnclosures to:::
State of Florida
Department of Financial Services
Bureau of Accounting
Annual Local Government Financial Report
Fiscal Year 2005-2006 200 E. Gaines Street
Tallahassee, Florida 32399-0354
Enter the utility service tax rates for the following:
Electricity
Telecommunications
Water
Natural Gas
Cable Vision
Fuel Oil
Propane
Other
COMPONENT UNIT REPORTING - Part 1
The special districts listed below are identified by the Department of Community Affairs as dependent on your county. Please
indictate whether these districts have been included as component units in your report and the presentation according to the
Governmental Accounting Standards Board, Statement 14, The Reporting Entity.
"Independently Reported" should include only dependent districts that are not component units of your reporting entity. "No
Report Submitted" should include any dependent districts that are component units and should have been included with your
reporting entity but did not, or did not within a reasonable time, provide financial information necessary to comply with
Section 218.32(1), F.S.
Please list any other component units which are included with your reporting entity that are not listed below. Include any
independent special districts that are reported by your entity
100031 Indian River County Blended in
Independently
Discretely
Zero Revenues _
No Report
Primary
Reported
Reported
Expenditures
Submitted
Report
300629 Indian River County Emergency Services Dist
300630 Solid Waste Disposal District
Wednesday, October 25, 2006
COMPONENT UNIT REPORTING - Part 2
Use this part to report the total revenues and expenditures of each local governmental entity that is a component unit
included in the annual finacial report of the reporting entity, either blended or discretely presented
100031 Component Units of Indian River County Total Revenues Total Expenditures
300629 Indian River County Emergency Services Dist 282250,899 26)095,293
300630 Solid Waste Disposal District 16 0115 , 3391 7, Fj_ 84 , 51 h
a
Wednesday, October 25, 2006
100031 Indian River Countv
Fiscal Year Ended: 2006
Revenues
Account Code Description General Special Debt Service Capital Projects
Revenue
3/6/200-/
10:42:29AM
Funds
Permanent Enterprise Internal Pension Trust Component Total
Service Units Memorandum
311000 Ad Valorem
Taxes -Property Value
Taxes
59,402,539
23,046,268
2,465,462
0 0
10,929
0
0
0
84,925,198
312100 Local Option
Taxes -Sales, Use and
Fuef Taxes
0
1,138,020
379,340
0
0
0
0
0
0
0
1,517,360
312200 Special Act Fuel Tax
(Section
206.61,F.S)-Sales,
0
208,141
0
0
0
0
0
0
C
0
208,141
Use and Fuel Taxes
312400 Local Option Fuel
Tax/Alternative Fuel
Tax
0
3,318,633
0
0
0
0
0
0
0
3,318,633
312600 Discretionary Sales
Surtaxes -Discretionary
Sales
0
0
0
15,736,078
0
0
0
0
0
0
15,736,078
313100 Electricity -Franchise
Fees
7,343,260
0
0
00
0
0
0
0
0
7,343,260
313200 Telecommunications -F
ranchise
0
488,064
0
0
0
0
0
0
C
0
488,064
313300 Water -Franchise Fees
1,487,070
0
0
0
0
0
0
1,487,070
315000 Communications
Services Tax -Utility
Services
1,075,673
0
::17
0
0
0
0
0
0
0
1,075,673
321000 Occupational
Licenses -Licenses
207,008
0
0
0
0
0
0
0
207,008
322000 Building
Permits -Permits
553,644
0
0
7
0
4,226,896
::40
0
0
4,780,540
329000 Other Licenses;
Permits, Fees -Other
Licenses, Permits,
198,862
315,124
0
-
0
-
57,698
0
0
571,684
Fees
331100 General
Government -General
Government
33,989
43,389
0
0
0
0
0
0
C
0
77,378
Page Number: I
Account Code Description General Special Debt Service Capital Projects Permanent Enterprise Internal Pension Trust Component Total
Revenue Service Units Memorandum
331200 Public Safety -Public
Safety
105,351
149,149
0
0
0
0
0
0
0
254,500
331310 Water Supply -Physical
Environment
0
16,747
0
200,000
0
0
0
0
0
0
216,747
331390 Other Physical
Environment -Physical
0
108,854
0
0
0
0
0
0
0
0
108,854
Environment
331410 Airport
Development-Transpo
1,579,729
0
0
0
0
0
0
0
0
1,579,729
rtation
331420 Mass
Transit -Transportation
0
764,900
0
0
0
0
0
0
0
0
764,900
331490 Other
Transportation-Transp
0
22,292
0
0
0
0
0
0
0
0
22,292
ortation
331500 Economic
Environment-Economi
21435,833
2,886,097
0
595,878
0
1,235,413
394
0
0
0
7,153,615
c
331620 Public
Assistance -Human
0
408,751
0
0
0
0
0
0
•
0
408,751
Services
331690 OtA
Se
0
137,973
0
6,95
0
0
0
0
0
144,925
Se
333000 Fen
Lieeu
149,067
0
0
0
0
0
0
0
0
149,067
Of
334100 General
Government -General
100,000
0
0
0
0
0
0
0
0
0
100,000
Government
334200 Public Safety -Public
Safety
115,899
31,709
0
0
0
0
0
0
0
0
147,608
334390 Other Physical
Environment -Physical
99,108
6,554,390
0
0
0
0
0
0
6,653,498
Environment
334420 Mass
Transit -Transportation
181,651
209,471
0
0
0
0
0
0
0
391,122
334500 Economic
Environment-Economi
0
3,490,399
0
0
0
0
0
0
0
3,490,399
c
100031 Indian River County Page Number:
Account Code Description General Special Debt Service Capital Projects Permanent Enterprise Internal Pension
Revenue Service
Trust Component Total
Units Memorandum
0 1,209,521
334690 Other Human
Services -Human
0
1,209,521
0
X
0
0
0
p
Services
334700 Culture/Recreation-Cul
0
ture/Recreation
201,490
0
0
25,000
0
0
0
0
0
335120 State Revenue
0
Sharing
3,117,523
0
0
0
0
0
0
0
Proceeds -General
Government
335130 Insurance Agents
0
County
50,408
0
0
0
0
0
0
0
Licenses -General
Government
335140 Mobile Home
0
Licenses -General
105,052
0
0
0
0
0
0
Government
335150 Alcoholic Beverage
0
Licenses -General
44,098
0
0
0
0
0
0
Government
335160 pari-Mutuel
p
Distribution
446,500
0
0
0
0
0
0
Replacement(Sec.212
.20FS)-General
335180 Local Government
0
Half -Cent Sales
8,356,527
0
420,157
0
0
0
0
Tax -General
Government
335190 Other General
0
Government -General
0
0
500,004
0
0
0
0
Government
335200 Public Safety -Public
0
Safety
0
326,136
0
0
0
0
0
335420 Mass
0
Transit -Transportation
0
1,728,730
0
0
0
0
0
0
335490 Other
0
Transportation-Transp
0
780,124
0
0
0
0
0
ortation
335610 Health or
0
Hospitals -Human
900
0
0
0
0
0
0
C
Services
335690 Other Human
Services -Human
8,413
0
0
0
0
0
0
0
Services
100031 Indian River County
226,490
3,117,523
50,408
105,052
44,098
446,500
8,776,684
500,004
326,136
1,728,730
780,124
900
8,413
Page Number: 3
Account Code Description
General
Special
Revenue
Debt Service
Capital Projects
Permanent
Enterprise
Internal
Service
Pension Trust Component Total
Units Memorandum
335700 Culture/Recreation-Cul
ture/Recreation
0
78,425
0
0
0
0
0
0 0
78,425
335900 Other State
Shared-Other
3,401
0
0
0 0
0
0
0
0
0
3,401
337100 General
Government
42,825 ,825
76,300
0
312,377
0
0
0
0
0
0
431,502
341100 Recording
Fees-General
Government
1,245,368
1,293,569
0
0
0
0
0
0
0
0
2,538,937
141200 Internal Services Fees
and Charges -General
Government
0
14,074
0
0
0
0
19,794,073
0
0
0
19,808,147
{41520 Sheriff-General
Government
367,589
0
0
0
0
0
0
0
•
0
367,589
41550 Supervisor of
Elections-General
Government
59,925
0
0
0
0
0
0
•
0
59,925
41800 County Officer
Commission and
Fees-General
1,422,793
0
0
0
0
0
0
0
0
0
1,422,793
Government
41900 Other General
Government Charges
and Fees-General
1,289,117
42,775
0
C
0
14,453
0
0
•
0
1,346,345
Government
42100 Police-Public Safety
0
53,585
0
C
0
0
0
0
0
53,585
12200 Fire Protection-Public
Safety
0
819,046
0
0
0
0
0
0
0
0
819,046
12600 Ambulance
Fees-Public Safety
0
2,889,204
0
0
0
-:::
0
0
0
0
2,889,204
2900 Other Public Safety
Charges and
Fees-Public Safety
0
0
0
0
9,105
0
0
0
0
9,105
3400 Garbage/Solid
Waste-Physical
Environment
0
0
OI0
0
5,688,303
0
0
0
5,688,303
100031 Indian River County
Page Number: 4
Account Code Description General Special Debt Service Capital Projects Permanent Enterprise Internal Pension Trust Component Total
Revenue Service Units Memorandum
343600 Water/Sewer
27,804,416
Combination
0
0
0
1J
0
27,804,416
0
0
0
0
Utility -Physical
Environment
344900 Other Transportation
232,873
Charges-Transportatio
38,054
194,819
0
0
0
0
0
0
0
n
345100 Housing -Economic
733,622
Environment
0
0
0
0
0
0
0
0
0
733,622
347200 Parks and
Recreation-Culture/Re
694,686
0
0
0
0
3,530,156
0
0
0
0
4,224,842
creation
348110 Filing Fees -County
117,937
Court Criminal
117,937
0
0
0
0
0
0
0
0
348210 Filing Fees -Circuit
Court Criminal
67,519
0
0
0
0
0
0
0
0
0
67,519
348310 Filing Fees -County
Court Civil
449,828
183,371
0
0
0
0
0
0
0
633,199
348410 Filing Fees -Circuit
Court Civil
559,989
9,244
0
0
0
0
0
0
0
569,233
348510 Filing Fees -Traffic
889,063
Court (Criminal and
751,443
137,620
0
0
0
0
0
0
0
Civil)
348610 Filing Fees -Juvenile
Court(Dependancy/De
2,043
0
0
0
0
0
0
0
0
0
2,043
linquency)
348710 Filing Fees -Probate
187,888
0
0
0
0
0
0
0
0
0
187,888-
349000 Other Charges for
4,227,991
1,085,123
0
0
0
Services -Other
0
0
0
0
5,313,114
Charges for Services
351000 Judgments and
Fines -Fines
451,023
192,433
0
0
0
0
0
C
0
643,456
352000 Library -Fines
101,940
0
0
0
0
0
0
0
0
0
101,940
353000 Pollution Control
Violations -Fines
829,419
0
0
0
0
0
0
0
0
829,419
I nnni r l.,,r;a„ P;—, 0,,,,
,
Page Number:
Account Code Description General Special Debt Service Capital Projects Permanent Enterprise Internal Pension TrustComponent Total
Revenue Service Units Memorandum
354000 Violations of Local
0
515,778
Ordinances -Fines
231,569
263,209
0
10
::
0
21,000
0
0
361000 Interest and Other
Earnings
---
2,603,284
6,268,166
107,847
1,595,19
0
6,335,240
651,915
0
0
20,241
17,581,885
362000 Rents and
0
330,844
Royalties -Rents and
192,431
0
0
0
0
138,413
0
0
0
Royalties
363110 Capital
0
8,377,210
Improvement -Special
0
377,239
0
0
0
7,999,971
0
0
0
Assessments
363240 Transportation -Impact
24,633,680
Fees
0
24,633,680
0
0
0
0
0
0
0
0
364000 Disposition of Fixed
0
836,054
Assets -Sales
728,319
65,181
0
0
42,554
0
0
0
366000 Contributions and
0
2,746,093
Donations from Private
276,516
2,454,577
0
15,000
0
0
0
0
0
Sources -Contributions
369000 Other Miscellaneous
2,174,839
Revenues-Miscellaneo
372,368
472,125
0
20,852
0
322,678
986,816
0
0
0
us
369300 Settlements-Miscellan
1,104,116
eous
0
0
0
0
0
0
1,104,116
0
C
0
381000 Interfund Transfers
_:
0
23,682,562
In -Non -Operating
4,511,356
12,220,992
0
6,387,009
0
563,205
0
0
384000 Debt
49,996,735
Proceeds -Proceeds
0
49,996,735
0
0
0
0
0
0
0
389400 Other Grants and
168,239
Donations -Proprietary-
0
0
0
0
0
0
0
0
168,239
Proprietary
Non -Operating
389800 Capital
Contributions -Private-
0
0
0
0
26,781,118
0
0
0
0
26,781,118
Proprietary
Non -Operating
Total
'iZ10OT7F')14
et S1 7()A'21A
el V^r 0—
min n
- -I _ , • —, -., W... , , -.., .nv no'*, i o i,-wo .DGG,JJ /,-114 W
100031 Indian River County
0 $922,102 $397,438,701
Page Number: 6
100031 Indian River County
Fiscal Year Ended 2006
Expenditures
Account Code Description General Special
Revenue
3/6/2001
10:44:13AM .
Funds
Debt Service Capital Projects Permanent Enterprise Internal Pension Trust Component Total
Service Units Memorandum
511 10 Legislative -General
Government -Pers
Sery
644,538
p
0
0
0
0
0
0
0
644,538
511 30 Legislative -General
Government -Op Exp
301,773
0
0
0
0
0 0
0
0
0
301,773
512 10 Executive -General
---
__F____
Government -Pers
Sery
432,255
0
0
0
0
0
0
0
0
432,255
512 30 Executive -General
Government -Op Exp
17,422
0
0
0
0
0 0
0
0
0
17,422
512 60 Executive -General
Government -Cap
Outlay
803
0
0
0
0
0
0[E-
0
803
513 10 Financial and
Administrative-Gener
al
7,610,769
p
0
90,099
0
0 195,587
0
0
7,896,455
513 30 Financial and
Administrative-Gener
al
1,681,616
0
0
993
0
0 2,314,335
0
0
0
3,996,944
513 60 Financial and
al
611,727
0
0
25,917,745
0
0
0
0
0
26,529,472
514 10 Legal
Counsel -General
Government -Pers
598,441
0
0
0
0
0
0
0
0
598,441
514 30 Legal
Counsel -General
Government -Op Exp
39,821
0
0
0
0
0
0
0
0
39,821
515 10 Comprehensive
0
0
1,410,307
Planning -General
Government -Pers
1,178,182
232,125
0
0
0
0 0
0
515 30 Comprehensive
0
0
620,719
Planning -General
Government -Op Exp
374,531
246,188
0
0
0
0 0
0
515 60 Comprehensive
__-F-
0
0
17,869
Planning-General
Government -Cap
5,027
12,842
0
0
0
0 0
0
515 80 Comprehensive
0
0
57,402
Planning -General
Government -Grants
57,402
0
0
0
0
0
0
100031 Indian River County
Page Number:
Account Code Description
General
Special
Debt Service
Capital Projects
Penn anent
Enterprise
Internal
Pension
Trust
Component
Total
Revenue
Service
Units
Memorandum
-9-17-10 Debt Service
Payments -General
394,902
579,792
3,425,802
0
0
0
Government -Pers
0
0
0
36,965
4,437,461
517 30 Debt Service
Payments -General
0
0
5,594
0
0
0
0
Government -Op Exp
0
0
5,594
519 10 Other General
Government -General
3,233,599
547,235
0
0
0
0
1,666,532
p
Government -Pers
0
0
5,447,366
519 30 Other General
Government -General
3,076,202
172,337
0
187,621
0
0
14,328,573
0
0
Government -Op Exp
0
17,764,733
519 60 Other General
Government -General
593,556
3,397
0
8,204,217
0
0
0
0
Government -Cap
0
0
8 801,170
519 80 Other General
Government -General
160,051
0
0
0
0
0
Government -Grants
0
0
0
160,051
521 10 Law
Enforcement -Public
18,790,445
94,015
0
0
0
0
0
Safety -Pers Sery
0
0
18,884,460
521 30 Law
—F
Enforcement -Public
3,579,138
132,344
0
0
0
0
0
0
Safety -Op Exp
0
0
3,711,482
521 60 Law
Enforcement -Public
1,896,653
403,418
0
0
0
0
00
Safety -Cap Outlay
0
0
2,300,071
521 80 Law
Enforcement -Public
0
134,794
p
0
0
0
0
Safety -Grants & Aids
F
0
0
134,794
522 10 Fire Control -Public
---
—
Safety -Pers Sery
0
18,707,230
0
0
0
0
C
0
0
0
18,707,230
522 30 Fire Control -Public
Safety -Op Exp
0
3,301,587
0
0
0
0
0
0
0
3,301,587
522 60 Fire Control -Public
Safety -Cap Outlay
0
4,479,161
0
1,008,550
0
0
C
0
0
0
5,487,711
523 10 Detention/Correction
s -Public
9,261,591
108,498
p
0
0
0
0
0
Sery
0
0
9,370,089
523 30 Detention/Correction
s -Public
2,284,983
51,706
0
0
0
0
0
0
0
Exp
0
2,336,689
i23 60 Detention/Correction
s -Public
546,454
5,637
0
0
0
0
0
Outlay
0
0
552,091
24 10 Protective
Inspections -Public
427,706
0
0
0
0
2,652,552
0
0
Safety -Pers Sery
0
3,080,258
100031 Indian River County
Page Number: 2
Account Code Description
General
Special
Revenue
Debt Service
Capital Projects
Permanent
Enterprise
Internal Pension
Service
Trust
Component
Units
Total
Memorandum
524 30 Protective
Inspections-Public
Safety-Op Exp
52,444
0
0
0
0
1,137,277
0
0
0
1,189,721
524 60 Protective
Inspections-Public
Safety-Cap Outlay
1,096
0
0
0
0
0
0 0
0
0
1,096
525 10 Emergency and
Disaster
Relief-Public
489,427
91,915
0
0
0
0
0 0
0
0
581,342
525 30 Emergency and
Disaster
Relief-Public
93,061
615,404
p
0
0
0
0
0
0
708,465
525 60 Emergency and
Disaster
Relief-Public
79,414
38,762
0
0
0
0
0 00
0
118,176
527 30 Medical
Examiners-Public
Safety-Op Exp
288,924
0
0
0
0
0
0
0
0
288,924
529 30 Other Public
Safety-Public
Safety-Op Exp
20,063
0
0
0
0
0
0
0
0
20,063
533 60 Water Utility
Services-Physical
Environment-Cap
0
220,429
0
0
0
0
0
0
0
220,429
534 10 Garbage/Solid
Waste-Physical
Environment-Pers
0
0
0
0
0
2,743,412
0
0
0
2,743,412
534 30 Garbage/Solid
Waste-Physical
Environment-Op Exp
0
0
0
0
0
8,779,411
0
0
0
8,779,411
534 80 Garbage/Solid
35,500
Waste-Physical 0 0 0 0 0 35,500 0 0 0 0
Environment-Grants
5_3_61 0 Water/Sewer
Services-Physical
Environment-Pers
0
0
0
0
0
7,036,854
0
0
0
7,036,854
536 30 Water/Sewer
Services-Physical
Environment-Op Exp
0
0
0
0
0
22,928,705
0
0
0
22,928,705
536 70 Water/Sewer
Services-Physical
Environment-Debt
0
0
0
0
0
3,422,266
F-0 0
0
0
3,422,266
537 10 Conservation/Resour
-
-
-
-
-
ce
Management-Physic
297,749
0
0
0
0
0
C 0
0
0
297,749
i37 30 Conservation/Resour
ce
Management-Physic
80,630
16,057
0
0
0
0
0 0
0
0
96,687
37 60 Conservation/Resour
ce
Management-Physic
5,069
1,900
0
0
0
0
0 0
0
0
6,969
100031 Indian River County
Page
Number: 3
Account Code Description General Special Debt Service Capital Proiects Permanent Enterprise Internal Pension
Revenue
Service
37 80 Conservation/Resour
ce
76,068
C
Management -Physic
0 0
0 0
539 10 Other Physical
0
0
Environment-Physica
1
0
237,389
539 30 Other Physical
0
0
Environment-Physica
1
0
426,585
539 60 Other Physical
0
0 0
Environment-Physica
1
0
7,593,386
541 10 Road/Street
D 0
0
Facilities-Transportati
0
7,778,042
on -Pers
0
0
541 30 Road/Street
0
0
Facilities-Transportati
448,650
7,190,117
on -Op
0
I 0
541 60 Road/Street
0
C
Facilities-Transportati
0
13,2.55,814
on -Cap
0
0
541 80 Road/Street
0
i 0
Facilities-Transportati
1,912,601
25,189
on -Grants
0
0
552 80Industry
0
Development-Econo
162,742
0
mic
0
C
553 10 Veterans
0
0
Services -Economic
197,797
0
Environment -Pers
0
0
553 30 Veterans
0
C
Services -Economic
11,894
0
Environment -Op Exp
p
553 80 Veterans
0
0
Services -Economic
69,300
0
Environment -Grants
0
554 10 Housing and Urban
Development-Econo
0
0
mic
554 30 Housing and Urban
Development-Econo
0
0
mic
559 30 Other Economic
Development-Econo
0
444,267
mic
i59 80 Other Economic
Development-Econo
168,239
0
mic
i62 10 Health -Human
Services -Pers Sery
333,176
0
100031 Indian River County
0 0
0
0
76,068
0 0
0 0
0
0
0
0
0 45,720
0
0
0
0
0 497,991
0
p
0
0
0 0
0
0
C
0
D 0
0
0
0
0
1,356,513
0
0
C
0
0
0
0
0
0
0
I 0
0
0
C
444,267
0
1 0
0
0
0
333,176
0
i 0
0
0
C
0
0
0
0
0
0
0
0
C
0
0
0
0
0
0
0
0
0
C
0
0
0
p
0
0
p
0
0
Trust Component Total
Units Memorandum
0
0
76,068
0
0
237,389
0
0
472,305
0
0
8,091,377
0
0
7,778,042
0
0
7,638,767
0
0
14,612,327
0
0
1,937,790
0
0
162,742
0
0
197,797
0
0
11,894
0
0
69,300
0
262,597
262,597
0
557,903
557,903
0
0
444,267
0
0
168,239
or—_10
333,176
Page Number: 4
Account Code Description
General
Special
Debt Service
Capital Projects
Permanent
Enterprise
Internal
Pension
Trust
Component
Total
Revenue
Service
Units
Memorandum
562 30 Health-Human
Services-Op Exp
75,475
0
0
0
0
0
0
0
0
0
75,475
562 60 Health-Human
Services-Cap Outlay
90,016
0
0
0
0
0
0
0
0
0
90,016
562 80 Health-Human
Services-Grants &
379,740
17,411
0
0
0
0
0
Aids
0
0
397,151
563 80 Mental
Health-Human
446,313
0
0
0
0
0
0
Services-Grants &
0
0
446,313
564 10 Public
Assistance-Human
176,614
161,681
0
0
0
0
Services-Pers Sery
0
0
0
338,295
564 30 Public
Assistance-Human
760,490
1,340,964
0
0
0
0
0
Services-Op Exp
0
0
2,101,454
564 60 Public
Assistance-Human
2,940
0
0
0
0
0
0
0
0
Services-Cap Outlay
0
2,940
564 80 Public
Assistance-Human
51,611
0
0
0
0
0
0
Services-Grants &
0
0
51,611
569 10 Other Human
Services-Human
0
80,761
0
0
0
0
0
Services-Pers Sery
0
0
80,761
569 30 Other Human
Services-Human
81,020
329,798
0
0
0
0
Services-Op Exp
0
0
0
0
410,818
569 60 Other Human
Services-Human
0
15,584
0
0
0
0
0
Services-Cap Outlay
0
0
15,584
569 80 Other Human
Services-Human
1,987,944
6,138,684
0
0
0
0
0
0
Services-Grants &
00
8 126,628
571 10 Libra ries-Culture/Rec
reation-Pers
2,389,302
0
0
0
0
0
0
0
0
F
0
2,389,302
571 30 Libraries-Culture/Rec
reation-Op
1,755,209
0
0
0
0
0
0
0
0
0
1,755,209
i71 60 Libra ries-Culture/Rec
reation-Cap
38,767
0
0
0
0
0
0
0
0
38,767
72 10 Parks/Recreation-Cul
ture/Recreation-Pers
4,014,093
199,849
0
0
0
1,101,152
0
0
0
0
Sery
5,315,094
72 30 Parks/Recreation-Cul
ture/Recreation-Op
1,327,703
158,789
0
0
0
2,085,119
0
0
0
0
ExP
3,571611
100031 Indian River County
Page Number: 5
Account Code Description General Special Debt Service Capital Projects Permanent Enterprise Internal Pension Trust Component Total
Revenue Service Units Memorandum
572 60 Parks/Recreation-Cul
ture/Recreation-Cap
367,794
5,886,434
0
539,026
0
0
0
0
0
6,793,254
Outlay
572 70 Parks/Recreation-Cul
ture/Recreation-Debt
0
0
0
0
0
284,795 0
0
0
0
284,795
Sery
572 80 Parks/Recreation-Cul
ture/Recreation-Gran
242,498
0
0
0
0
0
0
0
0
242,498
is
581 90 Interfund Transfers
Out -Other
12,240,959
869,678
61,968
114,831
0
5,624,051 4,771,075
0
0
0
23,682,562
Uses -Other Uses
602 30 State Attorney
Administration-Gener
0
406,861
0
0
0
0
0
0
0
406,861
al
602 80 State Attorney
Administration-Gener
28,928
248,019
0
0
0
0 0
0
0
0
276,947
al
603 80 Public Defender
Administration-Gener
5,440
98,322
0
0
0
0 0
0
0
0
103,762
al
604 10 Clerk of Court
Administration-Gener
672,051
0
0
0
0
0 0
0
0
0
672,051
al
604 30 Clerk of Court
Administration-Gener
94,539
0
0
0
0
0
0
0
0
94,539
al
605 30 Judicial
Support -General
162
0
0
0
0
0
0
0
0
162
Administration -Op
608 10 Jury
Management -Genera
I
84,503
0
0
0
0
0
0
0
0
84,503
608 30 Jury
I Management -Genera
6,125
0
0
0
0
0 0
0
0
0
6,125
614 10 Clerk of
Court -Circuit
544,500
0
0
0
0
0 C
0
0
0
544,500
Court -Criminal -Pers
614 30 Clerk of
Court -Circuit
26,675
0
0
0
0
00
0
0
0
26,675
Court -Criminal -Op
616 30 Clinical
Evaluations -Circuit
1,975
0
0
0
0
0 0
0
0
0
1,975
Court -Criminal -Op
634 10 Clerk of Court -Circuit
Court -Civil -Pers Sery
215,236
0
0
0
0
0
0
0
0
215,236
634 30 Clerk of Court -Circuit
Court -Civil -Op Exp
29,475
0
0
0
0
0
0
0
0
29,475
100031 Indian River County Page Number:
Account Code Description General Special Debt Service Capital Protects Permanent Enterprise Internal Pension
Revenue Service
Court -Family -Pers 375,217
0
Sery
C 0
0
654 30 Clerk of Court -Circuit
0 0
0
00
0F
c
Court -Family -Op Exp 44,170
83,762
C 0
662 30 Alternative Dispute
0
0 p
Resolutions -Circuit 24,000
0
0
Court -Family -Op Exp
0
0
667 80 Court -Based Victim
0
0r
_____O
Services -Circuit 67,726
0
0
Court -Family -Grants
0
0
674 10 Clerk of Court -Circuit
0
0
Court -Juvenile -Pers 208,313
0
0
Sery
0
0
0
674 30 Clerk of Court -Circuit
0
0 0
Court -Juvenile -Op 11,123
0
i
Exp
0
C
0
681 30 Public Defender
0
0 0
0
Conflicts -Circuit
10,283
17,424
0
Court -Juvenile -Op
0
694 10 Clerk of Court -Circuit
Court -Probate -Pers
172,219
0
t
Sery
694 30 Clerk of Court -Circuit
Court -Probate -Op
2,969
0
C
Exp
703 30 Attorneys
Fees -Circuit
7,803
0
0
Court -Probate -Op
711 10 Courthouse
Security -General
1,282,234
0
0
Operations (Court
711 30 Courthouse
Security -General
95,050
0
0
Operations (Court
714 10 Public Law
Library -General
62,969
0
0
Operations (Court
714 30 Public Law
Library -General
71,797
0
0
Operations (Court
724 10 Clerk of
Court -County
305,080
0
0
Court -Criminal -Pers
F24 30 Clerk of
Court -County
16,252
0
0
Court -Criminal -Op
'44 10 Clerk of
Court -County
130,670
0
0
Court -Civil -Pers Sery
100031 Indian River County
0
0 0
_0
C 0
0
0 127,932
0 0
0
00
0F
c
0
0 0
C 0
0 0
0
0 p
0
0
0
0
0
0
0
0
0r
_____O
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0 0
0
0
0
0
0
0
0
0
0
0
C
0
0 0
0
0 0
0
0 0
0
0
0
p
0
Trust Component Total
Units Memorandum
0
0 375,217
0
0 127,932
0
0
24,000
0
0
67,726
0
0
208,313
0
0
11,123
0
0
27,707
0
0
172,219
0
0
2,969
0
0
7,803
0
0
1,282,234
0
0
95,050
0
0
62,969
0
0
71,797
0
0
305,080
0
0
16,252
0
0
130,670
Page Number: 7
Account Code Description General Special Debt Service Capital Projects Permanent
Revenue
Court -County
3,000
Court -Civil -Op Exp
Clerk of
Court -County
435,266
Court -Traffic -Pers
Legislative -General
Government -Op Exp
25,589
Total
$94,077,75$
01 0
1,583 $3,493,364 $37,963,306
Enterprise Internal Pension
Service
0 0 0 0
0 0 0
0 :.. :: 0 0
$0 $57,831,094 $23,276,102 $0
Trust Component Total
Units Memorandum
0 0 3,000
0 0 435,266
01 01 25,589
$0 $857,465 $300,700,672
100031 Indian River County Page Number: 8
J
7�
INDIAN RIVER COUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR
OCTOBER 1, 2005
THROUGH
SEPTEMBER 30, 2006
Jeffrey K. Barton
Clerk of the Circuit Court
Prepared By:
Clerk of the Circuit Court Finance Department
Diane Bernardo
Finance Director
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended September 30, 2006
Board of County Commissioners
as of September 30, 2006
Arthur R. Neuberger
Sandra L. Bowden
Chairman
Wesley S. Davis
Gary C. Wheeler
Thomas S. Lowther
Vice -Chairman
Current Board of County Commissioners (after November 21, 2006)
Gary C. Wheeler Joseph E. Flescher
Chairman Wesley S. Davis
Sandra L. Bowden Peter D. O'Bryan
Vice -Chairman
Elected Constitutional Officers
Jeffrey K. Barton Charles W. Sembler David C. Nolte
Clerk of the Circuit Court Tax Collector Property Appraiser
Kay Clem Roy Raymond
Supervisor of Elections Sheriff
County Management
Joseph Baird
County Administrator
Jason Brown
Budget Director
John W. King
Director of Emergency Services
Robert M. Keating
Director of Community Development
Thomas W. Frame
Director of General Services
Robert J. Komarinetz
Director of Golf Course
William G. Collins II
County Attorney
James W. Davis
Director of Public Works
Erik Olson
Director of Utilities
Cliff Crawford
Director of Recreation
James Sexton
Director of Human Resources
a
Indian River County, Florida
a COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Fiscal Year Ended September 30, 2006
INTRODUCTORY SECTION
Page
g
Number
LETTEROF TRANSMITTAL........................................................................................................ i
ORGANIZATIONCHART..............................................................................................................v
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
INFINANCIAL REPORTING................................................................................................. vi
FINANCIAL SECTION
INDEPENDENTAUDITORS' REPORT..........................................................................................1
MANAGEMENT'S DISCUSSION AND ANALYSIS.....................................................................3
BASIC FINANCIAL STATEMENTS:
L�l
Government -wide Financial Statements:
Statementof Net Assets........................................................................................................17
Statementof Activities..........................................................................................................18
Fund Financial Statements:
Balance Sheet - Governmental Funds...................................................................................20
Statement of Revenues Expenditures, and Changes in
p g
Fund Balances - Governmental Funds............................................................................22
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities ......................24
DStatement
of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - General Fund.................................................................................25
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - Impact Fees Fund...........................................................................26
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - Secondary Roads Construction Fund............................................27
Statement of Revenues, Expenditures, and Changes in Fund Balances -
n
Budget and Actual -Transportation Fund.......................................................................28
�J
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - Emergency Services District Fund................................................29
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual — Land Acquisition Fund.................................................................30
DStatement
of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual — Federal/State Grants Fund.............................................................31
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - CONTINUED
Fiscal Year Ended September 30, 2006
Page
Number
Statement of Net Assets - Proprietary Funds........................................................................33
Statement of Revenues, Expenses, and Changes in
Fund Net Assets - Proprietary Funds ..........34
Statement of Cash Flows - Proprietary Funds......................................................................36
Statement of Fiduciary Net Assets - Agency Fund...............................................................40
Notes to the Financial Statements...............................................................................................41
Combining and Individual Fund Statements and Schedules:
N • Governmental Funds .........................................100
nm
Combining Balance Sheet - oa�or
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds......................................108
Budgetary Comparison Schedules..........116
..............
Combining Statement of Net Assets - Nonmajor Enterprise Funds ...................................150
Combining Statement of Revenues, Expenses, and
Changes in Fund Net Assets - Nonmajor Enterprise Funds .........................................151
Combining Statement of Cash Flows - Nonmajor Enterprise Funds..................................152
Combining Statement of Net Assets - Internal Service Funds ...........................................155
Combining Statement of Revenues, Expenses, and
Changes in Fund Net Assets - Internal Service Funds..................................................156
Combining Statement of Cash Flows - Internal Service Funds ..........................................157
Statement of Changes in Assets and Liabilities - Agency Fund.........................................160
Capital Assets Used in the Operation of Governmental Activities:
Comparative Schedules By Source.....................................................................................162
Schedule by Function and Activit ..................................163
Schedule of Changes by Function and Activity..................................................................164
a
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS- CONTINUED
Fiscal Year Ended September 30, 2006
STATISTICAL SECTION
Page
Number
SCHEDULE 1 Net Assets by Component - Last Six Fiscal Years ...........................................166
SCHEDULE 2 Changes in Net Assets - Last Six Fiscal Years .................................................168
SCHEDULE 3 Fund Balances, Governmental Funds - Last Ten Fiscal Years .........................172
SCHEDULE 4 Changes in Fund Balances, Governmental Funds —
LastTen Fiscal Years..................................................................................174
SCHEDULE 5 Tax Revenues by Source, Governmental Funds —
LastTen Fiscal Years..................................................................................176
SCHEDULE 6 Assessed Value and Actual Values of Taxable Property -
LastTen Fiscal Years..................................................................................177
SCHEDULE 7 Property Tax Rates - Direct and Overlapping Tax Rates -
LastTen Fiscal Years..................................................................................178
SCHEDULE 8 Principal Property Taxpayers - Year 2006 and Year 1997 ...............................180
SCHEDULE 9 Property Tax Levies and Collections - Last Ten Fiscal Years ..........................181
SCHEDULE 10 Ratios of Outstanding Debt by Type -Last Ten Fiscal Years ..........................182
SCHEDULE 11 Ratio of Net General Bonded Debt Outstanding to Taxable Value
and Net Bonded Debt Per Capita - Last Ten Fiscal Years ..........................184
SCHEDULE 12 Computation of Legal Debt Margin..................................................................185
SCHEDULE 13 Direct and Overlapping Governmental Activities Debt....................................186
SCHEDULE 14 Pledged Revenue Coverage - Water and Sewer Revenue Bonds -
nLast Ten Fiscal Years..................................................................................188
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS- CONTINUED
Fiscal Year Ended September 30, 2006
Page
Number
SCHEDULE 15 Pledged Revenue Coverage - Recreational Revenue Refunding Bonds -
LastTen Fiscal Years..................................................................................190
SCHEDULE 16 Pledged Revenue Coverage - Housing Authority Component Unit
LastTen Fiscal Years..................................................................................191
SCHEDULE 17 Demographic and Economic Statistics - Last Ten Years..................................192
SCHEDULE 18 Principal Employers - Year 2006 and Nine Years Ago ....................................193
SCHEDULE 19 Building Permits — Last Ten Fiscal Years .......................................................194
SCHEDULE 20 Operating Indicators by Function/Program — Last Ten Fiscal Years ...............196
SCHEDULE 21 Full Time Equivalent County Government Employees
by Function/Program - Last Six Fiscal Years ............................................200
SCHEDULE 22 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years ............202
SCHEDULE 23 Department of Utility Services - Historical Rate Structure —
LastNine Fiscal Years................................................................................206
SCHEDULE 24 Water and Wastewater Customers - Last Ten Fiscal Years..............................208
SCHEDULE 25 Top 10 High Volume Customers of Utility Service .........................................209
SCHEDULE 26 Capacity Charges - Utilities Department - Last Eight Fiscal Years .................210
SCHEDULE 27 Pledged Revenues for Recreational Revenue Refunding Bonds, Series 2003 —
LastTen Fiscal Years..................................................................................211
SCHEDULE 28 Pledged Revenues for Spring Training Facility Revenue Bonds, Series 2001 —
LastTen Fiscal Years..................................................................................212
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS- CONTINUED
Fiscal Year Ended September 30, 2006
COMPLIANCE SECTION
Page
Number
Federal and State Grants:
Report on Internal Control over Financial Reporting and on Compliance and Other
Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards.................................................213
Independent Auditors' Report on Compliance with Requirements Applicable to Each
Major Federal Program and Major State Project and on Internal Control over
Compliance in Accordance with OMB Circular A-133 and the Executive Office
of the Governor's State Projects Compliance Supplement.....................................214
Schedule of Expenditures of Federal Awards and State Projects.............................................216
Notes to Schedule of Expenditures of Federal Awards and State Projects...............................220
Schedule of Findings and Questioned Costs - Federal Awards and State Projects ..................221
O
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS- CONTINUED �J
Fiscal Year Ended September 30, 2006 n
AUDITOR GENERAL REPORTS SECTION
Page
Number
COUNTY MANAGEMENT COMMENTS ............................
.....................................................223
BOARD OF COUNTY COMMISSIONERS
Independent Auditor's Report ...................................................................................................227
Special Purpose Financial Statements ......••........• .............••••••228
Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards .......................................................283
ManagementComments...........................................................................................................284
Response to Management Comments.......................................................................................287
CLERK OF THE CIRCUIT COURT
IndependentAuditor's Report ...................................................................................................290
Special Purpose Financial Statements ......................................291
Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards .......................................................299
ManagementComments.....................................................................................................300
PROPERTY APPRAISER
Independent Auditor's Report ...................................................................................................304
Special Purpose Financial Statements ..........................................305
Report on Compliance and Other Matters and on Internal Control over
Financial Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards .......................................................311
Management Comments.312
..........................................................................................................
U
Indian River County, Florida
a
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS -CONTINUED
Fiscal Year Ended September 30, 2006
Page
Number
SHERIFF
IndependentAuditor's Report ...................................................................................................316
Special Purpose Financial Statements......................................................................................317
Report on Compliance and Other Matters and on Internal Control over
Financial Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards .......................................................325
ManagementComments...........................................................................................................326
SUPERVISOR OF ELECTIONS
Independent Auditor's Report ...................................................................................................330
Special Purpose Financial Statements......................................................................................331
a Report on Compliance and Other Matters and on Internal Control over
Financial Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards .......................................................339
aManagement Comments...........................................................................................................340
aTAX COLLECTOR
Independent Auditor's Report ...................................................................................................344
Special Purpose Financial Statements......................................................................................345
aReport on Compliance and Other Matters and on Internal Control over
Financial Reporting Based on an Audit of Financial Statements Performed in
aAccordance with Government Auditing Standards .......................................................354
ManagementComments...........................................................................................................355
�ORI�%
1
JEFFREY K. BARTON
Clerk of Circuit Court and Comptroller
P.O. Box 1028
Vero Beach, Florida 32961-1028
Telephone (772) 770-5185
March 12, 2007
To the Citizens of Indian River County:
The Comprehensive Annual Financial Report of Indian River County, Florida for the fiscal year ended
September 30, 2006, is respectfully submitted. State law requires that every general-purpose
government publish a complete set of audited financial statements within six months of the close of each
fiscal year. This report was prepared by the Finance Department under the supervision of the Clerk of
the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rests with the Finance Department and is
contingent upon the internal control established for this purpose. Since the cost of internal control
should not exceed anticipated benefits, the objective of the financial statements is to provide reasonable,
rather than absolute, assurance that they are free of any material misstatements.
Section 11.45, Florida Statutes, requires an annual audit of all County agencies. The County has
adirected that the annual audit be more extensive than that required by Florida Statutes by requiring that
the annual audit be a single audit covering all the funds and account groups of the County. The
unqualified opinion of the auditors, Harris, Cotherman, Jones, Price and Associates, Certified Public
Accountants — Chartered, of the County's financial statements for the year ended September 30, 2006
has been included in this report. The independent auditors' report is located at the front of the financial
a section of this report. The audit was also designed to meet the requirements of Government Auditing
Standards, the Florida Single Audit Act, the Federal Single Audit Act of 1984, the Single Audit Act
Amendments of 1996, and revised OMB Circular A-133.
Readers of this report are encouraged to read Management's Discussion and Analysis (MD&A), which
provides basic financial information about the County and an overview of the County's activities. The
MD&A immediately follows the independent auditors' report.
Profile of the Government
Indian River County, established on June 29, 1925, by an act of the Florida Legislature, is on the central
Atlantic coast of Florida, approximately 100 miles southeast of Orlando and 135 miles north of Miami.
The County is bordered by Brevard County to the north, St. Lucie County to the south, and Osceola and
Okeechobee Counties on the west. There are approximately 100 miles of waterfront land in the County,
including 23 miles of Atlantic beaches.
The City of Vero Beach is the seat of County government. The functional (seasonal plus resident)
population reaches approximately 160,000. Like the rest of the State of Florida, the County has
experienced significant population growth. Retail trade and the service industries remain the largest
sectors of employment in the County. Other major sources of jobs are found in government and
agriculture. Indian River citrus is a well-recognized name and product throughout the United States and
internationally. I I
Indian River County is a Non -Charter County established under the Constitution and the Laws of the
State of Florida. This Comprehensive Annual Financial Report (CAFR) includes the funds of the
primary government (the Board of County Commissioners, the Clerk of the Circuit Court, the Property
Appraiser, the Sheriff, the Supervisor of Elections and the Tax Collector), the blended component units
consisting of the Emergency Services District and the Solid Waste Disposal District and one discretely
presented component unit, the Indian River County Housing Authority.
These component units were included because generally accepted accounting principles require that
organizations for which the County is financially accountable be reported with the primary government
(the County) as the reporting entity. This CAFR does not include the Indian River County School
District, the Indian River County Mosquito Control District or the Indian River County Memorial
Hospital.
Local Economy
Strong growth in the County continued and has provided the County the opportunity to lower tax rates
while still providing a high level of services to County residents and visitors. Property tax values
increased 17% from $12.1 billion in 2005 to $14.2 billion in 2006. Construction activity in 2006 was
strong with 4,586 permits being issued for new construction with a value of $940.4 million. This was a
slight decrease of 2.7% from last year. Just slightly less than 10% of the total County acreage is
dedicated to citrus production. The County is a major producer of citrus in the state with citrus
production increasing from 4.2 million boxes in 2005 to 7.5 million boxes in 2006. Total employment
for FY 2006 was 56,664 and the average unemployment rate in 2006 reflected a decrease of .1 % from
FY 2005. Population growth, which was averaging about 2.15% per year in the 1990s, was 3.9% in
2006. Indian River County's estimated population for 2006 was 135,262.
In accordance with Florida Statute 163.3177(3)(a), Indian River County maintains a Capital
Improvements Plan that covers a five-year period. Indian River County's Capital Improvement Program
consists of many projects with the majority pertaining to road improvements and utility (water and
sewer) expansion. The Public Works Department projects consist of road widening, secondary roads
construction, bridge improvements, right-of-way acquisition and intersection improvements. The costs
of these projects over a five-year period of time are estimated at $311,250,539. Several revenue sources
are utilized to fund the various transportation infrastructure needs of the County. Some of these sources
are road impact fees, one -cent sales tax, various gas taxes and fund transfers from the General Fund and
Municipal Service Taxing Unit Fund (MSTU) of ad valorem taxes. The Utilities Department has
planned on the addition of several new water distribution and wastewater collection lines to serve new
customers. Expansion of the West Regional Wastewater Plant is set to begin during the 2007/2008
fiscal year at an estimated cost of $12 million. Additionally, an expansion is planned for the North R/O
Water Plant at an estimated cost of $27 million. All of these improvements will be funded by Utility
capacity charges from the additional customer base they will serve.
ii
11 Long Term Financial Planning
The Facilities Management department has the responsibility of maintaining the County's buildings and
other facilities and must plan for the future building space needs of the organization. The current
County Administration Building was built in 1966 as a hospital. Due to the building's age, maintenance
U costs have increased substantially in recent years. A citizen -based Space Needs Committee
LJ recommended to the Board of County Commissioners that the County should proceed with the design
and construction of a new administration building. Funding for this facility has been budgeted with a
atotal projected cost of over $54 million. As of September 30, 2006, approximately $25.7 million has
been spent on construction with most of the funds for the capital costs coming from the optional one -
cent sales tax. The project is due for completion during the second quarter of FY 2006-2007. If
anecessary, cash forward and other revenues will supplement the sales tax. Operating costs will increase
slightly due to the larger size of the new facility and will be funded by ad valorem taxes.
In November 2004, the voters of Indian River County approved a referendum authorizing the issuance
of $50 million in bond funds to purchase environmental, historical and agricultural lands for
preservation. In June 2006, the County issued bonds in the amount of $48.6 million.
The Indian River County jail has reached capacity. The existing 453 -bed jail is being expanded to
accommodate an additional 256 beds and infirmary space at an estimated cost of $21 million. Optional
sales tax and corrections impact fees will provide funding. Operating costs associated with the
expansion are estimated at $4 million per year.
Relevant Financial Policies
In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which
guides the investment of County surplus funds. This policy establishes investment objectives, maturity
and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized
investments. The primary objectives of investment activities are to preserve capital and maintain
sufficient liquidity to meet anticipated cash flow needs. The secondary objective is to obtain
competitive returns on the investment of County surplus funds. During FY 2006, County investments
had yields ranging from 1.875% to 5.75%. The average yield of the portfolio as of September 30, 2006
was 4.81 %.
Major Initiatives
The Board of County Commissioners approved the Comprehensive Beach Preservation Plan (BPP) in
1999. Several areas of County beaches have been listed as critically eroded. The Beach Preservation
Plan provides for renourishment of these portions. State grants, local option sales taxes, and tourist tax
make up the necessary funding for this project. During FY 2006-2007, the County will complete
restoration efforts of the South County Beach (Sector 7). Additionally, FEMA funding of $6.1 million
will provide emergency renourishment of Sectors 1 and 2. Construction will also be completed on a
FDEP funded $6 million dune restoration to provide storm protection from future hurricanes. Grant
applications will also be submitted for construction of additional offshore artificial reefs.
During FY 2006, the Fire Rescue and Emergency Medical Services were consolidated, providing
personnel trained in both fire rescue and emergency medical care. Construction of Fire/EMS Station 12
(located in the south, central area) will begin during FY 2006-2007 with one -cent sales tax providing
$2.2 million for land acquisition and construction costs. Construction of Fire/EMS station 13 (located
aon Wabasso beach) is scheduled for FY 2008-2009 at a cost of $2.6 million. Additional stations are
needed to provide services to the growing population in Indian River County. In addition, repairs and
ill
o
renovations will be made t several of the Fire/EMS stations that were damaged by the September 2004
hurricanes with an estimated cost of about $11 million.
Indian River County has entered into an agreement with Indian River Community College to start
construction of a joint -use library for both Indian River County and the college. This additional facility
will provide a resource to serve the County's growing population and students of the college and is
projected to open in fall 2008.
Public Works, Utilities and Community Development are currently proceeding with the design and
construction of storm water projects in Vero Lake Estates, East Gifford and Roseland areas. Local funds
will be used to match several State grants awarded for these storm water projects. The East Gifford
Storm Water Watershed M.S.B.U. was created to account for local non -ad valorem assessments
collected as a local match to receive a State grant for a comprehensive storm water improvement project
for this area. Implementation of the Storm Water Master Plan as required by The National Pollutant
Discharge Elimination System Requirements (NPDES) will reduce the amount of freshwater runoff and
chemicals (fertilizers, pesticides, herbicides) entering the Indian River Lagoon.
Awards and Acknowled e� ments
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Indian River County for its
comprehensive annual financial report (CAFR) for the fiscal year ended September 30, 2005. This was
the 23rd consecutive year that the County has received this prestigious award. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
In addition, Indian River County also received the GFOA's Distinguished Budget Presentation Award
for its annual budget document for the 2005-2006 fiscal year. This was the 15th consecutive year that
the County has received this prestigious award. In order to qualify for the Distinguished Budget
Presentation Award, the County's budget document had to be judged proficient as a policy document,
financial plan, operations guide, and communications device.
Summary
I would like to thank the entire staff of the Finance Department for their invaluable assistance in the
preparation of this report. I would also like to thank the Board of County Commissioners and their staff,
and the other Constitutional Officers for their personal interest and unfailing support in planning and
conducting the financial operations of the County in a responsible and progressive manner.
Respectfully submitted,
Jeffrey K. Barton L
Clerk of the Circuit Court and Comptroller
JKB/ms
iv
Indian River County BCC Departmental Organization
Residents of
Indian River County
Clerk of Circuit
Sheriff
Board of
Supervisor of
Property Tax
Court
Elections County
Appraiser Collector
Commissioners
Finance
Department
County Attorney County Administrator
Executive Aide
LC
aAssistant
County Administrator
General
Utility Emergency
Community Office of
Services
Public Works
Services Services
Development Management &Budget
Youth
Leisure Services Geographic Info.
Human
Guidance
(Golf Course)
System (GIS) Recreation Resources
Libraries
Wastewater
County Risk
Engineering
Treatment Emergency
Planning Management
Management
Purchasing
Roads &
Bridges
Water
Environmental Computer
Production
Planning/ Services
Facilities
Fire /Rescue
Management
Code Enforcement
Traffic
General &
Engineering
IRCLHAP/
Mailroom/
Radiological
Switchboard
parks
Emergency
SHIP
Division
Biosolids Preparedness
Program
Operations
Veterans
Services
Fleet
Metropolitan
Management
Customer Emergency
Planning
Service Base Grant
Organization
Telecommunications
Secondary
Road
Wastewater
Building
Shooting
Construction
Collection Animal
Division
Range
Control
Soil & Water
Stormwater
Water
Conservation
Distribution
911
Coordinator
rdi
Housing
Solid Waste
Beach
Authority/
Restoration
Disposal District
Rental Assist.
AG
,
Extension
Human
Services
V
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Indian River County
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2005
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
ON
r M
Vkrz
Arm
"°'President
TWIN
Executive Director
vi
Indian River County, Florida
Capital Assets Used in the Operation of Governmental Activities
Schedule of Changes By Function and Activity
September 30, 2006
Public safety
Law enforcement
Governmental
3,261,877
(1,080,006)
122,477
(90,978)
Governmental
Fire control
Activities
2,136,916
(395,688)
21,000
(849)
Activities
Detention/Corrections
Capital Assets
149,667
(44,362)
Transfers
Transfers
Capital Assets
Function and Activity
October 1, 2005
Additions
Deletions
In
Out
September 30, 2006
General government:
2,390,554
155,250
(87,000)
196,580,310
(7,818)
2,450,986
Executive $
103,296 $
2,315
$ (9,389) $
-
$ (5,072) $
91,150
Financial and administrative
57,108,995
12,779,833
(639,022)
32,641
(45,673)
69,236,774
Legal counsel
26,086
-
-
16,648
26,086
Comprehensive planning
209,469
28,231
(24,738)
-
(8,181)
204,781
Other general governmental services
4,380,563
1,767,278
(139,734)
35,587
(3,202)
6,040,492
Subtotal
61,828,409
14,577,657
(812,883)
68,228
(62,128)
75,599,283
Public safety
Law enforcement
13,547,513
3,261,877
(1,080,006)
122,477
(90,978)
15,760,883
Fire control
9,711,340
2,136,916
(395,688)
21,000
(849)
11,472,719
Detention/Corrections
15,576,694
149,667
(44,362)
90,978
(122,477)
15,650,500
Emergency and disaster relief service:
5,033,527
155,939
(9,362)
-
(6,346)
5,173,758
Ambulance and rescue services
2,390,554
155,250
(87,000)
196,580,310
(7,818)
2,450,986
Other public safety
62,218
989
(32,155)
-
8,401,398
31,052
Subtotal
46,321,846
5,860,638
(1,648,573)
234,455
(228,468)
50,539,898
Physical environement:
Soil conservation
Telecommunications
Stormwater
Subtotal
Transportation:
Road and street facilities
IRC - Council on Aging
Subtotal
Economic environment:
Veterans services
Housing and urban development
Subtotal
Human services:
Health
Welfare
Substance abuse council
Subtotal
Culture/Recreation:
Libraries
Parks and recreation
Subtotal
Court Related:
Judicial
Subtotal
Construction in progress
Total
63,231
984
(3,047)
-
61,168
4,082
4,085
10,708
18,875
279,012
-
-
279,012
346,325
5,069
(3,047)
10,708
359,055
188,832,025
8,158,956
(479,849)
72,458
(3,280)
196,580,310
1,541,439
242,442
(483,770)
-
(72,458)
1,227,653
190,373,464
8,401,398
(963,619)
72,458
(75,738)
197,807,963
6,955
-
(1,622)
-
5,333
16,648
16,648
23,603
(1,622)
-
21,981
813,343
335,016
(447,746)
2,836
(22,613)
680,836
46,914
2,940
(21,209)
-
28,645
5,123
-
(2,226)
-
2,897
865,380
337,956
(471,181)
2,836
(22,613)
712,378
9,988,784
38,767
(48,550)
-
9,979,001
69,827,957
2,570,213
(105,494)
2,408
(2,146)
72,292,938
79,816,741
2,608,980
(154,044)
2,408
(2,146)
82,271,939
759,950
155,972
(71,400)
2,538
(2,538)
844,522
759,950
155,972
(71,400)
2,538
(2,538)
844,522
53,786,742
55,546,900
(12,485,317)
-
96,848,325
$ 434,122,460 $
87,494,570
$ (16,611,686) $
393,631 $
(393,631) $
505,005,344
164
Indian River
County, Florida
Capital Assets
Used in the Operation of Governmental Activities
Schedule By Function and Activity
September 30, 2006
Buildings
and
Function and Activity
Total
Land
Improvements
Equipment
Infrastructure
General government:
Executive $
91,150 $
- $
$
91,150 $
Financial and administrative
69,236,774
31,956,194
32,763,265
4,517,315
-
Legal counsel
26,086
-
-
26,086
-
Comprehensive planning
204,781
204,781
-
Other general governmental services
6,040,492
6,040,492
Subtotal
75,599,283
31,956,194
32,763,265
10,879,824
Public safety:
Law enforcement
15,760,883
-
3,628,624
12,132,259
Fire control
11,472,719
477,345
3,005,105
7,990,269
-
Detention/Corrections
15,650,500
1,052,241
13,357,800
1,240,459
a
Emergency and disaster relief services
5,173,758
5,173,758
Ambulance and rescue services
2,450,986
-
-
2,450,986
Other public safety
31,052
-
31,052
Subtotal
50,539,898
1,529,586
19,991,529
29,018,783
-
Physical environment
Soil conservation
61,168
-
-
61,168
-
Telecommunications
18,875
-
18,875
Stormwater
279,012
-
-
-
279,012
Subtotal
359,055
-
-
80,043
279,012
Transportation:
Road and street facilities
196,580,310
15,943,627
-
7,513,456
173,123,227
IRC - Council on Aging
1,227,653
-
-
1,227,653
-
Subtotal
197,807,963
15,943,627
8,741,109
173,123,227
Economic environment:
Veterans services
5,333
-
5,333
-
Housing and urban development
16,648
16,648
Subtotal
21,981
-
21,981
-
Human services:
Health
680,836
-
-
680,836
-
Welfare
28,645
-
-
28,645
Substance abuse council
2,897
-
-
2,897
-
Subtotal
712,378
712,378
Culture/Recreation:
Libraries
9,979,001
1,275,181
7,913,785
790,035
-
Parks and recreation
72,292,938
48,690,352
18,711,692
1,594,839
3,296,055
Subtotal
82,271,939
49,965,533
26,625,477
2,384,874
3,296,055
Court Related:
Judicial
844,522
-
3,013
841,509
-
Subtotal
844,522
-
3,013
841,509
Total
408,157,019 $
99,394,940
$ 79,383,284 $
52,680,501
$ 176,698,294
96,848,325
Construction in progress
Total $
505,005,344
163
Indian River County, Florida
Capital Assets Used in the Operation of Governmental Activities
Comparative Schedules By Source
September 30, 2006
Governmental activities capital assets:
Land
Right-of-way
Buildings and improvements
Equipment
Infrastructure
Construction in progress
Total governmental activities capital assets
FY 2005
FY 2006
$ $74,109,790 $
83,451,313
12,479,094
15,943,627
72,864,290
79,383,284
48,306,305
52,680,501
172,576,239
176,698,294
53,786,742
96,848,325
$ 434,122,460 $ 505,005,344
Investment in governmental activities capital assets by sources:
General revenue $ 324,188,007 $
Federal revenue sharing/grants 7,422,923
General obligation debt 48,460,071
Capital projects funds 50,403,678
Contributions 3,647,781
Total investment in governmental activities
capital assets by sources
162
349,086,853
7,555,980
56,020,780
88,693,950
3,647,781
$ 434,122,460 $ 505,005,344
Q
s
CAPITAL ASSETS
USED IN THE OPERATION OF
GOVERNMENTAL ACTIVITIES
161
Indian River County, Florida
Combining Statement of Changes in Assets and Liabilities
Agency Fund
September 30, 2006
Balance
Balance
October 1,
September 30,
2005 Additions
Deductions
2006
a
ASSETS
Cash and cash equivalents
$ 12,957,440 $ 347,728,995
$ 345,339,823
$ 15,346,612
Accounts receivable
22,603 81,842
88,371
16,074
Total assets
$ 12,980,043 $ 347,810,837
$ 345,428,194
$ 15,362,686
LIABILITIES
Accounts payable
$ 69,478 $ 42,384,966
$ 42,170,945
$ 283,499
Due to other governments
4,536,812 302,907,926
302,771,831
4,672,907
Other deposits held in escrow 8,373,753 32,266,522
30,233,995
10,406,280
Total liabilities
$ 12,980,043 $ 377,559,414
$ 375,176,771
$ 15,362,686
a
0
0
0
a
o
0
0
0
D
160
O
FIDUCIARY FUND
Agency Fund- To account for the assets held solely in a custodial
capacity by the County.
L�
159
Indian River County, Florida
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended September 30, 2006
RECONCILIATION OF OPERATING
INCOME(LOSS) TO NET CASH PROVIDED
BY OPERATING ACTIVITIES
Operating income (loss)
Adjustments to reconcile operating income to net cash
provided by (used in) operating activities:
Depreciation
(Increase) Decrease in assets:
Accounts receivable
Due from other governments
Inventories
Deposits
Increase (Decrease) in liabilities:
Accounts payable
Claims payable
Accrued compensated absences
Total adjustments
Net cash provided by operating activities
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Geographic
Fleet Self Information
Management Insurance Systems Totals
$ 2,479 $ 2,263,297 $ 10,086 $ 2,275,862
6,371
1,813
3,036
11,220
(71,461)
(1,251,739)
-
(1,323,200)
(1,656)
-
-
(1,656)
(6,092)
-
-
(6,092)
-
(821,643)
-
(821,643)
18,792
163,792
46,943
229,527
-
536,000
-
536,000
(4,819)
630
-
(4,189)
(58,865)
(1,371,147)
49,979
(1,380,033)
$ (56,386) $
892,150 $
60,065
$ 895,829
Change in fair value of investments $ (828) $ (49,960) $ - $ (50,788)
158
OIndian
River County, Florida
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended September 30, 2006
Geographic
Fleet Self
Management Insurance
Information
Systems
Totals
CASH FLOWS FROM: OPERATING ACTIVITIES
Cash received from customers $ 3,365,144 $ 16,024,526 $
66,363 $
19,456,033
Cash paid to suppliers for goods and services (2,906,425) (13,781,173)
(6,298)
(16,693,896)
Cash paid to employees for services (515,105) (1,351,203)
(1,866,308)
Net cash provided by (used in) operating activities (56,386) 892,150
60,065
895,829
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Transfers
Insurance recoveries
Operating grants
Net cash provided by noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchase of capital assets
Proceeds from advances from other funds
Net cash provided by (used in) capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Classified as:
Current assets
Totals
IN
0
(4,771,075) - (4,771,075)
- 1,104,116 - 1,104,116
40 354 -394
40 (3,666,605) - (3,666,565)
(28,987) (15,590) (60,065) (104,642)
114,000 - 114,000
(28,987) 98,410 (60,065) 9,358
11,040 640,875 - 651,915
11,040 640,875 - 651,915
(74,293) (2,035,170) - (2,109,463)
400,919 15,050,738 - 15,451,657
$ 326,626 $ 13,015,568 $ - $ 13,342,194
$ 326,626 $ 13,015,568 $ - $ 13,342,194
$ 326,626 $ 13,015,568 $ - $ 13,342,194
157
Indian River County, Florida
Combining Statement of Revenues, Expenses,
and Changes in Fund Net Assets
Internal Service Funds
For the Year Ended September 30, 2006
OPERATING REVENUES
Charges for services
Vehicle maintenance
Self Insurance
Geographic Information Systems
Total revenues
Geographic
Fleet Self Information
Management Insurance Systems Totals
$ 3,438,261 $ - $ - $ 3,438,261
- 17,276,265 - 17,276,265
- - 66,363 66,363
3,438,261 17,276,265 66,363 20,780,889
OPERATING EXPENSES
Personal services
Material, supplies, services and other operating
Depreciation
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES;
Interest income
Operating grants
Insurance recoveries
Total nonoperating revenues (expenses)
Income before transfers
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending
510,286
1,351,833
-
1,862,119
2,919,125
13,659,322
53,241
16,631,688
6,371
1,813
3,036
11,220
3,435,782
15,012,968
56,277
18,505,027
-
(4,771,075)
- (4,771,075)
2,479
2,263,297
10,086
2,275,862
11,040
6405875
- 651,915
40
354
- 394
-
1,104,116
- 1,104,116
11,080
1,745,345
- 1,756,425
13,559
4,008,642
10,086 4,032,287
-
(4,771,075)
- (4,771,075)
13,559
(762,433)
10,086 (738,788)
536,860 9,768,865 - 10,305,725
$ 550,419 $ 9,006,432 $ 10,086 $ 9,566,937
156
0
in
in
Indian River County, Florida
Combining Statement of Net Assets
Internal Service Funds
September 30, 2006
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable - net
Due from other governments
Inventories
Prepaid expenses
Total current assets
Non-current assets:
Capital assets- non -depreciable
Accumulated depreciation
Total non-current assets
Total assets
LIABILITIES
Current liabilities (payable from current assets):
Accounts payable
Claims payable
Accrued compensated absences
Total current liabilities (payable from current assets)
Non-current liabilities:
Accrued compensated absences
Total non-current liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted
Total net assets
108,356
225,853
Geographic
381,152
Fleet
Self
Information
5,866,000
Management
Insurance
Systems
Totals
141,610
6,100,445
46,943
6,288,998
$ 326,626 $
13,015,568 $
- $
13,342,194
203,921
1,267,536
-
1,471,457
18,378
-
-
18,378
111,560
-
-
111,560
-
822,150
-
822,150
660,485
15,105,254
-
15,765,739
9,462,674
166,282
25,381
60,066
251,729
(132,825)
(11,604)
(3,037)
(147,466)
33,457
13,777
57,029
104,263
693,942
15,119,031
57,029
15,870,002
108,356
225,853
46,943
381,152
-
5,866,000
-
5,866,000
33,254
8,592
-
41,846
141,610
6,100,445
46,943
6,288,998
1,913
12,154
-
14,067
1,913
12,154
-
14,067
143,523
6,112,599
46,943
6,303,065
33,457
13,777
57,029
104,263
516,962
8,992,655
(46,943)
9,462,674
$ 550,419 $
9,006,432 $
10,086 $
9,566,937
155
INTERNAL SERVICE FUNDS
Fleet Management- To account for the expenses incurred to repair and
maintain the County's vehicles and equipment.
Revenues are generated by charging user
departments for maintenance of their vehicles and
equipment.
Self Insurance- To account for the expenses incurred for worker's
compensation claims, general and auto liability and
property damage, and employee health insurance
claims. Revenues are generated by charges to the
various departments and funds based on past
experience and actuarial estimates.
Geographic Information System- To account for the expenses incurred for maintaining
the County's geographic information system.
154
Indian River County, Florida
Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended September 30, 2006
Total adjustments
Net cash provided by operating activities
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments
Contributed property, plant and equipment
153
38,246 (532,416) (494,170)
$ (147,794) $ 197,704 $ 49,910
$ (1,147) $ (24,900) $ (26,047)
258,354 - 258,354
Shooting
County
Range
Building
Totals
RECONCILIATION OF OPERATING INCOME(LOSS)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $
(186,040) $
730,120 $
544,080
Adjustments to reconcile operating income to net cash
provided by (used in) operating activities:
Depreciation
35,100
110,259
145,359
(Increase) Decrease in assets:
Accounts receivable
-
335
335
Due from other governments
-
-
-
Inventories
(1,217)
-
(1,217)
Increase (Decrease) in liabilities:
Accounts payable
(667)
(45,449)
(46,116)
Due to other governments
273
(12,442)
(12,169)
Other deposits held in escrow
-
(609,332)
(609,332)
Accrued compensated absences
4,757
24,213
28,970
Total adjustments
Net cash provided by operating activities
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments
Contributed property, plant and equipment
153
38,246 (532,416) (494,170)
$ (147,794) $ 197,704 $ 49,910
$ (1,147) $ (24,900) $ (26,047)
258,354 - 258,354
Indian River County, Florida
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended September 30, 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net cash provided by (used in) operating activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Transfers
Net cash provided by noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchase of capital assets
Net cash provided by (used in) capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Classified as:
Current assets
Restricted assets
Totals
152
Shooting
County
(133,104)
Range
Building
Totals
$ 226,719 $
3,910,952 $
4,137,671
(101,332)
(1,084,909)
(1,186,241)
(273,181)
(2,628,339)
(2,901,520)
(147,794)
197,704
49,910
415,629 (2,352,593) (1,936,964)
415,629 (2,352,593) (1,936,964)
(11,553)
(121,551)
(133,104)
(11,553)
(121,551)
(133,104)
8,657
245,420
254,077
8,657
245,420
254,077
264,939
(2,031,020)
(1,766,081)
194,635
6,723,828
6,918,463
$ 459,574 $
4,692,808 $
5,152,382
$ 419,151 $
4,620,238 $
5,039,389
40,423
72,570
112,993
$ 459,574 $
4,692,808 $
5,152,382
Indian River County, Florida
Combining Statement of Revenues, Expenses,
and Changes in Fund Net Assets
Nonmajor Enterprise Funds
For the Year Ended September 30, 2006
OPERATING REVENUES
Charges for services
Total revenues
OPERATING EXPENSES
Personal services
Material, supplies, services and other operating
Depreciation
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES)
Interest income
Total nonoperating revenues (expenses)
Income before transfers and capital contributions
Capital contributions
Transfers in
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending
Shooting
County
Range
Building
Totals
258,354
$ 226,719 $
4,519,949 $
4,746,668
226,719
4,519,949
4,746,668
(2,352,593)
(2,352,593)
277,938
2,652,552
2,930,490
99,721
1,027,018
1,126,739
35,100
110,259
145,359
412,759
3,789,829
4,202,588
(186,040)
730,120
544,080
151
(177,383)
975,540
798,157
258,354
-
258,354
415,629
-
415,629
-
(2,352,593)
(2,352,593)
496,600
(1,377,053)
(880,453)
1,479,201
6,110,793
7,589,994
$ 1,975,801 $
4,733,740 $
6,709,541
Indian River County, Florida
Combining Statement of Net Assets
Nonmajor Enterprise Funds
September 30, 2006
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable - net
Inventories
Current restricted assets:
Cash and cash equivalents
Total current assets
Non-current assets:
Capital assets- non -depreciable
Accumulated depreciation
Total non-current assets
Total assets
LIABILITIES
Current liabilities (payable from current assets):
Accounts payable
Retainage payable
Due to other governments
Accrued compensated absences
Current liabilities (payable from restricted assets):
Customer deposits
Total current liabilities
Non-current liabilities:
Accrued compensated absences
Total non-current liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted
Total net assets
Shooting
County
138,441
Range
Building
Totals
1,438
10,203
$ 419,151 $
4,620,238 $
5,039,389
-
77
77
35,955
-
35,955
40,423
72,570
112,993
495,529
4,692,885
5,188,414
17,259
1,682,282
793,008
2,475,290
(167,274)
(396,480)
(563,754)
1,515,008
396,528
1,911,536
2,010,537
5,089,413
7,099,950
12,837
125,604
138,441
-
758
758
1,438
10,203
11,641
3,202
91,661
94,863
-
72,571
72,571
17,477
300,797
318,274
17,259
54,876
72,135
17,259
54,876
72,135
34,736
355,673
390,409
1,515,008
396,528
1,911,536
460,793
4,337,212
4,798,005
$ 1,975,801 $
4,733,740 $
6,709,541
150
®NNIAJ®R ENTERPRISE FUNDS
Shooting Range - To account for the revenues, expenses, assets, and
liabilities associated with the County Shooting
Range.
County Building - To account for the revenues, expenses, assets, and
g
liabilities associated with the building permit and
ainspection
program.
D
0
a
0
a
0
0
0
0
a
0
0
O
149
Indian River County, Florida
Budgetary Comparison Schedule
Optional Sales Tax
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Interest
Miscellaneous
Total revenues
EXPENDITURES
Capital projects
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Final
Budget
$ 14,202,500 $
7,671,448
574,750
22,448,698
73,106,529
73,106,529
(50,657,831)
6,387,009
6,387,009
(44,270,822)
36,062,152
Variance
Actual
Positive
Amounts
(Negative)
15,736,078 $
1,533,578
954,787
(6,716,661)
1,341,877
767,127
33,087
33,087
18,065,829
(4,382,869)
36,062,152
37,044,377
36,062,152
37,044,377
(17,996,323)
32,661,508
6,387,009 -
6,387,009 -
(11,609,314) 32,661,508
Fund balances at beginning of year 44,270,822 41,207,052 (3,063,770)
Fund balances at end of year $ - $ 29,597,738 $ 29,597,738
148
Indian River County, Florida
Budgetary Comparison Schedule
Fellsmere Old School
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Interest
Miscellaneous
Total revenues
EXPENDITURES
Capital projects
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
147
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ - $
25,000 $
25,000
-
49
49
20,000
2,765
(17,235)
20,000
27,814
7,814
129,375
129,375
-
129,375
129,375
-
(109,375)
(101,561)
7,814
109,375
101,561
(7,814)
147
Indian River County, Florida
0
n
Budgetary Comparison Schedule
0
L
Homeless Assistance Center
a
For the Year Ended September 30, 2006
�I
146
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Intergovernmental $ 5,000 $
6,952 $
1,952
Interest -
959
959
Total revenues 5,000
7,911
2,911
EXPENDITURES
a
Capital projects 5,000
-
5,000
Total expenditures 5,000
-
5,000
Excess of revenues over (under) expenditures -
7,911
7,911
OTHER FINANCING SOURCES (USES)
Transfers out (74,408)
(74,408)
-
Total other financing sources (uses) (74,408)
(74,408)
-
Net change in fund balances (74,408)
(66,497)
7,911
Fund balances at beginning of year 74,408
66,497
(7,911)
Fund balances at end of year $ _ $
_ $
_
0
n
0
L
�I
�I
146
Indian River County, Florida
Budgetary Comparison Schedule
Dodgertown Facility
For the Year Ended September 30, 2006
REVENUES
Interest
Total revenues
EXPENDITURES
Capital projects
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
145
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ - $
27,365 $
27,365
-
27,365
27,365
648,004
485,417
162,587
648,004
485,417
162,587
(648,004)
(458,052)
(189,952)
648,004
717,153
(69,149)
$ - $
259,101 $
(259,101)
145
Indian River County, Florida
Budgetary Comparison Schedule
Shooting Range
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Interest
Total revenues
EXPENDITURES
Capital projects
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance
Final Actual Positive
Budget Amounts (Negative)
$ 162,000 $ 153,468 $ (8,532)
- 216 216
162,000 153,684 (8,316)
144
162,000 153,684 (8,316)
(40,423) (40,423) -
(40,423) (40,423)
121,577 113,261 (8,316)
(121,577) (113,261) 8,316
Indian River County, Florida
Budgetary Comparison Schedule
Gifford Road Construction
For the Year Ended September 30, 2006
REVENUES
Interest
Total revenues
EXPENDITURES
Capital projects
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
143
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ - $
127,244 $
127,244
-
127,244
127,244
2,500,000
1,171,531
1,328,469
2,500,000
1,171,531
1,328,469
(2,500,000)
(1,044,287)
1,455,713
2,500,000
3,503,943
1,003,943
$ - $
2,459,656 $
2,459,656
143
Indian River County, Florida
O
Budgetary Comparison Schedule
Dodgertown Capital Reserve
For the Year Ended September 30, 2006
Variance
a
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Interest
$ - $
97,482 $
97,482
Total revenues
-
97,482
97,482
EXPENDITURES
Capital projects
2,000,000
-
2,000,000
Total expenditures
2,000,000
-
2,000,000
Net change in fund balances
(2,000,000)
97,482
2,097,482
Fund balances at beginning of year 2,000,000
2,115,124
115,124
Fund balances at end of year
$ - $
2,212,606 $
2,212,606
n
�.l
a
a
a
a
0
0
142
Indian River County, Florida
Budgetary Comparison Schedule
Land Acquisition Bonds
For the Year Ended September 30, 2006
REVENUES
Taxes
Interest
Total revenues
EXPENDITURES
Debt service:
Principal
Interest
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
$ 2,426,423 $
18,648
2,445,071
Actual
Amounts
2,465,462 $
74,545
2,540,007
Variance
Positive
(Negative)
39,039
55,897
94,936
1,730,000
1,730,000
-
498,081
478,555
19,526
2,228,081
2,208,555
19,526
216,990
331,452
114,462
(116,883)
(61,968)
54,915
(116,883)
(61,968)
54,915
100,107
269,484
169,377
(100,107)
1,106,353
1,206,460
$ - $
1,3752837 $
1,375,837
141
Indian River County, Florida
Budgetary Comparison Schedule
Spring Training Facility Bonds
For the Year Ended September 30, 2006
EXPENDITURES
Debt service:
Principal
Interest
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
505,000 505,000 -
741,233 717,841 23,392
1,246,233 1,222,841 23,392
- 109,962 109,962
739,550 739,550
$ - $ 849,512 $ 849,512
140
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Taxes
$ 357,834 $
379,340 $
21,506
Intergovernmental
874,149
920,161
46,012
Interest
14,250
33,302
19,052
Total revenues
1,246,233
1,332,803
86,570
EXPENDITURES
Debt service:
Principal
Interest
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
505,000 505,000 -
741,233 717,841 23,392
1,246,233 1,222,841 23,392
- 109,962 109,962
739,550 739,550
$ - $ 849,512 $ 849,512
140
Indian River County, Florida
Budgetary Comparison Schedule
Street Lighting Districts
For the Year Ended September 30, 2006
REVENUES
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Transportation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
139
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 174,764 $
173,296 $
(1,468)
8,681
18,559
9,878
-
2,256
2,256
183,445
194,111
10,666
189,907
185,252
4,655
189,907
185,252
4,655
(6,462)
8,859
15,321.
9,500
-
(9,500)
(7,435)
(6,326)
1,109
2,065
(6,326)
(8,391)
(4,397)
2,533
6,930
4,397
456,108
451,711
$ - $
458,641 $
458,641
139
Indian River County, Florida
Budgetary Comparison Schedule
Supervisor of Elections Special Revenue
For the Year Ended September 30, 2006
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Intergovernmental $ - $
43,389 $
43,389
Total revenues -
43,389
43,389
EXPENDITURES
General government -
50,521
(50,521)
Total expenditures -
50,521
(50,521)
Excess of revenues over (under) expenditures -
(7,132)
(7,132)
OTHER FINANCING SOURCES (USES)
Transfers in -
7,132
7,132
Total other financing sources (uses) -
7,132
7,132
Net change in fund balances _
_
Fund balances at beginning of year -
Fund balances at end of year $ _ $
_ $
_
a
0
a
a
138
Indian River County, Florida
Budgetary Comparison Schedule
Sheriff Special Revenue
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Total revenues
EXPENDITURES
Public safety
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
137
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 100,000 $
130,449 $
30,449
283,602
350,337
66,735
175,000
245,501
70,501
50,000
113,015
63,015
608,602
839,302
230,700
803,000
795,618
7,382
803,000
795,618
7,382
(194,398)
43,684
238,082
194,398
194,398
-
194,398
194,398
-
-
238,082
238,082
-
1,945,166
1,945,166
$ - $
2,183,248 $
2,183,248
137
Indian River County, Florida
Budgetary Comparison Schedule
Clerk Special Revenue
For the Year Ended September 30, 2006
REVENUES
Charges for services
Interest
Total revenues
EXPENDITURES
General government
Court related
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
$ 775,000 $
136
775,000
225,000
550,000
775,000
1,573,710 1,573,710
$ 2,397,823 $ 2,397,823
Variance
Actual
Positive
Amounts
(Negative)
763,808 $
(11,192)
90,676
90,676
854,484
79,484
30,371
194,629
-
550,000
30,371
744,629
824,113
824,113
1,573,710 1,573,710
$ 2,397,823 $ 2,397,823
Indian River County, Florida
Budgetary Comparison Schedule
Traffic Education Program
For the Year Ended September 30, 2006
REVENUES
Fines and forfeitures
Interest
Total revenues
EXPENDITURES
Transportation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance
Final Actual Positive
Budget Amounts (Negative)
$ 29,349 $ 48,372 $ 19,023
- 5,797 5,797
29,349 54,169 24,820
135
29,349
(29,349)
25,189
(25,189)
25,189
(25,189)
28,980
(369)
129,621
158,970
158,601 $ 158,601
Indian River County, Florida
Budgetary Comparison Schedule
Community Development Block Grant
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Total revenues
EXPENDITURES
Economic environment
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
134
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 500,968 $
153,248 $
(347,720)
500,968
153,248
(347,720)
500,968
293,091
207,877
500,968
293,091
207,877
-
(139,843)
(139,843)
-
(45,641)
(45,641)
$ - $
(185,484) $
(185,484)
134
Indian River County, Florida
Budgetary Comparison Schedule
East Gifford Stormwater
For the Year Ended September 30, 2006
Final
Budget
REVENUES
Taxes $ - $
Intergovernmental -
Special assessments 1,995
Interest -
Total revenues 1,995
EXPENDITURES
Transportation 1,925
Total expenditures 1,925
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
70
Variance
Actual Positive
Amounts (Negative)
4 $ 4
16,747 16,747
1,439 (556)
545 545
18,735 16,740
18,735
1,925
1,925
18,665
(70) (67) 3
(70) (67) 3
- 18,668 18,668
- 6,164 6,164
$ - $ 24,832 $ 24,832
133
Indian River County, Florida
Budgetary Comparison Schedule
Disabled Access Program
For the Year Ended September 30, 2006
REVENUES
Fines and forfeitures
Interest
Total revenues
EXPENDITURES
Human services
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
20,000
20,000
Variance
Actual Positive
Amounts (Negative)
2,299 $ 2,299
1,734 1,734
4,033 4,033
20,000
20,000
(20,000) 4,033 24,033
20,000 43,394 23,394
$ - $ 47,427 $ 47,427
132
Indian River County, Florida
Budgetary Comparison Schedule
Library Bequests
For the Year Ended September 30, 2006
Variance
Final
Budget
Actual
Amounts
Positive
(Negative)
REVENUES
Interest
$ $
1,575 $
1,575
Total revenues
_
1,575
1,575
EXPENDITURES
Culture/recreation
-
-
Total expenditures
-
-
-
Net change in fund balances
-
1,575
1,575
Fund balances at beginning of year -
40,874
40,874
Fund balances at end of year
$ - $
42,449 $
42,449
131
Indian River County, Florida
Budgetary Comparison Schedule
Florida Boating Improvement Program
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Interest
Total revenues
EXPENDITURES
Culture/recreation
Total expenditures
Excess of revenues over (under) expenditures
Fund balances at beginning of year
Fund balances at end of year
130
674,023 $ 674,023
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 35,000 $
78,425 $
43,425
-
23,768
23,768
35,000
102,193
67,193
65,000
1,270
63,730
65,000
1,270
63,730
(30,000)
100,923
130,923
30,000
573,100
543,100
130
674,023 $ 674,023
Indian River County, Florida
Budgetary Comparison Schedule
Vero Lake Estates
For the Year Ended September 30, 2006
REVENUES
Special assessments
Interest
Total revenues
EXPENDITURES
Physical environment
Transportation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
$ 73,661 $
4,361
78,022
118,147 40,125
141,037
Variance
Actual
Positive
Amounts
(Negative)
94,976 $
21,315
23,171
18,810
118,147 40,125
141,037
-
141,037
306,088
5,116
300,972
447,125
55116
442,009
(369,103)
113,031
482,134
(5,195)
(3,634)
1,561
(5,195)
(3,634)
1,561
(374,298)
109,397
483,695
374,298
529,071
154,773
$ - $
638,468 $
638,468
129
Indian River County, Florida
Budgetary Comparison Schedule
Beach Restoration
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Interest
Miscellaneous
Total revenues
EXPENDITURES
Culture/recreation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
19,044,690
19,044,690
5,714,273
5,714,273
(3,103,622) 1,288,794
13,330,417
13,330,417
4,392,416
153,622
153,622 -
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 536,750 $
569,010 $
32,260
14,694,500
5,708,501
(8,985,999)
74,907
90,645
15,738
634,911
634,911
-
15,941,068
7,003,067
(8,938,001)
19,044,690
19,044,690
5,714,273
5,714,273
(3,103,622) 1,288,794
13,330,417
13,330,417
4,392,416
153,622
153,622 -
153,622
153,622 -
(2,950,000)
1,442,416 4,392,416
2,950,000
1,273,825 (1,676,175)
- $
2,716,241 $ 2,716,241
128
Indian River County, Florida
Budgetary Comparison Schedule
Native Uplands Land Acquisition
For the Year Ended September 30, 2006
REVENUES
Charges for services
Interest
Total revenues
EXPENDITURES
Physical environment
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
127
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ - $
2,600 $
2,600
-
29,500
29,500
-
32,100
32,100
55,000
16,057
38,943
55,000
16,057
38,943
(55,000)
16,043
71,043
55,000
768,299
713,299
$ - $
784,342 $
784,342
127
Indian River County, Florida
a
Budgetary Comparison Schedule
Multi -Jurisdictional Law Enforcement
a
For the Year Ended September 30, 2006
Variance
a
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Fines and forfeitures $ 182,303 $
21,240 $
(161,063)
Interest -
1,829
1,829
a
Total revenues 182,303
23,069
(159,234)
EXPENDITURES
Public safety 29,805
29,803
2
Total expenditures 29,805
29,803
2
Excess of revenues over (under) expenditures 152,498
(6,734)
(159,232)
OTHER FINANCING SOURCES (USES)
Transfers out (152,498)
(152,498)
-
Total other financing sources (uses) (152,498)
(152,498)
-
Net change in fund balances -
(159,232)
(159,232)
a
Fund balances at beginning of year -
209,192
209,192
Fund balances at end of year $ - $
49,960 $
49,960
a
a
a
O
126
Indian River County, Florida
Budgetary Comparison Schedule
Metropolitan Planning Organization
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Charges for services
Interest
Total revenues
EXPENDITURES
General government
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
$ 780,340 $
780,340
782,054 401,136
782,054 401,136
(1,714) 137,207
380,918
380,918
138,921
1,714 (119,514) (121,228)
$ - $ 17,693 $ 17,693
125
Variance
Actual
Positive
Amounts
(Negative)
532,311 $
(248,029)
1,750
1,750
4,282
4,282
538,343
(241,997)
782,054 401,136
782,054 401,136
(1,714) 137,207
380,918
380,918
138,921
1,714 (119,514) (121,228)
$ - $ 17,693 $ 17,693
125
Indian River County, Florida
Budgetary Comparison Schedule
SHIP -Low Income Housing a
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Charges for services
Interest
Miscellaneous
Total revenues
EXPENDITURES
Human services
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
124
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 1,200,769 $
1,209,670 $
8,901
500,000
631,404
131,404
-
61,368
61,368
18,644
11,003
(7,641)
1,719,413
1,913,445
194,032
2,877,465
2,579,237
298,228
2,877,465
2,579,237
298,228
(1,158,052)
(665,792)
492,260
1,158,052
2,444,815
1,286,763
$ - $
1,779,023 $
1,779,023
124
0
0
�J
0
0
Indian River County, Florida
Budgetary Comparison Schedule
Drug Abuse
For the Year Ended September 30, 2006
EXPENDITURES
Public safety 104,991
Human services 69,123
Total expenditures 174,114
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(33,433)
33,433
33,433
Actual
Amounts
137,973 $
15,426
1,493
154,892
104,991
69,123
174,114
(19,222)
28,500
28,500
9,278
Variance
Positive
(Negative)
13,917
5,926
1,493
(7,125)
14,211
14,211
(4,933)
(4,933)
9,278
- 52,253 52,253
$ - $ 61,531 $ 61,531
123
Final
Budget
REVENUES
Intergovernmental
$ 124,056 $
Fines and forfeitures
9,500
Interest
-
Miscellaneous
7,125
Total revenues
140,681
EXPENDITURES
Public safety 104,991
Human services 69,123
Total expenditures 174,114
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(33,433)
33,433
33,433
Actual
Amounts
137,973 $
15,426
1,493
154,892
104,991
69,123
174,114
(19,222)
28,500
28,500
9,278
Variance
Positive
(Negative)
13,917
5,926
1,493
(7,125)
14,211
14,211
(4,933)
(4,933)
9,278
- 52,253 52,253
$ - $ 61,531 $ 61,531
123
Indian River County, Florida
Budgetary Comparison Schedule
911 Surcharge
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Interest
Total revenues
EXPENDITURES
Public safety
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
5
122
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 446,411 $
488,064 $
41,653
152,058
304,088
152,030
-
34,668
34,668
598,469
826,820
228,351
852,955
746,081
106,874
852,955
746,081
106,874
(254,486)
80,739
335,225
(110,961)
(110,961)
-
(110,961)
(110,961)
-
(365,447)
(30,222)
335,225
365,447
980,882
615,435
$ - $
950,660 $
950,660
122
Indian River County, Florida
Budgetary Comparison Schedule
Tourist Development
For the Year Ended September 30, 2006
REVENUES
Taxes
Interest
Total revenues
EXPENDITURES
Culture/recreation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
121
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 536,750 $
569,010 $
32,260
21,375
59,761
38,386
558,125
628,771
70,646
605,001
522,632
82,369
605,001
522,632
82,369
(46,876)
106,139
153,015
46,876
1,471,210
1,424,334
$ - $
1,577,349 $
1,577,349
121
Indian River County, Florida
Budgetary Comparison Schedule
Tree Ordinance Fines
For the Year Ended September 30, 2006
REVENUES
Fines and forfeitures
Interest
Total revenues
EXPENDITURES
Culture/recreation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
120
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ - $
42,700 $
42,700
-
7,761
7,761
-
50,461
50,461
25,000
6,897
18,103
25,000
6,897
18,103
(25,000)
43,564
68,564
25,000
174,287
149,287
$ - $
217,851 $
217,851
120
Indian River County, Florida
Budgetary Comparison Schedule
Parks Development
For the Year Ended September 30, 2006
REVENUES
Interest
Miscellaneous
Total revenues
EXPENDITURES
Culture/recreation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Final
Budget
25,000 - 25,000
25,000 - 25,000
(25,000) 22,764 47,764
25,000 60,799 35,799
$ - $ 83,563 $ 83,563
119
Variance
Actual
Positive
Amounts
(Negative)
2,764 $
2,764
20,000
20,000
22,764
22,764
25,000 - 25,000
25,000 - 25,000
(25,000) 22,764 47,764
25,000 60,799 35,799
$ - $ 83,563 $ 83,563
119
Indian River County, Florida
Budgetary Comparison Schedule
Special Law Enforcement
For the Year Ended September 30, 2006
REVENUES
Fines and forfeitures
Interest
Total revenues
EXPENDITURES
Public safety
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
118
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
$ 105,450 $
73,104 $
(32,346)
-
6,419
6,419
105,450
79,523
(25,927)
63,550
-
63,550
63,550
-
63,550
41,900
79,523
37,623
(41,900)
(41,900)
-
(41,900)
(41,900)
-
-
37,623
37,623
-
142,224
142,224
$ - $
179,847 $
179,847
118
Indian River County, Florida
Budgetary Comparison Schedule
DSection
8 Rental Assistance
For the Year Ended September 30, 2006
a
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Intergovernmental
$ 2,201,882 $
1,578,041 $
(623,841)
a
Charges for services
3,550
3,550
Interest
-
7,224
7,224
aTotal
revenues
2,201,882
1,588,815
(613,067)
EXPENDITURES
a
Human services
2,201,882
1,502,645
699,237
Total expenditures
2,201,882
1,502,645
699,237
Net change in fund balances
-
86,170
86,170
Fund balances at beginning of year -
228,495
228,495
Fund balances at end of year
$ - $
314,665 $
314,665
a
0
0
0
a
a
o
0
a
117
Indian River County, Florida
Budgetary Comparison Schedule
Court Facilities
For the Year Ended September 30, 2006
Variance
Final
Actual
Positive
Budget
Amounts
(Negative)
REVENUES
Charges for services $ 733,412 $
902,771 $
169,359
Interest -
33,240
33,240
Total revenues 733,412
936,011
202,599
EXPENDITURES
Court related 960,509
854,388
106,121
Total expenditures 960,509
854,388
106,121
Excess of revenues over (under) expenditures (227,097)
81,623
308,720
OTHER FINANCING SOURCES (USES)
Transfers out (40,500)
(40,500)
-
Total other financing sources (uses) (40,500)
(40,500)
-
Net change in fund balances (267,597)
41,123
308,720
Fund balances at beginning of year 267,597
817,392
549,795
Fund balances at end of year $ - $
858,515 $
858,515
a
a
a
0
0
0
O
116
Capital Proiects
485,417 - 129,375
- 485,417 - 129,375
153,684 (458,052) 7,911 (101,561)
(40,423) - (74,408) -
(40,423) - (74,408) -
113,261 (458,052) (66,497) (101,561)
(113,261) 717,153 66,497 101,561
$ - $ 259,101 $ - $ -
115
Total Nonmajor
Governmental
Funds
$ 4,470,890
10,998,423
2,656,220
448,642
269,711
980,956
670,935
20,495,777
482,028
1,676,493
16,057
215,557
293,091
4,151,005
6,245,072
854,388
2,235,000
1,196,396
1,786,323
19,151,410
1,344,367
383,652
(532,685)
(149,033)
1,195,334
21,992,646
$ 23,187,980
Homeless
Shooting
Dodgertown
Assistance
Fellsmere
Range
Facility
Center
Old School
153,468
-
6,952
25,000
216
27,365
959
49
-
-
-
21765
153,684
27,365
7,911
27,814
485,417 - 129,375
- 485,417 - 129,375
153,684 (458,052) 7,911 (101,561)
(40,423) - (74,408) -
(40,423) - (74,408) -
113,261 (458,052) (66,497) (101,561)
(113,261) 717,153 66,497 101,561
$ - $ 259,101 $ - $ -
115
Total Nonmajor
Governmental
Funds
$ 4,470,890
10,998,423
2,656,220
448,642
269,711
980,956
670,935
20,495,777
482,028
1,676,493
16,057
215,557
293,091
4,151,005
6,245,072
854,388
2,235,000
1,196,396
1,786,323
19,151,410
1,344,367
383,652
(532,685)
(149,033)
1,195,334
21,992,646
$ 23,187,980
Indian River County, Florida
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30, 2006
Debt Service Capital Projects
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/Recreation
Court related
Debt service:
Principal
Interest and other fiscal charges
Capital projects
Total expenditures
Excess of Revenues Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
505,000
Land
Dodgertown
-
Spring Training
Acquisition
Capital
Gifford Road
Facility Bonds
Bonds
Reserve
Construction
$ 379,340 $
2,465,462 $
- $
-
920,161
-
331,452
97,482
33,302
74,545
97,482
127,244
1,332,803
2,540,007
97,482
127,244
505,000
1,730,000
-
-
717,841
478,555
-
-
-
-
-
1,171,531
1,222,841
2,208,555
-
1,171,531
109,962
331,452
97,482
(1,044,287)
-
(61,968)
-
-
-
(61,968)
-
-
109,962
269,484
97,482
(1,044,287)
739,550
1,106,353
2,115,124
3,503,943
$ 849,512 $
1,375,837 $
2,212,606 $
2,459,656
114
Continued
113
Special
Revenue
Traffic
Clerk
Sheriff
Supervisor of
Street
Education
Special
Special
Elections
Lighting
Program
Revenue
Revenue
Special Revenue
Districts
a$
_$
_$
-$
-$
-
-
-
130,449
43,389
-
-
763,808
350,337
-
=
48,372
-
245,501
-
-
-
-
173,296
5,797
90,676
113,015=
18,559
_
_
2,256
54,169
854,484
839,302
43,389
194,111
a
-
30,371
-
50,521
-
-
-
795,618
25,189
-
-
=
185,252
25,189
185,252
50,521
795,618
30,371
28,980
824,113
43,684
(7,132)
8,859
a
-
-
194,398
7,132
-
_
_
-
-
(6,326)
-
-
194,398
7,132
(6,326)
28,980
824,113
238,082
-
2,533
129,621
1,573,710
1,945,166
-
456,108
a$
158,601 $
2,397,823 $
2,183,248
$ - $
458,641
Continued
113
Indian River County, Florida
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/Recreation
Court related
Debt service:
Principal
Interest and other fiscal charges
Capital projects
Total expenditures
Excess of Revenues Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
112
Special Revenue
Disabled
East
Community
Access
Gifford
Development
Program
Stormwater
Block Grant
$ -
$ 4 $
-
-
16,747
153,248
2,299
-
-
-
1,439
-
1,734
545
-
153,248
4,033
18,735
-
-
293,091
293,091
-
-
4,033
18,735
(139,843)
-
(67)
-
-
(67)
-
4,033
18,668
(139,843)
43,394
6,164
(45,641)
$ 47,427
$ 24,832 $
(185,484)
112
Native Uplands
Land
Acquisition
2,600
29,500
32,100
16,057
Beach
Restoration
Revenue
Florida
Vero Lakes Boating Improv. Library
Estates Program Bequests
569,010 $ - $ - $ -
5,708,501 - 78,425 -
- 94,976 - -
90,645 23,171 23,768 1,575
634,911 - - -
7,003,067 118,147 102,193 1,575
5,714,273
16,057 5,714,273
16,043 1,288,794
5,116
1,270 =
5,116 1,270 -
113,031 100,923 1,575
153,622 - - -
(3,634) - -
- 153,622 (3,634) - -
16,043 1,442,416 109,397 100,923 1,575
768,299 1,273,825 529,071 573,100 40,874
$ 784,342 $ 2,716,241 $ 638,468 $ 674,023 $ 42,449
Continued
111
Indian River County, Florida
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/Recreation
Court related
Debt service:
Principal
Interest and other fiscal charges
Capital projects
Total expenditures
Excess of Revenues Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Special Revenue
SHIP Metropolitan Multi -
Low Income Planning Jurisdictional
Housing Organization Law Enforce
1,209,670 532,311 -
631,404 1,750 -
- - 21,240
61,368 4,282 1,829
11,003 - -
1.913A45 538.343 23.069
-
401,136
-
-
-
29,803
2,579,237
-
-
2,579,237
401,136
29,803
(665,792)
137,207
(6,734)
-
-
(152,498)
-
-
(152,498)
(665,792)
137,207
(159,232)
2,444,815
(119,514)
209,192
$ 1,779,023 $
172693 $
49,960
110
a
DSpecial
Revenue
a
Tree
Parks
Ordinance
Tourist
911
Drug
Development
Fines
Development
Surcharge
Abuse
$ - $
- $
569,010 $
488,064 $
-
_
-
-
304,088
137,973
-
42,700
-
-
15,426
2,764
7,761
59,761
34,668
1,493
20,000
22,764
50,461
628,771
826,820
154,892
a
_
-
-
746,081
104,991
_
_
_
-
69,123
=
6,897
522,632
=
_
a-
174,114
746,081
522,632
6,897
22,764
43,564
106,139
80,739
(19,222)
_
_
-
-
28,500
(110,961)
-
(110,961)
28,500
22,764
43,564
106,139
(30,222)
9,278
60,799
174,287
1,471,210
980,882
52,253
$ 83,563 $
217,851
$ 1,577,349 $
950,660 $
61,531
Continued
109
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
Indian River County, Florida
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30, 2006
Special Revenue
Section 8
Court Rental Special Law
Facilities Assistance Enforcement
902,771
33,240
936,011
EXPENDITURES
Current:
General government
-
Public safety
-
Physical environment
-
Transportation
-
Economic environment
-
Human services
-
Culture/Recreation
-
Court related
854,388
Debt service:
Principal
-
Interest and other fiscal charges
-
Capital projects
-
Total expenditures
854,388
Excess of Revenues Over (Under) Expenditures
81,623
OTHER FINANCING SOURCES (USES)
Transfers in
-
Transfers out
(40,500)
Total other financing sources (uses)
(40,500)
Net change in fund balances
41,123
Fund balances at beginning of year
Fund balances at end of year
1,578,041 -
3,550 -
- 73,104
7,224 6,419
1,588,815 79,523
1,502,645
1,502,645
86,170
86,170
79,523
(41,900)
(41,900)
37,623
817,392 228,495 142,224
$ 858,515 $ 314,665 $ 179,847
108
$ - $ 358,869 $ 64,991 $ 1,591,364
117,025 - 207,789
29,734
- 137,750
_ 3,498
62,876
475,894 64,991 2,033,011
2,212,606 2,459,656 259,101
2,212,606 2,459,656 259,101
$ 2,212,606 $ 2,935,550 $ 324,092
107
16,031,268
2,225,349
4,931,363
23,187,980
$ 25,220,991
Capital Projects
Dodgertown
Gifford
Total Nonmajor
Capital
Road
Dodgertown
Governmental
Reserve
Construction
Facility
Funds
$ 2,203,428
$ 2,935,550 $
324,092
$ 24,966,263
-
_
_
58,834
9,178
-
-
9,178
_
-
-
32,423
_
_
_
153,793
_
_
_
500
$ 2,212,606
$ 2,935,550 $
324,092
$ 25,220,991
$ - $ 358,869 $ 64,991 $ 1,591,364
117,025 - 207,789
29,734
- 137,750
_ 3,498
62,876
475,894 64,991 2,033,011
2,212,606 2,459,656 259,101
2,212,606 2,459,656 259,101
$ 2,212,606 $ 2,935,550 $ 324,092
107
16,031,268
2,225,349
4,931,363
23,187,980
$ 25,220,991
ASSETS
Cash and cash equivalents
Accounts receivable
Interest receivable
Due from other funds
Due from other governments
Prepaid expenses
Total Assets
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Retainage payable
Accrued interest payable
Due to other funds
Due to other governments
Unearned revenues
Total Liabilities
Fund Equity:
Fund balances:
Unreserved (Deficit)
Reserved for debt service
Reserved for capital projects
Total Fund Equity
Total Liabilities and Fund Equity
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2006
106
Debt Service
Spring
Land
Training
Acquisition
Facility Bonds
Bonds
$ 814,499 $
1,376,341
-
29,230
35,013
-
1,405,571
$ 849,512 $
29,734
29,734
849,512 1,375,837
849,512 1,375,837
$ 849,512 $ 1,405,571
aSpecial
Revenue
Traffic
Clerk
Sheriff
Supervisor
Street
Education
Special
Special
of Elections
Lighting
Program
Revenue
Revenue Special
Revenue
District
$ 166,967 $
2,411,675 $
2,182,994 $
4,236 $
464,320
-
-
12,063
-
-
-
_
-
2,053
-
325
-
-
a$
166,967 $
2,412,000 $
2,195,057 $
4,236 $
466,373
8,366 $
1,427 $
7,822 $
- $
7,732
-
-
12,750
-
-
_
-
3,498
-
-
_
-
489
4,236
-
8,366
14,177
11,809
4,236
7,732
158,601
2,397,823
2,183,248
-
458,641
158,601
2,397,823
2,183,248
-
458,641
$ 166,967 $
2,412,000 $
2,195,057 $
4,236 $
466,373
O
Continued
105
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2006
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ - $ - $ 61,183
Retainage payable _ _ -
Accrued interest payable _ _ -
Due to other funds - - 125,000
Due to other governments _ _ -
Unearned revenues
Total Liabilities - - 186,183
Fund Equity:
Fund balances:
Unreserved (Deficit) 47,427 24,832 (185,484)
Reserved for debt service _ _
Reserved for capital projects _ _ _
Total Fund Equity 47,427 24,832 (185,484)
Total Liabilities and Fund Equity $ 47,427 $ 24,832 $ 699
104
Special Revenue
Disabled
East
Community
Access
Gifford
Development
Program
Stormwater
Block Grant
ASSETS
Cash and cash equivalents
$ 47,427 $
20,065 $
699
Accounts receivable
_
Interest receivable
_
Due from other funds
_
17
-
Due from other governments
-
4,750
-
Prepaid expenses
_
_
-
Total Assets
$ 47,427 $
24,832 $
699
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ - $ - $ 61,183
Retainage payable _ _ -
Accrued interest payable _ _ -
Due to other funds - - 125,000
Due to other governments _ _ -
Unearned revenues
Total Liabilities - - 186,183
Fund Equity:
Fund balances:
Unreserved (Deficit) 47,427 24,832 (185,484)
Reserved for debt service _ _
Reserved for capital projects _ _ _
Total Fund Equity 47,427 24,832 (185,484)
Total Liabilities and Fund Equity $ 47,427 $ 24,832 $ 699
104
a
0
Special
Revenue
Native Uplands
Florida
a
Land
Beach
Vero Lakes
Boating Improv.
Library
Acquisition
Restoration
Estates
Program
Bequests
0
$ 786,342 $
3,551,371 $
637,395
$ 674,023 $
42,449
_
-
1,123
-
58,151
-
$ 786,342 $
3,609,522 $
638,518
$ 674,023 $
42,449
$ 2,000 $
744,366 $
50
$ - $
-
-
90,764
-
-
-
_
58,151
-
2,000
893,281
50
784,342
2,716,241
638,468
674,023
42,449
784,342
2,716,241
638,468
674,023
42,449
a$
786,342 $
3,609,522=$
638,518
$ 674,023 $
42,449
a
0
a
Continued
103
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2006
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 25,529 $ 56,609 $ -
Retainage payable - _ _
Accrued interest payable _ _ _
Due to other funds _ _ _
Due to other governments _ _ _
Unearned revenues - _ _
Total Liabilities 25,529 56,609 -
Fund Equity:
Fund balances:
Unreserved (Deficit)
Reserved for debt service
Reserved for capital projects
Total Fund Equity
Total Liabilities and Fund Equity
1,779,023
17,693 49,960
1,779,023 17,693 49,960
$ 1,804,552 $ 74,302 $ 49,960
102
Special Revenue
SHIP
Metropolitan
Multi -
Low Income
Planning
Jurisdictional
Housing
Organization
Law Force
ASSETS
Cash and cash equivalents
$ 1,804,458 $
66,898 $
49,960
Accounts receivable
94
7,404
-
Interest receivable
_
Due from other funds
_
Due from other governments
_
Prepaid expenses
_
-
_
Total Assets
$ 1,804,552 $
74,302 $
49,960
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 25,529 $ 56,609 $ -
Retainage payable - _ _
Accrued interest payable _ _ _
Due to other funds _ _ _
Due to other governments _ _ _
Unearned revenues - _ _
Total Liabilities 25,529 56,609 -
Fund Equity:
Fund balances:
Unreserved (Deficit)
Reserved for debt service
Reserved for capital projects
Total Fund Equity
Total Liabilities and Fund Equity
1,779,023
17,693 49,960
1,779,023 17,693 49,960
$ 1,804,552 $ 74,302 $ 49,960
102
Special Revenue
Tree
Parks
Ordinance
Tourist
911
Drug
Development
Fines
Development
Surcharge
Abuse
$ 83,563 $
221,769
$ 1,663,343 $
907,602 $
64,974
_
_
-
39,273
-
51,023
4,531
_
83,563 $
-
221,769
500
$ 1,663,843 $
-
997,898 $
-
69,505
$
$ - $
3,918
$ 86,494 $
47,238 $
7,974
_
3,918
86,494
47,238
7,974
83,563
217,851
1,577,349
950,660
61,531
83,563
217,851
1,577,349
950,660
61,531
a$
83,563 $
221,769
$ 1,663,843 $
997,898 $
69,505
a
0
n
I�JI
Continued
101
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2006
100
Special Revenue
Section 8
Court
Rental
Special Law
Facilities
Assistance
Enforcement
ASSETS
Cash and cash equivalents
$ 959,097 $
320,879 $
179,847
Accounts receivable
Interest receivable
Due from other funds
_
Due from other governments
Prepaid expenses
_
_
Total Assets
$ 959,097 $
320,879 $
179,847
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
$ 100,582 $
6,214 $
_
Retainage payable
_
_
Accrued interest payable
Due to other funds
_
Due to other governments
Unearned revenues
_
Total Liabilities
100,582
6,214
_
Fund Equity:
Fund balances:
Unreserved (Deficit)
858,515
314,665
179,847
Reserved for debt service
_
Reserved for capital projects
_
_
_
Total Fund Equity
858,515
314,665
179,847
Total Liabilities and Fund Equity
$ 959,097 $
320,879 $
179,847
100
n
Dodgertown Facility- To account for expenditures incurred to acquire and refurbish the
Dodgertown Spring Training Facility. Financing is provided by
proceeds from the Spring Training Facility Bond issue.
Homeless Assistance Center- To account for expenditures incurred in the renovation and
expansion of the Homeless Assistance Center. Financing is
provided by the Department of Housing and Urban Development
and transfers from other funds.
Fellsmere Old School- To account for expenditures incurred by the restoration of the
Fellsmere Old School. Financing is provided by the Department of
Environmental Protection and the Department of State.
MAJOR CAPITAL PROJECTS FUND
Optional Sales Tax- To account for revenues generated by the local option 1 cent sales
tax. Monies are used for various capital projects.
u
0
0
u
99
Traffic Education Program- To account for the proceeds of an additional $3 add-on to traffic -
fines authorized by County Ordinance. Proceeds must be used for
traffic education programs.
Clerk Special Revenue- To account for the proceeds from a special recording fee to be used O
for modernizing the Clerk of the Circuit Courts' public records
system. a
Sheriff Special Revenue- To account for the expenditure of grants, fines and restricted
revenues received by the Sheriff.
Supervisor of Elections LJ
Special Revenue- To account for revenues and expenditures from state grants for
voter education and pollworker activities.
Street Lighting Districts- To account for the costs of providing street lights. Financing is
provided by the levying of special assessments.
DEBT SERVICE FUNDS
Spring Training Facility Bonds- To account for the accumulation of State assistance and tourist tax
monies pledged to pay the principal, interest, and fiscal charges on
the Spring Training Facility Bonds.
Land Acquisition Bonds- To account for the accumulation of ad valorem taxes to pay the
principal, interest and fiscal charges related to the Land
Acquisition Bonds.
CAPITAL PROJECTS FUNDS
Dodgertown Capital Reserve- To provide additional improvements to the Dodgertown Spring
Training Facility. The City of Vero Beach contributed $1,400,000
and the County contributed $600,000. (7
Gifford Road Construction- To account for expenditures incurred to improve the Gifford area.
Financing is provided by a transfer from the Secondary Roads
Construction Special Revenue Fund.
Shooting Range- To account for expenditures incurred to construct a public shooting
range. Financing is provided by the Florida Game and Freshwater
Fish Commission and transfers from other funds.
98 a
Metropolitan Planning Organization -
Multi -Jurisdictional Task Force -
nNative Uplands Land Acquisition -
EBeach Restoration -
DVero Lake Estates -
Florida Boating Improvement Program -
Library Bequest -
Disabled Access Program -
EEast Gifford Stormwater-
a
Community Development Block Grant -
11
To account for expenditures incurred for planning
community transportation in the County. Financing is
provided by grants.
To account for expenditures incurred in connection with the
cooperative drug enforcement task force established by the
County, the City of Vero Beach and the City of Sebastian.
Funds are provided by grants and program generated
income.
To account for expenditures related to the acquisition of
native habitat preserve areas and for the management of
such lands. Funding is provided by developers of property
who pay to mitigate native uplands destruction where
native upland plant communities will be destroyed.
To account for the expenditure of funds to preserve and
improve County beaches. Funds are provided by the levy of
a local option tourist development tax.
To account for the expenditure of funds to improve roads in
the Vero Lake Estates subdivision. Funds are provided by
the levying of special assessments.
To account for boat registration fees which may be used for
providing recreational channel marking, public launching
facilities, and other boating -related activities.
To account for bequests to the Indian River County Library
to be used for improvements to the Main and North County
Libraries.
To account for fines assessed against individuals for illegal
use of handicapped parking spaces.
To account for expenditures of funds for stormwater
improvements in the East Gifford Watershed. Funds are
provided by non -ad valorem taxes.
To account for the rehabilitation or replacement of housing
units in the Gifford area. Funding is provided by a housing
rehabilitation Community Development Block Grant.
97
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Court Facilities- To account for the court facility surcharge, additional court costs,
the additional recording fee for court technology, and
improvements made to court facilities.
Section 8 Rental Assistance- To account for the provision of rental assistance for low income
housing. Financing is provided by grants from the U.S. Department
of Housing and Urban Development.
Special Law Enforcement To account for the expenditures a
p rtures of providing law enforcement
equipment. Financing is provided by confiscation of monies and
property in accordance with Section 932.704 of the Florida
Statutes.
Parks Development To account for expenditures for improvements 0
p provements made to County
parks. Financing is provided by the sale of surplus County
property.
Tree Ordinance Fines- To account for fines assessed against individuals for illegal
removal of protected trees. Funds are used for park improvements.
Tourist Development- To account for the proceeds from the levy of a local option Tourist
Development tax. Funds are used to attract tourism trade and for
the benefit of County residents.
911 Surcharge- To account for the receipt of the 911 surcharge on all telephone
bills of the County. Monies are used to pay the operating costs of
the 911 Emergency Center. a
Drug Abuse- To account for the collection of fines on criminal drug cases.
Monies are used for drug prevention and education programs. I I
State Housing Initiatives a
Partnership- To account for State funds distributed under the State Housing
Initiatives Partnership Act. The purpose of this program is to
provide for the creation and preservation of affordable housing.
Funds are provided by the documentary stamp taxes.
96
rJ
N
COMBINING AND INDIVIDUAL
FUND STATEMENTS
AND
SCHEDULES
a
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 19 - COMMITMENTS AND CONTINGENCIES — Continued
B. Contracts and Other Commitments — Continued
In the Enterprise Funds, contracts are for the North County Reverse Osmosis Plant Expansion, Central
Regional Wastewater Treatment Facility Capacity Enhancement, South County Reverse Osmosis
Clearwell Addition, Utility Services Operations Center, Biosolids Collection and Dewatering Facility
and various other water and sewer projects.
A summary of these projects at September 30, 2006, is as follows:
C. Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to
the grantor agency would become a liability of the County. In the opinion of management, any such
adjustments would not be significant.
NOTE 20 - SUBSEQUENT EVENTS
In December 2006 and February 2007 the County received their final settlements of insurance recoveries
from Hurricanes Frances and Jeanne totaling $1.1 million.
Plans for moving into the new administration complex are scheduled for June 2007. Both buildings
encompass 170,000 square feet and will house the Property Appraiser and Tax Collector, as well as the
Board of County Commissioners departments. The Supervisor of Elections, Animal Control, Facilities
Management and Coastal Engineering departments moved into their new 30,000 square foot complex on
43`d Avenue in November 2006. Both complexes were funded by the one -cent local option sales tax.
In January 2007, a major developer filed a lawsuit against the County. The developer is requesting a
reservation of road capacity for their development and not a monetary award. At this time, the outcome
is undeterminable.
t
94 D
Special
Capital
General
Revenue
Projects
Enterprise
Total
Total contact price
$ 1,053,907
$ 62,589,652
$ 74,227,529
$ 32,916,619
$ 170,787,707
Total paid as of
September 30, 2006
(867,197)
(28,856,945)
(33,334,116)
(25,677,438)
(88,735,696)
Remaining Balance at
September 30, 2006
186 710
33,732,707
40,893,413
$IaL9,181
$ 82,052,011
C. Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to
the grantor agency would become a liability of the County. In the opinion of management, any such
adjustments would not be significant.
NOTE 20 - SUBSEQUENT EVENTS
In December 2006 and February 2007 the County received their final settlements of insurance recoveries
from Hurricanes Frances and Jeanne totaling $1.1 million.
Plans for moving into the new administration complex are scheduled for June 2007. Both buildings
encompass 170,000 square feet and will house the Property Appraiser and Tax Collector, as well as the
Board of County Commissioners departments. The Supervisor of Elections, Animal Control, Facilities
Management and Coastal Engineering departments moved into their new 30,000 square foot complex on
43`d Avenue in November 2006. Both complexes were funded by the one -cent local option sales tax.
In January 2007, a major developer filed a lawsuit against the County. The developer is requesting a
reservation of road capacity for their development and not a monetary award. At this time, the outcome
is undeterminable.
t
94 D
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 18 - RISK MANAGEMENT —Continued
General Liability, Property, Worker's Compensation and Medical — Continued
aChanges in the fund's claim liability amount during the current and prior three fiscal years are as
follows:
Balance at
Claims
Balance
Fiscal Year
and Changes
Claim
at Fiscal
Beginning
in Estimates
Payments
Year End
2002-2003 $ 4,261,000
$ 9,440,074
$ (9,120,074)
$ 4,581,000
2003-2004 4,581,000
11,597,947
(10,847,947)
5,331,000
2004-2005 5,331,000
10,657,797
(10,658,797)
5,330,000
2005-2006 5,330,000
13,026,906
(12,490,906)
5,866,000
r Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially
LJ determined and at September 30, 2006, unreserved net assets of $8,992,655 has been designated for this
purpose. The County has elected to accrue the larger of the discounted liability or undiscounted liability.
At September 30, 2006, the undiscounted liability was the greater of the two amounts. The discount rate
used in the calculation was 2.5 percent.
NOTE 19 - COMMITMENTS AND CONTINGENCIES
A. Litigation
J Various suits and claims are currently pending against the County. It is impossible for the County to
naccurately quantify the exposure involved given the jury's latitude in assessing compensatory and
LJ punitive damages, and the court's latitude in awarding attorney's fees. The County intends to
vigorously defend against these lawsuits and believes it has a good chance of prevailing on their merits.
The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary
course of its operations. In the opinion of management and based on the advice of legal counsel, the
ultimate disposition of lawsuits will not have a material adverse effect on the financial position of the
County.
B. Contracts and Other Commitments
The County has various contracts and commitments outstanding at September 30, 2006. In the General
Fund, contracts are for custodial services, maintenance of the 800 Mhz radio system, Indian River
County Code Review and various other general services. In the Special Revenue Funds, contracts are
for the Beach Preservation Plan, Dune Restoration Project, Pelican Island Upland Restoration Project,
Jungle Trail Shoreline Stabilization, renovation of several Fire/EMS stations, numerous environmental
protection services and a variety of road paving and drainage projects. In the Capital Projects Funds,
contracts are for the North County Regional Park, New County Administration Building, 43rd Avenue
OSub -Complex, Indian River County Jail Expansion and several stormwater projects throughout the
County.
93
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 18 - RISK MANAGEMENT
General Liability, Property, Worker's Compensation and Medical
The County is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets, errors or omissions, injuries to employees, and natural disasters. The County established a Self
Insurance Fund (an internal service fund) to account for and finance its uninsured risk of loss. Under
this program, the Self Insurance Fund provides coverage as follows:
The County purchases excess insurance to cover claims in excess of the amounts listed above. The
County has not incurred any settlements in excess of the insurance coverage listed above in the past
three fiscal years. All departments of the County participate in the program. Payments are made by
various funds to the Self Insurance Fund based on past experience and actual estimates of the amounts
needed to pay current year claims.
The County is also self insured for medical claims covering employees and their eligible dependents.
As required by Section 112.081, Florida Statutes, retirees and their eligible dependents are provided the
same health care coverage as is offered to active employees, however, the retirees are responsible for
payment of the premiums. Medical claims are paid from premiums contributed by employees, retirees
and by the County. Premiums and contributions are determined by projected claims based on historical
and actuarial experience. The self insurance plan assumes all risk for claims up to $100,000 per
individual/$200,000 per occurrence, and has purchased a reinsurance policy to cover claims in excess of
this amount. There were no claims in excess of this limit for the 2004, 2005, and 2006 fiscal years.
The claims liability of $5,866,000 reported at September 30, 2006, is based on the requirements of
generally accepted governmental accounting standards, which require that a liability for claims be
reported if information prior to the issuance of the financial statements indicates that it is probable that a
liability has been incurred at the date of the financial statements, and the amount of the loss can be
reasonably estimated. Estimates for claims incurred but not reported are actuarially determined and
recorded. Based on the actuary's report, $3,518,628 will be liquidated over the next twelve months.
A
92 D
Prior to
10/1/03 to
10/1/04 to
10/1/03
10/1/04
Present
Worker's Compensation
$ 350,000
$ 500,000
$ 600,000
General Liability
200,000
200,000
200,000
Auto Liability
200,000
200,000
200,000
Property Damage
500-25,000
500-25,000
500-25,000
Error or Omissions
200,000
200,000
200,000 O
Annual Aggregate
1,000,000
1,000,000
1,000,000
Annual Aggregate
1,000,000
1,000,000
1,000,000 n
The County purchases excess insurance to cover claims in excess of the amounts listed above. The
County has not incurred any settlements in excess of the insurance coverage listed above in the past
three fiscal years. All departments of the County participate in the program. Payments are made by
various funds to the Self Insurance Fund based on past experience and actual estimates of the amounts
needed to pay current year claims.
The County is also self insured for medical claims covering employees and their eligible dependents.
As required by Section 112.081, Florida Statutes, retirees and their eligible dependents are provided the
same health care coverage as is offered to active employees, however, the retirees are responsible for
payment of the premiums. Medical claims are paid from premiums contributed by employees, retirees
and by the County. Premiums and contributions are determined by projected claims based on historical
and actuarial experience. The self insurance plan assumes all risk for claims up to $100,000 per
individual/$200,000 per occurrence, and has purchased a reinsurance policy to cover claims in excess of
this amount. There were no claims in excess of this limit for the 2004, 2005, and 2006 fiscal years.
The claims liability of $5,866,000 reported at September 30, 2006, is based on the requirements of
generally accepted governmental accounting standards, which require that a liability for claims be
reported if information prior to the issuance of the financial statements indicates that it is probable that a
liability has been incurred at the date of the financial statements, and the amount of the loss can be
reasonably estimated. Estimates for claims incurred but not reported are actuarially determined and
recorded. Based on the actuary's report, $3,518,628 will be liquidated over the next twelve months.
A
92 D
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 16 - FUND EQUITY
B. Net Assets Restricted by Enabling Legislation
The government -wide statement of net assets for the primary government and component unit report
$247,886,506 of restricted net assets, of which $60,788,391 is restricted by enabling legislation.
C. Reserved Fund Balances
The County has established certain reserves within the fund equity section of the governmental funds.
Reserved fund balances at September 30, 2006, consist of the following:
Special Revenue Funds:
Reserved for Advances to Other Funds:
Secondary Roads Construction $ 654,000
Reserved for Capital Projects:
Secondary Roads Construction 666,667
Total 1,320.667
Debt Service Funds:
Reserved for Debt Service:
Land Acquisition Bonds $ 1,375,837
Spring Training Facility Revenue Bonds 849,512
Total 2 225 349
Capital Projects Funds:
Reserved for Capital Projects:
Optional Sales Tax
$ 28,610,633
Dodgertown Capital Reserve
2,212,606
Gifford Road Construction
2,459,656
Dodgertown Facility
259,101
Subtotal
33,541,996
Reserved for Advances to Other Funds:
Optional Sales Tax
987,105
Total
34,529,101
NOTE 17 - FUND EQUITY DEFICIT
The following funds had a deficit in fund balance at September 30, 2006:
Fund Deficit
Major governmental fund:
Federal/State Grants $ 455,991
Nonmajor governmental fund:
Community Development Block Grant 185,484
Total Deficit 641 475
The deficits for these two funds will be eliminated by grant proceeds in the fiscal year 2007.
91
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 15 - OPERATING LEASES — Continued
B. Future Minimum Lease Payments
The following is a schedule of minimum future rentals to be paid by the County for various
noncancelable operating leases of office space, park land, and office equipment as of September 30,
2006:
Year
Amount
2007
$ 377,033
2008
303,167
2009
166,713
2010
135,292
2011
21,333
2012-2016
106,665
2017-2021
106,665
2022-2026
106,665
2027-2031
12,017
2032-2036
1,500
2037-2041
1,500
2042-2046
1,500
2047-2051
1,200
Total future minimum lease payments:
1 341 250
NOTE 16 - FUND EQUITY
A. Restricted Net Assets
The County has established certain restrictions within the net assets section of the proprietary funds.
Restricted net assets at September 30, 2006, consist of the following:
Component
0t,
Primary Government
Unit
Total Primary
Housing
Golf Course County Utilities
Government
Authori
Restricted for debt service
$ 39,583 $ 208,750
$ 248,333
$ 238,002
Restricted for renewal
and replacement
468,664
Restricted for capital projects
- 88,823,634
88,823,634
-
Restricted for insurance
and property tax
- -
-
60,907
Total
39 583 89.032,384
89,071.967
767 573
0t,
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 14 - PENSION PLANS - Continued
A. Florida Retirement System - Continued
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 12.68% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
and 2006 were $7,365,648, $7,723,502, and $ 8,783,863 respectively, which are equal to 100% of the
required contribution for each year.
NOTE 15 - OPERATING LEASES
The County has entered into noncancelable operating leases, both as lessor and lessee. Lease terms vary
from 2 to 49 years. Lease revenues totaled $348,800 and lease expenditures totaled $293,198 for the
year ended September 30, 2006. The County also leases other equipment and office facilities as both
lessor and lessee on a month-to-month basis.
A. Future Minimum Lease Receipts
Year
Amount
2007
$ 366,818
2008
381,206
2009
391,569
2010
400,328
2011
412,669
2012-2016
1,651,153
2017-2021
1,650,529
2022-2026
924,279
2027-2031
193,905
2032-2036
800
Total future minimum lease receipts:
$6,373,256
The property being leased is included in the statement of net assets governmental activities and
business -type activities columns and has a cost of $7,670,895 and a carrying value of $2,805,419. All
depreciable property being leased has been fully depreciated.
J
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 14 - PENSION PLANS - Continued
A. Florida Retirement System - Continued L
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program (DROP).
This program allows eligible employees to defer receipt of monthly retirement benefit payments while
continuing employment with a FRS employer for a period not to exceed five years after electing to
participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest. F
Florida Statutes Chapter 121, as may be amended from time to time by the state legislature, determines
contribution rates for the various membership classes of the FRS. The FRS issues a publicly available
financial report that includes financial statements, ten-year historical trend information and other
required supplementary information. That report may be obtained by writing to the Department of
Administration, Division of Retirement, Cedars Executive Center, Building C, 2639 North Monroe
Street, Tallahassee, Florida 32399-1560.
Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in
effect during the period ended September 30, 2006, as follows (contribution rates are in agreement with
the actuarially determined rates):
10/1/05 7/1/06
to 6/30/06 to 9/30/06
Regular Class -
Members not qualifying for other classes. 7.83% 9.85%
Senior Management Service Class -
Members of senior management who do not elect the
optional annuity management program. 10.45% 13.12%
Special Risk Class -
Members employed as law enforcement officers,
firefighters, or correctional officers and meet the criteria
set to qualify for this class. 18.53% 20.92%
Special Risk Administrative Support Class -
Special risk members who are transferred or reassigned
to non -special risk and meet the criteria. 9.92% 12.55% n
Elected County Officer's Class -
Certain elected county officials. 15.23% 16.53%
Deferred Retirement Option Program - -
Members who are eligible for normal retirement that
have elected to participate in the deferred retirement
option program. 9.33% 10.91% n
!�1
88 H
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 13 — PROVISION FOR CLOSURE COSTS - Continued
Required closure and post -closure obligations per segment:
All amounts recognized are based on what it would cost to perform all closure and post -closure
functions in current dollars. Actual costs may be different due to inflation, changes in technology, or
changes in laws and regulations. The SWDD is required by FDEP to annually show proof of ability to
finance closure and post -closure costs, and has done so by fulfilling the requirements of the financial test
provision of the regulation. At the same time, the SWDD is making annual deposits to a closure and
post -closure cost account to provide for the financing of future closure -related expenditures. All funds
are on deposit at the Florida Local Government Investment Trust.
NOTE 14 - PENSION PLANS
A. Florida Retirement System
Plan Description: The County's employees participate in the Florida Retirement System (FRS), a cost-
sharing multiple -employer public employee retirement system, administered by the Florida Department
of Administration. The FRS is noncontributory for all members; all contributions are made by the
employer. Employees elect participation in either the defined benefit plan (Pension Plan) or the defined
contribution plan (Investment Plan). The Pension Plan provides for vesting of benefits after six years of
credible service. Normal retirement benefits are available to employees who retire at or after age 62
with six or more years of service. Early retirement is available after six years of service with a five
percent reduction in benefits for each year prior to the normal retirement age. Retirement benefits are
based on age, average compensation, and years -of -service credit where average compensation is
computed as the average of an individual's five highest years of earnings. For those employees who
elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of
service and there is no "normal retirement age". These participants receive a defined contribution for
self-direction in an investment product with a third party administrator selected by the State Board of
Administration.
H87
Closure and
LJ Capacity
Estimated
Post -Closure
Date
Used
Closing
Obligation
Closed
Active
Segment I addition - C & D
59%
2007
$ 480,000
N/A
Segment II -B addition - household waste
75%
2007
2,110,328
N/A
Segment II -C addition - household waste
75%
2011
2,864,016
N/A
Construction & Demolition
76%
2010
1,005,854
Inactive
Segment I - household waste
N/A
N/A
478,000
1993
aSegment
II -A class 1 - household waste
N/A
N/A
2,806,400
1998
Total account balance at 9/30/06:
$9,744,598
All amounts recognized are based on what it would cost to perform all closure and post -closure
functions in current dollars. Actual costs may be different due to inflation, changes in technology, or
changes in laws and regulations. The SWDD is required by FDEP to annually show proof of ability to
finance closure and post -closure costs, and has done so by fulfilling the requirements of the financial test
provision of the regulation. At the same time, the SWDD is making annual deposits to a closure and
post -closure cost account to provide for the financing of future closure -related expenditures. All funds
are on deposit at the Florida Local Government Investment Trust.
NOTE 14 - PENSION PLANS
A. Florida Retirement System
Plan Description: The County's employees participate in the Florida Retirement System (FRS), a cost-
sharing multiple -employer public employee retirement system, administered by the Florida Department
of Administration. The FRS is noncontributory for all members; all contributions are made by the
employer. Employees elect participation in either the defined benefit plan (Pension Plan) or the defined
contribution plan (Investment Plan). The Pension Plan provides for vesting of benefits after six years of
credible service. Normal retirement benefits are available to employees who retire at or after age 62
with six or more years of service. Early retirement is available after six years of service with a five
percent reduction in benefits for each year prior to the normal retirement age. Retirement benefits are
based on age, average compensation, and years -of -service credit where average compensation is
computed as the average of an individual's five highest years of earnings. For those employees who
elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after one year of
service and there is no "normal retirement age". These participants receive a defined contribution for
self-direction in an investment product with a third party administrator selected by the State Board of
Administration.
H87
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
G. Conduit Debt Obligations
From 1986 until 1999, Indian River County issued Industrial Revenue Bonds to provide financial
assistance to private -sector entities for the acquisition, construction and equipping of industrial and
commercial facilities deemed to be in the public interest. These facilities included an expanded
processing facility and an educational facility, for a total of two series of Industrial Revenue Bonds. The
bonds are secured by the property financed and are payable solely from payments received on the
underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers
to the private -sector entity served by the bond issuance. Neither the County, the State, nor any political
subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are
not reported as liabilities in the accompanying financial statements.
Original Principal
Bond Issue Outstanding Year Bonds and Project Description
$ 18,000,000 $ 16,300,000 1999 St. Edward's School, Inc. — Upper School educational
facilities
4,080,000 2,400,000 1997 Ocean Spray Cranberries, Inc. — expansion of
23,000 sq. ft. processing facility
Total 18.700.000
NOTE 13 - PROVISION FOR CLOSURE COSTS
Current regulations of the U.S. Environmental Protection Agency (EPA) and the Florida Department of
Environmental Protection (FDEP) require the Solid Waste Disposal District (SWDD) to place a final
cover on closed landfill areas, and to maintain those areas for up to thirty years after closure. The
SWDD recognized the expenses associated with the final closure and post -closure maintenance of the
landfill areas over the active life of those areas. These costs are recognized in each operating period
based on the amount of capacity used during that period, regardless of when cash disbursements are
made for these costs.
The SWDD annually obtains updated and revised estimates of total future closure and post -closure costs
from its consulting engineers. The provision for closure costs reported in the financial statements as
operating expense represents the portion of these estimated future outlays which are allocable to the
current year based on the amount of capacity used.
The total unrecognized closure and post -closure costs attributable to the currently active landfill areas
Segment I, Segment II, and Construction and Demolition are approximately $1.64 million. These costs
will be recognized in future periods as the remaining capacity is filled. The County's policy is to fund
100% of the current year's allocation (based upon the consulting engineer's report) of both closure and
post -closure care.
:.
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
F. Changes in Long-term Liabilities
Long-term liability activity for the year ended September 30, 2006, was as follows:
Governmental Activities:
Bonds payable:
Limited General Obligation Bonds
- 2006 Series
General Obligation Bonds - 2001 Series
Spring Training Facility Revenue Bonds
- Series 2001
General Obligation Refunding Bonds
- Series 2003
Total bonds payable
Other liabilities:
Compensated absences
Capital leases
Total other liabilities
Governmental activities long-term liabilities
Business -type Activities:
Bonds payable:
Recreational Refunding Revenue Bonds
- Series 2003
Water & Sewer Refunding Revenue Bonds
- Series 1993A
- Series 2005
Water & Sewer Revenue Bonds
- Series 1996
Add: Unamortized bonds premium
Less: Unamortized bonds discount
Total bonds payable
Other liabilities:
Compensated absences
Capital leases
Total other liabilities
Business -type activities long-term liabilities
Beginning
- $ 460,000
$ 5,135,000 $
Ending
Due Within
Balance
'Additions
Retirements
Balance
One Year
27,255,000
1,275,000
875,000
$ -
$ 48,600,000
$ - $
48,600,000
$ 2,320,000
8,685,000
-
650,000
8,035,000
670,000
15,025,000
-
505,000
14,520,000
520,000
5,700,000
-
1,080,000
4,620,000
1,105,000
29,410,000
48,600,000
2,235,000
75,775,000
4,615,000
193,786
80,338
1,148,092
441,157 446,408
5,007,775
5,103,273
4,693,465
5,417,583
3,107,456
380,275
-
380,275
-
-
5,388,050
5,103,273
5,073,740
5,417,583
3,107,456
$ 34,798,050 $ 53,703,273 $ 7,308,740 $ 81,192,583 $ 7,722,456
$ 5,595,000 $
- $ 460,000
$ 5,135,000 $
475,000
36,405,000
- 1,170,000
35,235,000
1,230,000
27,600,000
- 345,000
27,255,000
1,275,000
875,000
- 875,000
-
-
70,475,000
- 2,850,000
67,625,000
2,980,000
1,041,293
- 61,554
979,739
-
1,162,690
- 63,165
1,099,525
-
70,353,603
- 2,848,389
67,505,214
2,980,000
884,855
434,892 370,692
949,055
606,654
263,237
6,265 75,716
193,786
80,338
1,148,092
441,157 446,408
1,142,841
686,992
$ 71,501,695 $ 441,157 $ 3,294,797 $ 68,648,055 $ 3,666,992
M
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006 a
NOTE 12 - LONG-TERM LIABILITIES - Continued
D. Capital Leases and Notes Payable
Business -Type Activities
The County has entered into lease -purchase agreements to purchase golf carts and an ice machine for
Sandridge Golf Course with lease terms of 36-48 months. Monthly payments for the leases are made by
the Golf Course Fund. The value of the golf carts at the time of the lease was $311,302. The value of
the ice machine at the time of the lease was $6,265. The following is a schedule of future minimum
lease payments under the capital leases, together with the present value of the net minimum lease
payments, as of September 30, 2006:
Fiscal Year Ending September 30,
2007
$ 87,421
2008
87,421
2009
29,704
Total Minimum Lease Payment
204,546
Less Amount Representing Interest
10,760
Present Value of Net Minimum Lease Payment
193 786
E. Compensated Absences
Governmental activities compensated absences are paid by the fund which normally pays the personnel
services costs of the employee.
I
R
84 E
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
B. Discretely Presented Component Unit - Continued
Annual Debt Service Payments - Housing Authority
The annual debt service payments for bonds outstanding at September 30, 2006, are as follows:
Fiscal Year Ending_ September 30
Payment Amount
2007
$ 439,488
2008
219,084
2009
218,994
2010
219,064
2011
219,114
2012-2016
1,096,220
2017-2021
880,5404
2022-2023
150,628
3,443,132
Less: Amount representing interest
(274,732)
Total principal
3,168,400
Less: Current principal
(378,000)
a
Total
400
&Z-790,400
C. Summary of Defeased Debt Outstanding
The following outstanding revenue bonds are legally defeased. Since governmental obligations are held
in escrow for the payment of principal and interest, the bonds are not liabilities of the County.
Outstanding
Retired Outstanding
at
During at
September 30,
Fiscal Year September 30,
2005
2006 2006
Capital Improvement Revenue
Bonds: Series 1980 $ 1,890,00.0
$250,000 1,640,000
Water and Sewer Revenue
Bonds: Series 1996 $ 31,680,000
31,680,000 $ -
a83
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
B. Discretely Presented Component Unit
Housing Authority Revenue Bonds
On April 1, 1986, August 23, 1988, and July 16, 1991, the Housing Authority adopted resolutions
authorizing the issuance of revenue bonds payable to the U.S. Department of Agriculture, Farmers
Home Administration, for the purpose of financing a part of the cost of acquiring, erecting and
constructing low -rent, multi -family housing facilities (Victory Park Apartments - Phase I and Phase II
and Orangewood Park Apartments), including the repayment of certain notes payable to the State of
Florida for the acquisition of land. The bond and interest thereon are payable solely from and
collateralized by a prior lien upon and a pledge of the gross revenues to be derived from the projects.
The revenue bond resolution provides for the following:
Bonds Issued - The revenue bond obligation consists of-
Description
£
Description
Indian River County
Housing Authority
Revenue Bonds:
Original Revenue
Interest Bond
Rates and Date Commitment
1 % per annum on
the unpaid balance
payable September
1 each year
Victory Park, Phase I
Victory Park, Phase II
Orangewood Park Apartments
Less: Current Portion of Bonds
Long-term Portion of Bonds
$ 1,908,000
1,908,000
2,006,400
5 822 400
Outstanding at
September 30,
2006
$ 934,000
996,000
1,238,400
3,168,400
378,000
2,790,400
Optional Redemption - Each revenue bond is redeemable at the option of the Housing Authority at par
plus accrued interest and plus a premium ranging between 0% and 5% depending on the year of
redemption and the holder of the bond at the time of redemption.
The Housing Authority may redeem, in whole or in part, at any time, the principal portion of each
revenue bond on any interest payment date, at the price of par plus accrued interest, without premium if
the bond is held by the U.S. Department of Agriculture, Farmers Home Administration.
82 D
aIndian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
n NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Term Bonds due April 1, 2027
Date
Principal Amount
April 1, 2022
$ 305,000
April 1, 2023
320,000
April 1, 2024
340,000
April 1, 2025
355,000
April 1, 2026
375,000
April 1, 2027
390,000
Term Bonds due April 1, 2031
Date Principal Amount
April 1, 2028 $ 410,000
April 1, 2029 430,000
April 1, 2030 455,000
April 1, 2031 435,000
Annual Debt Service Payments - Governmental Activities
The annual debt service payments for bonds outstanding at September 30, 2006, are as follows:
LIMITED GENERAL
GENERAL OBLIGATION
GENERAL
SPRING TRAINING
FISCAL YEAR
OBLIGATION
BONDS
REFUNDING BONDS
OBLIGATION BONDS
FACH-ITY BONDS
ENDING
SERIES 2006
SERIES 2003
1 SERIES 2001
Interest
SERIES 2001
Principal
Interest
SEPT. 30
Principal
Interest
Principal
Interest
Principal
2007 $
2,320,000 $
2,140,863 $
1,105,000$
124,638 $
670,000 $
312,417 $
520,000 $
704,062
2008
2,565,000
2,048,063
1,135,000
99,775
690,000
290,643
545,000
685,343
2009
2,670,000
1,945,463
1,170,000
71,400
720,000
266,493
560,000
664,633
2010
2,775,000
1,838,663
1,210,000
36,300
745,000
240,572
585,000
642,232
2011
2,885,000
1,727,663
-
-
780,000
213,008
605,000
618,833
2012-2016
16,310,000
6,711,915
-
-
4,430,000
575,425
3,455,000
2,662,305
2017-2021
19,075,000
2,667,765
-
-
4,435,000
1,676,413
-
-
1,695,000
793,000
2022-2026
-
-
-
-
-
2,120,000
324,750
2027-2031
Total
-
48,600,000
-
19,080,395
4,620,000
332,113
8,035,000
1,898,558
14,520,000
8,771,571
Less:
Cl fent portion
2,320,000
-
1,105,000
-
670,000
-
520,000
-
Unamortized
bond discount
-
-
-
-
-
Add:
Unamortized
bond premium
Total $
1,375,060
47,655,060 $
-
19,080,395 $
-
3,515,000 $
332,113 $
-
1,898,558 $
14,000,000 $
8,771,571
7,365,000 $
81
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
The Fourth Cent Tourist Development Tax and the Local Government Half -Cent Sales Tax pledged to
the payment of debt service on the Series 2001 Bonds are automatically released as a pledged revenue
for the Series 2001 Bonds immediately following the April 1, 2021 principal payment on the Series
2001 Bonds.
Bonds Issued - At September 30, 2006, Spring Training Facility Revenue Bonds consisted of the
following:
Interest
Rates and
Description Date Maturity
Outstanding at
September 30,
Issue 2006
Spring Training 3.30%-5.25%
Facility 4/1 and 10/1 2031 $ 16.810,000 $ 14,520,000
Optional Redemption - The Series 2001 Bonds maturing on or after April 1, 2012, are subject to Li
redemption at the option of the County in whole or in part, on April 1, 2011, or on any date thereafter at
par plus accrued interest and plus a premium ranging between 0% to 1% depending on the year of the
redemption.
Mandatory Redemption - The Series 2001 Term Bonds are subject to mandatory redemption prior to
maturity, by lot, at par plus accrued interest, according to the following schedule:
Term Bonds due April 1; 2015
Date Principal Amount
April 1, 2014 $ 685,000
April 1, 2015 725,000
Term Bonds due April 1, 2017
Date Principal Amount
April 1, 2016 $ 760,000
April 1, 2017 795,000
Term Bonds due April 1, 2021
Date Principal Amount
April 1, 2018 $ 840,000
April 1, 2019 890,000
April 1, 2020 930,000
April 1, 2021 980,000
80
a
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Bonds Issued - At September 30, 2006, General Obligation bonds consisted of the following:
aInterest Outstanding at
Rates and September 30,
Description Date Maturity Issue 2006
General Obligation 2.50%-4.30%
2001 Series 1/1 and 7/1 2016 $ 11.000,000 $8,0350,00
a General Obligation 1.50%-3.00%
Refunding 2003 Series 1/1 and 7/1 2010 $7,800-000 $4,620,000
Optional Redemption - The General Obligation Bonds, Series 2001, maturing on or after July 1, 2013,
are subject to redemption prior to maturity, at the option of the County on and after July 1, 2012, in
whole or in part, at any time, on any date at par plus accrued interest and plus a premium ranging
between 0% to 1% depending on the year of redemption. The General Obligation Refunding Bonds,
Series 2003, are not subject to redemption prior to their maturities.
Spring Training Facility Revenue Bonds
Purpose - On August 15, 2001, the Board issued $16,810,000 of Spring Training Facility Revenue
Bonds, Series 2001. The Series 2001 Bonds are being issued by the County to provide funds, together
with other available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring
training facility known as "Dodgertown"; (2) pay a premium for a municipal bond insurance policy and
a debt service reserve account surety bond, and (3) pay certain costs and expenses incurred in
connection with the issuance of the Series 2001 Bonds.
LJ Pledge of Revenues - The principal and interest on the Series 2001 Bonds will be payable from and
secured by a first lien upon and pledge of the following, together with any investment income realized
on any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund:
(1) Payments received by the County from the State of Florida pursuant to Section 212.20, Florida
Statutes; and
(2) The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029,
enacted pursuant to Section 125.0104(3)(1), Florida Statutes; and
(3) Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County,
pursuant to Chapter 218, part VI, Florida Statutes.
The foregoing are collectively referred to herein as the "pledged revenues".
a
0
79
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Pledge of revenues — The principal and interest on the bonds are payable from ad valorem taxes not O
exceeding '/z mil and having a maturity not exceeding fifteen years, which are levied by the County upon
the taxable real and personal property of the County. n
Bonds Issued - At September 30, 2006, General Obligation bonds consisted of the following:
Interest Outstanding at L
Rates and September 30,
Description Date Maturity Issue 2006
Limited General 4.00%-5.00%
Obligation 2006 Series 1/1 and 7/1 2001 48,600.000 48.600,000 n
Optional Redemption — The Limited General Obligation Bonds, Series 2006, maturing on or after July 1,
2017, are subject to redemption prior to maturity, at the option of the County on and after July 1, 2016,
in whole or in part, at any time, on any date at a redemption price of 100% of the principal amount
thereof, together with accrued interest thereon to the redemption date.
General Obligation Bonds
Purpose - On November 29, 2001, the Board issued the additional $11,000,000 of General Obligation
Bonds Series 2001. The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by
a majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of the
County. The referendum authorized a total of $26,000,000 aggregate principal amount of general
obligation bonds, in one or more series, of which the Series 1995 bonds are the first (in the amount of
$15,000,000) and the Series 2001 bonds are the second. The proceeds of this issue will provide funds to
acquire environmentally sensitive lands, together with the necessary restoration, remediation and
reclamation activities to preserve and enhance such property.
On July 1, 2003, the Board issued $7,800,000 of General Obligation Refunding Bonds, Series 2003. The
bonds were issued to provide funds, together with $600,000, to refund and redeem all of the outstanding
principal amount of the County's $15,000,000 General Obligation Bonds Series 1995. Proceeds of the
bonds will also be used to pay cost of issuance of the Bonds, including the premiums for guaranty
insurance.
Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied
by the County upon the taxable real and personal property of the County.
11
78 H
Indian River County, Florida
n Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Annual Debt Service Payments — Business -type Activities
aThe annual debt service payments for bonds outstanding at September 30, 2006 are as follows:
0
FISCAL YEARS
ENDING
SEPTEMBER
2007
2008
2009
2010
2011
2012-2016
2017-2021
2022-2026
Total
Less:
Current portion
Unamortized
bond discount
Add:
Unamortized
bond premium
Total
RECREATIONAL
REVENUE
SERIES 2003
Principal
$ 475,000
485,000
490,000
510,000
520,000
2,655,000
5,135,000
475,000
45,901
$ 4,614,099
Interest
$ 170,858
160,764
148,639
135,164
119,864
304,251
1,039,540
$ 1,039,540
WATER AND SEWER
REFUNDING BONDS
SERIES 1993
Principal
$ 1,230,000
1,310,000
1,395,000
1,475,000
1,555,000
9,150,000
11,870,000
7,250,000
35,235,000
1,230,000
1,053,624
$ 32,951,376
Interest
$ 1,910,450
1,830,500
1,745,350
1,668,625
1,587,500
6,557,000
3,836,700
699,563
19,835,688
WATER AND SEWER
REFUNDING BONDS
SERIES 2005
Principal
$ 1,275,000
1,310,000
1,350,000
1,395,000
1,435,000
8,035,000
10,145,000
2,310,000
27,255,000
1,275,000
Interest
$ 1,130,700
1,092,450
1,053,150
1,012,650
970,800
3,992,450
1,878,300
92,400
11,222,900
- 979,739 -
$ 19,835,688 $ 26,959,739 $ 11,222,900
Governmental Activities
Limited General Obligation Bonds
Purpose — On July 6, 2006, the Board issued $48,600,000 of Limited General Obligation Bonds Series
2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond
referendum held on November 2, 2004, by the qualified electors of the County. The referendum
authorized a total of $50,000,000 aggregate principal amount of limited general obligation bonds. The
proceeds of this issue will provide funds to acquire by purchase, interest in lands to protect water
resources and/or drinking water sources, environmentally sensitive lands, historic sites, and/or
aagricultural lands together with the necessary restoration, remediation and reclamation activities to
preserve and enhance such property and customary and necessary costs incurred in the acquisition.
r
77
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES -Continued
A. Primary Government - Continued
Water and Sewer Revenue Refunding Bonds, Series 2005
Purpose - The Series 2005 Bonds were issued to legally defease $31,680,000 of the County's
outstanding Water and Sewer Revenue Bonds, Series 1996. These bonds were issued by the County to
provide funds, together with $5,000,000, to retire 95 percent of the 1996 Series and to pay for all bond
issuance costs. The September 1, 2005 and 2006 principal installments were not subject to early call
and consequently paid at their respective maturity dates.
The aggregate difference in debt service between the Series 1996 ($40,585,193) and Series 2005
($39,619,193) is $966,000. The net economic gain was $2,944,661, which included shortening the term
of the bonds by four years and lowering average annual debt service by $242,000.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from L
the operation of the system and certain surcharges and special assessments.
Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following: O
Interest Outstanding at
Rates and September 30,
Description Date Maturity Issue 2006
Water and Sewer 3-5%
Revenue Bonds, 3/1 and 9/1 2022 $ 27,675,000 $ 27,255,000
Series 2005
Less: Current Portion of Bonds 1,275,000
Add: Unamortized Bond Premium 979,739
Long -Term Portion $ 26,959.739
Outstanding In -Substance Defeased Debt - The proceeds from the refunding have been invested in
Federal Securities and placed in an escrow account with J.P. Morgan. All of the defeased bonds
($31,680,000) were called on September 1, 2006 at 102% of the outstanding principal amount.
Optional Redemption - The Series 2005 Bonds maturing after September 1, 2015, are subject to
redemption by the County on or after September 1, 2015, in whole or in part, at par, plus accrued
interest to date of redemption.
76
a
Indian River County, Florida
a Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
aWater and Sewer Revenue Bonds Series 1993A - Continued
Term Bonds Due September 1, 2008
Date
September 1, 2007
September 1, 2008
Term Bonds due September 1, 2011
Date —
September 1, 2009
September 1, 2010
aSeptember 1, 2011
1
1
Term Bonds due September 1, 2015
Date
September 1, 2012
September 1, 2013
September 1, 2014
September 1, 2015
Term Bonds due September 1, 2018
Date
September 1, 2016
September 1, 2017
September 1, 2018
Term Bonds due September 1, 2020
Date
September 1, 2019
September 1, 2020
Term Bonds due September 1, 2024
Date
September 1, 2021
September 1, 2022
September 1, 2023
September 1, 2024
Principal Amount
$ 1,230,000
1,310,000
Principal Amount
$ 1,395,000
1,475,000
1,555,000
Principal Amount
$ 1,640,000
1,730,000
1,825,000
1,925,000
Principal Amount
$ 2,030,000
2,135,000
2,250,000
Principal Amount
$ 2,370,000
2,490,000
Principal Amount
$ 2,625,000
2,760,000
2,905,000
1,585,000
Optional Redemption - The revenue bonds, Series 1993A, maturing on or after September 1, 2009, are
subject to redemption prior to maturity, at the option of the County on and after September 1, 2008, in
whole or in part, at any time, on any interest payment date at par plus accrued interest and plus a
premium ranging between 0% and 2% depending on the year of redemption.
75
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
The aggregate difference in debt service between the Series 1993 debt ($9,284,290) and Series 2003
debt (8,060,911) is $1,223,379. The net economic gain was $348,450.
Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following:
Interest
Rates and
Description Date
2003 Recreational Revenue 2.00-4.125%
Refunding Bonds 3/1 and 9/1
Less: Current Portion
Unamortized Bond Discount
Long -Term Portion
Outstanding at
September 30,
Maturity Issue 2006
9/1/16 $ 6,455,000 $ 5,135,000
475,000
45,901
4 614 099
Optional Redemption - The revenue bonds, maturing on or after September 1, 2014, are subject to
redemption prior to maturity, at the option of the County on and after September 1, 2013, in whole or in
part, at any time thereafter at the redemption price of par, plus interest accrued to the date of redemption.
Water and Sewer Revenue Bonds, Series 1993A
Purpose - The Series 1993 bonds were issued to legally defease all of the County's outstanding Water
and Sewer Revenue and Refunding Bonds, Series 1986 and 1986A, Series 1989, Series 1991, and
Special Assessment Revenue Bonds, Series 1989 and Series 1990, and to provide funds to make certain
capital improvements to the utility system.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from
the operation of the system, and certain surcharges and special assessments.
Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following:
Interest Outstanding at
Rates and September 30,
Description Date Maturity Issue 2006
Water and Sewer 2.60-6.50%
Revenue Bonds, 3/1 and 9/1 2024 $ 47,190,000 $ 35,235,000
Series 1993A
Less: Current Portion 1,230,000
Unamortized Bond
Discount 1,053,624
Long -Term Portion 32.951.376
Mandatory Redemption - The Series 1993A Term Bonds are subject to mandatory redemption by lot,
prior to maturity, at par plus accrued interest to date of redemption, based on the following schedule:
74
A
t
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 11- RECEIVABLE AND PAYABLE BALANCES - Continued
Payables
Payables at September 30, 2006, were as follows:
Salaries and
Total
Governmental Activities:
Vendors
Benefits
Retainage
$ 1,575
Payables
$ 2,608,038
General
$ 1,524,242
1,051,535
$ 1,082,221
1,324
426,123
1,478,982
Impact Fees
Secondary Roads Construction
1,588,324
9,445
198,163
704
1,795,932
369,773
Transportation
177,034
416,038
192,035
397,093
141
813,272
Emergency Services
55,017
Land Acquisition
55017
570,698
-
-
22,035
592,733
Federal/State Grants
Optional Sales Tax
4,257,789
2,115
2,044,578
6,304,482
Other governmental
1,965,273
$11,605,950
36.977
$ 1,721.210
207,789
$ 2,901.108
2,210,039
$ 16.228.268
Total Governmental Activities
Business -Type Activities
Payable from current assets:
$ 1,101,605
$ .59,210
$ _
$ 1,160,815
Solid Waste
Golf Course
198,304
16,495
-
214,799
1,360,903
Utilities
1,1 93,482
74,889
167,421
63,552
-
758
139,199
Other
Payable from restricted assets:
_
3,173
3,173
Solid Waste
_
1 678,189
-
245,254
1,923,443
Utilities
Total Business -Type Activities
$ 4,246,469
3066 8
249185
$ 4.802,332
The County has not engaged in any short-term debt activity during the year other than that listed in Note
9.
NOTE 12 - LONG-TERM LIABILITIES
A. Primary Government
Business -type Activities
Recreational (Golf Course) Revenue Refunding Bonds Series 2003
Purpose - On October 15, 2003, the Series 2003 bonds were issued to legally redeem $6,735,000 of the
County's outstanding Recreational Revenue Bonds, Series 1993. The Series 2003 bonds are being issued
by the County to provide funds, together with $583,790, to retire all of the outstanding 1993 Series
bonds and to pay, for all bond issuance costs.
Pledge of Revenues -The revenue bonds and nd Jail AlailizedFronton funds and seven percentn the net revenuesderived
thhalf-cent
operations of the golf course, racetrack
sales tax accruing annually to the County.
73
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 11 - RECEIVABLE AND PAYABLE BALANCES
Receivables
Receivables at September 30, 2006, were as follows:
Due from
Governmental Activities:
Accounts
Other Governments
Total
General
$ 563,436
$ 2,346,150
$ 2,909,586
Impact Fees
-
331,330
331,330
Secondary Roads Construction
76,300
508,972
585,272
Transportation
783
1,654,254
1,655,037
Emergency Services
-
16,250
16,250
Land Acquisition
-
2,194,630
2,194,630
Federal/State Grants
-
780,702
780,702
Optional Sales Tax
26,175
1,329,885
1,356,060
Other governmental
1,530,291
2,848,826
4,379,117
Total Governmental Activities
$ 2.196.985
$ 12.010.999
$ 14.207.984
Business -Type Activities:
Solid Waste
$ 405,081
$ 1,100,947
$ 1,506,028
Golf Course
-
10,500
10,500
Utilities
3,177,064
-
3,177,064
Other proprietary
77
-
77
Total Business -Type Activities
$ 3.582.222
$ 1.111.447
$ 4.693.669
On May 2, 2006, the Board approved an incentive loan agreement with Adrian Investments regarding
their development of the Indian River Park of Commerce. This agreement resulted in a total $1.5
million note receivable due to the Board and will be repaid by Adrian Investments in payments upon
closing of the conveyance of each lot in the park. The total balance will be repaid over ten years.
During fiscal year 2006, the Board loaned the initial $1.0 million on the above project. The remaining
$500,000 will be paid to Adrian Investments upon final plat approval or issuance of a certificate of
completion. Funding for the $1.0 million note receivable was from the following funds: $666,667 from
the Secondary Roads Construction Fund and $333,333 from the Utilities Fund.
11,
72 U
Indian River County, Florida
n Notes To Financial Statements
(I Year Ended September 30, 2006
NOTE 10 - INTERFUND TRANSFERS
Transfers are used to 1) move revenues from the fund that state law requires to collect them to the fund
that state law requires to expend them, 2) provide matching funds for grants, 3) use unrestricted general
fund revenues to finance transportation activities which must be accounted for in another fund, 4) use
unrestricted general fund revenues for beach restoration activities which must be accounted for in
another fund, 5) use unrestricted general fund revenues to subsidize a business activity, the Shooting
Range, 6) allocate hurricane insurance proceeds to the appropriate fund, 7) transfer balance of completed
capital projects funds, and 8) provide funding for construction of the County Administration Building.
71
Interfund transfers for the year ended September 30, 2006, consisted of the following:
Transfers to General Fund from:
Emergency Services District Fund
$ 513,792
Golf Course Fund
44,530
Nonmajor governmental funds
441,595
Internal service fund
3,705,837
Transfers to Transportation Fund from:
General Fund
11,048,573
Transfers to Emergency Services District Fund from:
Internal Service Fund
738,100
Transfers to Optional Sales Tax Fund from:
General Fund
807,488
Solid Waste Disposal District Fund
126,193
Utilities Fund
3,100,735
Nonmajor enterprise funds
2,352,593
Transfers to Solid Waste Disposal District Fund from:
Internal Service Fund
15,514
Transfers to Utilities Fund from:
Internal Service Fund
132,062
Transfers to Nonmajor governmental funds from:
General Fund
189,254
All other transfers
50,667
aTransfers
to nonmajor enterprise funds from:
General Fund
195,644
Internal Service Fund
179,562
All other transfers
40,423
Total transfers
23,682,562
Transfers are used to 1) move revenues from the fund that state law requires to collect them to the fund
that state law requires to expend them, 2) provide matching funds for grants, 3) use unrestricted general
fund revenues to finance transportation activities which must be accounted for in another fund, 4) use
unrestricted general fund revenues for beach restoration activities which must be accounted for in
another fund, 5) use unrestricted general fund revenues to subsidize a business activity, the Shooting
Range, 6) allocate hurricane insurance proceeds to the appropriate fund, 7) transfer balance of completed
capital projects funds, and 8) provide funding for construction of the County Administration Building.
71
Indian River County, Florida O
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 9 - INTERFUND BALANCES
Interfund balances at September 30, 2006, consisted of the following:
Due to General Fund from:
Major governmental fund:
Federal/State Grants Fund $ 105,207
Nonmajor governmental funds:
Community Development Block Grant Fund 125,000
Clerk Special Revenue Fund 12,750
Total 242 957
Amounts due from the above funds represent short-term cash loans that will be repaid within the next a
twelve months.
Due from General Fund to:
Major governmental fund:
Optional Sales Tax Fund $ 18,000
Emergency Services District Fund 273,316
Total 291 316
Due from General Fund to:
Major enterprise fund:
Solid Waste Disposal District Fund $ 87,859
Total 87 859
Nonmajor governmental funds:
Land Acquisition Bond Fund $ 29,230
Street Lighting Districts 2,053
Vero Lake Estate Fund 1,123
East Gifford Stormwater 17 a
Total 32 423
Amounts due from the General Fund represent excess fees and payments of the constitutional officers
remitted to various funds subsequent to September 30, 2006.
Interfund advances at September 30, 2006, consisted of the following:
Due to Secondary Roads Fund from:
Golf Course Fund $ 654,000
Due to Optional Sales Tax Fund from:
General Fund 987,105
Total 1 641 105
Both amounts are considered long-term advances expected to be paid over the course of several years.
Reservations of fund balance have been established for these amounts.
70
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 7 - RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS
Various bond covenants, resolutions and state regulations require that the County restrict cash and cash
equivalents and investments within the Enterprise Funds. Restricted cash and cash equivalents and
investments are as follows:
Solid Waste
Government
Other
Component
Unit
Disposal Golf
County Enterprise
Housing
District Course
Utilities Funds
Total Authori
Sinking Funds $ - $ 53,821
$ 4,449,904 $ - $
4,503,725 $ 238,002
Renewal and
Replacement 3,3475112 -
3,485,928 -
6,833,040 468,664
Customer Deposits 224,928 -
2,973,271 72,570
3,270,769 40,197
Capital Construction - -
72,457,434 40,423
72,497,857
Closure and Maintenance
Authority
9,744,598 -
Cost 9,744,598 -
_
- 60,907
Tax Escrow - -
Total $ 13.316, $ 53,821
$ 83 366,537 $ —112993 $
96 84 98 $ K7-73-0-
077 0Cash
Cashtotaling $8,160,589 is restricted for current liabilities in various
governmental activities for
retainage payable, accrued interest payable,
and the current year portion of
bonds payable.
NOTE 8, - PAYABLE FROM RESTRICTED ASSETS
Liabilities payable from the County's Enterprise Funds restricted assets are as follows:
Component
Primary Government
Unit
Solid Waste
Disposal
Golf
County
Other
Enterprise
Housing
District
Course
Utilities
Funds
Total
Authority
Accounts payable
$ - $
- $
1,678,189
$ - $
1,678,189
$ _
Retainage payable
3,173
-
245,254
-
248,427
Accrued interest
payable
-
14,238
253,429
-
267,667
42,683
Bonds payable
(current portion)
-
475,000
2,505,000
-
2,980,000
378,000
Closure and Maintenance
-
9,744,598
-
Costs payable
Customer deposits
9,744,598
224,928
-
-
-
2,973,271
72,571
3,270.770
40,197
Total
$9,972,699-$
489 238 $
7.655.143
$ 72,571 $
18,189,651
$ 460,880
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 6 - CAPITAL ASSETS — Continued
Land additions include $1,650,655 of land parcels contributed to the County by developers for future
use as mitigation, emergency services, and public school sites.
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government
Public safety
Physical environment
Transportation
Economic environment
Human service
Culture/recreation
Court related
Capital assets held by the government's internal service funds are
Charged to the various functions based on their usage of the assets
Total depreciation expense — governmental activities
Business -type activities:
Solid Waste Disposal District
Shooting Range
Golf Course
County Building
County Utilities
Total depreciation expense — business -type activities
$ 2,030,605
2,829,619
8,372
6,767,510
5,767
134,157
1,069,799
265,607
$ 11,220
13,122,656
$ 608,782
35,100
216,572
110,259
12,499,658
13,470,371
G
11
68 H
J
11
1
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 6 - CAPITAL ASSETS
Primary Government
Governmental activities:
Capital assets, not being depreciated:
Land
Construction in progress
Right-of-way
PEP Reef/Stormwater ponds
Total capital assets, not being depreciated
Beginning
Balance
$ 74,109,790 $
53,786,742
12,479,094
3,575,067
143,950,693
Capital assets, being depreciated:
Buildings and Improvements
Equipment
Infrastructure
Total capital assets, being depreciated
Less accumulated depreciation for:
Buildings and improvements
Equipment
Infrastructure
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net $
72,864,290
48,306,305
169,001,172
290,171,767
Ending
Additions Deletions Balance
9,557,822 $ (216,299) $
83,451,313
55,546,900 (12,485,317)
96,848,325
3,464,533 -
15,943,627
- -
3,575,067
68,569,255 (12,701,616)
199,818,332
6,518,994 -
79,383,284
8,284,266 (3,910,070)
52,680,501
4,122,055 -
173,123,227
18,925,315 (3,910,070)
305,187,012
(15,690,252)
(1,498,039)
- (17,188,291)
(22,102,692)
(5,876,915)
4,092,639 (23,886,968)
(102,714,699)
(5,747,702)
- (108,462,401)
(140,507,643)
(13,122,656)
4,092,639 (149,537,660)
149,664,124
5,802,658
182,569 155,649,351
293,614,817 $ 74,371,914 $ (12,519,047) $ 355,467,684
Business -type activities:
Capital assets, not being depreciated:
Land $ 17,037,502 $ 1,618,006 $ (287,381) $ 18,368,127
Construction in progress 23,158,207 12,195,777 (15,236,663) 20,117,321
Total capital assets, not being depreciated 40,195,709 13,813,783 (15,524,044) 38,485,448
Capital assets, being depreciated:
Buildings, distribution systems, & improvements 261,343,691
Equipment 17,887,530
Total capital assets, being depreciated 279,231,221
Less accumulated depreciation for:
Buildings, distribution systems, & improvements (103,150,494)
Equipment (11,519,888)
Total accumulated depreciation (114,670,382)
Total capital assets, being depreciated, net 164,560,839
Business -type activities capital assets, net $ 204,756,548 $
67
27,040,036
-
288,383,727
3,066,644
(1,127,475)
19,826,699
30,106,680
(1,127,475)
308,210,426
(11,482,818)
-
(114,633,312)
(1,987,553)
1,118,228
(12,389,213)
(13,470,371)
1,118,228
(127,022,525)
16,636,309
(9,247)
181,187,901
30,450,092 $ (15,533,291) $ 219,673,349
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 4 - CASH AND CASH EQUIVALENTS - Continued
C. Investments - Continued
Concentration Risk
The County's investment policy has established asset allocation and issuer limits to reduce concentration
of credit risk in the County's investment portfolio. All investments are stated at fair value.
The County's investment policy does not allow for more than 20% of the entire portfolio to be invested
in any one issuer, with the exception of United States Treasury Obligations and state authorized pools.
No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $3
million of the portfolio may be placed in certificates of deposit with any one financial institution. With
the exception of state authorized pools, nor more than 10% of the portfolio may be placed in any one
money market fund. The Tax Collector does allow 25% of the portfolio to be invested in CDs and/or
money market funds. See investment list and percentages on previous page.
Custodial Credit Risk
The County's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to
be registered and shall be held with a third party custodian and all securities purchased by, and all
collateral obtained by, the County shall be held in the name of the County. The securities must by held
in an account separate and apart from the assets of the financial institution. As of September 30, 2006,
the County's investment portfolio in U.S. Treasuries and U.S. Agencies was held by the Bank of New
York.
NOTE 5 - PROPERTY TAX REVENUES
Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal L
year starting October 1. Property tax revenues recognized for the 2005-2006 fiscal year were levied in
October 2005. All taxes are due and payable on November 1 or as soon as the assessment roll is certified
and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in
November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without
discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via
the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at
fiscal year end.
0
66 n
Indian River County, Florida
n Notes To Financial Statements
I I Year Ended September 30, 2006
NOTE 4 - CASH AND CASH EQUIVALENTS - Continued
a
C. Investment - Continued
Interest Rate Risk
The County's investment policy limits interest rate risk by attempting to match investment maturities
with known cash needs and anticipated cash flow requirements. All investments must have stated
maturities to ten (10) years or less and no more than 25% of the portfolio shall be invested in
instruments with stated final maturities greater than five (5) years. The portfolio shall have securities
with varying maturity and at least 10% of the portfolio shall be invested in readily available funds. All
constitutional officers with the exception of the Tax Collector follow this policy. The Tax Collector's
policy is to limit maturities to 12 months or less and maintain 95% of the portfolio in readily available
funds.
Credit Risks
State law (Section 218.415 of the Florida State Statutes) and the County's investment policy limit
investments to the following:
1. Direct obligations of the United States Treasury;
2. State of Florida Local Government Surplus Trust Fund (SBA);
3. Florida Local Government Investment Trust Fund (FLGIT);
4. Interest-bearing time deposits or savings in qualified public depositories as defined in Section
280.02 Florida Statutes;
5. Federal agencies and instrumentalities;
6. Securities of, or other interests in, any open-end or closed-end management -type investment
company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss.
80a-1 et seq., as amended from time to time, provided that the portfolio of such investment
company or investment trust is limited to obligations of the United States Government or any
agency or instrumentality thereof and to repurchase agreements fully collateralized by such United
States Government obligations, and provided that such investment company or investment trust
takes delivery of such collateral either directly or through an authorized custodian;
7. Securities and Exchange Commission registered money market funds with the highest credit
quality rating from a nationally recognized rating agency;
8. Repurchase agreements with a term of one year or less collateralized by direct obligations of the
United States Government which have maturities of three (3) years or less and a market value
103% or more of the repurchase amount.
Upon issuance of the Water and Sewer Bonds, Series 1993A and 1993B, the Board invested the required
sinking fund reserve monies, $3,139,285, in a guaranteed investment contract with AIG Matched
Funding Corporation. This contract is for the life of the bonds and has a rate of earnings slightly less
athan the arbitrage yield of the bonds.
65
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 4 - CASH AND CASH EQUIVALENTS - Continued
B. Accrued Interest
Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and
investment pool and then allocated to each fund based on each fund's average monthly balance. Interest
received within 45 days of September 30, in the amount of $1,861,432, was accrued and allocated to the
funds based on their average monthly balance for September. In addition, accrued interest on special
assessments receivable totaled $72,211 and on a capital projects reserve account totaled $9,178.
C. Investments
On August 17, 2004, the County and the constitutional officers, with the exception of the Tax Collector,
formally adopted an investment policy pursuant to Section 218.415, Florida Statutes, that established
permitted investments, asset allocation limits, issuer limits, credit ratings requirements and maturity
limits to protect the County's cash and investments. The Tax Collector adopted his formal policy in
February 2005.
As of September 30, 2006, the County had the following investments:
Investment Type
Fixed Rate Debt Investments:
U.S. Treasuries
U.S. Agencies:**
Federal Farm Credit Bureau
Federal Home Loan Bank
Federal Home Loan Mortgage Corp
Federal National Mortgage Assoc.
Guaranteed Investment Contact
Other Fixed Rate Investments:
Local Governmental Surplus Funds
Trust Funds
Florida Local Government
Investment Trust Fund
Other Market Rate Investment:
U.S. Treasury Money Market
Total Fair Value
Portfolio weighted average maturity
16,302,582
143,132
$ 443.317.036
.08 3.7 AAA and S-1 *
25 0.03
100.00
Will
* AAA credit quality, S-1 Market Volatility
* * The weighted calculation considers the investments are carried until full maturity
(i.e. call dates are not considered).
u�
1
64 a
Weighted
Average
Fair
Maturity
Portfolio
Credit
Value
In Years
Percentage
Risks
$ 65,723,535
1.11
14.8%
None
82,273,908
1.20
18.6
AAA
80,714,994
0.98
18.2
AAA
55,771,848
1.18
12.6
AAA
69,719,810
1.43
15.7
AAA
3,139,285
17.92
0.77
AA -/A1+
69,527,942
.08
15.6
Not Rated
16,302,582
143,132
$ 443.317.036
.08 3.7 AAA and S-1 *
25 0.03
100.00
Will
* AAA credit quality, S-1 Market Volatility
* * The weighted calculation considers the investments are carried until full maturity
(i.e. call dates are not considered).
u�
1
64 a
aIndian River County, Florida
Notes To Financial Statements
n Year Ended September 30, 2006
u Component Unit
Housing Authority 810,784 857,465 (46,681)
NOTE 4 - CASH AND CASH EQUIVALENTS
The County maintains a cash and investment pool that is available for use by all funds except those
whose cash and investments must be segregated due to bond covenants or other legal restrictions.
A. Deposits
At September 30, 2006, the carrying amount of the primary government's deposits was $20,772,435 and
the bank balance was $27,736,493. The County's policy requires all deposits with financial institutions
to be 100% insured by federal depository insurance or by collateral provided by qualified public
a depositories to the State Treasurer, in accordance with Section 280.01, Florida Statutes also known as
the Florida Security for Public Deposit Act. The Act established a Trust Fund, maintained by the State
Treasurer, which is a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a member fails.
The carrying amount of the component unit's deposits totaled $936,485 and the bank balance was
$933,900. As of September 30, 2006, the component unit had $52,312 in a certificate of deposit that
will mature in January 2007 with an annual yield of 4.89%. The component unit had a second certificate
of deposit in the amount of $10,044 that will mature in March 2007 with an annual yield of 5.22%.
U63
NOTE 3 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Budgets and Budgetary Accounting — Continued
(9) The following is a comparison of the total appropriations
to gross expenses for the proprietary
funds for the fiscal year ended September 30, 2006:
Variance
Total
Positive
Appropriations
Ecpenses
(Negative)
a
Primary Government
Enterprise Funds:
Solid Waste Disposal District $ 12,940,224
$ 11,689,045
$ 1,251,179
Shooting Range 413,454
3,352,742
412,759
3,103,050
695
249,692
Golf Course
County Building 6,510,416
6,142,422
367,994
County Utilities 42,946,200
36,491,470
6,454,730
Internal Service Funds:
Fleet Management 3,546,011
3,435,782
110,229
a
Self Insurance 23,241,464
19,784,043
3,457,421
GIS 395,000
56,277
338,723
u Component Unit
Housing Authority 810,784 857,465 (46,681)
NOTE 4 - CASH AND CASH EQUIVALENTS
The County maintains a cash and investment pool that is available for use by all funds except those
whose cash and investments must be segregated due to bond covenants or other legal restrictions.
A. Deposits
At September 30, 2006, the carrying amount of the primary government's deposits was $20,772,435 and
the bank balance was $27,736,493. The County's policy requires all deposits with financial institutions
to be 100% insured by federal depository insurance or by collateral provided by qualified public
a depositories to the State Treasurer, in accordance with Section 280.01, Florida Statutes also known as
the Florida Security for Public Deposit Act. The Act established a Trust Fund, maintained by the State
Treasurer, which is a multiple financial institution pool with the ability to assess its member financial
institutions for collateral shortfalls if a member fails.
The carrying amount of the component unit's deposits totaled $936,485 and the bank balance was
$933,900. As of September 30, 2006, the component unit had $52,312 in a certificate of deposit that
will mature in January 2007 with an annual yield of 4.89%. The component unit had a second certificate
of deposit in the amount of $10,044 that will mature in March 2007 with an annual yield of 5.22%.
U63
Indian River County, Florida a
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 3 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Budgets and Budgetary Accounting
The County uses the following procedures in establishing the budgetary data reflected in the financial
statements:
(1) The constitutional officers submit, at various times, to the Board and to certain divisions within the
Department of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing
the following October 1. The operating budget includes proposed expenditures and the means of
financing them, as set forth in Chapter 129 of the Florida Statutes.
(2) The Department of Revenue, State of Florida, has the final authority on the operating budgets for
the Tax Collector and the Property Appraiser included in the General Fund.
(3) Constitutional officers, all departments controlled by the Board, and outside state and local
agencies submit their proposed budgets to the Office of Management and Budget for assistance, review
and compilation. The County Administrator then reviews all County departments, state agencies and
nonprofit organization's budgets and makes his budget recommendation to the Board.
(4) On or before July 15 of each year, the County Administrator and the Director of the Office of
Management and Budget, as the Board's designated budget officer, submit to the Board a tentative
budget for the ensuing fiscal year. The tentative budget includes proposed expenditures and the means of
financing them. The Board then holds workshops to review the tentative budget by fund on a
departmental level.
(5) During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in
order for the Board to receive public input on the tentative budget. At the end of the last public hearing,
the Board enacts ordinances to legally adopt the budgets at the fund level for all but two governmental
and proprietary fund types. The budgets legally adopted by the Board set forth the anticipated revenues
by source and the appropriations by function.
(6) Formal budgetary integration on an object level is used as a management control device for the
governmental and proprietary funds of the County. Management is authorized to transfer budgeted
amounts between objects and departments in any fund as long as management does not exceed the total
appropriations of a fund. Board approval to amend the budget is only required when unanticipated
revenues are received that management wishes to have appropriated, thereby increasing the total
appropriations of a fund.
(7) Budgets for the governmental and proprietary fund types are adopted on a basis consistent with
generally accepted accounting principles.
(8) Appropriations for the County lapse at the close of the fiscal year. E
62 D
a
0
0
Accrued
Internal
Accrued
Accrued
Reclassifications
Statement
aExpenses
Interest Unearned
Service Grant and Tax
Funds Revenues
Interest
Revenues
and
Eliminations
of
Activities
Revenue
$
_ $
_ $
- $
116,088,548
1,274,638
394
(1,214,724)
37,047,159
_
_
-
(2,767,560)
15,437,040
_ _
2,069,593
a
=
=
=
24,975,026
- (35,893)
-
-
651,916
-
937,590
-
12,163,995
1,104,116
-
-
-
5,701,485
35,893
1,756,426
(1,214,724)
937,590
(2,767,560)
214,757,484
a_
-
(313,810)
-
-
34,400,675
14,642,124
_ -
(950,852)
-
-
(122,450)
58,578,985
_
-
-
543,711
(24,064)
8,490,570
22,011,006
(756,313)
-
1,077,731
(1,073)
-
-
-
12,270,899
_ -
(253,813)
-
-
318,165
11,546,217
(35,122)
6,014,793
2,315,372
524,941 -
_
_
_
(37,848,475)
-
a524,941
-
(2,275,861)
-
-
(2,767,560)
136,947,697
(524,941) (35,893)
4,032,287
(1,214,724)
937,590
-
77,809,787
_
_
-
(17,495,306)
5,624,051
_ -
(4,771,075)
-
-
17,495,306
(563,205)
-
_ -
(4,771,075
-
_
-
5,060,846
(524,941) (35,893)
(738,788)
(1,214,724)
9375590
-
82,870,633
(119,540) 132,042
10,305,725
8,537,899
996,053
-
474,951,083
$ (644,481) $ 96,149
$ 9,566,937
$ 7,323,175
$ 1,933,643 $ -
$ 557,821,716
a
61
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
STATEMENTS — Continued
B. Explanation of Differences Between Governmental Fund Operating Statements and the
Statement of Activities
REVENUES
Taxes
Licenses and Permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/Recreation
Court related
Debt service:
Principal
Intet Total assets
Capital projects
Total expenditures
Total Capital Long-term
Governmental Related Debt Compensated
Funds Items Tansactions Absences
$ 1161088,548 $ - $ - $ -
1,274,638 - - -
38,261,489 - - -
18,204,600 - - -
2,069,593 - - -
25,010,919 - - -
10,574,489 - - -
4,597,369 - - -
216,081,645 - - -
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Debt issuance
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
21,831,839
(41,259,205) 384
(17,759)
65,975,870
(6,515,042) -
191,459
8,955,262
(993,688) (21,675)
6,960
30,610,413
(7,946,788) -
127,758
1,054,239
5,767 -
17,725
12,470,222
(180,085) -
(18,165)
16,380,438
(4,980,039) -
81,466
5,915,727
109,635 -
24,553
2,615,659 - (2,615,659) -
1,790,431 - - -
37,848,475 - - -
205,448,575 (61,759,445) (2,636,950) 413,997
10,633,070 61,759,445 2,636,950 (413,997)
23,119,357
- - -
(13,287,436)
- - -
49,996,735
- (49,996,735) -
59,828,656
- (49,996,735) -
70,461,726
61,759,445 (47,359,785) (413,997)
196,232,876
293,312,414 (33,151,937) (1,294,449)
$ 266,694,602 $
355,071,859 $ (80,511,722) $ (1,708,446)
0
The accompanying notes are an integral part of the financial statements.
60
L1
Indian River County, Florida
n Notes To Financial Statements
lul Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
nSTATEMENTS - Continued
B. Explanation of Differences Between Governmental Fund Operating Statements and the
Statement of Activities - Continued
Long -Term Debt Transactions — Continued
Governmental funds report interest expenditures based on when they are paid. The statement of
activities reports interest expense as it is incurred. This is the net number of the previous year accrual
and the current year accrual.
Interest payable:
Net accrued bond interest payable $(524,941)
Special assessment revenues
Revenues collected on special assessments are reported in the governmental funds. However, in the
statement of activities, the assessment revenues are recognized when they are earned.
U Special assessment revenues $(35,89
0 Internal service funds operating loss
The assets and liabilities of the internal service funds are included in governmental activities in the
n statement of net assets because they primarily serve governmental activities of the County. The net costs
I I of the internal service funds are reported with governmental activities.
Internal service funds operating gain $(738,788)
Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not available;
therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual
and current year accrual.
nNet accrued grant revenues (1,214.724)
Accrued interest revenues
Some interest revenues are not recognized in the current period because the resources are not available;
therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual
aand current year accrual.
Net accrued interest revenues $937,590
aReclassification and Eliminations
The general fund recognizes revenues in the amount of $2,767,560 for the general administrative
charges to the public safety and transportation functions. These revenues and expenditures must be
eliminated to avoid double counting. Transfers in and transfers out in the amount of $17,495,306
between governmental activities should be eliminated. Capital projects costs in the amount of
$37,848,475 must be distributed to the related expenditure functions.
59
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
STATEMENTS - Continued
B. Explanation of Differences Between Governmental Fund Operating Statements and the
Statement of Activities
The "net change (decrease) in fund balances" for governmental funds ($70,461,726) differs from the
"change in net assets" for governmental activities ($82,870,633) reported in the statement of activities.
The differences arise primarily from the long-term economic focus of the statement of activities versus
the current financial resources focus of the governmental funds. The effect of the differences is
illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the
resources expended for those assets are reported as expenditures in governmental funds. However, in the
statement of activities, the costs of those assets is allocated over their estimated useful lives and reported
as depreciation expense. As a result, fund balances decrease by the amount of financial resources
expended, whereas net assets decrease by the amount of depreciation expense charged for the year.
Capital outlay $ 74,904,612
Depreciation expense (13,111,435)
Loss on assets (33,732)
Difference X61,759,445
Long -Term Debt Transactions
In the statement of activities, issuance of debt increases long-term liabilities. However, in the
governmental funds, issuance of debt is treated as an other financing source since it provides current
financial resources to the governmental funds.
Debt issuance — net of premium (49,996,7351
Repayments of bond principal and capital lease principal are reported as an expenditure in the
governmental funds and, thus, have the effect of reducing fund balance because current financial
resources have been used. However, the principal payments reduce the liabilities in the statement of net
assets and do not result in an expense in the statement of activities.
Bond principal payments made $ 2,235,000
Bond premium payments made 21,675
Capital lease principal payments made 380,275
Total 2.636.950
Some expenses reported in the statement of activities do not require the use of current financial
resources, therefore, are not reported as expenditures in governmental funds.
Net change in compensated absences (413,997)
58
a 57
Internal
Accrued
Accrued
Reclassifications
Statement
- -
Unearned Service
Funds
Grant
Revenues
Interest
Revenues
and
Eliminations
of
Net Assets
Revenue
(654,555)
-
$ 13,342,194 $
- $
-
$ - $
301,304,849
-
-
_
-
143,132
_ _
5,417,583
-
-
2,196,985
- 1,471,457
-
77,150,060
(555)
566,141
(987,105)
_
_ 18,378
6,929,528
-
-
12,010,999
-
-
1,933,643
-
1,942,821
6,929,528 1,933,643 -
557,821,716
-
121,661
- 111,560
-
-
929,148
_ 822,150
_
_
(1,641,105)
-
_
96,149
_
-
666,667
-
355,467,684
_ 104,263
$ - $ 15,870,002 $
-
6,929,528 $
-
1,933,643
$ (1,641,660) $
675,446,236
a 57
$ - $ 381,152 $
- $ - $ - $
-
13,297,426
5,866,000
- 5,866,000
- -
2,901,108
674,215
(654,555)
-
482,430
- _
_ _
729,722
-
-
11,105,976
_
(489,796)
_ _
5,417,583
_ 55,913
-
_
77,150,060
(987,105)
(489,796) 6,303,065
- - (1,641,660)
117,624,520
489,796 9,566,937
6,929,528 1,933,643 -
557,821,716
675,446,236
- $ 15,870,002 $
6,929,528 $ 1,933,643 $ (1,641,660) $
a 57
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
STATEMENTS - Continued
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government -wide Statement of Net Assets - Continued
ASSETS
Cash and cash equivalents
Investments
Accounts receivable - net
Due from other funds
Due from other governments
Interest receivable
Inventories
Prepaid expenses
Advance to other funds
Special assessments receivable
Liens receivable
Capital assets - net
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Claims payable
Retainage payable
Accrued interest payable
Due to other funds
Due to other governments
Other deposits held in escrow
Unearned revenues
Accrued compensated absences
Capital leases
Bonds payable
Advance from other funds
Total liabilities
Fund balances/net assets
Total liabilities and fund
balances/net assets
Total
Capital
Long-term
Governmental
Related
Debt Interest
Funds
Items
Tansactions Payable
$ 287,962,655 $ - $ _ $ _
143,132
725,528
566,696
5,063,093
9,178
10,101
106,998
1,641,105
96,149
666,667
355,363,421
$ 296,991,302 $ 355,363,421 $ - $ _
$ 12,916,274 $
2,901,108
29,734 - - 644,481
654,555 - _ _
482,430
729,722
11,595,772
- - 5,361,670 -
- - 77,150,060
987,105 - _ -
30,296,700 - 82,511,730 644,481
266,694,602 355,363,421 (82,511,730) (644,481)
$ 296,991,302 $ 355,363,421 $ - $ _
The accompanying notes are an integral part of the financial statements.
56 D
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL
STATEMENTS - Continued
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government-wide Statement of Net Assets - Continued
Accrued interest revenues
Some interest revenues are not recognized in the current period because the resources are not available;
therefore, these revenues are not reported in the fund. $ 1,933.643
Accrued Interest Revenues
Elimination of interfund receivables/payables
Interfund receivables and payables in the amount of $1,641,660 between governmental funds must be
eliminated for the statement of net assets.
a
55
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
STATEMENTS - Continued
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government -wide Statement of Net Assets - Continued
Accrued interest
Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds
due to accrued interest on General Obligation Bonds, Series 2003, General Obligation Bonds, Series
2001, and Limited General Obligation Bonds, Series 2006.
644 481
Unearned revenues
Unearned revenues in the statement of net assets differs from the amount reported in governmental
funds due to special assessment and FEMA receivables. Governmental fund financial statements report
revenues, which are measurable but not available as unearned revenues. However, unearned revenues in
governmental funds are susceptible to full accrual on government -wide financial statements.
Unearned revenues reduced 489 796
Internal service funds
Internal service funds are used by management to charge the costs of fleet management, insurance
activities, and GIS services to individual funds. The assets and liabilities of the internal service funds are
included in governmental activities in the statement of net assets because they primarily serve
governmental activities of the County.
Internal Service Fund9 566 937 D
Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not available;
therefore, these revenues are not reported in the fund.
Accrued Grant Revenues 6 929 528
11
54 U
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL
STATEMENTS
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government -wide Statement of Net Assets
"Total fund balances" of the County's governmental funds ($266,694,602) differs from "net assets" of
governmental activities ($557,821,716) reported in the statement of net assets. This difference primarily
results from the long-term economic focus of the statement of net assets versus the current financial
resources focus of the governmental fund balance sheet.
Capital related items
When capital assets (property, plant, equipment) that are to be used in governmental activities are
purchased or constructed, the cost of those assets are reported as expenditures in governmental funds.
However, the statement of net assets included those capital assets among the assets of the County as a
whole.
Cost of capital assets $ 504,753,615
Accumulated depreciation (149 390,194)
$ 355,363.421
Net Total
Long-term debt transactions
Long-term liabilities applicable to the County's governmental activities are not due and payable in the
current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-
term) are reported in the statement of net assets.
Balances at September 30, 2006 were:
Bonds Payable:
General Obligation Bonds, Series 2001 $ (8,035,000)
General Obligation Refunding Bonds, Series 2003 (4,620,000)
Limited General Obligation Bonds, Series 2006 (48,600,000)
Spring Training Facility Bonds, Series 2001 (14,520,000)
Bond Premium Payable:
Limited General Obligation Bonds, Series 2006 (1,375,060)
Compensated absences (5,361,670)
$ (82,511,730)
Total
D
CI
v
53
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
D. Assets, Liabilities, and Net Assets or Equity - Continued
14. Landfill Closure Costs
Under the terms of current state and federal regulations, the Solid Waste Disposal District (SWDD) is
required to place a final cover on closed landfill areas, and to perform certain monitoring and
maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs
of closure and post -closure maintenance over the active life of each landfill area, based on landfill
capacity used during the period. Required obligations for closure and post -closure costs are recognized
in the Solid Waste Disposal District Enterprise Fund.
15. Unamortized Bond Costs
Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are
amortized over the life of the bonds using the straight-line method of accounting.
16. Unamortized Bond Discounts and Premiums n
Bond discounts and premiums associated with the issuance of Proprietary Fund revenue bonds are
amortized according to the straight-line method. For financial reporting, unamortized bond discounts a
and premiums are netted against the applicable_ long-term debt.
17. Capital Contributions D
The capital contributions accounted for in the proprietary fund types represent contributions from other
funds, developers, state and federal grant programs, and impact fees charged to new customers for their
anticipated burden on the existing system. The contributions amount is reported after non-operating
revenues and expenses on the statement of revenues, expenses, and changes in fund assets in accordance
with GASB Statement 33.
1
11
52 E
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D. Assets, Liabilities, and Net Assets or Equity - Continued
9. Capital Assets - Continued
Property, plant, and equipment of the primary government, as well as the component units, are
depreciated using the straight-line method over the following estimated useful lives:
Assets Year
Building and improvements 25-50
Machinery and equipment 3-10
a Utility distribution system 25-50
Road and bridge infrastructure 20-50
10. Capitalization of Interest
Interest costs related to bond issues are capitalized during the construction period. These costs are
netted against applicable interest earnings on construction fund investments. During the current period,
the County did not have any capitalized interest.
D11. Unearned Revenues
Unearned revenues reported in government -wide financial statements would be recognized as revenue in
a the fiscal year they are earned in accordance with the accrual basis of accounting. In accordance with the
modified accrual basis of accounting, unearned revenues reported in governmental fund financial
statements represent revenues, which are measurable but not available.
12. Accrued Compensated Absences
The County accrues accumulated unpaid vacation and sick leave when earned by the employee. The
current portion is the amount estimated to be used in the following year. The non-current portion is the
amount estimated to be used in subsequent fiscal years. Both the current and non-current estimated-
accrued
stimatedaccrued compensated absences amounts for governmental funds are maintained separately and represent
a reconciling item between the fund and government -wide presentations.
n13. Obligation for Bond Arbitrage Rebate
Pursuant to Section 148(f) of the U. S. Internal Revenue Code, the County must rebate to the United
States Government the excess of interest earned from the investment of certain debt proceeds and
pledged revenues over the yield rate of the applicable debt. The County uses the "revenue reduction"
approach in accounting for rebatable arbitrage. This approach treats excess earnings as a reduction of
revenue. The County has no arbitrage liability outstanding as of September 30, 2006.
1
E51
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
D. Assets, Liabilities, and Net Assets or Equity - Continued
7. Restricted Assets
Certain net assets of the County are classified as restricted assets on the statement of net assets because
their use is limited either by law through constitutional provisions or enabling legislation; or by
restrictions imposed externally by creditors, grantors, contributors, or laws or regulations of other
governments. In a fund with both restricted and unrestricted assets, qualified expenses are considered to
be paid first from restricted net assets and then from unrestricted net assets.
8. Intangible Assets
Leachate disposal rights were purchased by the Solid Waste Disposal District Fund from the County
Utilities Fund for removal and transportation of leachate from the County landfill to the sewer system.
These assets are being amortized using the straight-line method over the estimated useful life of 20
years.
9. Capital Assets
Capital Assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, r
right-of-ways, water and sewer distribution systems and similar items), are reported in the applicable l�
governmental or business -type activities column in the government -wide financial statements. The
County defines capital assets as assets with an initial, individual cost of $750 or more and an estimated
useful life in excess of one year. Except for roads and bridges constructed prior to October 1, 1981,
assets are recorded at historical cost. Roads and bridges constructed prior to October 1, 1981 are
reported at estimated historical cost. Donated capital assets are recorded at estimated fair market value at
the date of donations.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business -type activities is included as part of
the capitalized value of the assets constructed.
The Board holds legal title to the capital assets used in the operations of the Board, Clerk of the Circuit
Court, Property Appraiser, Supervisor of Elections and Tax Collector, and is accountable for them under
Florida Law.
The Sheriff is accountable for and thus maintains capital asset records pertaining only to equipment used
in his operations. These assets have been combined with the Board's governmental activities capital
assets in the statement of net assets.
11
50 a
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
a
D. Assets, Liabilities, and Net Assets or Equity - Continued
2. Investments
Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, a guaranteed
investment contract, the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the
Florida Local Government Investment Trust Fund (Trust). Except for the Pool and the Trust,
investments are reported at their fair value based on the average price obtained from three
brokers/dealers. Fair value of the Pool and the Trust are based on the fair value per share of the
underlying portfolio.
3. Allowance for Doubtful Accounts
The County provides an allowance for water and sewer accounts receivables that may become
uncollectible. At September. 30, 2006, this allowance was $498,324. No other allowances for doubtful
accounts are maintained since other accounts receivable are considered collectable as reported at
September 30, 2006.
4. Receivables and Payables
Activities between funds that are representative of lending/borrowing arrangements outstanding at the
end of the fiscal year are referred to as "due to/from other funds". Any residual balances outstanding
between the governmental activities and business -type activities are reported in the government -wide
financial statements as "internal balances". All receivables are shown net of allowance for doubtful
accounts. Receivables in excess of 120 days comprise the trade accounts receivable allowance for
doubtful accounts.
5. Inventories
Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of
accounting. Inventories of governmental funds are recorded as expenditures when consumed rather than
when purchased.
6. Prepaid Expenses
Prepaid expenses in the governmental funds represent prepayments for services that will be used in
future periods. The County's policy is to record the expenditure for the services when they are used
rather than when the cash is disbursed.
D49
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
C. Basis of Presentation - Continued
2. Proprietary Major Funds:
Solid Waste Disposal District Fund — The Solid Waste Disposal District Fund accounts for the revenues,
expenses, assets and liabilities associated with the County landfill.
Golf Course Fund — The Golf Course Fund accounts for the revenues, expenses, assets and liabilities
associated with the Golf Course.
County Utilities Fund — The County Utilities Fund accounts for the revenues, expenses, assets and
liabilities associated with the County water and sewer system.
3. Other Fund Types:
Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and GIS
services provided to other departments of the County on a cost reimbursement basis.
il
The Agency Fund - The County uses the Agency Fund to account for the collection and disbursement of
monies on behalf of other governments and individuals for such purposes as cash bonds, traffic fines,
child support payments and ad valorem taxes.
4. Non-current Governmental Assets/Liabilities:
GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non-
current governmental liabilities, such as general obligation bonds and capital leases, be reported in the
governmental activities column in the government -wide statement of net assets.
D. Assets, Liabilities, and Net Assets or Equity
1. Cash and Cash Equivalents
The County maintains a cash and investment pool that is available for use by all funds. Earnings from
the pooled investments are allocated to the respective funds based on applicable cash participation by
each fund. The investment pool is managed such that all participating funds have the ability to deposit
and withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pools are classified as cash and cash equivalents for financial
statement purposes. In addition, longer-term investments are held by several of the County's funds and
are reported as investments on these statements. Cash and cash equivalents of the constitutional officers
are maintained in separate accounts, but have been combined with Board's cash and cash equivalents for n
financial statement purposes. I I
48 n
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
C. Basis of Presentation
GASB Statement 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues or
expenditures/expenses of either fund category and the governmental and enterprise combined) for the
determination of major funds. The County has used GASB 34 minimum criteria for major fund
determination and has also electively disclosed funds that either had debt outstanding or specific
community focus as major funds. The non -major funds are combined in a column in the fund financial
statements and detailed in the combining section.
1. Governmental Major Funds:
aGeneral Fund — The General Fund is the general operating fund of the County. It is used to account for
all financial resources, except those required to be accounted for in another fund.
Impact Fees Fund — The Impact Fees Fund accounts for the receipt of various impact fees. Funds are
used for the construction of roads and bridges, correctional, public safety, library, park, public building,
and solid waste facilities.
Secondary Roads Construction Fund — The Secondary Roads Construction Fund accounts for the
expenditures of road and bridge construction. Financing is provided by collections of the local option
gas tax.
Transportation Fund — The Transportation Fund accounts for expenditures incurred for the maintenance
and repair of County roads. Financing is provided by the 5th and 6th cent gas taxes, county gas tax and
transfers from the General Fund.
Emergency Services District Fund — The Emergency Services District Fund accounts for the
expenditures of providing fire protection and advanced life support to the entire County. Financing is
provided by ad valorem taxes.
Land Acquisition Fund — To account for expenditures incurred in the purchase of environmentally
sensitive land, preservation of water sources, historic sites and agricultural lands. Financing is provided
by bond proceeds and state grants.
Federal/State Grants Fund — To account for revenues and expenditures of various grants from Federal
and State agencies, including those grants designated for disaster recovery.
aOptional Sales Tax Fund — The Optional Sales Tax Fund accounts for revenues generated by the local
option one -cent sales tax and some capital grants that use the local option one -cent sales tax as matching
funds. Monies are used for various capital projects.
a47
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
B. Measurement Focus And Basis Of Accounting - Continued
2. Fund Financial Statements - Continued
Governmental Funds — Continued
Non-current portions of special assessments due to governmental fu
nds are reported on their balance
sheets in spite of their spending measurement focus. Non-current portions of notes receivable and n
advances to other funds are offset by fund balance reserve accounts. I I
Because of their spending measurement focus, expenditure recognition for governmental fund types
exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such
long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were
expended, rather than as fund assets. The proceeds of long-term debt are recorded as another financing
source rather than as a fund liability. However, debt service expenditures, as well as expenditures related
to compensated absences and claims and judgments, are recorded only when payment is due.
Proprietary Funds
The County's enterprise funds and internal service funds are proprietary funds. In the fund financial
statements, proprietary funds are presented using the accrual basis of accounting. Revenues are a
recognized when they are earned and expenses are recognized when the related goods or services are
delivered. In the fund financial statements, proprietary funds are presented using the economic resources
measurement focus. This means that all assets and all liabilities (whether current or noncurrent) a
associated with their activity are included on their balance sheets. Proprietary fund type operating
statements present increases (revenues) and decreases (expenses) in total net assets. The Board applies
all GASB pronouncements as well as all FASB Statements and Interpretations, APB Opinions and
Accounting Research Bulletins; issued after November 30, 1989, which do not conflict with or
contradict GASB pronouncements.
Proprietary fund operating revenues result from exchange transactions associated with the principal
activity of the fund. Exchange transactions are those in which each party receives and gives up
essentially equal values. Non-operating revenues result from non-exchange transactions or ancillary
activities. Operating expenses are costs incurred to provide services where as non-operating expenses
are costs of debt financings, amortization of intangible assets and losses on the sale of assets.
Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements, rather LJ
than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the fund financial
statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness are
reported as a reduction of the related liabilities, rather than as an expense.
46
Indian River County, Florida
Notes To Financial Statements
U Year Ended September 30, 2006
U NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
D
B. Measurement Focus and Basis of Accounting - Continued
2. Fund Financial Statements
The underlying accounting system of the County is organized and operated on the basis of separate
afunds, each of which is considered to be a separate accounting entity. The operations of each fund are
accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund
equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to
and accounted for in individual funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled.
aFund financial statements for the primary government's governmental, proprietary, and fiduciary funds
are presented after the government -wide financial statements. These statements display information
about major funds individually and nonmajor funds in the aggregate for governmental and enterprise
a funds. The fiduciary statement includes financial information for the agency fund. The agency fund of
the County primarily represents assets held by the County in a custodial capacity for other individuals or
n governments.
Governmental Funds
aGovernmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collected within the
a current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the
County considers revenues to be available if they are collected within 45 days of the end of the current
fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. Franchise fees, licenses, sales taxes, gas taxes, operating and capital grants, and interest
associated with the current fiscal period are all considered to be susceptible to accrual and so have been
recognized as revenues of the current fiscal period. All other revenue items are considered to be
D measurable only when the County receives cash.
Under the current financial resources measurement focus, only current assets and current liabilities are
generally included on the balance sheet. The reported fund balance is considered to be a measure of
"available spendable resources". Governmental funds operating statements present increases (revenues
a and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "available spendable resources"
during a period.
D45
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
B. Measurement Focus and Basis of Accounting - Continued
1. Government -wide Financial Statements
Government -wide financial statements display information about the reporting government as a whole,
except for its fiduciary activities. These statements include separate columns for the governmental and a
business -type activities of the primary government (including its blended component units), as well as
its discreetly presented component unit. Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business -type activities, which rely, to a
significant extent, on fees and charges for support. Likewise, the primary government is reported
separately from the legally separate component unit for which the primary government is financially n
accountable.
Government -wide financial statements are reported using the economic resources measurement focus
and the accrual basis of accounting, as are the proprietary fund financial statements. Under the accrual
basis of accounting, revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and
exchange like transactions are recognized when the exchange takes place. Revenues, expenses, gains,
losses, assets, and liabilities resulting from nonexchange transactions are recognized in accordance with
the requirements of GASB Statement 33 — Accounting and Financial Reporting for Nonexchange
Transactions.
Program revenues include charges for services, special assessments, and payments made by parties
outside of the reporting government's citizenry if that money is restricted to a particular program.
Program revenues are netted with program expenses in the statement of activities to present the net
expense of each program.
Amounts paid to acquire capital assets are capitalized as assets in the government -wide financial
statements, rather than reported as expenditure. Proceeds of long-term debt are recorded as liabilities in
the government -wide financial statements, rather than as an other financing source. Amounts paid to
reduce long-term indebtedness of the reporting government are reported as a reduction of the related
liability, rather than as expenditure.
As a general rule, the effect of interfund activity has been eliminated from the government -wide U
financial statements. The County chooses to eliminate the indirect costs between governmental activities
to avoid a "doubling up" effect. However, interfund services provided and used, such as the sale of gas 0
and diesel from Fleet Management to the government, are not eliminated in the statement of activities.
s
1
44 a
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES — Continued
A. Reporting Entity — Continued
aBlended Component Units
rdinance 87-67, the
of
Solid Waste Disposal District (SWDD) a —a Created
SWDD and sets the noon ad valorem assessment fees County Commissioners serves as the Boar
for the SWDD. Although legally separate, the SWDD is appropriately blended as a proprietary fund type
(enterprise) component unit into the primary government.
Emergency Services District (EMS) — Created pursuant to County Ordinance 90-25, the Board of County
Commissioners serves as the Board appropriately e bleS and nded as sntalfund type (special revenue)
r Although
legally separate, the EMS is approp ynded asagovernmental
component unit into the primary government.
U Discretely Presented Component Unit
Indian River County Housing Authority (IRCHA) — Created pursuant to Chapter 421, Florida Statutes,
a the IRCHA, whose Board is appointed by the State of Florida, provides subsidized public housing in
accordance with federal legislation. The County provides the primary funding for the operations of the
IRCHA, maintains budgetary control over the operating costs of the IRCHA, and provides use of certain
a furniture and equipment at no charge. Appropriations from the County totaled $178,080 and the related
actual operating costs totaled $168,239 for the fiscal year. Since the IRCHA is fiscally dependent on the
County, it has been reported in a separate column in the government -wide financial statements to
emphasize that it is legally separate from the government. The IRCHA is presented as a proprietary fund
type.
Separate financial statements for the Solid Waste Disposal District and the Emergency Services District
are not available. Separate financial statements for the Indian River County Housing Authority are
available in the administrative office located at 1028 20th Place, Vero Beach, Florida 32960.
Because the component units have been reported as if they are part of the County, there are limited
a instances where special note reference or separation will be required. If no separate note reference or
categorization is made, the user should assume that information presented is equally applicable.
B. Measurement Focus And Basis Of Accounting
n The basic financial statements of the County are composed of the following:
Government -wide financial statements
(� • Fund financial statements
�J . Notes to the financial statements
1
a43
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Indian River County, Florida, (the "County") is a political subdivision of the State pursuant to Article
VIII, Section 1(a) of the Constitution of the State of Florida. Created on June 29, 1925 by an act of
Legislature, separating it from St. Lucie County, the County encompasses approximately 497 square
miles of land with an estimated population of 135,262. The County is governed by the Board of County
Commissioners and five elected constitutional officers (Clerk of the Circuit Court, Property Appraiser,
Sheriff, Supervisor of Elections, and Tax Collector) in accordance with state statutes and regulations.
The constitutional officers maintain separate accounting records and budgets for the Board of County
Commissioners. The Constitution of the State of Florida, Article VIII, Section 1(d) created the
constitutional officers and Article VIII, Section 1(e), created the Board of County Commissioners.
The financial statements of the County have been prepared in accordance with generally accepted
accounting principles (GAAP) as applied to governmental units. The Governmental Accounting O
Standards Board (GASB) is the standard-setting body for governmental accounting and financial
reporting. Pronouncements of the Financial Accounting Standards Board (FASB) issued after November a
30, 1989 are not applied in the preparation of the financial statements of the enterprise funds in
accordance with GASB Statement 20. The GASB periodically updates its codification of the existing
Governmental Accounting and Financial Reporting Standards which, along with subsequent GASB
pronouncements (Statements and Interpretations), constitutes GAAP for governmental units.
A. Reporting Entity
The concept underlying the definition of the reporting entity is that elected officials are accountable to
their constituents for their actions. The reporting entity's financial statements should allow users to
distinguish between the primary government (the County) and its component units. However, some
component units, because of the closeness of their relationships with the County, should be blended as
though they are part of the County. Otherwise, most component units should be discretely presented.
As required by generally accepted accounting principles, the financial reporting entity consists of (1) the
primary government (the County), (2) organizations for which the County is financially accountable,
and (3) other organizations for which the nature and significance of their relationship with the County
are such that exclusion would cause the reporting entity's financial statements to be misleading or
incomplete. The County is financially accountable if it appoints a voting majority of the organization's
governing body and (a) it is able to impose its will on that organization or (b) there is a potential for the
organization to provide specific financial benefits to, or impose specific financial burdens on, the
County.
The County may be financially accountable if an organization is fiscally dependent on the County
regardless of whether the organization has (a) a separately elected governing board, (b) a governing
board appointed by a higher level of government, or (c) a jointly appointed board. Based on these
criteria, County management examined all organizations, which are legally separate in order to
determine which organizations, if any, should be included in the County's financial statements.
Management determined that the Solid Waste Disposal District, the Emergency Services District, and
the Indian River County Housing Authority were the only organizations that should be included in the
County's financial statements as component units.
42 , D
a
0
Note
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2006
Page Note Page
1. Summary of Significant Accounting
Policies..................................................42-52
Reporting Entity.................................42-43
Measurement Focus and
Basis of Accounting ..................... 43-46
Basis of Presentation ..........................47-48
Assets, Liabilities and Net Assets
or Equity .......... ..
..........................48-52
Cash and Cash Equivalents.............48
Investments.....................................49
Allowance for Doubtful Accounts ..49
Receivables and Payables ...............49
Inventories.......................................49
Prepaid Expenses ............................49
Restricted Assets .............................50
Intangible Assets .............................50
Captial Assets..................................50-51
Capitalization of Interest.................51
Unearned Revenues ........................51
Accrued Compensated Absences ....51
Obligation for Bond Arbitrage
Rebate..........................................51
Landfill Closure Costs ....................52
Unamortized Bond Costs ................52
Unamortized Bond Discounts
and Premiums...............................52
Captial Contributions ......................52
2. Reconciliation of Government -wide
and Fund Financial Statements ..........53-61
3. Stewardship, Compliance and
Accountability ........ ..........................62-63
Budget and Budgetary Accounting .62-63
4. Cash and Cash Equivalents ................... 63-66
Deposits...........................................63
Accrued Interest..............................64
Investments.....................................64-66
5. Property Tax Revenues .........................66
6. Capital Assets........................................67-68
7. Restricted Cash and Cash Equivalents
and Investments.................................69
8. Payable from Restricted Assets ............69
41
9. Interfund Balances................................70
10. Interfund Transfers................................71
11. Receivable and Payable Balances .........72-73
12. Long-term Liabilities............................73-86
Business -type Activities .....................
73-77
Recreational Revenue Refunding
Bonds, Series 2003 .......................
73-74
Water and Sewer Revenue
Bonds, Series 1993A ....................74-75
Water and Sewer Revenue
Bonds, Series 2005 .......................76
Annual Debt Service Payments —
Business -type Activities...............77
Governmental Activities ....................77-81
Limited General Obligation Bonds.77-78
General Obligation Bonds...............78-79
Spring Training Facility Revenue
Bonds...........................................79-81
Annual Debt Service Payments —
Governmental Activities ..............81
Housing Authority Revenue Bonds ......82-83
Summary of Defeased Debt
Outstanding........................................83
Captial Leases and Notes Payable ........84
Compensated Absences ........................84
Changes in Long-term Liabilities .........85
Conduit Debt Obligations .....................86
13. Provision for Closure Costs ..................86-87
14. Pension Plans........................................87-89
Florida Retirement System ................87-89
15. Operating Leases...................................89-90
16. Fund Equity...........................................90-91
17. Fund Equity Deficit...............................91
18. Risk Management.................................92-93
19. Commitments and Contingencies .........93-94
Litigation............................................93
Contracts and Other
Commitments..................................94
Grants.................................................94
20. Subsequent Events................................94
Indian River County, Florida
Statement of Fiduciary Assets and Liabilities
Agency Fund
September 30, 2006
ASSETS
Cash and cash equivalents $ 15,346,612
Accounts receivable - net 16,074
Total assets 15,362,686
LIABILITIES
Accounts payable 283,499
Due to other governments 4,668,881
Other deposits held in escrow 10,410,306
Total liabilities $ 15,362,686
The accompanying notes are an integral part of the financial statements.
40
J
C
Governmental
Other
Activities
Enterprise
Internal
Funds
Total
Service Funds
a$
544,080 $
1,351,203 $
2,275,862
-
1,170,424
-
145,359
13,470,371
11,220
-
(498,105)
-
335
(398,854)
(1,323,200)
(5,821)
-
-
88,547
(1,656)
(1,217)
(33,081)
(6,092)
982,601
_
=
11,308
_
(16,887)
(821,643)
a46116
896,536
229,527
(12,169)
(609,332)
(10,322)
(609,332)
-
_
-
(37,648)
-
231,580
_
=
835,000
-
3,530
-
536,000
a
28,970
64,200
(4,189)
(494,170)
16,144,047
(1,380,033)
$
49,910
$
17,495,250
$ 895,829
$
(26,047)
$
(627,643)
$ (50,788)
$
258,354
$
13,093,232
$
$
-
$
6,265
$ -
$
-
$
234,889
$ _
$
-
$
2,944,661
$
39
Indian River County, Florida
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30, 2006
Business -type Activities Enterprise Funds
Solid Waste
Disposal Golf County
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 2,193,408 $ 535,212 $ (1,921,497)
Adjustments to reconcile operating income to net cash
provided by (used in) operating activities:
Work in progress reclassified as expense
Depreciation
Capitalized self -incurred expenses
(Increase) Decrease in assets:
Accounts receivable
Due from other funds
Due from other governments
Inventories
Impact fees receivable
Liens receivable
Prepaid expenses
Increase (Decrease) in liabilities:
Accounts payable
Due to other governments
Other deposits held in escrow
Due to other funds
Retainage payable
Customer deposits
Closure and maintenance costs payable
Unearned revenues
Claims payable
Accrued compensated absences
Total adjustments
Net cash provided by operating activities
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
485,056 - 685,368
608,782 216,572 12,499,658
- - (498,105)
134,901 - (534,090)
(5,821)
88,547 - -
- (12,153) (19,711)
982,601
- - 11,308
(626) (16,261)
401,456
89,225
451,971
-
1,847
-
(37,648)
-
-
7,728
-
223,852
835,000
-
-
-
1,030
2,500
25,489
7,648
2,093
2,543,490
303,543
13,791,184
$ 4,7364898 $ 838,755 $ 11,869,687
Change in fair value of investments
$
(124,704) $
(1,236) $
(475,656)
Contributed property, plant and equipment
$
- $
- $
12,834,878
Capital assets received from capital lease
$
- $
6,265 $
-
Capital assets purchased through accounts payable
$
- $
- $
234,889
Deferred interest on refunding bonds
$
- $
- $
2,944,661
The accompanying notes are an integral part of the financial statements.
38
$ 5,039,389 $ 52,306,321 $ 13,342,194
112,993 96,849,989 -
$ 5,152,382 $ 149,156,310 $ 13,342,194
Continued
a37
254,077
Governmental
Other
(4,771,075)
Activities
Enterprise
651,915
Internal
Funds
Total
Service Funds
$ 4,137,671 $
50,127,577
$ 19,456,033
(1,186,241)
(18,664,452)
(16,693,896)
(2,901,520)
(13,967,875)
(1,866,308)
49,910
17,495,250
895,829
$ 5,039,389 $ 52,306,321 $ 13,342,194
112,993 96,849,989 -
$ 5,152,382 $ 149,156,310 $ 13,342,194
Continued
a37
254,077
(1,936,964)
(5,060,846)
(4,771,075)
6,398,871
651,915
3,509,855
394
13,339,257
_
-
1,104,116
135,817,053
(1,936,964)
(1,550,991)
(3,666,565)
149,156,310 $
13,342,194
-
(2,850,000)
-
-
(69,451)
-
-
(3,257,226)
(333,333)
-
-
334,154
-
(133,104)
(16,025,271)
(104,642)
(90,485)
_
(71,387)
-
13,519,126
-
=
(160,000)
114,000
F1
(133,104)
(9,003,873)
9,358
$ 5,039,389 $ 52,306,321 $ 13,342,194
112,993 96,849,989 -
$ 5,152,382 $ 149,156,310 $ 13,342,194
Continued
a37
254,077
6,398,871
651,915
a254,077
6,398,871
651,915
(1,766,081)
13,339,257
(2,109,463)
a6,918,463
135,817,053
15,451,657
$ 5,152,382 $
149,156,310 $
13,342,194
$ 5,039,389 $ 52,306,321 $ 13,342,194
112,993 96,849,989 -
$ 5,152,382 $ 149,156,310 $ 13,342,194
Continued
a37
Indian River County, Florida
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30, 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net cash provided by operating activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Transfers
Operating grants
Insurance recoveries
Net cash provided by (used in) noncapital
financing activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Principal payments - bonds/notes
Principal payments - capital leases
Interest paid on long-term debt
Payment to developer for long term loan
Proceeds from sales of fixed assets
Purchase of capital assets
Bond paying agent fees
Bond issuance costs
Capital contributed by others
Proceeds from advance from other funds
Net cash provided by (used in) capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Classified as:
Current assets
Restricted assets
Totals
Business -type Activities Enterprise Funds
Solid Waste
Disposal Golf County
District CA.—.
$ 13,967,219 $ 3,307,454 $ 28,715,233
(6,512,398) (1,653,133) (9,312,680)
(2,717,923) (815,566) (7,532,866)
4,736,898 838,755 11,869,687
(110,679)
(44,530)
(2,968,673)
3,113,864
118,722
277,269
3,003,185
74,192
(2,691,404)
-
(460,000)
(2,390,000)
-
(69,451)
-
-
(99,966)
(3,157,260)
-
-
(333,333)
16,100
213
317,841
(4,899,221)
(42,996)
(10,949,950)
-
(90,485)
_
-
-
(71,387)
-
-
13,519,126
-
(160,000)
-
(4,883,121)
(922,685)
(3,064,963)
1,506,691
17,703
4,620,400
1,506,691
17,703
4,620,400
4,363,653
7,965
10,733,720
25,157,107
56,155
103,685,328
$ 29,520,760 $
64,120 $
114,419,048
$ 16,204,122 $
10,299 $
31,052,511
13,316,638
53,821
83,366,537
$ 29,520,760 $
64,120 $
114,419,048
The accompanying notes are an integral part of the financial statements.
36
Ci I
11
Other
Enterprise
Funds
Governmental
Activities
Internal
Total Service Funds
$ 4,746,668 $ 18,488,532 $ 20,780,889
- 31,335,486
4,746,668 49,824,018
20,780,889
2,930,490
13,533,970
1,862,119
1,126,739
21,468,474
16,631,688
145,359
13,470,371
11,220
4,202,588
48,472,815
18,505,027
72589,994
268,041,195
544,080
1,351,203
2,275,862
254,077
1,760,768
651,915
-
4,574,472
-
-
1,235,413
394
-
42,554
-
-
(3,337,266)
-
-
(369,795)
-
-
(24,867)
-
-
(2,300)
-
_
-
1,104,116
254,077
3,878,979
1,756,425
798,157
5,230,182
4,032,287
258,354 4,409,536
-
22,371,582
-
415,629
563,205
-
(2,352,593)
(5,624,051)
(4,771,075)
(880,453)
26,950,454
(738,788)
72589,994
268,041,195
10,305,725
$ 6,709,541 $
294,991,649 $
9,566,937
35
Indian River County, Florida
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended September 30, 2006
Business -type Activities - Enterprise Funds
Solid Waste
Disposal Golf County
District Course Utilities
OPERATING REVENUES
Charges for services
Charges for services pledged as
security for revenue bonds
Total operating revenues
OPERATING EXPENSES
Personal services
Material, supplies, services and
other operating
Depreciation
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES)
Interest income
Interest income pledged as
security for revenue bonds
Operating grants
Gain on disposal of equipment
Interest expenses
Bond amortization expense
Intangible amortization expense
Loss on disposal of equipment
Insurance recoveries
Total nonoperating revenues (expenses)
Income before transfers and
capital contributions
Capital contributions
Capital contributions pledged as
security for revenue bonds
Transfers in
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending
$ 13,741,864 $
- $
-
-
3,306,424
28,029,062
13,741,864
3,306,424
28,029,062
4,430,823
340,012
2,743,412
823,214
7,036,854
8,196,262
1,731,426
10,414,047
608,782
216,572
12,499,658
11,548,456
2,771,212
29,950,559
2,193,408
535,212
(1,921,497)
1,506,691 -
839,699
11,571
(9,867)
17,703
118,722
(189,682)
(95,113)
(2,300)
2,348,094 (150,670)
4,556,769
276,992
30,983
(3,147,584)
(274,682)
(15,000)
1,427,478
4,541,502 384,542 (494,019)
4,151,182
-
-
22,371,582
15,514
-
132,062
(126,193)
(44,530)
(3,100,735)
4,430,823
340,012
23,060,072
38,362,124
1,476,051
220,613,026
$ 42,792,947 $
1,816,063 $
243,673,098
The accompanying notes are an integral part of the financial statements.
34
t
The accompanying notes are an integral part of the financial statements.
33
Indian River County, Florida
Statement of Net Assets
Proprietary Funds
September
30, 2006
Business -type Activities - Enterprise Funds
Governmental
Solid Waste
Other
Activities
Disposal
Golf
County
Enterprise
Internal
District
Course
Utilities
Funds
Total
Service Fund
ASSETS
Current assets:
$
16,204,122 $
10,299 $
31,052,511 $
5,039,389 $
52,306,321 $
13,342,194
Cash and cash equivalents
405,081
3,177,064
77
3,582,222
1,471,457
Accounts receivable- net
87,859
fu
Due from other nds
87,859
1,100,947
-
10,500
-
-
1,111,447
18,378
Due from other governments
564,988
564,988
Interest receivable
51,433
843,496
35,955
930,884
111,560
Inventories
_
822,150
Prepaid expenses
Current restricted assets:_
13,316,638
53,821
83,366,537
1]2,993
96,849,989
Cash and cash equivalents
31,114,647
126,053
119,004,596
5,188,414
155,433,710
15,765,739
Total current assets
Non-current assets:
-3,679,739
3,311,815
-
Unamortized bond costs367,924
50,149
Intangible assets - net
Capital assets - non -depreciable
50,149
14,878,804
669,630
22,937,014
38,485,448
308,210,426
251,729
Capital assets - depreciable
16,566,826
8,574,112
(1,607,291)
280,594,198
(116,346,864)
2,475,290
(563,754)
(127,022,525)
(147,466)
Capital assets - accumulated depreciation
(8,504,616)
Non-current restricted assets:
2291,821
2,291,821
_
Special assessments receivable
,
333,333
333,333
Notes receivable
-
798,521
,521
Impact fees receivable
161,920
161,920
161
_
Liens receivable
1,001
16,261
17,887
Deposits
22,991,163
8,006,001
194,098,019
1,911,536
227,006,719
104,263
Total non-current assets
54,105,810
8,132,054
313,102,615
7;099,950
382,440,429
15,870,002
Total assets
LIABILITIES
Current liabilities (payable from current assets):
1,160,815
214,799
1,360,903
138,441
2,874,958
381,152
Accounts payable
_
758
758
Retainage payable
-
-
5,866,000
Claims payable
8,889
5;931
11,641
26,461
Due to other governments
-
32,397
2,500
34,897
Unearned revenues
80,338
80,338
-
Capital leases
Accrued compensated absences
109,369
37,355
365,067
94,863
245,703
606,654
3,624,066
41,846
6,288,998
Total current liabilities (payable from current assets)
1,270,184
373,778
1,734,401
Current liabilities (payable from restricted assets)
1,678,189
-
1,678,189
-
Accounts payable
3,173
-
245,254
248,427
Retainage payable
Accrued interest payable
_
14,238
475,000
253,429
2,505,000
267,667
2,980,000
Bonds payable
Closure and maintenance costs payable
9,744,598
72,571
9,744,598
3,270,770
Customer deposits
Total current liabilities (payable from restricted asset:
224,928
9,972,699
-
489,238
2,973,271
7,655,143
72,571
18,189,651
Non-current liabilities:
69,980
71,428
128,858
72,135
342,401
14,067
Accrued compensated absences
-
654,000
Advance from other funds
-
113,000
113,448
-
-
113,448
Capital leases
Bonds payable - net of unamortized discount/premium
4,6]4,099
59,911,115
64,525,2]4
65,635,063
]4,067
Total non-current liabilities
69,980
5,452,975
6,315,991
60,039,973
69,429,517
72,135
390,409
87,448,780
6,303,065
Total liabilities
11,312,863
a
NET ASSETS
Invested in capital assets, net of related debt
22,941,014
2,547,352
124,768,233
1,911,536
152,168,135
104,263
Restricted for:
-
39;583
208,750
248,333
Debt service
88,823,634
88,823,634
Capital projects
Unrestricted 19,851,933
$ 42,792,947
(770,872)
$ 1,816,063 $
29,872,481
4,798,005
53,751,547
9,462,674
$ 9,566,937
$ 294,991,649
$ 6,709,541
243,673,098
I
I
Total net assets
t
The accompanying notes are an integral part of the financial statements.
33
EA
�OR
32
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Federal/State Grants Fund
For the Year Ended September 30, 2006
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original Final
Amounts
(Negative)
REVENUES
Intergovernmental
$ 7,715,664 $ 12,463,402 $
4,451,454 $
(8,011,948)
-
326,509
326,509
Interest
24,837
108,500
83,663
Miscellaneous
Total revenues
7,715,664 12,488,239
4,886,463
(7,601,776)
EXPENDITURES
Current:
Public safety
1,894,194 1,370,101
906,477
463,624
Physical environment
5,605,806 4,647,294
222,329
4,424,965
Economic environment
- 1,686,905
151,176
1,535,729
Human services
215,664 4,783,939
3,933,878
850,061
Total expenditures
7,715,664 12,488,239
5,213,860
7,274,379
Excess of revenues over (under) expenditure - -
(327,397)
(327,397)
OTHER FINANCING SOURCES (USES)
- -
50,667
50,667
Transfers in
Total other financing sources
(uses) - -
50,667
50,667
- -
(276,730) $
(276,730)
Net change in fund balances
Fund balances at beginning of year - -
(179,261)
Fund balances at end of year
$ - $ - $
(455,991)
a
0
0
a
The
accompanying notes are an integral part of the financial statements.
31
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Land Acquisition Fund
For the Year Ended September 30, 2006
n I
The accompanying notes are an integral part of the financial statements.
30 U I
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
REVENUES
Intergovernmental $
- $
626,629 $
902,991
$ 276,362
Interest
-
-
599,391
599,391
Total revenues
-
626,629
1,502,382
875,753
EXPENDITURES
Current:
Physical environment
1,400,000
21,497,963
7,958,903
13,539,060
Debt service:
Interest and fiscal charges
-
-
579,792
(579,792)
Total expenditures
1,400,000
21,497,963
8,538,695
12,959,268
Excess of revenues over (under) expenditures
(1,400,000)
(20,871,334)
(7,036,313)
13,835,021
OTHER FINANCING SOURCES (USES)
Debt issuance
-
20,000,000
49,996,735
29,996,735
Total other financing sources (uses)
-
20,000,000
49,996,735
29,996,735
Net change in fund balances
(1,400,000)
(871,334)
42,960,422
$ 43,831,756
Fund balances at beginning of year
1,400,000
871,334
562,054
Fund balances at end of year $
- $
- $
43,522,476
n I
The accompanying notes are an integral part of the financial statements.
30 U I
A
C
IN
I H
1
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in.Fund Balances - Budget and Actual
Emergency Services District Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Public safety
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
a
89,043
89,043
-
Variance with
90,210
76,824
-
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
(5,711,949)
$ 22,669,913 $
22,669,913 $
23,046,264
$ 376,351
11,875
176,396
186,850
10,454
2,540,280
2,620,281
3,708,250
1,087,969
-
-
7,000
7,000
128,250
128,250
529,362
401,112
11,105
457,721
35,073
(422,648)
25,361,423
26,052,561
27,512,799
1,460,238
$ 10,509,532
21,819,347
31,598,643
25,581,501
6,017,142
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
a
89,043
89,043
-
89,043
90,210
76,824
-
76,824
21,998,600
31,764,510
25,581,501
6,183,009
3,362,823
(5,711,949)
1,931,298
7,643,247
-
-
738,100
738,100
(5002407)
(513,793)
(513,792)
1
(500,407)
(513,793)
224,308
738,101
2,862,416
(6,225,742)
2,155,606 $
82381,348
(2,862,416)
6,225,742
8,353,926
$ -
$ -
$ 10,509,532
The accompanying notes are an integral part of the financial statements.
29
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Transportation Fund
For the Year Ended September 30, 2006
REVENUES
Licenses and permits
Intergovernmental
Charges for services
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Physical environment
Transportation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers to constitutional officers
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 142,500 $
313,032 $
315,124
$ 2,092
2,582,240
2,609,348
3,258,039
648,691
518,225
174,475
240,672
66,197
142,500
142,500
107,528
(34,972)
36,100
36,100
181,511
145,411
23,750
733,500
409,498
(324,002)
3,445,315
4,008,955
4,512,372
503,417
593,591
1,055,605
642,077
413,528
649,799
657,613
298,457
359,156
13,266,487
13,938,931
12,408,095
1,530,836
14,509,877
15,652,149
13,348,629
2,303,520
(11,064,562)
(11,643,194)
(8,836,257)
2,806,937
11,048,573
11,048,573
11,048,573
-
-
(1,000)
-
1,000
11,048,573
11,047,573
11,048,573
1,000
(15,989)
(595,621)
2,212,316 $
2,807,937
15,989
595,621
3,254,027
$ -
$ - $
5,466,343
0
L
0
D ,
The accompanying notes are an integral part of the financial statements.
28 n �
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Secondary Roads Construction Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
3,812,894 25,734,755 6,066,829 19,667,926
3,812,894 25,734,755 6,066,829 19,667,926
13,017 (21,824,734) (966,767) $ 20,857,967
(13,017) 21,824,734 25,073,992
$ - $ - $ 24,107,225
The accompanying notes are an integral part of the financial statements.
27
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 3,493,411 $
3,493,411 $
3,526,774
$ 33,363
-
84,110
308,889
224,779
-
-
117,288
117,288
332,500
332,500
912,633
580,133
-
-
234;478
234,478
3,825,911
3,910,021
5,100,062
1,190,041
3,812,894 25,734,755 6,066,829 19,667,926
3,812,894 25,734,755 6,066,829 19,667,926
13,017 (21,824,734) (966,767) $ 20,857,967
(13,017) 21,824,734 25,073,992
$ - $ - $ 24,107,225
The accompanying notes are an integral part of the financial statements.
27
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Impact Fees Fund
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Transportation
Total expenditures
Excess of revenues over (under)
expdenitures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ - $
- $
22,292 $
22,292
19,834,047
20,834,047
24,633,680
3,799,633
148,200
148,200
3,098,966
2,950,766
-
-
1,536,164
1,536,164
19,982,247
20,982,247
29,291,102
8,308,855
-
1,068,467
90,019
978,448
32,924,171
56,246,893
9,558,681
46,688,212
32,924,171
57,315,360
9,648,700
47,666,660
(12,941,924)
(36,333,113)
19,642,402
55,975,515
-
(350,000)
-
350,000
-
(350,000)
-
350,000
(12,941,924)
(36,683,113)
19,642,402 $
56,325,515
12,941,924
36,683,113
65,816,015
85,458,417
The accompanying notes are an integral part of the financial statements.
26
s
u
Indian River County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/recreation
Court related
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in 151,461 564,196 4,511,356 3,947,160
Transfers out (11,429,701) (12,237,189) (12,240,959) (3,770)
Total other financing sources (uses) (11,278,240) (11,672,993) (7,729,603) 3,943,390
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(298,067) (3,653,276) 15,148,457 $ 18,801,733
298,067 3,653,276 30,152,425
$ 45,300,882
The accompanying notes are an integral part of the financial statements.
25
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 65,473,426 $
65,473,425 $
69,308,542
$ 3,835,117
730,587
730,587
959,514
228,927
11,824,933
14,468,256
17,177,764
2,709,508
12,465,967
10,525,288
11,482,170
956,882
1,158,958
1,158,958
1,613,951
454,993
581,500
729,134
2,603,284
1,874,150
185,962
1,220,243
1,569,634
349,391
92,421,333
94,305,891
104,714,859
10,408,968
20,476,386
21,941,908
20,617,715
1,324,193
38,968,221
38,816,433
37,811,399
1,005,034
431,241
613,292
459,516
153,776
931,004
3,029,614
2,361,251
668,363
441,130
625,990
609,972
16,018
4,612,948
4,608,707
4,385,339
223,368
10,203,852
11,139,212
10,135,366
1,003,846
5,324,134
5,116,115
5,061,339
54,776
47,201
380,660
380,659
1
5,043
14,243
14,243
-
81,441,160
86,286,174
81,836,799
4,449,375
10,980,173
8,019,717
22,878,060
14,858,343
OTHER FINANCING SOURCES (USES)
Transfers in 151,461 564,196 4,511,356 3,947,160
Transfers out (11,429,701) (12,237,189) (12,240,959) (3,770)
Total other financing sources (uses) (11,278,240) (11,672,993) (7,729,603) 3,943,390
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(298,067) (3,653,276) 15,148,457 $ 18,801,733
298,067 3,653,276 30,152,425
$ 45,300,882
The accompanying notes are an integral part of the financial statements.
25
Indian River County, Florida
Reconciliation of the Statement of Revenues,
Expenditures, and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
For the Year Ended September 30, 2006
Net change in fund balances -total governmental funds
Lj
$ 70,461,726
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlay as expenditures. However, in the statement of
activities, the cost of those assets is allocated over their estimated useful lives as
depreciation expense.
Expenditures for capital assets
74,904,612
Less current year loss on assets
(33,732)
Less current year depreciation
(13,111,435) 61,759,445
The issuance of debt provides current financial resources to governmental funds,
but debt increases liabilities in the statement of net assets.
(49,996,735)
Repayments of bond principal and capital lease principal are expenditures in the
governmental funds, but the repayment reduces long-term liabilities in the statement of
net assets.
Bond principal payment
2,235,000
Bond premium payment
21,675
Capital lease principal payment
380,275 2,636,950
Changes in accrued compensated absences do not require the use of current financial
resources and, therefore, are not reported as expenditures in governmental funds.
(413,997)
Governmental funds report interest expenditures based on when they are paid. The
statement of activities reports interest expense as it is incurred. This is the net number
of the previous year accrual and the current year accrual.
0
Accrued bond interest expense
(524,941)
Some revenues reported in the governmental funds have been recognized as revenues in
prior fiscal year in the statement of activities.
(35,893)
Internal service funds are used by management to charge the costs of insurance and
fleet services to individual funds. The net costs of the internal service funds are
reported with governmental activities.
(738,788)
Governmental funds report non-exchange transactions when the applicable eligibility
requirements have been met and resources are available. However, in the statement
of activities, non-exchange transactions are recognized when the eligibility requirements
are met. This is the net number of prior year accrual and current year accrual.
(1,214,724) a
Some interest revenues reported in the statement of activities do not provide current
financial resources, therefore, are not reported as revenues in governmental funds.
This is the net number of prior year accrual and current year accrual.
937,590
Change in net assets of governmental activities
$ 82,870,633
11
The accompanying notes are an integral part of the financial statements. a
24
LJ
738,100
-
50,667
6,387,009
Optional
Other
Total
U
Emergency
Services
Land
Federal/State
Sales
Governmental
Governmental
-
District
Acquisition
Grants
Tax
Funds
Funds
48,600,000
1,396,735
$ 23,046,264 $
$
$
15,736,078 $
4,470,890 $
116,088,548
1,274,638
49,996,735
186,850
902,991
4,451,454
954,787
10,998,423
38,261,489
42,960,422
(276,730)
(11,609,314)
-
-
2,656,220
18,204,600
562,054
(179,261)
3,708,250
-
196,232,876
448,642
2,069,593
$ (455,991) $
29,597,738
7,000
-
269,711
25,010,919
529,362
599,391
326,509
1,341,877
980,956
10,574,489
35,073
-
108,500
33,087
670,935
4,597,369
27,512,799
1,502,382
4,886,463
18,065,829
20,495,777
216,081,645
0
_
_
482,028
21,831,839
25,581,501
906,477
1,676,493
65,975,870
_
7,958,903
222,329
16,057
8,955,262
_
215,557
30,610,413
_
151,176
293,091
4,151,005
1,054,239
12,470,222
3,933,878
_
6,245,072
16,380,438
854,388
5,915,727
_
_
2,235,000
2,615,659
579,792
-
1,196,396
1,790,431
-
-
36,062,152
1,786,323
37,848,475
25,581,501
8,538,695
5,213,860
36,062,152
19,151,410
205,448,575
1,931,298
(7,036,313)
(327,397)
(17,996,323)
1,344,367
10,633,070
LJ
738,100
-
50,667
6,387,009
383,652
23,119,357
-
-
(532,685)
(13,287,436)
(513,792)
-
48,600,000
48,600,000
1,396,735
-
-
-
-
1,396,735
59,828,656
224,308
49,996,735
50,667
6,387,009
(149,033)
2,155,606
42,960,422
(276,730)
(11,609,314)
1,195,334
70,461,726
8,353,926
562,054
(179,261)
41,207,052
21,992,646
196,232,876
$ 10,509,532 $
43,522,476
$ (455,991) $
29,597,738
$ 23,187,980 $
266,694,602
a
0
23
The accompanying notes are an integral part of the financial statements.
22
Indian River County, Florida
a
Statement of Revenues, Expenditures, and Changes in Fund
Balances
Governmental Funds
For the Year Ended September 30, 2006
Secondary
Impact
Roads
L I
(�
General
Fees
Construction
Transportation
REVENUES
Taxes
$ 69,308,542 $
- $
3,526,774 $
Licenses and permits
959,514
-
-
315,124
Intergovernmental
17,177,764
22,292
308,889
3,258,039
Charges for services
11,482,170
-
117,288
240,672
Fines and forfeitures
1,613,951
-
-
-
Special assessments
-
24,633,680
-
107,528
Interest
2,603,284
3,098,966
912,633
181,511
Miscellaneous
1,569,634
1,536,164
234,478
409,498
Total revenues
104,714,859
29,291,102
5,100,062
4,512,372
EXPENDITURES
Current:
General government
20,617,715
90,019
-
642,077
a
Public safety
37,811,399
-
-
Physical environment
459,516
-
-
298,457
Transportation
2,361,251
9,558,681
6,066,829
12,408,095
Economic environment
609,972
-
-
-
a
Human services
4,385,339
Culture/recreation
10,135,366
Court related
5,061,339
Debt service:
Principal
380,659
Interest and fiscal charges
14,243
Capital projects
-
-
-
-
Total expenditures
81,836,799
9,648,700
6,066,829
13,348,629
a
Excess of revenues over (under) expenditures
22,878,060
19,642,402
(966,767)
(8,836,257)
OTHER FINANCING SOURCES (USES)
a
Transfers in
4,511,356
-
-
11,048,573
Transfers out
(12,240,959)
-
-
-
Debt issuance
-
-
Debt premium
-
-
-
-
a
Total other financing sources (uses)
(7,729,603)
-
11,048,573
Net change in fund balances
15,148,457
19,642,402
(966,767)
2,212,316
Fund balances at beginning of
30,152,425
65,816,015
25,073,992
3,254,027
a
year
Fund balances at end of year
$ 45,300,882 $
85,458,417 $
24,107,225 $
5,466,343
r-,
The accompanying notes are an integral part of the financial statements.
22
Emergency Optional
Other
Total
u
Services Land Federal/State
Sales
Governmental
Governmental
District Acquisition Grants
Tax
Funds
Funds
$ 11,055,147 $ 43,577,493 $ 10,817,686 $
33,863,522 $
24,966,263 $
287,962,655
143,132
26,175
58,834
725,528
_
-
96,149
273,316 -
18,000
32,423
566,696
16,250 416,557'
1,007,418
153,793
5,063,093
_
_
-
10,101
9,178
9,178
_
_
-
666,667
_ -
10,189 25,967
500
106,998
_ -
987,105
-
1,641,105
$ 11,354,902 $ 43,577,493 $ 11,260,210 $
35,902,220 $
25,220,991 $
296,991,302
$ 813,131 $ 55,017 $ 570,698 $
4,259,904 $
1,591,364 $
12,916,274
141 - 22,035
2,044,578
207,789
2,901,108
105,207
137,750
654,555
3,498
482,430
32,098 11,009,625
62,876
11,595,772
_
29,734
29,734
a
8,636
-
729,722
987,105
845,370 55,017 11,716,201
6,304,482
2,033,011
30,296,700
_ _
-
2,225,349
21225,349
28,610,633
4,931,363
34,208,663
a987,105
-
1,641,105
45,300,882
10,509,532 43,522,476 (455,991)
16,031,268
183,318,603
10,509,532 43,522,476 (455,991)
29,597,738
23,187,980
266,694,602
$ 11,354,902 $ 43,577,493 $ 11,260,210 $
35,902,220 $
25,220,991
Amounts reported for governmental activities in the statement of net assets
are different because:
Capital assets used in governmental activities are not financial resources,
therefore, are not reported in the fund.
355,363,421
Long-term liabilities, including bonds payable ($77,150,060) and accrued
compensated absences ($5,361,670) are not due and payable in the current
(82,511,730)
period and, therefore, are not reported in the funds.
Accrued general long-term debt interest expenses are not financial uses and,
therefore, are not reported in the fund.
(644,481)
D
Special assessment receivables are not financial resources in the current
period and, therefore, are reported as unearned revenues.
96,149
Accrued interest on special assessments is not recognized in the current
n
period because the resources are not available, therefore, not
ILII
reported in the fund.
72,211
Internal service funds are used by management to charge the costs of certain
activities, such as insurance and fleet services, to individual funds. The
assets and liabilities of the internal service funds are included in
governmental activities in the statement of net assets.
9,566,937
Grant revenues are not recognized in current period because the resources
are not available, therefore, are not reported in the fund.
7,323,175
Interest revenues are not recognized in current period because the resources
not available, therefore, are not reported in the fund.
1,861,432
are
Net assets of governmental activities
$
557,821,716
Indian River County, Florida
Balance Sheet
Governmental Funds
September 30, 2006
The accompanying notes are an integral part of the financial statements.
20
Secondary
Impact
Roads
General
Fees
Construction
Transportation
ASSETS
Cash and cash equivalents
$ 47,668,970
$
86,679,736
$
24,095,703
$
5,238,135
Investments
143,132
-
-
-
Accounts receivable - net
563,436
76,300
783
Special assessments receivable
-
-
96,149
Due from other funds
242,957
-
-
-
Due from other governments
1,923,633
257,663
410,487
877,292
Inventories
10,101
-
-
-
Interest receivable
-
-
-
Note receivable
-
666,667
Prepaid expenses
70,342
-
Advance to other funds
-
-
654,000
-
Total assets
$ 50,622,571
$
86,937,399
$
25,903,157
$
6,212,359
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
$ 2,606,463
$
1,052,859
$
1,597,769
$
369,069
Retainage payable
1,575
426,123
198,163
704
Due to other funds
411,598
-
-
-
Due to other governments
478,932
-
Unearned revenues
115,430
375,743
Interest payable
-
-
Other deposits held in escrow
720,586
500
Advance from other funds
987,105
-
-
-
Totalliabilities
5,321,689
1,478,982
1,795,932
746,016
Fund balances:
Reserved for:
Debt service
-
-
-
-
Capital projects
666,667
Other purposes
-
654,000
Unreserved, reported in:
General fund
45,300,882
-
-
-
Special revenue funds
-
85,458,417
22,786,558
5,466,343
Total fund balances
45,300,882
85,458,417
24,107,225
5,466,343
Total liabilities and fund balances
$ 50,622,571
$
86,937,399
$
25,903,157
$
6,212,359
The accompanying notes are an integral part of the financial statements.
20
a
Net (Expense) Revenue and
82,448,807
-
Changes in Net Assets
a
2,465,462
Primary Government
21,855,885
9,318,394
-
Governmental
Business -type
Component
a
Activities
Activities
Total Unit
1,104,116
-
(3,765,592) $
- $
(3,765,592) $
ul
(49,574,100)
18,499,233
(49,574,100) _
(4,206,958)
-
(4,206,958) -
61,673
1,407,004
5,450,079
-
-
1,407,004 -
5,450,079 _
150,867,661
(9,755,761)
(9,755,761)
(5,060,846)
(371,469)
-
(371,469) -
149,550,713
1,316,948
(3,547,911)
-
(3,547,911) _
—5,060,846
82,870,633
26,950,454
(2,315,372)
64,637
(2,315,372)
474,951,083
(66,680,080)
-
(66,680,080) -
$ 557,821,716
$ 294,991,649 $
852,813,365 $
3,407,064
-
21,440,993
21,440,993 -
-
3,023,240
3,023,240 -
(�
-
366,839
366,839 _
U802,434
802,434
-
25,633,506
25,633,506 -
(66,680,080)
25,633,506
(41,046,574) -
n(17,277)
a82,448,807
-
82,448,807
-
2,465,462
-
2,465,462
-
21,855,885
9,318,394
-
21,855,885
9,318,394
-
13,043,670
13,043,670
1,104,116
-
1,104,116
-
12,163,993
6,335,240
18,499,233
20,241
2,089,540
42,554
2,132,094
61,673
144,489,867
6,377,794
150,867,661
81,914
(5,060,846)
-
-
a
149,550,713
1,316,948
150,867,661
81,914
—5,060,846
82,870,633
26,950,454
109,821,087
64,637
474,951,083
268,041,195
742,992,278
3,342,427_
$ 557,821,716
$ 294,991,649 $
852,813,365 $
3,407,064
� n
J 19
Indian River County, Florida
Statement of Activities
For the Year Ended September 30, 2006
Total primary government
Component Unit:
Housing authority
$ 189,154,740 $ 93,589,628 $ 14,656,304 $ 39,862,234
$
857,465$ 671,949 $ 168,239 $
General Revenues:
Taxes:
Property taxes, levied for general purposes
Program Revenues
Property taxes, levied for debt service
Sales and use taxes
Franchise fees, levied on gross receipts
State shared tax revenues
Operating
Capital
Interest earnings
Miscellaneous
Charges for
Grants and
Grants and
Change in net assets
Expenses
Services
Contributions
Contributions
Functions/Programs
Primary Government:
Governmental activities:
General government
$ 14,642,124 $
10,437,774 $
104,791 $
333,967
Public safety
58,578,985
7,151,354
1,540,190
313,341
Physical environment
8,490,570
854,219
80,713
3,348,680
Transportation
22,011,006
16,619,853
3,976,299
2,821,858
Economic environment
1,077,731
-
5,182,982
1,344,828
Human services
12,270,899
754,916
1,753,270
6,952
Culture/Recreation
11,546,217
5,480,612
782,646
4,911,490
Court related
6,014,793
2,466,882
-
-
Interest and fiscal charges
2,315,372
-
-
-
Total governmental activities
136,947,697
43,765,610
13,420,891
13,081,116
Business -type activities:
Water and sewer
33,387,825
28,029,062
276,992
26,522,764
Solid waste
11,558,323
13,741,864
839,699
-
Golf course
3,058,307
3,306,424
118,722
Others
4,202,588
4,746,668
-
258,354
a
Total business -type activities
52,207,043
49,824,018
1,235,413
26,781,118
Total primary government
Component Unit:
Housing authority
$ 189,154,740 $ 93,589,628 $ 14,656,304 $ 39,862,234
$
857,465$ 671,949 $ 168,239 $
General Revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt service
Sales and use taxes
Franchise fees, levied on gross receipts
State shared tax revenues
Insurance recoveries
Interest earnings
Miscellaneous
Total general revenues
Transfers
Total general revenues and transfers
Change in net assets
Net assets - beginning
Net assets - ending
The accompanying notes are an integral part of the financial statements.
18
e
N
0
Indian River County, Florida
Statement of Net Assets
September 30, 2006
ASSETS
Current assets:
Cash and cash equivalents
Investments
Accounts receivable - net
Internal balances
Due from other governments
Interest receivable
Inventories
Prepaid expenses
Current restricted assets:
Cash and cash equivalents
Total current assets
Non-current assets:
Unamortized bond costs
Intangible assets - net
Capital assets - non -depreciable
Capital assets - depreciable
Capital assets - accumulated depreciation
Non-current restricted assets:
Special assessments receivable
Notes receivable
Impact fees receivable
Liens receivable
Deposits
Total non-current assets
Total assets
LIABILITIES AND FUND BALANCES
Current liabilities (payable from current assets):
Accounts payable
Retainage payable
Claims payable
Due to other governments
Other deposits held in escrow
Unearned revenues
Accrued compensated absences
Capital leases
Current liabilities (payable from current restricted assets):
Accounts payable
Retainage payable
Accrued interest payable
Closure and maintenance costs payable
Customer deposits
Bonds payable
Total current liabilities
Non-current liabilities:
Accrued compensated absences
Capital leases
Bonds payable, net of premium and discount
Total long-term liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt service
Road projects
Other purposes
Unrestricted
Total net assets
Primary Government
Governmental
Business -type
Component
Activities
Activities
Total
Unit
$ 293,144,260 $
52,306,321 $
345,450,581 $
128,715
143,132
-
143,132
62,356
2,196,985
3,582,222
5,779,207
8,313
566,141
(566,141)
-
-
12,010,999
1,111,447
13,122,446
16,302
1,942,821
564,988
2,507,809
-
121,661
930,884
1,052,545
-
929,148
16,261
945,409
-
8,160,589
96,849,989
105,010,578
807,770
319,215,736
154,795,971
474,011,707
1,023,456
3,679,739
3,679,739
-
50,149
50,149
-
199,818,332
38,485,448
238,303,780
430,496
305,187,012
308,210,426
613,397,438
9,715,064
(149,537,660)
(127,022,525)
(276,560,185)
(4,492,926)
96,149
2,291,821
2,387,970
666,667
333,333
1,000,000
-
798,521
798,521
161,920
161,920
-
1,626
1,626
894
356,230,500
226,990,458
583,220,958
5,653,528
675,446,236
381,786,429
1,057,232,665
6,676,984
13,327,160
2,874,958
16,202,118
18,640
-
758
758
-
5,866,000
-
5,866,000
482,430
26,461
508,891
729,722
-
729,722
11,105,976
34,897
11,140,873
-
3,107,456
606,654
3,714,110
-
-
80,338
80,338
-
-
1,678,189
1,678,189
-
2,901,108
248,427
3,149,535
-
644,481
267,667
912,148
42,683
9,744,598
9,744,598
-
-
31270,770
3,270,770
40,197
4,615,000
2,980,000
7,595,000
378,000
42,779,333
21,813,717
64,593,050
479,520
2,310,127
342,401
2,652,528
-
-
113,448
113,448
-
72,535,060
64,525,214
137,060,274
2,790,400
74,845,187
64,981,063
139,826,250
2,790,400
117,624,520
86,794,780
204,419,300
3,269,920
278,213,361
152,168,135
430,381,496
2,484,234
46,399,595
88,823,634
135,223,229
-
1,580,868
248,333
1,829,201
238,002
109,079,398
-
109,079,398
-
987,105
-
987,105
529,571
121,561,389
53,751,547
175,312,936
155,257
$ 557,821,716
$ 294,991,649 $
852,813,365
$ 3,407,064
The accompanying notes are an integral part of the financial statements.
17
R
16
BASIC FINANCIAL STATEMENTS
1
1
11
14
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
Series 2006 Limited General Obligation Bonds with a par of $48.6 million were issued in order to
purchase environmentally sensitive land, historic sites, and lands that preserve our water resources.
The County's General Obligation and Revenue Bonds maintain a "AAA" rating from Standard &
Poor's. It is the County's policy to receive two bond ratings for each issue. Standard & Poor's rating is
required on all issues. A second rating from Fitch or Moody's is also required.
Additional information on the County's long-term debt can be found in Note 12 on pages 73-86 of this
report.
Economic Factors and Next Year's Budgets and Rates
The County's staff and elected officials considered many factors in developing the fiscal year 2006-2007
budget. One major factor impacting the budget process is the economic outlook for the upcoming year.
Indian River County's local economy consists of construction, tourism, retail, agriculture, and light
manufacturing. Construction activity has slowed down in recent months, and it is expected to have a
lower level of activity in 2006-2007 than last year. Retail activity has remained steady. The tourist tax
revenue decreased 9.5 percent in 2005-2006 compared to the previous year. The population grew by an
estimated 5,219 residents in 2005-2006. The unemployment rate during 2005-2006 was 4.7 percent.
These factors indicate an overall healthy economy throughout Indian River County.
u The tax roll is increasing 25.6 percent in 2006-2007 compared to 16.9 percent last year, largely resulting
from a change in the existing property value. The impact of the increased revenue more than offsets the
decrease in niillage rates. State shared tax revenues are projected to increase 10.6 percent, half -cent sales
tax by 15.5 percent, interest earnings by 61.6 percent. Together these increases provide the additional
tax revenue to support a 5.6 percent budget increase. This budget has been formulated to continue
LJ providing a high quality level of service to the residents of our growing community.
u The Solid Waste Disposal District (SWDD) residential rates are reduced slightly by 0.4 percent, and the
commercial assessment rates will decrease 0.8 percent for the fiscal year 2006-2007. The SWDD rate
cuts were allowed by the area's growth and the department's cost cutting measures. The golf course
increased its 18 -hole summer rates by $1.00 and winter rates by $2.00.
All other rates and user's fees remain unchanged from fiscal year 2005-2006.
Request for Information
This financial report is designed to provide a general overview of the County's finances for all those
with an interest in the government's finances. Questions concerning any of the information provided in
this report or requests for additional financial information should be addressed to:
Clerk of the Circuit Court
Attention: Finance Department
1840 25`" Street
Vero Beach, FL 32960
LJ 13
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006 a
Indian River County Capital Assets (Net of Depreciation, In Millions)
Additional information on the County's capital assets can be found in Note 6 on page 67 of this report.
Long-term debt
At the end of the current fiscal year, the County had total bonded debt outstanding of $144.7 million. Of
this amount, $77.2 million is debt backed by the full faith and credit of the government. The revenue
bonds represent bonds secured solely by specified revenue sources.
Indian River County's Outstanding Debt General Obligation and Revenue Bonds
(In Millions)
General Obligation Debt:
General Obligation, 2001 Series
General Obligation Ref., 2003 Series
Limited General Oblig., 2006 Series
Revenue Bonds:
Spring Training Facility, 2001 Series
Recreational Revenue Ref., 2003 Series
Water and Sewer Ref. Rev., 1993A Series
Water and Sewer Rev., 1996 Series
Water and Sewer Ref. Rev., 2005 Series
Total
Governmental
Activities
2006 2005
$ 8.0 $ 8.7
4.7 5.7
50.0 -
Business -type L J
Activities Total
2006 2005 2006 2005 a
$ - $ - $ 8.0 $ 8.7
- - 4.7 5.7
50.0 - a'
14.5 15.0 -
Governmental
Business -type
15.0
Activities
Activities
5.1
Total
2006
2005
2006 2005
2006
2005
Land $
83.5 $
74.1
$ 18.4 $ 17.0
$ 101.9
$ 91.1
Right-of-way
15.9
12.5
- -
15.9
12.5
Buildings and improvements
62.2
57.1
173.8 158.2
236.0
215.3
Equipment
28.8
26.2
7.4 6.4
36.2
32.6
Infrastructure
68.2
69.9
- -
68.2
69.9
Construction in progress
96.9
53.8
20.1 23.2
117.0
77.0
Total $
355.5 $
293.6
$ 219.7 $ 204.8
$ 575.2
$ 498.4
Additional information on the County's capital assets can be found in Note 6 on page 67 of this report.
Long-term debt
At the end of the current fiscal year, the County had total bonded debt outstanding of $144.7 million. Of
this amount, $77.2 million is debt backed by the full faith and credit of the government. The revenue
bonds represent bonds secured solely by specified revenue sources.
Indian River County's Outstanding Debt General Obligation and Revenue Bonds
(In Millions)
General Obligation Debt:
General Obligation, 2001 Series
General Obligation Ref., 2003 Series
Limited General Oblig., 2006 Series
Revenue Bonds:
Spring Training Facility, 2001 Series
Recreational Revenue Ref., 2003 Series
Water and Sewer Ref. Rev., 1993A Series
Water and Sewer Rev., 1996 Series
Water and Sewer Ref. Rev., 2005 Series
Total
Governmental
Activities
2006 2005
$ 8.0 $ 8.7
4.7 5.7
50.0 -
Business -type L J
Activities Total
2006 2005 2006 2005 a
$ - $ - $ 8.0 $ 8.7
- - 4.7 5.7
50.0 - a'
14.5 15.0 -
-
14.5
15.0
- - 5.1
5.6
5.1
5.6
- - 34.2
35.3
34.2
35.3
- - -
0.9
-
0.9
- - 28.2
28.6
28.2
28.6
$ 77.2 $ 29.4 $ 67.5
$ 70.4
$ 144.7 $
99.8
aIndian River County, Florida
Management's Discussion and Analysis
n For the Year Ended September 30, 2006
Actual expenditures were lower than anticipated for the following reasons:
a .Hurricane expenses budgeted but not incurred.
p g
U • Positions budgeted but not filled.
Various budgeted capital improvements expenditures were deferred until the next fiscal year.
The General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances — Budget and
Actual is shown on page 25.
a
Capital Assets and Debt Administration
Capital assets
The County's investment in capital assets for its governmental and business -type activities as of
September 30, 2006, amounts to $575.2 million (net of accumulated depreciation). This investment in
capital assets includes land, right-of-way, buildings and improvements, equipment, infrastructure and
construction in progress. The overall increase in the County's investment in capital assets for the current
fiscal year was 15 percent (a 21 percent increase for governmental activities and a 7 percent increase for
business -type activities).
U Governmental activities had the following major increases during the fiscal year:
An increase in buildings primarily due to the capitalization of the road and bridge/traffic
complex.
An increase in land primarily due to the purchase of properties for purposes of environmental
conservation including the $4.8 million Russell Grove River Buffer and the $2.8 million Oslo
DRiverfront.
• An increase in equipment primarily due to the installation of new computers, equipment and
furnishings in the new facilities management and Supervisor of Elections buildings.
Business -type activities had the following major increases during the fiscal year:
aa An increase in land mainly due to the purchase of several parcels of land for the expansion of the
Central Regional Wastewater Treatment Plant.
An increase in equipment due to the purchase of new software for the Building Department and
the GIS Department. Furnishings were purchased for the new Utility Operations Center.
11
n11
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
Proprietary funds
Unrestricted net assets in the solid waste disposal district at the end of the year amounted to $19.9
million, for the golf course ($0.8) million, and for the County utilities $29.9 million.
Other factors concerning the finances of these funds have already been addressed in the discussion of the
County's business -type activities.
General Fund Budgetary Highlights
During the year there was a $4.8 million increase in appropriations between the original and final
amended budget. Following are the main components of the increase:
• $2,093,610 supplemental appropriation to the Community Transportation Coordinator to provide
countywide public transportation.
• $807,488 supplemental appropriation of reserved funds to the new county administration
building. These funds were held in reserve for this project from the sale of the old county
courthouse.
• $374,361 supplemental appropriation for acquisition of a new integrated public safety
information system. n
• $250,000 supplemental appropriation to the Tax Collector's office due to commissions and
excess fees. r_1
• $329,370 supplemental appropriation to various departments for damages to facilities,
equipment, and overtime resulting from the three major hurricanes that affected Indian River
County in 2004 and 2005.
Actual revenues exceeded budget for the following reasons:
• Property tax value and revenue increased due to increased building activity and rising property
values.
• Actual intergovernmental revenue exceeded budgeted FEMA and state hurricane recovery
grants.
• Revenue sharing and half -cent sales tax exceeded projections due to population growth.
• Rising interest rates resulted in increased interest earnings.
• Transfers in for $3.8 million which distributed insurance proceeds to proper funds.
10 D
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
Governmental funds
aUnreserved fund balance may serve as a useful measure of the County's net resources available for
spending at the end of the fiscal year. As of the end of the current fiscal year, the County's governmental
funds reported combined ending fund balances of $266.7 million, an increase of $70.5 million in
comparison with the prior year.
• The fund balance of the County's General Fund increased by $15.1 million. Key factors in this
growth are as follows: (1) an increase of tax revenues of $8.4 million resulting from increased
property values and increased franchise taxes, (2) an increase in interest income of $1.6 million
resulting from higher interest rates, and (3) transfers in totaling $4.5 million of which $3.8
million is an allocation of hurricane related insurance proceeds.
• In the Impact Fees Fund there was a $19.6 million increase driven by $24.6 million in special
assessments revenue. The slowdown in construction activity is reflected by special assessments
revenue not being as robust in 2006 as in 2005 when special assessments totaled $36.3 million.
• The largest portion overall increase in the unreserved funds occurred in the Land Acquisition
Fund, with a $43.0 million increase in fund balance. In July 2006, the County issued $46.8
million in Limited General Obligation Bonds.
• The Optional Sales Tax Fund decreased by $11.6 million, with $36.1 million of expenditures in
capital projects including $24.2 million for the administrative complex and $7.6 million for the
jail expansion project.
• Total amount of combined ending fund balances, $266.7 million, 86 percent represents
n unreserved, undesignated fund balance, which is available for spending at the government's
I I discretion.
The remainder of fund balance is reserved to indicate that it is not available for new spending. The
largest reserved amount is in the Optional Sales Tax Fund, which is reserved for capital projects in the
amount of $28.6 million and also for a $.99 million loan to other funds. The Secondary Roads
Construction Fund has reserved $0.67 million for capital projects and $0.65 million for advances to
other funds.
The General Fund is the chief operating fund of the County. At the end of the current fiscal year,
unreserved, undesignated fund balance of the general fund was $45.3 million. As a measure of the
general fund's liquidity, it may be useful to compare unreserved fund balance to total expenditures.
Unreserved, undesignated fund balance represents 55 percent of total general fund expenditures. The
impact fees fund had an $85.5 million unreserved, undesignated fund balance which represents 11
percent of total impact fee expenditures indicating future road construction.
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006 (�
Governmental Activities
Governmental activities revenues exceeded expenses by $82.8 million, accounting for 75 percent of the Li
total growth in the County's net assets. Key elements of this increase are as follows:
• Program revenues decreased $7.6 million due to the downturn in construction activity.
Y
• Operating grants in 2006 were $2.9 million lower than in 2005. FEMA grant revenue was
accrued in 2005 and received in 2006.
• Capital grants were $7.0 million higher in 2006 largely the result of $4.6 million in revenue from
the Beach Restoration Emergency Response grant and receipt of several road
improvement/construction grants.
• Increases in property values generated a $10.7 million increase in property taxes general
revenues due to $2 billion of new construction.
• Interest earnings general revenues increased by $7.7 million, the result of higher interest rates in
2006.
• The government expenses were $14.1 million higher in 2006 than in 2005. The increase was due
to a rise in construction costs, salary and retirement rates, beach erosion costs, participation in
subsidy housing programs and the consolidation of our Fire and EMS departments.
Business -type activities
Business -type activities increased the County's net assets by $27.0 million, accounting for 25 percent of
the total growth in the government's net assets. Key elements of this increase are as follows:
• Charges for services for business -type activities decreased by $0.4 million or 0.8 percent. This
was a net result of the water and sewer revenues increasing by 10 percent resulting from the
population increase and solid waste revenues decreasing due to a calm hurricane season.
• Operating grants for business -type activities decreased by $7.3 million because 2005 included
FEMA grant revenue for the September 2004 hurricanes.
• Capital grants and contributions, which were water and sewer utility related, decreased by $11.3
million, which reflects decreased construction activity in the County.
Financial Analysis of the Government's Funds
As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance
related legal requirements.
u
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
Indian River County Changes in Net Assets (In Millions)
U
Governmental
Business -type
Activities
Activities
Total
2006
2005
2006
2005
2006
2005
Revenues:
Program revenues:
Charges for services $
43.8
$ 55.5
$ 49.8
$ 50.2
$ 93.6 $
105.7
Operating grants/contributions
13.4
16.9
1.2
8.5
14.6
25.4
Capital grants and contributions
13.1
5.5
26.8
38.1
39.9
43.6
General revenues
84.9
74.2
Property taxes
84.9
74.2
-
-
21.9
21.9
a
Sales taxes
21.9
21.9
-
-
7.9
Franchise taxes
9.3
7.9
-
-
13.0
3.
14.0
a
State shared revenues
13.0
14.0
-
-
3.0
21.8
12.3
Other
15.4
9.3
6.4
Total revenues
214.8
205.2
84.2
99.8
299.0
305.0
Expenses:
14.6
18.2
-
-
14.6
18.2
General government
58.6
54.3
Public safety
58.6
54.3
-
-
2.9
Physical environment
8.5
2.9
-
-
222..77
2
Transportation
22.0
21.7
-
-
.0
1.1
0.
Economic environment
1.1
0.7
-
-
12.3
7.4
Human services
12.3
11.5
7.4
10.7
-
-
-
11.5
10.7
Culture/Recreation
=
6.0
5.7
Court related
6.0
5.7
2.5
1.2
Interest on long-term debt
2.5
1.2
-
-
30.3
33.4
30.3
Water and sewer
-
-
-
33.4
11.5
19.2
11.5
19.2
Solid waste
-
3.0
2.9
3.0
2.9
Golf course
-
-
-
4.2
3.8
4.2
3.8
Other
-
137.1
122.8
52.1
56.2
189.2
179.0
Total expenses
Increase in net assets before transfers
77.7
82.4
32.1
43.6
109.8
126.0
Transfers
5.1
(0.2)
(5.1)
0.2
-
-
Increase in net assets
82.8
82.2
27.0
43.8
109.8
126.0
Net assets - October 1, 2005
475.0
392.8
268.0
224.2
743.0
617.0
Net assets - September 30, 2006
$ 557.8
$_475.0
$ 295.0
$ 268.0
$ 852.8
$ 743.0
7
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
Government -wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government's financial
position. In the case of the County, assets exceeded liabilities by $852.8 million at the close of the fiscal
year. By far, the largest portion of the County's net assets (50 percent) reflects its investment in capital
assets (e.g., land, buildings, machinery, and equipment), less any related debt used to acquire those
assets that is still outstanding. The County uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the County's investment in its
capital assets is reported as net of related debt, it should be noted that the resources needed to repay this
debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate
these liabilities.
At the end of the current fiscal year, the County is able to report positive balances in all three categories
of net assets, both for the government as a whole, as well as for its separate governmental and business -
type activities. The same situation held true for the prior fiscal year. The government's net assets
increased by $109.8 million during the current fiscal year. This increase was the result of. (1) $31.8
million increase in net assets invested in capital assets, net of related debt resulting from the construction
of roads, an administration complex, outreach administration buildings, and a major jail expansion, (2)
$15.9 million increase in restricted assets resulting from impact fees projects budgeted but not
completed, and (3) $62.1 million increase in the unrestricted net assets, primarily resulting from an
increase in ad valorem taxes due to new construction and the rise in interest earnings.
6
Indian River County Net Assets (In Millions)
Governmental Business -type
Activities Activities
Total
2006 2005 2006 2005
2006
2005
Current and other assets $
319.9 $ 235.3 $ 162.1 $ 151.3
$ 482.0 $
386.6
Capital assets
355.5 293.6 219.7 204.8
575.2
498.4
Total assets
675.4 528.9 381.8 356.1
1057.2
885.0
Long-term liabilities
76.6 30.3 65.0 68.1
141.6
98.4
Other liabilities
41.0 23.6 21.8 20.0
62.8
43.6
a
Total liabilities
117.6 53.9 86.8 88.1
204.4
142.0
a
Net assets:
Invested in capital
assets,
net of related debt
278.2 264.2 152.2 134.4
430.4
398.6
Restricted
158.0 150.1 89.0 81.1
247.0
231.2
Unrestricted
121.6 60.7 53.8 52.5
175.4
113.2
O
Total net assets $
557.8 $ 475.0 $ 295.0 $ 268.0
$ 852.8 $
743.0-
A portion of the County's net
assets (29.0%) represents resources that are subject to external restrictions
on how they may be used. The remaining balance of the unrestricted net assets ($175.3 million) may be
used to meet the government's
ongoing obligations to citizens and creditors.
(1
At the end of the current fiscal year, the County is able to report positive balances in all three categories
of net assets, both for the government as a whole, as well as for its separate governmental and business -
type activities. The same situation held true for the prior fiscal year. The government's net assets
increased by $109.8 million during the current fiscal year. This increase was the result of. (1) $31.8
million increase in net assets invested in capital assets, net of related debt resulting from the construction
of roads, an administration complex, outreach administration buildings, and a major jail expansion, (2)
$15.9 million increase in restricted assets resulting from impact fees projects budgeted but not
completed, and (3) $62.1 million increase in the unrestricted net assets, primarily resulting from an
increase in ad valorem taxes due to new construction and the rise in interest earnings.
6
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
combined into a single, aggregated presentation. Individual fund data for each of these non -major
governmental funds is provided in the form of combining statements located behind the notes to the
financial statements. The combining statements referred to earlier in connection with nonmajor
governmental funds and internal service funds can be found on pages 100-158 of this report.
The County adopts an annual appropriated budget for its general fund. A budgetary comparison
statement has been provided for the general fund to demonstrate compliance with this budget.
The basic governmental fund financial statements can be found on pages 20-31 of this report.
Proprietary funds
The County maintains two different types of proprietary funds. Enterprise funds are used to report the
same functions presented as business -type activities in the government -wide financial statements. The
County uses enterprise funds to account for its water and sewer utility, solid waste disposal district,
shooting range, golf course, and building department. Internal service funds are an accounting device
used to accumulate and allocate costs internally among the County's various functions. The County uses
internal service funds to account for its fleet management, self insurance, and geographic information
systems. Because these services predominantly benefit governmental rather than business -type
functions, they have been included within governmental activities in the government -wide financial
statements.
Proprietary funds provide the same type of information as the government -wide financial statements,
only in more detail. The proprietary fund financial statements provide separate information for the water
and sewer utility, solid waste disposal district and golf course, which are considered to be major funds of
the County. Conversely, internal service funds are combined into a single, aggregated presentation in the
proprietary fund financial statements. Individual fund data for the internal service funds is provided in
the form of combining statements behind the notes to the financial statements.
The basic proprietary fund financial statements can be found on pages 33-39 of this report.
O
Fi rJ'.f
'ducia unds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government -wide financial statements because the resources of
those funds are not available to support the County's own programs. The accounting used for fiduciary
funds is much like that used for proprietary funds. The basic fiduciary fund financial statement can be
found on page 40 of this report.
Notes to the financial statements
The notes provide additional information that is essential to a full understanding of the data provided in
the government -wide and fund financial statements. The notes to the financial statements can be found
on pages 41-94 of this report.
A
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
The statement of activities presents information showing how the government's net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in cash flows in future fiscal
periods (e.g., uncollected taxes and earned, but unused, vacation leave). n
Both of the government -wide financial statements distinguish functions of the County that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and
charges (business -type activities). The governmental activities of the County include general
government, public safety, physical environment, transportation, economic environment, human
services, and culture and recreation. The major business -type activities of the County include a water
and sewer utility, a solid waste disposal district and a golf course.
The government -wide financial statements include not only the Board of County Commissioners, but
also the Clerk of the Circuit Court, Tax Collector, Property Appraiser, Sheriff and Supervisor of
Elections. In addition, financial information is reported in a separate column for the Indian River County
Housing Authority (the Authority). The Authority is not part of the primary government of Indian River
County. The government -wide financial statements can be found on pages 17-19 of this report.
Fund financial statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been Ll
segregated for specific activities or objectives. The County, like other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance -related legal requirements. All of
the funds of the County can be divided into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental funds D
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government -wide financial statements. However, unlike the government -wide financial
statements, governmental fund financial statements focus on near-term inflows and outflows of
spendable resources, as well as on balances of spendable resources available at the end of the fiscal year.
Such information may be useful in evaluating a government's near-term financial requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar �J
information presented for governmental activities in the government -wide financial statements. By
doing so, readers may better understand the long-term impact of the government's near-term financial
decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison
between governmental funds and governmental activities.
The County maintains 40 individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the general fund, six special revenue funds, and the optional (one -cent)
sales tax funds. All are considered to be major funds. Data from the other 32 governmental funds are
4
11
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30, 2006
We offer readers of the County's financial statements this narrative overview and analysis of the
financial activities of the County for the fiscal year ended September 30, 2006. We encourage readers to
consider the information presented here, in conjunction with additional information that we have
furnished in our letter of transmittal, which can be found on pages i -v of this report. All amounts, unless
otherwise indicated, are expressed in millions of dollars.
Financial Highlights
• The County's overall financial position improved over 2005.
• The assets of the County exceeded its liabilities at the close of the most recent fiscal year by
$852.8 million (net assets). Of this amount, $175.3 million (unrestricted net assets) may be used
to meet the government's ongoing obligations to citizens and creditors.
• The government's total net assets increased by $109.8 million. A substantial portion of this
increase is attributable to impact fees collected and unspent and capital contributions received by
utilities. These increases reflect the construction boom that was taking place in the County.
• As of the close of the current fiscal year, the County's governmental activities reported
combined ending fund balances of $557.8 million, an increase of $82.8 million in comparison
with the prior year. Of this total amount, $121.6 million is available for spending at the
government's discretion (unreserved, undesignated fund balance).
• At the end of the current fiscal year, unreserved, undesignated fund balance for the general fund
alone was $45.3 million, or 55 percent of total general fund expenditures.
• Limited General Obligation bonds were issued in the par amount of $46.8 million for the purpose
of acquiring environmentally sensitive land, historic sites, and lands to protect water resources.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the County's basic financial
statements. The County's basic financial statements are composed of three elements: 1) government -
wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
Government -wide financial statements
The government -wide financial statements are designed to provide readers with a broad overview of the
County's finances, in a manner similar to a private -sector business.
The statement of net assets presents information on all of the County's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the County is improving or deteriorating.
3
Harris, Cotherman,
Jones, Price & Associates
(: rrslcd Public A •cuu mmnt, • C;hanerrd
The Honorable County Commissioners and
Constitutional Officers
Indian River County, Florida
Page two
The Management's Discussion and Analysis and required supplementary information, as listed in
the table of contents, are not a required part of the basic financial statements but are
supplementary information required by the Governmental Accounting Standards Board, We
have applied certain limited procedures which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary information;
however, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The accompanying information identified in the table of contents as
combining and individual fund statements and schedules is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly stated, in all material respects, in relation to the basic financial statements n
taken as a whole. I I
The information identified in the table of contents as the Introductory and Statistical Sections is
presented for purposes of additional analysis and is not a required part of the basic financial
statements of Indian River County, Florida. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements, and accordingly, we
express no opinion on them.
•f�.�.i.PrLtc�i QL��.vu�f�x�d. - G'Iau.Q/Lcto�
Vero Beach, Florida
February 9, 2007
11
Farris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 Borth Highway Al A, Suite 250
Vero Beach, FL 32963
Tel 772.234.8484
Fax 772.234.8488
Independent Auditors' Report
The Honorable County Commissioners and
Constitutional Officers
Indian River County, Florida
We have audited the accompanying financial statements of governmental activities, the business -
type activities, each major fund and the aggregate remaining fund information of the Indian
River County, Florida (the "County") as of and for the year ended September 30, 2006, which
collectively comprise the County's basic financial statements as listed in the table of contents.
These financial statements are the responsibility of the County's management. Our
responsibility is to express opinions on these financial statements based on our audit.
OWe conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of governmental activities, the business -type activities, each major fund
and the aggregate remaining fund information of the County as of September 30, 2006, and the
respective changes in financial position and cash flows, where applicable, thereof for the year
ended in conformity with accounting principles generally accepted in the United States of
America.
Li
In accordance with Government Auditing Standards, we have also issued a report dated February
4, 2007 on our consideration of the County's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements
and other matters. The purpose of the report is to describe the scope of our testing of internal
control over financial reporting and compliance and the results of that testing and not to provide
an opinion on the internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards and
should be read in conjunction with this report in considering the results of our audit.
"Providing Vision and Direction to our Clients" Member F[CPA
Member AICPA Member AICPA Division For CPA F—
Private Companies Practice Section
O
Statistical Section
This part of the Indian River County Comprehensive Annual Financial Report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures and required supplementary information says about the County's overall financial health.
Contents
Financial Trends (Schedules 1 - 5)
These schedules contain trend information to help the reader understand how the
County's financial performance and well-being have changed over time.
Revenue Capacity (Schedules 6 — 9)
These schedules contain information to help the reader assess the County's most
significant local revenue source, the property tax.
Debt Capacity (Schedules 10 —16)
These schedules present information to help the reader assess the affordability of
n the County's ability to issue additional debt in the future.
Demographic and Economic Information (Schedules 17 —18)
These schedules contain service and infrastructure data to help the reader
understand how the information in the County's financial report relates to the
services the County provides and the activities it performs.
Page(s)
166-176
177-181
182-191
192-193
Operating Information (Schedules 19 — 22) 194-205
These schedules contain service and infrastructure data to help the reader
understand how the information in the County's financial report relates to the
services the County provides and the activities it performs.
Additional Bond Disclosures (Schedules 23 — 28)
These schedules provide information for required continuing disclosure for the
water and sewer, golf course and spring training bonds.
Sources:
Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The County
implemented GASB Statement 34 in 2001; schedules presenting government -
wide information include information beginning in that year.
165
206-212
n
Indian River County, Florida
Net Assets by Component
Last Six Fiscal Years
(accrual basis of accounting)
2001 2002 2003
Governmental activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total governmental activities net assets
Business -type activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business -type activities net assets
Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net assets
$ 214,622,489 $
225,179,898 $
227,795,289
100,742,230
113,252,580
112,083,712
17,953,280
17,559,989
20,389,245
$ 333,317,999 $
355,992,467 $
360,268,246
$ 97,701,866 $
106,004,641 $
113,354,198
26,758,894
31,179,151
42,971,494
43,816,852
45,137,431
47,079,296
$ 168,277,612 $
182,321,223 $
203,404,988
$ 312,324,355 $
331,184,539 $
341,149,487
127,501,124
144,431,731
155,055,206
61,770,132
62,697,420
67,468,541
$ 501,595,611 $
538,313,690 $
563,673,234
(A) Limited General Obligation Bonds issued for $48,600,000.
(B) Utility developer contributions and customer base significantly increased due to population growth.
166
Schedule 1
2004 2005 2006
$ 242,057,257 $ 264,193,976 $ 278,213,361
128,024,220 150,019,583 158,046,966
22,697,741 60,737,524 121,561,389 (A)
$ 392,779,218 $ 474,951,083 $ 557,821,716
$ 122,280,348 $
134,402,945 $
152,168,135 (B)
57,825,011
81,084,337
89,071,967
44,084,834
52,553,913
53,751,547
$ 224,190,193 $
268,041,195 $
294,991,649
$ 364,337,605 $
398,596,921 $
430,381,496
185,849,231
231,103,920
247,118,933
66,782,575
113,291,437
175,312,936
$ 616,969,411 $
742,992,278 $
852,813,365
167
Indian River County, Florida
Changes in Net Assets
Last Six Fiscal Years
(accrual basis of accounting)
Expenses
Governmental activities:
General government
Public safety
Physical environment
Transportation
Economic development
Human service
Cultural/Recreation
Court related
Interest on long-term debt
Total governmental activities expenses
Business -type activities:
Water and sewer
Solid waste
Golf course
Other
Total business -type activities expenses
Total primary government expenses
Program Revenues
Governmental activities:
Charges for services:
General government
Public safety
Physical environment
Transportation
Human service
Cultural/Recreation
Court related
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business -type activities:
Charges for services:
Water and sewer
Solid waste
Golf course
Other
Operating grants and contributions
Capital grants and contribution
Total business -type activities program revenues
Total primary government program revenues
2001
13,756,310 $
42,896,286
2,145,214
13,525,659
1,358,025
4,612,841
10,631,008
5,151,347
587,004
94,663,694
2002 2003
17,942,122 $
45,186,455
1,648,446
14,878,771
357,911
5,975,775
8,157,505
5,472,095
1,710,405
101,329,485
20,323,241
46,409,761
791,383
16,264,468
587,227
6,165,603
8,711,251
6,144,728
1,549,957
106,947,619
22,459,042
23,240,123
25,015,125
8,245,056
8,043,106
8,589,141
2,894,314
2,777,519
2,842,907
1,409,610
1,882,038
2,033,754
35,008,022
35,942,786
38,480,927
$ 129,671,716 $
137,272,271 $
145,428,546
6,357,015 $
3,626,767
97,687
3,893,294
69,594
1,094,588
901,485
5,122,151
3,756,327
24,918,908
5,349,797 $
4,120,093
64,314
4,476,914
186,290
473,043
1,515,840
5,425,369
4,818,626
26,430,286
6,513,557
4,288,357
29,260
5,584,999
302,998
776,829
1,458,688
5,175,499
19,908,254 (A)
44,038,441
18,917,518
19,962,496
21,210,935
9,628,155
9,897,222
10,187,432
3,033,997
2,897,502
3,112,087
1,673,916
2,009,737
2,432,420
111,252
-
271,662
9,973,352
11,256,039
19,796,906 (B)
43,338,190
46,022,996
57,011,442
$ 68,257,098 $
72,453,282 $
101,049,883
168
0
0
Continued
169
Schedule 2
Notes:
(A) County received grants for the purchase of
environmentally sensitive lands and beach erosion;
recorded as capital assets
(B) Contributions for water and sewer services by
developers due to significant increase in County
population
(C) Increase in revenue and related expenses due to
hurricanes Frances and Jeanne in 2004; and
hurricane Wilma in 2005.
(D) Impact fees increased with building boom
(E) Environmentally sensitive lands purchased with
bond proceeds.
(F) Significant increase in SHIP programs due to
population growth and building boom in 2005.
(G) Issued new Limited G.O.B. debt for $48,600,000.
2004
2005
2006
$ 23,287,533
(C) $
18,165,441
$
14,642,124
54,052,726
(C)
54,271,542
58,578,985
1,039,550
21,335,262
(C)
2,850,738
21,726,741
8,490,570
22,011,006
(E)
639,826
696,448
1,077,731
7,664,422
(C)
7,385,726
12,270,899
(F)
9,616,323
(C)
10,775,291
11,546,217
6,221,983
5,704,361
6,014,793
1,313,340
1,246,237
2,315,372
(G)
125,170,965
122,822,525
136,947,697
26,907,959
30,260,577
33,387,825
14,103,641
(C)
19,156,896
(C)
11,558,323
2,806,115
2,939,321
3,058,307
2,532,617
3,768,301
4,202,588
46,350,332
$ 171,521,297
$
56,125,095
52,207,043
189,154,740
178,947,620
$
$ 7,593,486
$
8,779,557
$
10,437,774
3,927,664
4,712,594
7,151,354
92,354
631,456
854,219
11,182,015
37,384,003
(D)
16,619,853
604,379
821,811
754,916
813,827
800,555
5,480,612
1,449,771
2,294,908
2,466,882
9,270,478
16,310,024
(C) ,
13,420,891
11,784,511
(C)
6,069,586
13,081,116
46,718,485
77,804,494
70,267,617
22,984,883
25,579,512
28,029,062
11,160,368
16,874,618
13,741,864
3,099,287
3,247,815
3,306,424
3,202,380
4,535,869
4,746,668
5,760,512
8,518,757
1,235,413
19,138,278
(B)
38,112,182
(B)
26,781,118
(B)
65,345,708
96,868,753
77,840,549
$ 112,064,193
$
174,673,247
$
148,108,166
Continued
169
Schedule 2
Notes:
(A) County received grants for the purchase of
environmentally sensitive lands and beach erosion;
recorded as capital assets
(B) Contributions for water and sewer services by
developers due to significant increase in County
population
(C) Increase in revenue and related expenses due to
hurricanes Frances and Jeanne in 2004; and
hurricane Wilma in 2005.
(D) Impact fees increased with building boom
(E) Environmentally sensitive lands purchased with
bond proceeds.
(F) Significant increase in SHIP programs due to
population growth and building boom in 2005.
(G) Issued new Limited G.O.B. debt for $48,600,000.
(H) Hurricanes Frances and Jeanne FEMA reimbursements had not yet been received.
(I) Growth in water and sewer services due to expansion of County population
(J) Taxable values increased by $2 billion.
(K) Transfers for proportionate share of new county administration building.
170 a
Iver County, Florida
Indian R ty,
Changes in Net Assets
Last Six Fiscal Years
(accrual basis of accounting)
2001
2002
2003
Net (Expense)/Revenue
$
Governmental activities
$ (69,744,826) $
(74,899,199)
(62,909,178)
Business -type activities
8,330,168
10,080,210
18,530,515 (I)
Total primary government net expense
$ (61,414,658) $
(64,818,989) $
(44,378,663)
General Revenue and Other Changes in Net Assets
Governmental activities:
Property taxes, levied for general purposes $ 50,825,605 $
55,407,180 $
60,139,514
Property taxes, levied for debt service
1,570,336
1,581,362
2,595,265
Sales and use taxes
15,620,653
16,983,678
17,162,979
a
Franchise fees
6,255,747
5,797,407
6,222,326
State shared revenues
12,228,528
12,914,452
10,605,656
Insurance recoveries
-
-
-
Interest earnings
10,637,239
5,189,432
2,787,928
Miscellaneous
697,932
1,103,457
1,761,754
Transfers
(240,665)
(1,403,301)
(157,870)
Total governmental activities
97,595,375
97,573,667
101,117,552
Business -type activities:
2,332,013
Interest earnings
6,2 93,439
3,790,253
Miscellaneous
85,496
15,100
63,367
Transfers
117,130
158,048
157,870
Total business -type activities
6,496,065
3,963,401
2,553,250
Total primary government
$ 104,091,440 $
101,537,068 $
103,670,802
Change in Net Assets
Governmental activities
$ 27,850,549 $
22,674,468 $
38,208,374
Business -type activities
14,826,233
14,043,611
21,083,765
Total primary government change in net assets $ 42,676,782 $
36,718,079 $
59,292,139
I I
(H) Hurricanes Frances and Jeanne FEMA reimbursements had not yet been received.
(I) Growth in water and sewer services due to expansion of County population
(J) Taxable values increased by $2 billion.
(K) Transfers for proportionate share of new county administration building.
170 a
2004
2005
Schedule 2
2006
$ (78,452,480) (I) $ (45,018,031) $ (66,680,080)
18,995,376 (I) 40,743,658 (I) 25,633,506
$ (59,457,104) $ (4,274,373) $ (41,046,574)
$ 67,701,525
2,427,908
18,825,771
6,720,166
11,608,557
2,536,347
1,336,789
(193,611)
110,963,452
1,590,203
6,015
193,611
1,789,829
$ 112,753,281
$ 71,698,850 $
2,480,497
21,892,558
7,941,020
14,022,896
3,666,960
4,444,772
1,235,708
(193,365)
127,189, 896
82,448,807 (J)
2,465,462
21,855,885
9,318,394
13,043,670
1,104,116
12,163,993
2,089,540
5,060,846 (K)
149,550,713
2,861,308 6,335,240
52,671 42,554
193,365 (5,060,846) (K)
3,107,344 1,316,948
$ 130,297,240 $ 150,867,661
$ 32,510,972 $ 82,171,865 $ 82,870,633
20,785,205 43,851,002 26,950,454
$ 53,296,177 $ 126,022,867 $ 109,821,087
171
General Fund
Reserved
Unreserved
Total general fund
All other governmental funds
Reserved
Unreserved, reported in:
Special revenue funds
Debt service funds
Capital projects funds
Trust funds (A) (B)
Total all other governmental funds
Total governmental funds
Indian River County, Florida
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
1997 1998 1999 2000
$ 34,154 $ 34,154 $ 34,154 $ -
14,310,165 16,465,867 17,509,428 16,785,009
$ 14,344,319 $ 16,500,021 $ 17,543,582 $ 16,785,009
$ 15,894,491 $ 21,661,688 $ 29,515,156 $ 32,004,421
36,871,452
38,148,520
39,174,856
46,426,470
-
(7,847)
(5,404)
(73,536)
_
-
-
337,915
272,989
3,555,156
428,687
452,492
$ 53,038,932 $
63,357,517 $
69,113,295 $
79,147,762
$ 67,383,251 $
79,857,538 $
86,656,877 $
95,932,771
(A) Inmate Welfare Trust Fund became a special revenue fund in FY 2001 with the implementation of
GASB 34.
(B) Deferred Compensation Trust Fund totaling $3,259,708 in FY 1998 was subsequently classified as
an agency.
172
Schedule 3
2001
2002
2003
2004
2005
2006
166,080,451
$ 221,393,720
$ 123,101,811
$ 134,137,677
$ 130,088,531
$
142,425,949
$
196,232,876
17,481,844
18,244,725
20,104,115
20,623,340
30,152,425
45,300,882
$ 17,481,844 $
18,244,725 $
20,104,115 $
20,623,340 $
30,152,425 $
45,300,882
$ 49,037,252 $
40,013,059 $
40,667,031 $
47,458,489 $
50,257,972 $
38,075,117
56,582,715
75,879,893
69,317,385
74,344,120
115,822,479
183,318,603
$ 105,619,967
$ 115,892,952
$ 109,984,416
$
121,802,609
$
166,080,451
$ 221,393,720
$ 123,101,811
$ 134,137,677
$ 130,088,531
$
142,425,949
$
196,232,876
$ 266,694,602
173
Indian River County, Florida
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years a
(modified accrual basis of accounting)
Other Financing Sources (Uses)
Debt issuance
Payments to escrow agent - - -
Payments from capital leases 729,854 157,626 1,310,055 78,516
Transfers out (102,796) (107,326) (120,668) (118,275)
Transfers in
Total other financing sources (uses) 627,058 50,300 1,189,387 (39,759)
Net changes in fund balance $ (2,186,428) $ 9,595,960 $ 10,059,047 $ 9,170,377
Debt service as a percentage of
noncapital expenditures 7.1% * 3.1% * 3.1% * 7.2%
* Not possible to determine capital expenditures in functional expenditure categories. D
174 a
1997
1998
1999
2000
LJ
Revenue
Taxes
$ 58,955,069 $
61,740,699 $
64,470,143 $
69,537,158
Licenses and permits
403,849
327,978
480,408
520,813
Intergovernmental
13,329,351
16,392,327
16,431,926
18,908,166
Charges and services
9,295,204
9,316,954
10,125,675
9,659,007
Fines and forfeitures
1,026,303
1,286,672
1,164,084
1,332,950
Special assessments
3,045,913
2,549,184
3,288,159
3,483,557
Interest
3,812,323
5,130,526
4,297,530
6,562,067
Miscellaneous
1,779,362
1,470,974
2,126,436
1,292,825
Total Revenue
91,647,374
98,215,314
102,384,361
111,296,543
Expenditures
Current:
General government
16,055,730
13,245,171
13,261,058
14,069,358
Public safety
35,000,454
36,758,303
39,399,375
39,734,506
Physical environment
8,700,803
3,084,834
1,170,707
4,780,305
Transportation
10,570,818
14,229,923
18,067,215
12,663,766
Economic environment
266,849
281,879
278,191
259,354
O
Human service
4,972,494
3,989,075
5,048,135
4,928,117
Cultural/Recreation
5,671,461
6,137,785
6,578,053
7,326,459
Court related
-
3,866,441
4,375,340
4,565,674
Debt service:
Principal
4,908,252
1,632,543
1,913,762
5,305,502
Interest and fiscal charges
1,271,178
956,288
906,665
890,236
Capital outlay
7,042,821
4,487,412
2,516,200
7,563,130
Total Expenditures
94,460,860
88,669,654
93,514,701
102,086,407
Excess of revenues over
(under) expenditures
(2,813,486)
9,545,660
8,869,660
9,210,136
Other Financing Sources (Uses)
Debt issuance
Payments to escrow agent - - -
Payments from capital leases 729,854 157,626 1,310,055 78,516
Transfers out (102,796) (107,326) (120,668) (118,275)
Transfers in
Total other financing sources (uses) 627,058 50,300 1,189,387 (39,759)
Net changes in fund balance $ (2,186,428) $ 9,595,960 $ 10,059,047 $ 9,170,377
Debt service as a percentage of
noncapital expenditures 7.1% * 3.1% * 3.1% * 7.2%
* Not possible to determine capital expenditures in functional expenditure categories. D
174 a
Schedule 4
O2001 2002 2003 2004 2005 2006
14,834,937
$ 73,553,625 $
80,488,343 $
86,120,084 $
95,675,370 $
104,012,925 $
116,088,548
45,352,323
493,585
515,653
567,403
1,033,394
1,354,282
1,274,638
17,613,489
18,764,102
20,802,982
35,213,140
26,588,303
35,973,818
38,261,489
15,779,577
11,037,594
11,368,399
13,683,108
14,282,587
18,151,546
18,204,600
IL JI
1,251,098
1,421,542
1,584,737
1,508,786
1,715,875
2,069,593
12,239,467
3,799,994
4,230,519
4,932,130
10,754,774
36,688,964
25,010,919
9,333,122
5,007,150
2,999,915
1,999,574
4,083,164
10,574,489
a
1,594,863
2,362,780
1,964,177
1,791,613
1,398,166
4,597,369
-
119,827,983
126,197,368
147,064,694
153,634,401
203,378,740
216,081,645
14,834,937
16,979,694
18,446,787
19,996,339
20,107,020
21,831,839
42,872,181
45,352,323
47,565,048
55,792,130
57,045,359
65,975,870
1,312,972
1,473,749
17,613,489
1,751,551
2,989,117
8,955,262
11,801,892
16,686,374
19,442,909
21,928,790
21,285,597
30,610,413
1,351,831
347,096
583,850
627,914
713,019
1,054,239
4,317,086
5,756,579
6,178,917
7,185,411
7,270,391
12,470,222
a 8,781,914 9,117,900 18,378,068 13,179,751 15,062,134 16,380,438
5,323,388 5,802,798 5,998,260 6,210,614 5,630,734 5,915,727
i
1
175
1,255,352
2,229,201
2,881,492
2,394,142
2,239,663
2,615,659
604,358
1,621,178
1,639,145
1,333,392
1,255,837
1,790,431
17,075,909
20,767,383
12,228,005
10,994,900
15,779,577
37,848,475
109,531,820
126,134,275
150,955,970
141,394,934
149,378,448
205,448,575
10,296,163
63,093
(3,891,276)
12,239,467
54,000,292
10,633,070
O
16,952,777
11,000,000
7,800,000
-
-
49,996,735
-
-
(7,800,000)
-
-
160,765
275,000
291,562
=
-
(240,665)
(302,227)
(157,870)
(193,611)
(193,365)
(236,067)
-
-
-
-
-
10,067,988
16,872,877
10,972,773
(157,870)
97,951
(193,365)
59,828,656
D$
27,169,040 $
11,035,866 $
(4,049,146) $
12,337,418 $
53,806,927 $
70,461,726
2.2%
4.1%
4.4%
3.2%
2.9%
3.3%
i
1
175
Indian River County, Florida
Tax Revenues by Source, Governmental Funds
Last Ten Fiscal Years
(A) The County's primary source of revenue is property taxes, amounting to 73 percent of Governmental Fund tax
revenues in 2006. Consequently, supplemental required schedules are provided only for property tax revenues.
176
(modified accrual basis of accounting)
Schedule5,
Fiscal Year
Property (A)
Sales & Use
Tourist
Franchise
Gasoline
Other
Total
1997
$ 42,629,759 $
8,109,003 $
982,022 $
4,488,437 $
2,745,848 $
- $
58,955,069
1998
43,631,196
9,061,297
1,000,084
5,363,354
2,684,768
-
61,740,699
1999
45,117,451
9,849,114
1,058,843
5,544,164
2,900,571
-
64,470,143
2000
49,233,150
10,546,759
1,114,916
5,615,427
3,026,906
-
69,537,158
2001
52,395,941
11,142,006
1,408,046
6,255,747
2,351,885
-
73,553,625
2002
56,988,542
11,399,491
1,410,409
5,797,407
3,967,345
925,149
80,488,343
2003
62,734,779
11,678,272
1,286,885
6,222,326
3,222,742
975,080
86,120,084
2004
70,129,433
12,850,023
1,443,271
6,720,166
3,497,894
1,034,583
95,675,370
2005
74,179,347
15,582,689
1,675,781
7,941,020
3,573,036
1,061,052
104,012,925
2006
84,914,269
15,736,078
1,517,360
9,318,394
3,526,774
1,075,673
.116,088,548
(A) The County's primary source of revenue is property taxes, amounting to 73 percent of Governmental Fund tax
revenues in 2006. Consequently, supplemental required schedules are provided only for property tax revenues.
176
Indian River County, Florida
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
Schedule 6
177
Total
Direct
Tax Rate
5.9224
5.8080
5.7369
5.5487
5.5408
5.5234
5.4713
5.5181
5.1563
4.9173
Real
Personal
Less:
Total Taxable
Fiscal
Property
Property
Total
Tax -Exempt
Assessed
Year
Actual Value
Actual Value
Actual Value
Property
Value
1997
$ 7,589,071,741 $
554,667,039 $
8,143,738,780 $
2,202,873,963 $
5,940,864,817
1998
7,807,203,863
622,046,910
8,429,250,773
2,269,305,899
6,159,944,874
1999
8,080,247,333
652,698,708
8,732,946,041
2,312,730,608
6,420,215,433
2000
8,670,864,496
764,851,686
9,435,716,182
2,440,619,325
6,995,096,857
2001
9,109,672,314
725,390,231
9,835,062,545
2,394,165,810
7,440,896,735
2002
10,539,705,283
707,941,621
11,247,646,904
2,706,441,764
8,541,205,140
2003
11,985,128,952
694,305,280
12,679,434,232
3,178,543,019
9,500,891,213
2004
13,547,372,018
693,374,322
14,240,746,340
3,556,717,407
10,684,028,933
2005
15,716,463,269
699,716,008
16,416,179,277
4,236,183,618
12,179,995,659
2006
19,265,033,998
712,011,582
19,977,045,580
5,734,060,645
14,242,984,935
Source:
Indian River County Property Appraiser;
values are established as of January 1 of the previous
calendar year, i.e., January 1,
2005 taxable values apply to the fiscal year ending in
2006.
This is
a restatement of the prior year's schedule.
Total taxable values are also presented on schedules 8 and 11.
177
Total
Direct
Tax Rate
5.9224
5.8080
5.7369
5.5487
5.5408
5.5234
5.4713
5.5181
5.1563
4.9173
Indian River County, Florida
Property Tax Rates
Direct and Overlapping Tax Rates
Last Ten Fiscal Years
1997
1998
1999
2000
County direct rate
General fund 4.2999
4.2783
4.2210
4.0855
Municipal service 1.6236
1.5297
1.5159
1.4632
Total direct rate (A) 5.9235
5.8080
5.7369
5.5487
County -wide district school board rate 10.3190
10.1400
10.1500
9.6140
a
Other County=wide rates
Emergency Management Services District 2.3129
2.2259
2.3360
2.4553
Land acquisition bond 0.2897
0.2710
0.2587
0.2396
a
Total other County -wide rate 2.6026
2.4969
2.5947
2.6949
a
Total County -wide rate 18.8451
18.4449
18.4816
17.8576
City rates
Fellsmere 5.9000
5.7507
5.7507
5.7500
Indian River Shores 1.3771
1.4760
1.4480
1.3890
Sebastian 6.9000
6.9000
6.5000
5.0000
Orchid 2.7979
2.5921
2.5635
2.1998
Vero Beach 2.2645
2.21.90
2.1425
2.1425
Average of cities rates 3.8479
3.7876
3.6809
3.2963
O
Other special district rates 1.7022
1.5185
1.7364
1.6290
a
0
(A) Per Florida State Statute 200.071, no ad valorem tax millage shall be levied against real property
and tangible personal property by counties in excess of 10 mills, except for voted levies.
Source: Indian River County Property Appraiser
178
O
Schedule 7
2001
2002
2003
2004
2005
2006
D4.1014
4.0501
3.8729
3.8377
3.6233
3.5204
1.4394
1.4733
1.5984
1.6804
1.5330
1.3969
5.5408
5.5234
5.4713
5.5181
5.1563
4.9173
9.5570
9.0820
8.7320
8.7100
8.4990
8.2400
2.4913
2.3660
2.2750
2.1871
1.9836
1.9911
0.2165
0.1947
0.2839
0.2344
0.2106
0.1789
2.7078
2.5607
2.5589
2.4215
2.1942
2.1700
17.8056
17.1661
16.7622
16.6496
15.8495
15.3273
0
5.7500
5.7500
5.7500
5.7500
5.7500
5.7500
1.4280
1.4284
1.4370
1.4730
1.4730
1.4730
5.0000
4.5904
4.5904
4.5904
4.5904
3.9325
1.6793
1.3430
0.9354
0.8954
0.7508
0.6900
2.1425
2.1425
2.1425
2.1425
2.1425
2.2925
3.2000
3.0509
2.9711
2.9703
2.9413
2.8276
O1.6290
1.6105
1.9008
2.1548
1.8923
1.6082
a
0
0
a
0
a
O179
Indian River County, Florida
Principal Property Taxpayers
Source: Indian River County Property Appraiser
180
Year 2006 and Year 1997
Schedule 8
2006
1997
Real
Percentages
Real
Percentages
Property
of Total
Property
of Total
Assessed
Assessed
Assessed
Assessed
Taxpayer
Valuation
Rank
Valuation
Valuation
Rank
Valuation
Disney Vacation Development, Inc.
$ 86,931,558
1
0.61% $
61,846,629
1
1.04%
Florida Power & Light
83,146,300
2
0.58%
43,996,733
3
0.74%
BellSouth Communications
60,663,012
3
0.43%
57,700,000
2
0.97%
I.R. Mall Association, Ltd.
56,938,710
4
0.40%
-
-
John's Island Club, Inc.
40,002,227
5
0.28%
27,329,903
7
0.46%
Windsor Properties
39,820,277
6
0.28%
32,289,052
6
0.54%
Adult Communities Total Services
32,836,850
7
0.23%
34,665,881
5
0.58%
The New Piper Aircraft
30,705,574
8
0.22%
18,800,020
10
0.32%
Wal-Mart Stores, Inc.
28,541,120
9
0.20%
24,025,153
8
0.40%
Fellsmere Joint Venture
25,388,284
10
0.18%
43,653,003
4
0.73%
Orchid Island Properties
-
-
20,550,627
9
0.35%
Total Principal Property Taxpayers
Real Property Assessed Valuation
$ 484,973,912
3.41% $
364,857,001
6.13%
Total County Taxable Valuation
$ 14,242,984,935
$
5,940,864,817
(from schedule 6)
Source: Indian River County Property Appraiser
180
Indian River County, Florida
Property Tax Levies And Collections
Last Ten Fiscal Years
Total
Current
Percent of
Tax
Tax
Year
Levy
Collections
1997
$ 43,767,639
$ 42,474,085
1998
45,087,396
43,498,326
1999
47,178,979
44,985,116
2000
50,599,662
48,936,993
2001
53,727,318
52,148,971
2002
59,184,019
56,856,770
2003
65,289,186
62,668,552
2004
72,306,331
69,906,761
2005
76,748,078
73,991,702
2006
87,754,823
84,736,835
Indian River County, Florida
Property Tax Levies And Collections
Last Ten Fiscal Years
Schedule 9
Percent of
Percent of
Current Tax
Delinquent
Total
Total Tax
Collections
Tax
Tax
Collections
To Tax Levy
Collections (1)
Collections
To Tax Levy
97.04%
$ 93,054 $
42,567,139
97.26%
96.48%
65,517
43,563,843
96.62%
95.35%
132,335
45,117,451
95.63%
96.71%
108,698
49,045,691
96.93%
97.06%
158,661
52,307,632
97.36%
96.07%
95,364
56,952,134
96.23%
95.99%
7,797
62,676,349
96.00%
96.68%
176,345
70,083,106
96.93%
96.41%
111,220
74,102,922
96.55%
96.56%
34,344
84,771,179
96.60%
All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered
to the Tax Collector. All unpaid taxes become delinquent on April I following the year in which they are assessed. Discounts
are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month
of January and 1% in the month of February. The taxes paid in March are without discount.
(1)On or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real property. After the sale, tax
certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application for a tax deed on any unredeemed
tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the County.
Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of the
property or by the five year statute of limitations. The County does not accrue its portion of the County -held certificates due to
the immaterial amount.
Source: Indian River County Property Appraiser and Tax Collector provided the above information; consequently, the
reported collections on this schedule will vary from the actual collections as reported on schedule 5. The Tax Collector
does not report the interest earnings on the collections however, the Board includes those interest earnings as part of the total
tax collection.
181
Indian River County, Florida
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(A) General Obligation Bonds include Series 1995, Series 2001, Refunding Series 2003, and
Limited General Obligation Bonds, Series 2006. This information is also presented on Schedule 11.
(B) Refunding Revenue Bonds include Series 1985 and Series 1992
(C) Recreational Revenue Bonds, Series 1993 and Recreational Revenue Refunding Bonds,
Series 2003.
(D) Water & Sewer bonds include Series 1993, Series 1996, and Refunding Series 2005. In year 1996,
this column also includes Solid Waste Revenue bonds, Series 1988.
(E) Information not available
Source for per capita income is University of Florida, Bureau of Economic and Business Research.
182
Governmental Activities
Business -type
General
Refunding
Spring Training
Recreational
Obligation
Revenue
Facility Bonds
Revenue
Capital
Year
Bonds (A)
Capital Leases
Bonds (B)
2001 Series
Bonds (C)
Leases
1997 $
13,535,000 $
798,408
$ 5,225,000
$ - $
8,755,000
$ -
1998
12,755,000
648,491
4,680,000
-
8,455,000
-
1999
11,945,000
1,429,784
4,105,000
-
8,140,000
240,648
2000
11,100,000
1,313,562
-
-
7,815,000
165,105
2001
10,215,000
943,210
-
16,810,000
7,470,000
84,981
2002
19,810,000
754,009
-
16,450,000
7,110,000
-
2003
17,725,000
417,518
-
15,990,000
6,735,000
-
2004
16,080,000
434,938
-
15,515,000
6,045,000
-
2005
14,385,000
380,275
-
15,025,000
5,595,000
263,237
2006
61,255,000
-
-
14,520,000
5,135,000
193,786
(A) General Obligation Bonds include Series 1995, Series 2001, Refunding Series 2003, and
Limited General Obligation Bonds, Series 2006. This information is also presented on Schedule 11.
(B) Refunding Revenue Bonds include Series 1985 and Series 1992
(C) Recreational Revenue Bonds, Series 1993 and Recreational Revenue Refunding Bonds,
Series 2003.
(D) Water & Sewer bonds include Series 1993, Series 1996, and Refunding Series 2005. In year 1996,
this column also includes Solid Waste Revenue bonds, Series 1988.
(E) Information not available
Source for per capita income is University of Florida, Bureau of Economic and Business Research.
182
Activities
Schedule 10
Component Unit
Percentage
of Total Debt Percentage
to Personal Per Housing of Personal Per
Income
Total
Water & Sewer
Primary
Bonds (D)
Government
2.87
1,015
$ 83,525,000 $
111,838,408
81,690,000
108,228,491
79,795,000
105,655,432
77,830,000
98,223,667
76,215,000
111,738,191
74,525,000
118,649,009
72,760,000
113,627,518
70,905,000
108,979,938
64,880,000
100,528,512
62,490,000
143,593,786
Schedule 10
Component Unit
Percentage
of Total Debt Percentage
to Personal Per Housing of Personal Per
Income
Capita
Authority
3.20%
$ 1,069
$ 4,605,400
2.87
1,015
4,432,400
2.65
964
4,257,400
2.33
870
4,080,400
2.45
966
3,901,400
2.54
1,004
3,720,400
2.35
938
3,538,400
2.15
859
3,354,400
(E)
773
3,168,400
(E)
1,062
3,168,400
183
ncome
Capita
0.13%
$ 44
0.12
42
0.11
39
0.10
36
0.09
34
0.08
31
0.07
29
0.07
26
(E)
24
(E)
23
Indian River County, Florida
Ratio of Net General Bonded Debt Outstanding to Taxable Value and Net Bonded Debt per Capita
Last Ten Fiscal Years Schedule 11
(A) Columns are provided as additional information for General Obligation Bonds, Series 2001 and 2003 and
Limited General Obligation Bonds, Series 2006. Total taxable values are also presented in Schedule 6.
Gross G.O.B. debt is also presented on Schedule 10.
Source of population data is the University of Florida, Bureau of Economic and Business Research.
184
Ratio Of
Gross General
Debt Service
Net Bonded
Net Bonded
Fiscal
Taxable
Obligation
Monies
Net Bonded
Debt To
Debt Per
Year
Population (A)
Value (A)
Bonded Debt
Available (A)
Debt
Taxable Value Capita
1997
104,605 $
5,940,864,817 $
13,535,000 $ 661,037 $
12,873,963
0.0022
$ 123.0700
1998
106,675
6,159,944,874
12,755,000
885,904
11,869,096
0.0019
111.2600
1999
109,579
6,420,215,433
11,945,000
1,072,959
10,872,041
0.0017
99.2200
2000
112,947
6,995,948,262
11,100,000
1,357,461
9,742,539
0.0014
86.2600
2001
115,716
7,440,896,735
10,215,000
1,609,998
8,605,002
0.0012
74.3600
2002
118,149
8,541,205,140
19,810,000
1,085,999
18,724,001
0.0022
158.4800
2003
121,274
9,500,891,213
17,725,000
684,016
17,040,984
0.0018
140.5200
2004
126,829
10,684,028,933
16,080,000
867,776
15,212,224
0.0014
119.9400
2005
130,043
12,179,995,659
14,385,000
1,106,353
13,278,647
0.0011
102.1100
2006
135,262
14,242,984,935
61,255,000
1,375,837
59,879,163
0.0042
442.6902
(A) Columns are provided as additional information for General Obligation Bonds, Series 2001 and 2003 and
Limited General Obligation Bonds, Series 2006. Total taxable values are also presented in Schedule 6.
Gross G.O.B. debt is also presented on Schedule 10.
Source of population data is the University of Florida, Bureau of Economic and Business Research.
184
Indian River County, Florida
Computation of Legal Debt Margin
September 30, 2006 Schedule 12
Computation of the Legal Debt Margin is omitted because the Constitution of the
State of Florida (F.S. 200.181) and Indian River County set no legal debt limit.
O
D
0
O185
Indian River County, Florida
Direct and Overlapping Government Activities Debt
September 30, 2006
Governmental Unit
Debt repaid with property taxes:
Indian River County General Obligation Bonds, Series 2001
Indian River County General Obligation Bonds, Refunding Series 2003
Indian River County Limited General Obligation Bonds, Series 2006
Indian River County School District General Obligation Bonds, 2002 Refunding
Indian River County School District General Obligation Bonds, 2003 Refunding
Other debt: a
Indian River County School District Certificates of Participation
Indian River County School District Capital Lease Payable
Indian River County School District Estimated Long -Term Claims Payable
Indian River County School District State School Bonds, Series 1996-B
Indian River County School District State School Bonds, Series 2005-A
(A) Ending General Obligation, Series 2001 balance $ 8,035,000
Less: Fund balance available in debt service fund (873,136)
Net Debt Outstanding $ 7,161,864
(B) Ending General Obligation, Refunding Series 2003 balance $ 4,620,000
Less: Fund balance available in debt service fund (501,881)
Net Debt Outstanding $ 4,118,119
(C) Ending Limited General Obligation, Series 2006 balance $ 48,600,000
Less: Fund balance available in debt service fund (820)
Net debt outstanding $ 48,599,180
Total direct debt of county $ 59,879,163
(D) Indian River County School District, as of June 30, 2006
Source: Information on outstanding debt provided by the Indian River County Li
School District Finance Department.
Note: Overlapping debt is borne by all property owners within the County O
boundaries.
186 a
Debt
80,050,000
Outstanding
329,818
100
$ 7,161,864
(A)
4,118,119
(B)
48,599,180
(C)
17,550,000
(D)
11,435,000
(D)
80,050,000 (D)
329,818 (D)
231,006 (D)
75,000 (D)
6,295,000 (D)
Percentage
Applicable
100% $
100
100
100
100
Share of
Overlapping
Debt
7,161,864
4,118,119
48,599,180
17,550,000
11,435,000
100
80,050,000
100
329,818
100
231,006
100
75,000
100
6,295,000
$ 175,844,987
187
Schedule 13
Uniform Charges
Water sales
Wastewater sales
Other
Total uniform charges
Septage/Sludge
Surcharges
Interest Earnings
1989/1990 Special assessments
1996 Special assessments
Gross revenue
Direct expense
Net revenues available
for debt service
Annual debt service
Principal
Interest
Total debt service payment
Debt service coverage
Indian River County, Florida
Pledged Revenue Coverage
Water and Sewer Revenue Bonds
(Series 1993A, 1996, 2005)
Last Ten Fiscal Years
$ 7,112,979 $
7,424,615
1,985,179
16,522,773
88,267
122,936
1,637,156
633,974
190,610
19,195,716
8,144, 867
1998
1999
2000
14,856,193
$ 1,785,000 $
7,576,145 $
8,105,703 $
8,680,435
7,488,529
7,913,884
7,991,280
1,462,839
1,162,098
1,443,978
6,247,069 $
16,527,513
17,181,685
18,115,693
127,544
118,633
223,384
345,390
234,729
231,478
1,964,251
1,845,469
2,938,338
496,944
53,386
166,239
1,458,337
741,707
1,542,906
20,919,979
20,175,609
23,218,038
8,565,905
7,868,098
8,361,845
$ 11,050,849 $
12,354,074 $
12,307,511 $
14,856,193
$ 1,785,000 $
1,835,000 $
1,895,000 $
1,965,000
4,501,771
4,411,549
4,352,069
4,267,654
$ 6,286,771 $
6,246,549 $
6,247,069 $
6,232,654
1.76x
1.97x
1.97x
2.38x
Note: In accordance with Water and Sewer Revenue Refunding Bonds, Series 2005 bond covenants,
there are items included in the debt service coverage calculation other than normal operating
revenues. These items include surcharges and collections on special assessments, which
are considered contributions of capital.
188
Schedule 14
$ 9,101,553 $
9,373,866 $
10,108,045 $
11,037,623 $
12,146,416 $
13,336,623
8,154,933
8,534,228
8,940,200
9,439,597
10,437,091
11,634,181
1,367,291
1,684,506
1,314,453
1,426,112
1,685,502
1,744,486
18,623,777
19,592,600
20,362,698
21,903,332
24,269,009
26,715,290
293,741
381,741
348,320
278,897
269,575
332,329
238,079
247,137
243,342
234,746
242,451
244,166
4,577,350
2,983,032
1,797,260
1,269,838
2,264,132
4,554,419
37,235
9,409
11,650
1,564
-
60,229
870,629
2,619,805
2,752,661
1,539,600
722,922
350,712
24,640,811
25,833,724
25,515,931
25,227,977
27,768,089
32,257,145
9,388,472
9,662,508
10,723,548
12,507,398
12,853,872
14,270,414
$ 15,252,339 $ 16,171,216 $ 14,792,383 $ 12,720,579 $ 14,914,217 $ 17,986,731
$ 1,615,000 $
1,690,000 $
1,765,000 $
1,855,000 $
2,020,000 $
2,390,000
4,177,559
4,102,839
4,021,989
3,936,019
3,525,573
3,157,260
$ 5,792,559 $
5,792,839 $
5,786,989 $
5,791,019 $
5,545,573 $
5,547,260
2.63x
2.79x
2.56x
2.20x
2.69x
3.24x
189
Indian River County, Florida
Pledged Revenue Coverage
Recreational Revenue Refunding Bonds, Series 2003
Last Ten Fiscal Years Schedule 15
(A) Gross revenues include charges for services of the golf course as well as interest income.
Grant revenues and gain on disposal of equipment are excluded.
(B) Operating expenses include all expenses except depreciation, amortization, and interest expense.
Loss on disposal of equipment is excluded.
Note: Details regarding the County's outstanding debt can be found in the Notes to the Financial Statements.
190
Golf Course Operations
Less:
Net
Fiscal
Revenues
Expenses
Available
Debt Service Operations
Year
Gross (A)
Operating (B)
Revenues
Principal
Interest
Total
Coverage
1997
$ 2,562,967
$ 1,843,526
$ 719,441
$ 290,000
$ 442,417
$ 732,417
0.98
r
1998
2,842,342
2,068,075
774,267
300,000
430,818
730,818
1.06
1999
2,928,530
2,063,359
865,171
315,000
418,518
733,518
1.18
2000
2,998,955
2,110,920
888,035
325,000
404,973
729,973
1.22
2001
3,095,768
2,190,943
904,825
345,000
390,673
735,673
1.23
2002
2,928,157
2,188,791
739,366
360,000
375,148
735,148
1.01
2003
3,135,478
2,326,179
809,299
375,000
357,103
732,103
1.11
2004
3,105,806
2,474,969
630,837
410,000
202,155
612,155
1.03
2005
3,252,414
2,590,759
661,655
450,000
188,307
638,307
1.04
2006
3,324,127
2,554,640
769,487
460,000
179,291
639,291
1.20
(A) Gross revenues include charges for services of the golf course as well as interest income.
Grant revenues and gain on disposal of equipment are excluded.
(B) Operating expenses include all expenses except depreciation, amortization, and interest expense.
Loss on disposal of equipment is excluded.
Note: Details regarding the County's outstanding debt can be found in the Notes to the Financial Statements.
190
Indian River County, Florida
Pledged Revenue Coverage
Housing Authority - Component Unit
Last Ten Fiscal Years
Schedule 16
Housing Authority Activity
Less:
Net Revenue
Direct
Available
Fiscal Revenues
Expenses
For Debt Debt Service Requirements
Year Gross (A)
Operating (B)
Service Principal Interest
Total
Coverage
1997 $ 629,888
$ 447,148
$ 182,740 $ 172,000 $ 47,774 $
219,774
0.83
1998 637,191
416,078
221,113 173,000 46,054
219,054
1.01
1999 630,100
409,647
220,453 175,000 44,293
219,293
1.01
2000 666,946
402,612
264,334 177,000 42,705
219,705
1.20
a2001
716,796
449,220
267,576 179,000 40,655
219,655
1.22
2002 712,236
465,551
246,685 181,000 39,014
220,014
1.12
2003 690,645
494,031
196,614 182,000 37,052
219,052
0.90
2004 615,450
538,808
76,642 184,000 32,903
216,903
0.35
2005 599,074
664,806
(65,732) 186,000 33,388
219,388
(0.30)
2006 671,949
504,885
167,064 188,000 36,965
224,965
0.74
A Gross revenue includes rental assistance
( )
subsidy, tenant rental income, and other income.
Y
Interest income
is excluded.
(B) Operating expenses include all expenses except depreciation and interest expense.
f
Note: Details regarding the outstanding debt can be found in the Notes to the Financial Statements.
Even through the Housing Authority is not
continuing disclosure.
a part of the primary government, this schedule is required for
O
a
D191
Indian River County, Florida
Demographic and Economic Statistics
Last Ten Years
Schedule 17
Total
Per Capita
0
Personal
Personal
Unemployment
Year
Population (A)
Income (B)
Income (B)
Rate (C)
1997
104,605
$ 3,494,957,000 $
32,881
8.4%
1998
106,675
3,770,896,000
34,608
8.1
1999
109,579
3,983,019,000
35,788
7.6
2000
112,947
4,207,683,000
37,110
7.0
2001
115,716
43552,238,000
39,470
6.5
2002
118,149
4,680,414,000
39,683
7.7
2003
121,274
4,831,037,000
40,162
8.2
a
2004
126,829
5,071,395,000
40,677
6.9
4.7
2005
130,043
(D)
(D)
2006
135,262
(D)
(D)
4.7
lJ
Sources:
(A) University of Florida, Bureau
of Economic and Business Research
(B) US Department of Commerce, Bureau of Economic Analysis
(C) Florida Agency for Workforce
Innovation
n
(D) Information not available
ILJI
a
a
0
0
192
1997
Employer
School District of Indian River County
Indian River Memorial Hospital
Indian River County
Publix Supermarkets
The New Piper Aircraft
City of Vero Beach
Wal-Mart
Sun Ag. Inc.
Hale Indian River Groves
John's Island
Total
Total County Employees
Number of
Employees
1,959
1,331
1,326
715
700
681
672
550
500
475
8,909
34,536
Percentage
of Total County
Employment
5.67%
3.85%
3.84%
2.07%
2.03%
1.97%
1.95%
1.59%
1.45%
1.38%
25.80%
Source: Indian River County, Florida Annual Budgets for individual employers.
Florida Agency for Workforce Innovation - Labor Market Statistics, and Bureau of Economic and
Business Research at University of Florida for total County employment figures.
* This includes the Board of County Commissioners, Clerk of the Court, Supervisor of Elections,
Property Appraiser, and the Sheriff.
a 193
Indian River County, Florida
Principal Employers
Year 2006 and Nine Years Ago
Schedule 18
2006
Percentage
Number of
of Total County
Employer
Employees
Employment
School District of Indian River County
2,125
3.75%
Indian River County *
1,693
2.99%
Indian River Memorial Hospital
1,549
2.73%
The New Piper Aircraft
974
1.72%
Publix Supermarkets
950
1.68%
City of Vero Beach
600
1.06%
Sebastian River Med.
525
0.93%
John's Island
475
0.84%
Hale Groves
470
0.83%
Wal-Mart
462
0.82%
Total
9,823
17.34%
Total County Employees
56,664
1997
Employer
School District of Indian River County
Indian River Memorial Hospital
Indian River County
Publix Supermarkets
The New Piper Aircraft
City of Vero Beach
Wal-Mart
Sun Ag. Inc.
Hale Indian River Groves
John's Island
Total
Total County Employees
Number of
Employees
1,959
1,331
1,326
715
700
681
672
550
500
475
8,909
34,536
Percentage
of Total County
Employment
5.67%
3.85%
3.84%
2.07%
2.03%
1.97%
1.95%
1.59%
1.45%
1.38%
25.80%
Source: Indian River County, Florida Annual Budgets for individual employers.
Florida Agency for Workforce Innovation - Labor Market Statistics, and Bureau of Economic and
Business Research at University of Florida for total County employment figures.
* This includes the Board of County Commissioners, Clerk of the Court, Supervisor of Elections,
Property Appraiser, and the Sheriff.
a 193
Indian River County, Florida
Building Permits
Last Ten Fiscal Years
Indian River County
Fiscal # of New # of Additions &
Year Permits Construction Permits Alterations
Munici-
# of New
Permits Construction
1997
908 $
137,713,256
1,781 $
23,838,749
409 $
92,552,325
1998
1,039
180,336,969
1,699
17,333,346
452
90,073,878
1999
1,236
191,181,886
1,778
23,376,870
498
110,112,805
2000
1,336
248,523,923
1,710
20,345,326
482
151,128,071
2001
1,518
259,705,809
1,664
24,332,468
503
112,404,111
2002
1,658
291,543,816
1,334
32,118,404
599
142,231,044
2003
2,084
386,495,461
1,382
28,817,520
770
128,376,076
2004
3,889
642,032,168
1,935
46,173,846
773
182,843,901
2005
4,770
703,972,409
4,409
57,549,895
1,147
262,135,977
2006
3,760
754,817,641
5,630
43,898,675
826
185,556,022
Source: Building Departments
- Indian River County (including
the City of Vero Beach),
Town of Orchid,
Town of
Indian River Shores,
City of Sebastian, and City of Fellsmere.
194
Schedule 19
apalities
Countywide
# of
Permits
Additions &
Alterations
# of
Permits
New
Construction
# of
Permits
Additions &
Alterations
2,643 $
18,544,614
1,317
$ 230,265,581
3,098 $
42,383,363
3,024
28,195,353
1,491
270,410,847
4,723
45,528,699
O3,023
21,622 464
1,734
301,294,691
4,801
44,999,334
a3,213
23,510,426
1,818
399,651,994
4,923
43,855,752
3,364
30,274,210
2,021
372,109,920
5,028
54,606,378
3,588
27,333,128
2,257
433,774,860
4,922
59,451,532
4,141
37,578,377
2,854
514,871,537
5,523
66,395,897
4,395
47,075,876
4,662
824,876,069
6,330
93,249,722
13,062
119,403,505
5,917
966,108,386
17,471
176,953,400
7,072
65,822,951
4,586
940,373,663
12,702
109,721,626
a
0
0
a
a
195
Indian River County, Florida
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program
General Government
Purchasing
Purchase orders issued
Probation
New cases received
Public Safety
Fire department
Vehicle fire rescue response
Fire code inspections
Advanced life support
Advanced life support calls
Basic life support calls (transport only)
Sheriff
Arrests
Violent crimes
Non-violent crimes
Total calls for service
Building department
Construction permits issued
Estimated value of construction (millions)
Physical Environment
Solid waste
Waste stream tonnage received
Total recycled material (tons)
Utilities - water & sewer
Number of water customer
Number of wastewater customers
Water ERUs
Wastewater ERUs
Water consumption (Average Daily Demand)
1997 1998 1999 2000
4,388 3,277 2,839 2,850
1,170 1,296 1,114 932
6,797
7,775
8,569
10,897
1,734
1,545
1,932
2,219
4,980
5,308
5,640
6,400
3,746
3,929
3,745
4,054
3,530
4,448
3,369
1,837
318
318
368
180
3,212
3,101
3,251
1,450
53,484
63,111
74,471
67,701
908
1,039
1,236
1,336
$ 137.7
$ 180.3
$ 191.2
$ 248.5
205,023
219,243
220,849
244,419
52,816
70,238
75,932
104,384
19,681
20,670
22,642
24,058
13,485
14,000
14,603
15,173
31,898
33,747
35,418
36,999
27,724
28,406
28,065
28,544
N/A
N/A
5,378,000
5,778,000
196
Schedule 20
2001 2002 2003 2004 2005 2006
1,097 1,156 731 N/A N/A N/A
10,270
10,671
10,700
11,467
10,602
6,880
2,431
1,886
2,497
2,514
2,215
2,420
6,569
6,681
6,697
7,222
5,623
10,728
3,611
3,788
4,090
4,340
4,606
11,105
3,817
2,648
4,181
4,979
5,172
5,211
301
305
290
359
300
652
3,482
2,870
2,979
2,805
3,930
3,462
N/A
156,179
149,202
130,847
122,893
131,489
1,518
1,658
2,084
3,889
4,770
3,760
$ 259.7
$ 291.5
$ 386.5
$ 642.0
$ 704.0
$ 754.8
245,000
274,604
277,622
349,538
529,238
380,109
111,075
79,362
81,006
72,568
129,869
91,676
26,218 _
27,632
27,849
33,793
34,867
43,477
16,169
16,737
17,293
19,786
20,237
25,943
39,404
41,242
44,420
46,254
53,032
54,070
29,644
30,297
32,432
33,250
38,387
41,351
6,528,000
6,897,000
7,586,000
7,660,000
7,780,000
8,370,000
Continued
197
Indian River County, Florida
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program
Transportation
Public works
Projects under design
Projects awarded for construction
Construction projects completed
County engineer
Roads designed
Miles of roads designed
Traffic engineer
Site plans reviewed
Culture/Recreation
Library
Circulation (County -wide)
Recreation department
Participants in adult programs
Participants in youth programs
Aquatic centers attendance
Shooting range
Safety/Registration cards issued
Golf course
Rounds played
Court Related
Law library
Circulation
1997
1998
1999
2000
2,200
6
15
11
11
3
8
5
5
3
10
6
6
5
10
9
17
3.25
6.00
3.00
4.00
658
675
608
771
831,636
846,773
852,511
853,637
2,200
2,350
3,000
3,500
3,050
3,500
4,500
5,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
108,415
115,531
115,526
116,940
18,038
198
17,147 16,937 22,071
2001
11
4.00
659
852,567
4,000
5,500
1,500
2,969
115,927
21,491
Schedule 20
2002 2003 2004 2005 2006
8
8
3
4
5
5
2
3
0
4
3
3
5
0
4
11
12
12
6
11
4.00
6.40
6.50
1.71
6.50
916
1,053
1,103
1,274
1,135
862,783
1,012,852
1,012,241
1,079,206
1,140,904
4,300
5,000
5,500
5,400
8,000
5,700
6,500
7,000
7,000
7,000
21,369
101,182
95,711
89,000
104,000
5,961
4,929
4,616
3,718
6,036
110,514
108,684
106,871
97,465
107,048
21,529 21,172 25,627 26,481 26,255
199
Indian River County, Florida
Full -Time Equivalent County Government Employees by Function/Program
Last Six Fiscal Years
General Government
Board of County Commissioners
County Attorney
Administration
Financial/Administrative Service
Comprehensive Planning
Other
Clerk of Circuit Court
Property Appraiser
Supervisor of Elections
Tax Collector
Public Safety
Fire Department
Advanced Life Support
Sheriff - Corrections
Sheriff - Court Service
Sheriff - Law Enforcement
Building Department
Other
Physical Environment
Solid Waste
Utilities - water and sewer
Other
Transportation
Road and Bridges
County Engineer
Traffic Engineer
Economic Environment
Human Services
Culture/Recreation
Libraries
Parks
Recreation Department
Coastal Engineering
Shooting Range
Golf Course
Court Related
Law Library
Total
2001
2002
2003
2004
10
10
10
10
6
6
6
6
3
3
3
3
21.5
22.5
23.5
23.5
19
19
19
20
50
51
50
46
98
99.5
104.5
106
45
47
47
47
9.5
10
10
11.5
35
35
35
40
141.5
141.5
142.5
142.5
75
82
82
82
121
128
121
128
26
26.5
3 7. 5
25.5
262
265
261
273
19
21.5
23
29
22
22
22
19.5
51
53
54
54
115
120
122
125
8
8
8
8
98
98
98
99
26
27
28
29
19
19
20
20
6
6
6
6
14
14
14
15
46.5
50.5
51
51
35
35
37
37
27.5
28.5
54
55
0
0
0
0
6
6
6
6
26.5
26.5
26.5
22.5
1
1
1
1
1,443
1,482
1,523
1,541
200
2005 2006
10
10
6
6
3
3
23.5
24.5
23
23
42
50
108
113
47
49
11.5
11.5
40
40
144.5
233
82
- (A)
130
200
25.5
26
276
276
45
49
17.5
11
53 53
126 131
11 13
100
103
33
39
22
24
6
6
15
17
51
51
39
43
56.5
56
3
3
6
6
22
21.5
1,579 1,693
Schedule 21
Source: Indian River County, Florida Annual Budgets
Method: Using 1.0 for each full-time employee, and 0.50
for each part-time/seasonal employee.
Information provided since 2001, the year of
GASB 34 implementation.
(A) The fire department and advanced life support
unions were consolidated on September 18, 2006.
201
Indian River County, Florida
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program
1997
1998
1999
General Government
Buildings and grounds
Total square footage maintained
437,700
437,700
452,270
Number of facilities and sites maintained
35
32
42
Vehicles
5
7
7
General government
Vehicles
9
11
12
Planning
Vehicles
-
-
2
Public Safety
Fire department
Vehicles
16
20
26
Fire stations
5
5
8
Advanced life support
Vehicles
1
1
8
Sheriff
Vehicles
N/A
197
204
Building department
Vehicles
4
5
6
Physical Environment
Solid waste
Vehicles
6
12
14
Utilities - water and sewer
Vehicles
13
14
14
Water treatment plants
2
2
2
Wastewater treatment facilities
6
6
6
Water main - miles
N/A
N/A
N/A
Force main - miles
N/A
N/A
N/A
Transportation
Road and bridges
Miles maintained (paved & unpaved)
654
654
656
Bridges maintained
78
78
78
Vehicles
22
28
31
202
Schedule 22
2000
2001
2002
2003
2004
2005
2006
468,470
468,470
483,470
493,270
493,270
493,270
496,270
42
42
42
42
43
43
44
10
11
12
13
17
18
18
15
20
23
26
34
39
44
2
3
3
3
3
6
6
27
28
30
35
41
43
49
8
11
11
11
11
11
11
9
10
16
19
21
25
24
209
212
214
227
241
252
274
7
8
8
13
16
27
29
21
23
26
28
32
32
33
24
39
54
62
74
84
90
2
2
2
2
2
2
2
6
7
7
7
7
7
7
N/A
N/A
N/A
N/A
N/A
N/A
737
N/A
N/A
N/A
N/A
N/A
N/A
188
656
656
658
601
602
609
614
78
78
78
78
78
78
78
40
44
48
51
59
61
66
Continued
203
Indian River County, Florida
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years'
Function/Program
1997
1998
1999
Transportation - continued:
Council on Aging
Vehicles
1
1
2
Engineering
Vehicles
3
4
4
Traffic engineering
Traffic signals operated
94
98
99
Beacons operated
35
36
35
Vehicles
2
3
3
Traffic operations
Vehicles
4
5
6
Economic Environment
Rental
Vehicles
-
1
1
Human Services
Health department
Vehicles
7
8
11
Housing
Vehicles
-
-
1
Culture/Recreation
Libraries
Locations
2
2
2
Parks
Number of neighborhood parks
10
10
10
Number of County parks
24
24
27
Acreage
1,500
1,528
1,645
Picnic shelters maintained
46
48
49
Boats ramps maintained
8
8
8
Vehicles
4
5
6
Recreation
Vehicles
-
-
-
Shooting range
Vehicles
N/A
N/A
N/A
Rifle range stations
N/A
N/A
N/A
Pistol range stations
N/A
N/A
N/A
Golf Course
Holes maintained
36
36
36
Vehicles
1
1
1
204
L
J
Schedule 22
LJ
2000
2001
2002
2003
2004
2005
2006
4
4
7
9
10
20
22
5
5
6
8
9
9
11
101
104
110
114
119
122
125
36
39
36
41
42
37
42
4
5
5
5
6
6
6
6
6
9
10
10
10
10
a1
1
1
1
1
1
1
11
13
13
14
14
17
16
1
1
1
1
1
2
2
2
2
2
2
2
2
2
12
31
12
31
12
35
12
37
12
35
12
47
12
47
2,681
2,681
3,857
3,869
3,857
3,994
4,004
51
8
51
8
59
8
62
8
59
8
64
8
66
8
11
13
15
16
20
22
23
-
1
2
4
4
4
5
N/A
N/A
1
1
1
1
0
aN/A
29
29
29
29
29
29
N/A
35
35
35
35
35
35
36
36
36
36
36
36
36
1
1
1
1
2
2
2
Indian River County, Florida
Department of Utility Services
Historical Rate Structure
Last Nine Fiscal Years
In addition to the charges shown above, users of the North Beach Water System are subject to a $13 per ERU per
month surcharge.
206
1998
1999
2000
WATER RATES
Billing charges
Base facilities charges (per ERU) $
2.00 $
2.00 $
1.29
Single-family or commercial
9.20
9.20
7.76
Multi -family or manufactured home
9.20
9.20
6.60
Volume charge -per 1,000 gallons (per ERU)
0-3,000 gallons
1.75
1.75
2.20
3,000-7,000 gallons
2.15
2.15
2.42
7,001 gallons and over
2.55
2.55
3.85
Excess volume surcharge - greater than
13,000 gallons per month (per ERU)
2.30
2.30
7.70
Base facilities charge where capacity is
Reserved but lines are not yet available (per ERU)
Single-family or commercial
4.60
4.60
3.88
Multi -family or manufactured home
4.60
4.60
3.30
SEWER RATES
Billing charges
2.00
2.00
1.29
Base facility charge (per ERU)
Single-family or commercial
13.50
13.50
14.48
Multi -family or manufactured home
13.50
13.50
12.40
Volume charge -per 1,000 gallons
Single-family & manufactured home (1,000-12,000)
3.35
3.35
. 2.86
Multi -family & commercial (0-13,000)
3.35
3.35
2.86
Multi -family & commercial (>13,000)
4.45
4.45
4.29
Base facility charge where capacity is
Reserved but lines are not yet available (per ERU)
Single-family or commercial
6.75
6.75
7.29
Multi -family or manufactured home
6.75
6.75
6.20
In addition to the charges shown above, users of the North Beach Water System are subject to a $13 per ERU per
month surcharge.
206
Schedule 23
O2001
2002
2003
2004
2005
2006
$ 1.29 $
1.29 $
1.29 $
1.29 $
1.29
$ 1.29
7.76
7.76
7.76
7.76
7.76
7.76
6.60
6.60
6.60
6.60
6.60
6.60
2.20
2.42
2.20
2.42
2.20
2.42
2.20
2.42
2.20
2.42
2.20
2.42
3.85
3.85
3.85
3.85
3.85
3.85
7.70
7.70
7.70
7.70
7.70
7.70
3.88
3.88
3.88
3.88
3.88
3.88
3.30
3.30
3.30
3.30
3.30
3.30
1.29
1.29
1.29
1.29
1.29
1.29
0
14.58
14.58
14.58
14.58
14.58
14.58
12.40
12.40
12.40
12.40
12.40
12.40
2.86
2.86
2.86
2.86
2.86
2.86
2.86
2.86
2.86
2.86
2.86
2.86
4.29
4.29
4.29
4.29
4.29
4.29
7.29
7.29
7.29
7.29
7.29
7.29
6.20
6.20
6.20
6.20
6.20
6.20
O
207
Indian River County, Florida
Water and Wastewater Customers
Last Ten Fiscal Years
Schedule 24
The number of County water and wastewater customers, expressed as the number of equivalent residential
units ("ERUs"), for the years 1997 through 2006 as set forth below:
Fiscal Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Source: Indian River County Utilities Department
Water ERUs
31,898
33,747
35,418
36,999
39,404
41,242
44,420
46,254
53,032
54,070
PION
Wastewater ERUs
27,724
28,406
28,065
28,544
29,644
30,297
32,432
33,250
38,387
41,351
Indian River County, Florida
Top 10 High Volume Customers of Utility Service
Fiscal Year 2006
Schedule 25
Below is a table depicting the ten highest volume customers of the utility system for the fiscal year ended
September 30, 2006:
Customer
1. Village Green Manufactured Housing Park
2. Fl Dept of Corrections
3. City of Fellsmere ( Wastewater Only)
4. Disney's Vero Beach Resort
5. Vero Beach Resort
6. Sebastian River Medical Center
7. Isles of Vero Beach
8. ACTS Inc
9. Tandem Health Care
10. Florida Convalescent Center
Source: Indian River County Utilities Department
209
Annual Water
Annual Wastewater
Volume
Volume
(x 1,000 gals.)
(x 1,000 gals.)
27,024
27,024
25,461
25,461
No Water
16,818
14,343
14,343
9,607
9,607
9,141
9,141
7,118
7,118
7,049
7,049
6,307
6,307
6,190
6,190
Indian River County, Florida
Capacity Charges - Utilities Department
Last Eight Fiscal Years Schedule 26
The County also receives capacity charges in connection with the system. Capacity charges are not
pledged as a security for the bonds. While the County may pledge the capacity charges in the future,
the County presently has no intention to pledge capacity charges as security for the bonds. Capacity
charges for the last eight fiscal years ended September 30 are as follows:
Fiscal Year
1999
2000
2001
2002
2003
2004
2005
2006
Water Capacity
Charges
$ 2,308,711
2,668,482
2,780,120
2,687,997
4,182,272
5,464,809
11,036,369
4,758,320
Wastewater
Capacity
Charges
$ 1,547,731
2,916,529
2,392,169
2,423,583
5,448,827
7,559,916
19,109,246
8,287,244
(A) Large increase in capacity charges due to construction boom.
210
Total
Charges
$ 3,856,442
5,585,011
5,172,289
5,111,580
9,631,099
13,024,725
30,145,615 (A)
13,045,564
Indian River County, Florida
Pledged Revenues for Recreational Revenue Refunding Bonds, Series 2003
Last Ten Fiscal Years Schedule 27
Racetrack and Jai alai fronton funds and 7% of the Half -Cent Sales Tax are pledged as security for
payment on these bonds. This is in addition to the net revenues of the golf course. Refer to pledged
revenue coverage ratio on Schedule 15.
211
Racetrack
7% of
Fiscal
and Jai Alai
Half -Cent
Year
Fronton Funds
Sales Tax
1997
$ 446,500
$ 286,786
1998
446,500
379,806
1999
446,500
411,014
2000
446,500
434,410
2001
446,500
456,472
2002
446,500
483,509
2003
446,500
490,138
2004
446,500
529,488
2005
446,500
612,279
2006
446,500
614,368
Racetrack and Jai alai fronton funds and 7% of the Half -Cent Sales Tax are pledged as security for
payment on these bonds. This is in addition to the net revenues of the golf course. Refer to pledged
revenue coverage ratio on Schedule 15.
211
Indian River County, Florida
Pledged Revenues for Spring Training Facility Revenue Bonds, Series 2001
Last Ten Fiscal Years Schedule 28
Year
Professional
Total
Ended
Sports State
Tourist
One Cent
Half Cent
September 30
Subsidy
Tax Collected
Tourist Tax (A)
Sales Tax (B)
1997
$ -
$ 982,023 $
- $
4,755,099
1998
-
1,000,084
-
5,425,803
1999
-
1,058,842
-
5,871,632
2000
-
1,114,916
-
6,205,862
2001
291,649
1,408,046 (A)
244,623
6,521,024
2002
500,004
1,410,409
347,710
6,917,278
2003
500,004
1,286,885
321,721
7,001,976
2004
500,004
1,443,272
360,818
7,564,109
2005
500,004
1,675,781
418,945
8,746,849
2006
500,004
1,517,360
379,340
8,776,684
(A) A 4th cent was imposed effective February
1, 2001.
(B) This amount represents 100% of the half -cent sales tax received.
Eighty-six percent of this amount is
pledged to the payment of debt service
on the Series 2001 bonds.
212
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the financial statements of governmental activities, the business -type activities, the aggregate
discretely presented component unit, each major fund and the aggregate remaining fund information of the Indian
River County, Florida (the "County"), as of and for the year ended September 30, 2006, which collectively comprise
the County's basic financial statements and have issued our report thereon dated February 9, 2007. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States.
Internal Control over Financial Reporting
In planning and performing our audit, we considered Indian River County, Florida's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the fmancial
statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the
internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the
design or operation of one or more of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial
statements being audited may occur and may not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the internal control over financial
reporting and its operation that we consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Indian River County, Florida's financial statements are free
of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, grant
agreements and contracts, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
This report is intended solely for the information of the Board of County Commissioners, management, and the State
(� of Florida Office of the Auditor General and is not intended to be and should not be used by anyone other than these
IuI specified parties,
�1.� �rLGCi41: :Jna7�gryc—
Vero Beach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
(� Private Companies Practice Section
U 213
11
Harris, Cotherman,
Jones, Price & Associates 0
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772.234.8484
Fax 772-234-8488
L
Independent Auditors' Report on Compliance with Requirements
Applicable to Each Major Federal Program and Major State Project and on
Internal Control over Compliance in Accordance with OMB Circular A-133 and the
Department of Financial Services' State Projects Compliance Supplement
The Honorable Board of County Commissioners
Indian River County, Florida
Compliance
We have audited the compliance of Indian River County, Florida with the types of compliance requirements
described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement and the
requirements described in the Department of Financial Services' State Projects Compliance Supplement that are
applicable to each of its major federal programs and major state projects for the year ended September 30, 2006.
Indian River County, Florida's major federal programs and major state projects are identified in the summary of
auditors' results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the
requirements of laws, regulations, contracts and grants applicable to each of its major federal programs and major
state projects is the responsibility of Indian River County, Florida's management. Our responsibility is to express an
opinion on Indian River County, Florida's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States
of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; OMB Circular A-133, Audits of States, Local Governments, and Non -
Profit Organizations; Chapter 691-5, Rules of the Department of Financial Services, and Chapter 10.550, Rules of
the Auditor General. Those standards, OMB Circular A-133, Chapter 691-5 and Chapter 10.550, Rules of the
Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether
noncompliance with the types of compliance requirements referred to above that could have a direct and material
effect on a major federal program or major state project occurred. An audit includes examining, on a test basis,
evidence about Indian River County, Florida's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinion. Our audit does not provide a legal determination on Indian River County, Florida's compliance
with those requirements.
In our opinion, Indian River County, Florida complied, in all material respects, with the requirements referred to
above that are applicable to each of its major federal programs and major state projects for the year ended September
30, 2006.
Internal Control over Compliance
The management of Indian River County, Florida is responsible for establishing and maintaining effective internal
control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs
and state projects. In planning and performing our audit, we considered Indian River County, Florida's internal
control over compliance with requirements that could have a direct and material effect on a major federal program
or state project in order to determine our auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133,
Chapter 691-5, Rules of the Department of Financial Services, and Chapter 10.550, Rules of the Auditor General.
"Providing Vision and Direction to our Clients"1
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section a
214
1
o Harris, Cotherman,
0 Jones, Price & Associates
Certified Public Accountants - Chartered
Report on Compliance
February 9, 2007
Page Two
Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal
control that might be material weaknesses. A material weakness is a reportable condition in which the design or
operation of one or more of the internal control components does not reduce to a relatively low level the risk that
noncompliance with applicable requirements of laws, regulations, contracts and grants caused by error or fraud that
that would be material in relation to a major federal program or state project being audited may occur and may not
be detected within a timely period by employees in the normal course of performing their assigned functions. We
noted no matters involving the internal control over compliance and its operation that we consider to be material
aweaknesses.
Schedule of Expenditures of Federal Awards and State Financial Assistance
We have audited the compliance of Indian River County, Florida with the types of compliance requirements
described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement, and the
requirements described in the Department of Financial Services' State Projects Compliance Supplement, that are
applicable to its major federal programs and state projects for the year ended September 30, 2006 as indicated
above. The accompanying schedule of expenditures of federal awards and state projects is presented for purposes of
additional analysis as required by OMB Circular A-133, Chapter 691-5, Rules of the Department of Financial
Services, and Chapter 10.550, Rules of the Auditor General, and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
This `report is intended solely for the information and use of the Board of County Commissioners, management, and
specific legislative or regulatory bodies and is not intended to be and should not be used by anyone other than these
specified parties.
Vero Beach, Florida
February 9, 2007
215
Indian River County,
Florida
Schedule of Expenditures of Federal Awards and State Projects
For the Fiscal Year Ended September 30, 2006
Federal/State Agency
CFDA
Contract/
Pass-through Entity
CSFA
Grant
Transfers to 16JI
Federal Program/State Project
No.
No.
Expenditures
Subrecipients
Department of Housing and Urban Development:
Direct Programs:
Section 8 Housing Choice Vouchers
14.871
FL -132 -VO -014 to 017
$ 1,483,080
Supportive Housing Program -Transitional Housing
14.235
FL29B009001
1,885
Supportive Housing Program -Transitional Housing
14.235
FL29B409003
17,939
Shelter Plus Care
14.238
FL29C109001
103,828
Shelter Plus Care
14.238
FL29C209002
55,002
Shelter Plus Care
14.238
FL29C309002
81,741
Shelter Plus Care
14.238
FL29C509001
15,834
Supportive Housing Program -Youth Crisis Center
14.235
FL29B109002
91,106
Supportive Housing Program -
Homeless Management Information Systems
14.235
FL29B409002
18,184
Homeless Management Information Systems
14.235
FL29B509002
8,298
Homeless Management Information Systems
14.235
FL29B309003
19,935
Indirect Programs:
Passed through Florida Dept. of Community Affairs:
Community Dev. Block Grant/State's Program
14.228
03DB- IA- 10-40-01-H-12
248,398
Disaster Recovery Initiative Grant
14.228
06DB-3C-10-40-01-W-14
858,880
Passed through Florida Housing Finance Corp.:
Tenant Based Rental Assistance
14.857
2005-102TBRA
19,565
Total Department of Housing and Urban Development:
3,023,675
Federal Transit Administration:
Direct Programs:
Federal Transit Formula Section 5307 Grant
20.507
FL -90-X568
$
664,213
Federal Transit Formula Section 5307 Grant
20.507
FL -90-X533
47,930
Federal Transit Formula Section 5307 Grant
20.507
FL -90-X500
3,380
Federal Transit Formula Section 5307 Grant
20.507
FL -90-X472
306,226
Total Federal Transit Administration:
1,021,749
Federal Highway Administration:
Indirect Programs:
Passed through Florida Department of Transportation:
Joint Participation Agreement with FDOT-
Hurricane Jeanne
20.205
ANX78
295,629
Hurricane Frances
20.205
ANX75
467,235
r
Hurricane Wilma
20.205
AOE44
110,547
II`
Metropolitan Planning Organization
20.205
AA080
345,188
Metropolitan Planning Organization
20.205
ANR93
3,633
Total Federal Highway Administration:
1,222,232
Environmental Protection Agency:
Indirect Programs:
Passed through Florida Department of Environmental Protection:
Pelican Island Upland Restoration 15.614 RM026 51,752 * prior year's costs
Nonpoint Source Implementation Grants -
East Gifford Stormwater 66.460 WM836 16,747
Total Environmental Protection Agency: 68,499
216 n
Indian River County, Florida
Schedule of Expenditures of Federal Awards and State Projects
For the Fiscal Year Ended September 30, 2006
a
217
Federal/State Agency
CFDA
Contract/
Pass-through Entity
CSFA
Grant
Transfers to
Federal Program/State Project
No.
No.
Expenditures Subrecipients
Department of Justice:
Disaster Relief Funding -Hurricane Frances
97.036
05 -PA -G%-10-41-01-800
1,063,761
Direct Programs:
Disaster Relief Funding -Hurricane Jeanne
97.036
05 -PA -E=-10-41-01-864
Local Law Enforcement Block Grant
16.592
2004-LBBX-1214
22,584
05 -WL -&K-10-41-01-522
Local Law Enforcement Block Grant
16.592
2003-LBBX-1710
43
06-B6-04-10-40-01-031
Bureau of Justice Assistance Bulletproof Vest Partnership
Edward Bryne Memorial Justice Assistance Grant
16.607
16.738
NA
2005 -DJ -BX -2005
3,836
30,100
97.067
Indirect Programs:
12,500
Total Federal Emergency Management Agency:
Passed through Florida Department of Law Enforcement:
3,085,096
TOTAL EXPENDITURES OF FEDERAL AWARDS:
$
Bryne Formula Grant Program
a
Multi -Agency Drug Enforcement Unit
16.579
2006-JAGC-INRI-3-M8-188
78,743
Substance Abuse Advisory Council
16.579
2006-JAGC-INRI-2-M8-185
13,058
Drug Testing I
16.579
2006-JAGC-INRI-1-M8-154
38,784
Law Enforcement Terrorism Prevention
97.004
05 -CJ -L2-05-40-23-099
3,752
IRCSO - Level A Suit With Boots and SCBA
97.004
2006-SHSP-INRI-N9-034
6,342
Livescan Workstation Grant
16.579
06-043-10-40-01-294
38,431
Passed through Office of the Attorney General:
Crime Victim Assistance Program
16.575
V5118
33,261
Total Department of Justice:
268,934
General Services Administration:
Indirect Programs:
Passed through Florida Department of State:
Federal HSS Vote Program Grant
93.617
N/A
12,537
Poll Worker Recruitment and Training Grant
90.401
N/A
23,777
Voter Education Program Grant
39.011
N/A
23,777
Voter Education Program Grant
39.011
N/A
71
Total General Services Administration:
60,162
Office of Child Support Enforcement:
Indirect Programs:
Passed through Florida Department of Revenue:
Child Support Enforcement -Title IV D -
Sheriff Service of Notices
93.563
00331
9,614
Child Support Enforcement -Title IV D -
Sheriff Service of Notices
93.563
CC331
429,670
Total Office of Child Support Enforcement:
4.39,284
a
217
Federal Emergency Management Agency:
Indirect Programs:
Passed through Florida Dept. of Community Affairs:
Disaster Relief Funding -Hurricane Frances
97.036
05 -PA -G%-10-41-01-800
1,063,761
Disaster Relief Funding -Hurricane Jeanne
97.036
05 -PA -E=-10-41-01-864
443,020
Disaster Relief Funding -Hurricane Wilma
97.036
05 -WL -&K-10-41-01-522
1,532,102
Emergency Management Performance Grant
97.042
06-B6-04-10-40-01-031
33,713
Emergency Mgmt. Homeland Security
97.067
06FS-3W-10-40-01
12,500
Total Federal Emergency Management Agency:
3,085,096
TOTAL EXPENDITURES OF FEDERAL AWARDS:
$
8,167,882 $ 1,021,749
a
217
Indian River County, Florida
Schedule of Expenditures of Federal Awards and State Projects
For the Fiscal Year Ended September 30, 2006
Federal/State Agency
CFDA
Contract/
Pass-through Entity
CSFA
Grant
Transfers to
Federal Program/State Project
No.
No.
Expenditures Subrecipients
STATE OF FLORIDA
Department of Community Affairs:
Direct Projects:
Hazardous Materials Emergency Planning
52.023
06 -CP -11-10-40-01-033 $
3,137
Emergency Operations Center Grant
52.037
06CP-4Z-10-40-01
321,967
State Funded Subgrant - School Concurrency
52.003
06 -DR -73-10-40-01-007
96,045
Emergency Management Programs- Emergency
Management Base Grant
52.008
06 -BG -04-10-40-01-085
102,959
Indirect Projects:
Passed through Florida Communities Trust:
Florida Forever Act -
Russell Grove River Buffer
52.002
05-39-FF5
2,194,630
Total Department of Community Affairs:
2,718,738
Florida Housing Finance Agency:
Direct Project:
Local Hurricane Housing Recovery Plan
52.902
N/A
3,490,399
State Housing Initiatives Partnership
52.901
N/A
2,516,699
Total Florida Housing Finance Agency:
6,007,098
Department of Environmental Protection:
Direct Projects:
Beach Restoration Emergency Response
37.065
H51R1
4,631,629
Beach Erosion Control Program
37.003
98IR1
281,233
Total Department of Environmental Protection:
4,912,862
Department of State:
Division of Historical Resources:
Direct Project:
Old Fellsmere School
45.031
SC250
25,000 * prior year's costs
Division of Library Services:
Direct Project:
State Aid to Libraries
45.030
06 -ST -24
201,490
Total Department of State:
226,490
Department of Transportation:
Direct Projects:
Transportation Disadvantaged Planning Grant
55.002
AOE307
18,580
Transit Corridor Grant
55.013
AN_83
141,876
Access Improvements to Aviation Boulevard
55.014
ANP77
95,961
County Incentive - Cr 512 Widening
55.008
AL879
187,892
Downtown Vero & Gifford Transit Centers
55.014
AM917
5,320
Public Transit Block Grant
55.010
ANT19
252,101
Total Department of Transportation:
701,730
218
Indian River County, Florida
Schedule of Expenditures of Federal Awards and State Projects
For the Fiscal Year Ended September 30, 2006
Federal/State Agency CFDA
Contract/
Pass-through Entity CSFA
Grant
Transfers to
Federal Program/State Project No.
No.
Expenditures Subrecipients
STATE OF FLORIDA - Continued
Department of Agriculture and Consumer Services:
Direct Project:
Water Policy Best Management Practices 42.017
006800
33,244
Total Department of Agriculture and Consumer Services:
33,244
Department of Management Services:
Direct Project:
Wireless 911 Emergency Telephone System 72.001
N/A
302,574
Total Department of Management Services:
302,574
Department of Health and Rehabilitative Services:
Direct Project:
County Awards Grant -Emergency Medical Svc 64.005
C5031
31,709
Total Department of Health and Rehabilitative Services:
31,709
Department of Revenue:
Direct Project:
Facilities for Retained Spring Training Franchise-
Dodgertown 73.016
N/A
500,004
Total Department of Revenue:
500,004
TOTAL EXPENDITURES OF STATE FINANCIAL ASSISTANCE:
$
15,434,449 $ -
United States Department of Agriculture:
FHA Acquisition and Construction Revenue Bonds
Victory Park Phase I 10.405
09-031-59600674-01-5 $
996,000
Victory Park Phase II 10.405
09-031-59600674-01-5
934,000
Orangewood Park Apartments 10.405
09-031-59600674-01-2
1,238,400
n
TOTAL BONDS PAYABLE (FEDERALLY GUARANTEED):
$
3,168,400
219
Indian River County, Florida
Notes to Schedule of Expenditures of Federal Awards
and State Projects
For the Fiscal Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and presentation of the Single Audit Report of Indian River County, Florida,
(the "County") have been designed to conform to generally accepted accounting principles as applicable
to governmental units, including the reporting and compliance requirements of the Audits of States, Local
Governments, and Non -Profit Organizations and Office of Management and Budget Circular A-133.
A. Reporting Entity
The reporting entity consists of Indian River County, the primary government, and each of its component
units. The County includes a Schedule of Expenditures of Federal Awards and State Projects in the Compli-
ance Section.
B. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts
and reported in the financial statements. Basis of accounting relates to the timing of the measurements
made, regardless of the measurement focus.
The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards and
State Projects. Under the modified accrual basis, revenues are recognized when they become measurable
and available. Revenues are considered to be available when they are collectible within the current period n
or soon enough thereafter to pay liabilities of the current period. For this purpose, the County considers rev- Il�1l
enues to be available if they are collected within 45 days after the end of the current fiscal period. Expendi-
tures generally are recorded when a liability is incurred, as under accrual accounting. n
Actual disaster relief expenditures exceed the amount allowed by the Federal Emergency Management
Agency for many projects. Future Schedules of Expenditures of Federal Awards and State Projects may be
adjusted to reflect additional expenditures from current and prior fiscal years.
220
C.
DIndian
River County, Florida
Schedule of Findings and Questioned Costs — Federal Awards and State Projects
a
Year Ended September 30, 2006
Section I — Summary of Auditor's Results
Financial Statements
a
Type of auditor's report issued Unqualified
Internal control over financial reporting:
Material weakness(es) identified? Yes X
Reportable condition(s) identified not
No
considered to be material weaknesses? Yes X
None reported
Noncompliance material to financial statements
noted? Yes X
No
Federal Awards and State Projects
Internal control over major programs:
Material weakness(es) identified? Yes X
No
Reportable condition(s) identified not
considered to be material weaknesses? Yes X
None reported
Type of auditor's report issued on compliance for
major federal programs and state projects Unqualified
Any audit findings disclosed that are required to
be reported in regards to the major federal
programs or state projects Yes X
No
Identification of major programs:
DCFDANumber
Name of Federal Program or Cluster
14.228 HUD Community Development Block Grant
14.871 HUD Section 8 Rental Assistance
20.205 DOT Highway Planning and Construction
20.507 DOT Federal Transit Grant
93.563 HHS Child Support Enforcement
97.036 FEMA Disaster Relief Funding
10.405 FHA Acquisition & Construction Revenue Bonds:
Victory Park Phase I
Victory Park Phase 1I
Orangewood Park Apartments
CSFA Number Name of State Project
37.065 FDEP Beach Restoration Emergency Response
52.002 DCA Ansin Tract
52.037 DCA Emergency OPS Center
52.901 FHFA — State Housing Initiatives Partnership
52.902 FHFA Hurricane Housing Recovery
73.016 FDOR — Dodgertown Spring Training Facility
Dollar threshold used to distinguish between
Type A and Type B programs $300,000 (Federal)
$463,033 (State)
Auditee qualified as low-risk auditee? X Yes No
Section II — Financial Statement Findings
There were no reportable conditions, material weaknesses, or instances of noncompliance related to the financial statements.
Section III — Federal Award Findings and Questioned Costs
There were no audit findings related to federal awards required to be reported by Circular A-133, Section 510(A).
LJ Section IV — Prior Year Findings and Questioned Costs
No matters were reported.
D221
I -
%w6w-
' , ,�
222
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Management Comments
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida as of and for the year
ended September 30, 2006, and have issued our report thereon dated February 9, 2007. We conducted
our audit in accordance with United States generally accepted auditing standards; the standards applicable
to financial audits contained in Government Auditing Standards issued by the Comptroller General of the
United States; and OMB Circular A-133, Audits of States, Local Governments, and Non -Profit
Organizations. We have issued our Independent Auditor's Report on Compliance and Internal Control
over Financial Reporting, Independent Auditor's Report on Compliance and Internal Control over
Compliance Applicable to each Major Federal Program and State Project, and Schedule of Findings and
Questioned Costs. Disclosures in those reports and schedule, which are dated February 9, 2007, should
be considered in conjunction with this management letter.
We have also issued separate management letters dated February 9, 2007 for each county agency not
included in this letter, which should also be considered in conjunction with this management letter.
a Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor General,
which govern the conduct of local government entity audits performed in the State of Florida and require
that certain items be addressed in this letter.
In accordance with the Rules of the Auditor General (Section 10.554(1)(h) 1.), it is noted that there were
no recommendations made in the preceding audit report.
The Rules of the Auditor General (Section 10.554 (1)(h) 3.) require that we address in the management
letter any findings and recommendations to improve financial management, accounting procedures, and
internal control. In connection with our audit, we did not have any such findings.
The Rules of the Auditor General (Section 10.554(1)(h) 4.) require disclosure in the management letter of
the following matters if not already addressed in the auditor's reports on compliance and internal controls
or schedule of findings and questioned costs: (1) violations of laws, rules, regulations, and contractual
provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3)
improper or inadequate accounting procedures; (4) failures to properly record financial transactions; and
(5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the
attention of, the auditor. There were no such matters noted during the current year.
We have also tested your operations for compliance with applicable laws and have provided additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
223
Harris, Cotherman, a
Jones, Price & Associates
Certified Public Accountants - Chartered
The Honorable County Commissioners
Indian River County, Florida
Management Comments
Page Two
COMMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL OF THE STATE OF
FLORIDA
Financial Condition Assessment
As required by the Rules of the Auditor General (Sections 10.554(h)(6)c and 10.556 (7).), we applied
financial condition assessment procedures relating to Indian River County. It is management's
responsibility to monitor the entity's financial condition, and our financial condition assessment was done
as of the fiscal year end and was based in part on representations made by management and the review of
financial information provided by same.
Determination of Financial Emergency - F.S. Section 218.503(1)
As required by the Rules of the Auditor General (Section 10.554(1)(h)6.a.), none of the conditions
described in Section 218.503(1), Florida Statutes, were met during the fiscal year ended September 30,
2006.
Florida Department of Financial Services
As required by the Rules of the Auditor General (Section 10.554(1)(h)6.b.), the annual financial report
required to be filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a) of
the Florida Statutes has been completed. We agreed this report with the annual financial audit report and
noted no exceptions for the fiscal year ended September 30, 2006.
Compliance With Section 218.415
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Board of County Commissioners complied with
Section 218.415, Florida Statutes.
This report is intended for the information of management, the Board of County Commissioners, and the
Auditor General of the State of Florida, and is not intended to be and should not be used by anyone other
than hese specified parties.
Vero Bleach, n
February 9, 2007 I I
224 E
225
226
Harris, Cotherman,
ED Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
a Vero Beach, FL 32963
Tel 772-234-8484
Fax 772.234-8488
Report on Special Purpose Financial Statements Prepared in Compliance with a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Board of
County Commissioners as of and for the fiscal year ended September 30, 2006, as listed in the table of
contents. These financial statements are the responsibility of the Board of County Commissioners'
I I management. Our responsibility is to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As described in Note 1, the accompanying fund financial statements referred to above present fairly only
the financial position of the Board of County Commissioners at September 30, 2006, and the results of
operations for the year then ended in conformity with generally accepted accounting principles.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Board of County Commissioners as of September 30, 2006, and the results of
operations for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2007
on our consideration of the Board of County Commissioners' internal control over financial reporting and
on our tests of compliance with certain provisions of laws, regulations, contracts, and grants.
r-,
H This report is intended solely for the information and use of management, the Board of County
Commissioners, the Auditor General, and applicable Federal and State agencies, and is not intended to be
Z
hould nottJJb`�e/jused by anyone other than these specified parties.
=, (�7"i'G? lmY i q
aVero B ach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
227
Indian River County, Florida
Board of County Commissioners a
Balance Sheet
Governmental Funds
September 30, 2006 ^
The accompanying notes are an integral part of the financial statements.
228
Secondary
Impact
Roads
General
Fees
Construction
Transportation
a
ASSETS
Cash and cash equivalents
$ 41,771,670 $
86,679,736
$ 24,095,703
$ 5,238,135
783
Accounts receivable
A
506,994
-
_
76,300
-
96,149
Special assessments receivable
Due from other funds
230,207
5,230,915
-
257,663
-
410,487
877,292
Due from other governments
Interest receivable
_
Inventories
9,036
-
Prepaid expenses
44,121
-
-
-
654,000
-
Advances to other funds
-
-
666,667
-
Notes receivable
$ 47,792,943 $
86,937,399
$ 25,903,157
$ 6,212,359
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
$ 1,176,181 $
1,052,859
$ 1,597,769
$ 369,069
Retainage payable
1,575
426,123
198,163
_
704
-
Due to other funds
-
Due to other governments
1,354
-
_
375,743
Unearned revenues
115,430
-
500
Other deposits held in escrow
210,416
-
_
-
Accrued interest payable
--
Advances from other funds
987,105
2,492,061
-
-
746,016
1,478,982
1,795,932
Total liabilities
Fund balances:
Reserved for:
_
_
Debt service
666,667
-
Capital projects
_
654,000
-
Advances to other funds
-
Unreserved, reported in:
-
General fund
General
45,300,882
-
85,458,417
-
22,786,558
5,466,343
revenue funds
Total fund balances
45,300,882
85,458,417
24,107,225
5,466,343
Total liabilities and fund balances
$ 47 792 943 $
86,937,399
$ 25,903,157
$ 6,212,359
The accompanying notes are an integral part of the financial statements.
228
Emergency
Optional
Other
Total
Services
Land
Federal/State
Sales
Governmental
Governmental
District
Acquisition
Grants
Tax
Funds
Funds
$ 11,052,965
$
43,577,493
$
10,817,686
$ 33,863,522
$
20,195,834
$
277,292,744
-
-
-
26,175
46,771
657,023
-
-
-
-
-
96,149
-
-
-
-
-
230,207
291,748
-
416,557
1,025,418
357,415
8,867,495
-
-
-
-
9,178
9,178
-
-
-
-
-
9,036
10,189
-
25,967
-
500
80,777
-
-
-
987,105
-
1,641,105
-
-
-
-
-
666,667
$ 11,354,902
$
43,577,493
$
11,260,210
$ 35,902,220
$
20,609,698
$
289,550,381
$ 813,131
$
55,017
$
570,698
$ 4,259,904
$
1,582,115
$
11,476,743
141
-
22,035
2,044,578
207,789
2,901,108
-
-
105,207
-
125,000
230,207
-
-
-
-
-
1,354
32,098
-
11,009,625
-
58,151
11,591,047
-
-
8,636
-
-
219,552
-
-
-
-
29,734
29,734
-
-
-
-
-
987,105
845,370
55,017
11,716,201
6,304,482
2,002,789
27,436,850
-
-
-
-
2,225,349
2,225,349
-
-
-
28,610,633
4,931,363
34,208,663
-
-
-
987,105
-
1,641,105
-
-
-
-
-
45,300,882
10,509,532
43,522,476
(455,991)
-
11,450,197
178,737,532
10,509,532
43,522,476
(455,991)
29,597,738
18,606,909
262,113,531
$ 11,354,902
$
43,577,493
$
11,260,210
$ 35,902,220
$
20,609,698
$
289,550,381
229
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended September 30, 2006
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/recreation
Court related
Debt service:
Principal
Interest and other fiscal charges
Capital projects
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Transfers to constitutional officers
Debt issuance
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
9,711,155 90,019 - 642,077
2,973,824 - -
459,516 - - 298,457
2,361,251 9,55 8,681 6,066,829 12,408,095
609,972 - -
4,385,339 - -
10,135,366 - -
281,083 - -
Secondary
13,348,629
Impact
Roads
30,917,506
General
Fees
Construction
Transportation
$ 69,308,542 $
-
$ 3,526,774 $
-
959,514
-
-
315,124
17,168,275
22,292
308,889
3,258,039
5,506,909
-
117,288
240,672
443,626
-
-
-
24,633,680
-
107,528
2,006,519
3,098,966
912,633
181,511
1,305,167
1,536,164
234,478
409,498
96,698,552
29,291,102
5,100,062
4,512,372
Transfers in
Transfers out
Transfers to constitutional officers
Debt issuance
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
9,711,155 90,019 - 642,077
2,973,824 - -
459,516 - - 298,457
2,361,251 9,55 8,681 6,066,829 12,408,095
609,972 - -
4,385,339 - -
10,135,366 - -
281,083 - -
The accompanying notes are an integral part of the financial statements.
230
D I
H �
11
13,348,629
6,066,829
9,648,700
30,917,506
65,781,046
19,642,402
(966,767)
(8,836,257)
3,774,108
-
-
11,048,573
(12,233,827)
-
-
(42,172, 870)
-
-
(50,632,589)
-
-
11,048,573
15,148,457
19,642,402
(966,767)
2,212,316
30,152,425
65,816,015
25,073,992
3,254,027
$ 45,300,882 $
85,458,417 $
24,107,225 $
5,466,343
The accompanying notes are an integral part of the financial statements.
230
D I
H �
11
O
Emergency
Optional
Other
Total
Services
District
Land
Acquisition
Federal/State
Grants
Sales
Tax
Governmental
Funds
Governmental
Funds
$ 23,046,264 $
-
$ - $
15,736,078
$ 4,470,890
$ 116,088,548
-
-
-
-
-
1,274,638
186,850
902,991
4,451,454
954,787
10,824,585
38,078,162
3,708,250
-
-
-
1,542,075
11,115,194
7,000
-
-
203,141
653,767
269,711
25,010,919
529,362
599,391
326,509
1,341,877
777,265
9,774,033
35,073
-
108,500
33,087
670,935
4,332,902
a27,512,799
11502,382
4,886,463
18,065,829
18,758,602
206,328,163
-
-
-
-
401,136
10,844,387
25,581,501
-
906,477
-
880,875
30,342,677
-
7,958,903
222,329
-
16,057
215,557
8,955,262
30,610,413
151,176
293,091
1,054,239
-
-
3,933,878
-
4,151,005
12,470,222
-
-
-
-
6,245,072
16,380,438
854,388
1,135,471
-
-
-
2,235,000
2,235,000
579,792
1,196,396
1,776,188
-
-
-
36,062,152
1,786,323
37,848,475
25,581,501
8,538,695
5,213,860
36,062,152
18,274,900
153,652,772
1,931,298
483,702
52,675,391
(7,036,313)
(327,397)
(17,996,323)
738,100
-
50,667
6,387,009
182,122
22,180,579
-
-
-
-
(114,831)
(12,348,658)
(513,792)
-
49,996,735
-
-
(417,854)
(43,104,516)
49,996,735
224,308
49,996,735
50,667
6,387,009
(350,563)
16,724,140
2,155,606
42,960,422
(276,730)
(11,609,314)
133,139
69,399,531
8,353,926
562,054
(179,261)
41,207,052
18,473,770
192,714,000
$ 10,509,532 $
43,522,476
$ (455,991) $
29,597,738
$ 18,606,909
$ 262,113,531
O
O
231
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/recreation
Court related
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
9,714,792
10,881,135
9,711,155
Variance with
2,564,449
3,234,194
2,973,824
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
668,363
441,130
$ 65,473,426 $
65,473,425 $
69,308,542 $
3,835,117
730,587
730,587
959,514
228,927
11,824,933
14,458,767
17,168,275
2,709,508
4,807,691
4,540,345
5,506,909
966,564
157,320
157,320
443,626
286,306
408,500
556,134
2,006,519
1,450,385
185,962
955,776
1,305,167
349,391
83,588,419
86,872,354
96,698,552
9,826,198
9,714,792
10,881,135
9,711,155
1,169,980
2,564,449
3,234,194
2,973,824
260,370
431,241
613,292
459,516
153,776
931,004
3,029,614
2,361,251
668,363
441,130
625,990
609,972
16,018
4,612,948
4,608,707
4,385,339
223,368
10,203, 852
11,13 9,212
10,13 5,3 66
1,003, 846
628,947
418,881
281,083
137,798
29,528,363
34,551,025
30,917,506
3,633,519
54,060,056
52,321,329
65,781,046
13,459,717
Transfers in - - 3,774,108 3,774,108
Transfers out (11,429,701) (12,237,189) (12,233,827) 3,362
Transfers to constitutional officers (42,928,422) (43,737,416) (42,172,870) 1,564,546
Total other financing sources (uses) (54,358,123) (55,974,605) (50,632,589) 5,342,016
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(298,067) (3,653,276) 15,148,457 $ 18,801,733
298,067 3,653,276 30,152,425
$ - $ - $ 45,300,882
The accompanying notes are an integral part of the financial statements.
232
v
� E
u
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Impact Fees Fund
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Transportation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ - $
- $
22,292 $
22,292
19,834,047
20,834,047
24,633,680
3,799,633
148,200
148,200
3,098,966
2,950,766
-
-
1,536,164
1,536,164
19,982,247
20,982,247
29,291,102
8,308,855
-
1,068,467
90,019
978,448
32,924,171
56,246,893
9,558,681
46,688,212
32,924,171
57,315,360
9,648,700
47,666,660
(12,941,924)
(36,333,113)
19,642,402
55,975,515
-
(350,000)
-
350,000
-
(350,000)
-
350,000
(12,941,924)
(36,683,113)
19,642,402 $
56,325,515
12,941,924
36,683,113
65,816,015
85,458,417
The accompanying notes are an integral part of the financial statements.
233
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Secondary Roads Construction Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
3,812,894 25,734,755 6,066,829 19,667,926
3,812,894 25,734,755 6,066,829 19,667,926
13,017 (21,824,734) (966,767) $ 20,857,967
(13,017) 21,824,734 25,073,992
$ _ $ - $ 24,107,225
0
The accompanying notes are an integral part of the financial statements.
234
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 3,493,411 $
3,493,411 $
3,526,774
$ 33,363
-
84,110
308,889
224,779
_
-
117,288
117,288
332,500
332,500
912,633
580,133
-
-
234,478
234,478
3,825,911
3,910,021
5,100,062
1,190,041
3,812,894 25,734,755 6,066,829 19,667,926
3,812,894 25,734,755 6,066,829 19,667,926
13,017 (21,824,734) (966,767) $ 20,857,967
(13,017) 21,824,734 25,073,992
$ _ $ - $ 24,107,225
0
The accompanying notes are an integral part of the financial statements.
234
IJ
N
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Transportation Fund
For the Year Ended September 30, 2006
REVENUES
Licenses and permits
Intergovernmental
Charges for services
Special assessments
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Physical environment
Transportation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Variance with
593,591
1,055,605
642,077
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
1,530,836
14,509,877
15,652,149
$ 142,500 $
313,032 $
315,124 $
2,092
2,582,240
2,609,348
3,258,039
648,691
518,225
174,475
240,672
66,197
142,500
142,500
107,528
(34,972)
36,100
36,100
181,511
145,411
23,750
733,500
409,498
(324,002)
3,445,315
4,008,955
4,512,372
503,417
593,591
1,055,605
642,077
413,528
649,799
657,613
298,457
359,156
13,266,487
13,938,931
1.2,408,095
1,530,836
14,509,877
15,652,149
13,348,629
2,303,520
(11,064,562)
(11,643,194)
(8,836,257)
2,806,937
Transfers in 11,048,573 11,048,573 11,048,573 -
Transfers to constitutional officers - (1,000) - 1,000
Total other financing sources (uses) 11,048,573 11,047,573 11,048,573 1,000
Net change in fund balances (15,989) (595,621) 2,212,316 $ 2,807,937
Fund balances at beginning of year 15,989 595,621 3,254,027
Fund balances at end of year $ - $ - $ 5,466,343
The accompanying notes are an integral part of the financial statements.
235
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Emergency Services District Fund
For the Year Ended September 30, 2006
REVENUES
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Public safety
Debt service:
Principal
Interest and other fiscal charges
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers to constitutional officers
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
The accompanying notes are an integral part of the financial statements.
236
E �
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 22,669,913 $
22,669,913 $
23,046,264
$ 376,351
11,875
176,396
186,850
10,454
2,540,280
2,620,281
3,708,250
1,087,969
-
-
7,000
7,000
128,250
128,250
529,362
401,112
11,105
457,721
35,073
(422,648)
25,361,423
26,052,561
27,512,799
1,460,238
21,819,347
31,598,643
25,581,501
6,017,142
89,043
89,043
-
89,043
90,210
76,824
-
76,824
21,998,600
31,764,510
25,581,501
6,183,009
3,362,823
(5,711,949)
1,931,298
7,643,247
-
-
738,100
738,100
(500,407)
(513,793)
(513,792)
1
(500,407)
(513,793)
224,308
738,101
2,862,416
(6,225,742)
2,155,606
$ 8,381,348
(2,862,416)
6,225,742
8,353,926
$ -
$ -
$ 10,509,532
The accompanying notes are an integral part of the financial statements.
236
E �
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Land Acquisition Fund
For the Year Ended September 30, 2006
REVENUES
Intergovernmental $
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Physical environment
Debt service:
Interest and other fiscal charges
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Debt issuance
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Budgeted Amounts
Original Final
$ 626,629 $
Variance with
1,400,000
Final Budget
Actual
Positive
Amounts
(Negative)
902,991
$ 276,362
599,391
599,391
1,400,000
21,497,963
7,958,903
13,539,060
580,243
579,792
451
1,400,000
22,078,206
8,538,695
13,539,511
(1,400,000)
(21,451,577)
(7,036,313)
14,415,264
-
20,000,000
49,996,735
29,996,735
-
20,000,000
49,996,735
29,996,735
(1,400,000)
(1,451,577)
42,960,422 $
44,411,999
1,400,000
1,451,577
562,054
$ - $
- $
43,522,476
The accompanying notes are an integral part of the financial statements.
237
REVENUES
Intergovernmental
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Public safety
Physical environment
Economic environment
Human services
Culture/recreation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
a
County, Florida
Indian River C y,
i
Board of County Commissioners
Statement of Revenues, Expenditures, and
a
Changes in Fund Balances Budget and Actual
Final Budget
Federal/State Grants Fund
For the Year Ended September 30, 2006
n
REVENUES
Intergovernmental
Interest
Miscellaneous
Total revenues
EXPENDITURES
Current:
Public safety
Physical environment
Economic environment
Human services
Culture/recreation
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
The accompanying notes are an integral part of the financial statements.
a
238
0
Variance with
Final Budget
Budgeted Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 7,715,664 $
12,463,402
$ 4,451,454
$ (8,011,948)
_
-
326,509
326,509
-
24,837
108,500
83,663
7,715,664
12,488,239
4,886,463
(7,601,776)
1,894,194
1,370,101
906,477
463,624
5,605,806
4,647,294
222,329
4,424,965
-
1,686,905
151,176
1,535,729
215,664
4,783,939
3,933,878
850,061
7,715,664
12,488,239
5,213,860
7,274,379
_
-
(327,397)
(327,397)
_
-
50,667
50,667
_
-
50,667
50,667
_
-
- (276,730)
$ (276,730)
_
-
(179,261)
(455,991)
The accompanying notes are an integral part of the financial statements.
a
238
0
A
N
A
e
A
iL
Indian River County, Florida
Board of County Commissioners
Statement of Net Assets
Proprietary Funds
September 30, 2006
LIABILITIES
Current liabilities (payable from current assets)
Accounts payable
1,160,815
214,799
Enterprise Funds
138,441
2,874,958
381,152
Retainage payable
Solid Waste
-
-
Other
758
Claims payable
Disposal
Golf
County
Enterprise
-
Internal
Due to other governments
District
Course
Utilities
Funds
Total
Service Funds
ASSETS
32,397
2,500
-
34,897
Current assets:
-
80,338
-
80,338
-
Cash and cash equivalents
$ 16,204,008 $
10,299
$ 31,052,511 $
5,039,389 $
52,306,207 $
13,342,194
Accounts receivable - net
405,081
-
3,177,064
77
3,582,222
1,471,457
Due from other governments
1,188,920
10,500
-
-
1,199,420
18,378
Interest receivable
-
-
564,988
-
564,988
-
Inventories
3,173
51,433
843,496
35,955
930,884
111,560
Prepaid expenses
-
-
-
-
-
822,150
Current restricted assets:
-
475,000
2,505,000
-
Cash and cash equivalents
13,316,638
53,821
83,366,537
112,993
96,849,989
Total current assets
31,114,647
126,053
119,004,596
5,188,414
155,433,710
15,765,739
Non-current assets:
9,972,699
489,238
7,655,143
72,571
18,189,651
Unamortized bond costs
-
367,924
3,311,815
-
3,679,739
Intangible assets - net
50,149
-
-
72,135
50,149
14,067
Capital assets- non -depreciable
14,878,804
669,630
22,937,014
-
38,485,448
-
Capital assets -depreciable
16,566,826
8,574,112
280,594,198
2,475,290
308,210,426
251,729
Accumulated depreciation
(8,504,616)
(1,607,291)
(116,346,864)
(563,754)
(127,022,525)
(147,466)
Non-current restricted assets:
69,980
5,452,975
60,039,973
72,135
-
14,067
Special assessments receivable
11,312,863
6,315,991
2,291,821
390,409
2,291,821
6,303,065
Note receivable
333,333
333,333
Impact fees receivable
22,941,014
2,547,352
798,521
1,911,536
798,521
104,263
Liens receivable
161,920
161,920
Deposits
-
1,626
16,261
-
17,887
-
Total non-current assets
22,991,163
8,006,001
194,098,019
1,911,536
227,006,719
104,263
Total assets
54,105,810
8,132,054
313,102,615
7,099,950
382,440,429
15,870,002
LIABILITIES
Current liabilities (payable from current assets)
Accounts payable
1,160,815
214,799
1,360,903
138,441
2,874,958
381,152
Retainage payable
-
-
-
758
758
Claims payable
-
-
-
5,866,000
Due to other governments
8,889
5,931
11,641
26,461
-
Unearned revenues
32,397
2,500
-
34,897
Capital leases
-
80,338
-
80,338
-
Accrued compensated absences
109,369
37,355
365,067
94,863
606,654
41,846
Total current liabilities (payable from current assets)
1,270,184
373,778
1,734,401
245,703
3,624,066
6,288,998
Current liabilities (payable from restricted assets)
Accounts payable
-
-
1,678,189
-
1,678,189
-
Retainage payable
3,173
-
245,254
248,427
Accrued interest payable
-
14,238
253,429
267,667
Bonds payable
-
475,000
2,505,000
2,980,000
Closure and maintenance costs payable
9,744,598
-
-
9,744,598
Customer deposits
224,928
2,973,271
72,571
3,270,770
Total current liabilities (payable from restricted assets)
9,972,699
489,238
7,655,143
72,571
18,189,651
Non-current liabilities:
Accrued compensated absences
69,980
71,428
128,858
72,135
342,401
14,067
Advance from other funds
-
654,000
-
-
654,000
-
Capital leases
113,448
-
113,448
Bonds payable - net of discount and premium
4,614,099
59,911,115
64,525,214
Total non-current liabilities
69,980
5,452,975
60,039,973
72,135
65,635,063
14,067
Total liabilities
11,312,863
6,315,991
69,429,517
390,409
87,448,780
6,303,065
NET ASSETS
Invested in capital assets, net of related debt
22,941,014
2,547,352
124,768,233
1,911,536
152,168,135
104,263
Restricted for:
Debt service
-
39,583
208,750
-
248,333
-
Capital projects
-
-
88,823,634
-
88,823,634
-
Unrestricted
19,851,933
(770,872)
29,872,481
4,798,005
53,751,547
9,462,674
Total net assets $
42,792,947
$ 1,816,063 $
243,673,098 $
6,709,541 $
294,991,649 $
9,566,937
The accompanying notes are an integral part of the financial statements.
239
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended September 30, 2006
Enterprise Funds
Solid Waste
Disposal Golf County
District Course Utilities
OPERATING REVENUES
Charges for services
Charges for services pledged as
security for revenue bonds
Total operating revenues
OPERATING EXPENSES
Personal services
Material, supplies, services and
other operating
Depreciation
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES)
Interest income
Interest income pledged as
security for revenue bonds
Operating grants
Gain on disposal of equipment
Interest expenses
Bond amortization expense
Intangible amortization expense
Loss on disposal of equipment
Insurance recoveries
Total nonoperating revenues (expenses)
Income before transfers and
capital contributions
Capital contributions
Capital contributions pledged as
security for revenue bonds
Transfers in
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending
$ 13,741,864 $
- $
-
-
3,306,424
28,029,062
13,741,864
3,306,424
28,029,062
-
(189,682)
(3,147,584)
2,743,412
823,214
7,036,854
8,196,262
1,731,426
10,414,047
608,782
216,572
12,499,658
11,548,456
2,771,212
29,950,559
4,541,502
384,542
(494,019)
2,193,408
535,212
(1,921,497)
1,506,691 - -
-
17,703
4,556,769
839,699
118,722
276,992
11,571
-
30,983
-
(189,682)
(3,147,584)
-
(95,113)
(274,682)
(9,867)
-
(15,000)
-
(2,300)
-
2,348,094
(150,670)
1,427,478
4,541,502
384,542
(494,019)
_ - 4,151,182
_ - 22,371,582
15,514 - 132,062
(126,193) (44,530) (3,100,735)
4,430,823 340,012 23,060,072
38,362,124 1,476,051 220,613,026
$ 42,792,947 $ 1,816,063 $ 243,673,098
The accompanying notes are an integral part of the financial statements.
240
J
u
Other
Enterprise
Funds Total
Internal
Service Funds
$ 4,746,668 $
18,488,532 $
20,780,889
-
31,335,486
-
4,746,668
49,824,018
20,780,889
2,930,490
13,533,970
1,862,119
1,126,739
21,468,474
16,631,688
145,359
13,470,371
11,220
4,202,588
48,472,815
18,505,027
544,080
1,351,203
2,275,862
254,077
1,760,768
651,915
-
4,574,472
-
-
1,235,413
394
-
42,554
-
-
(3,337,266)
-
-
(369,795)
-
-
(24,867)
-
-
(2,300)
-
-
-
1,104,116
254,077
3,878,979
1,756,425
798,157
5,230,182
4,032,287
258,354
4,409,536
-
-
22,371,582
-
415,629
563,205
-
(2,352,593)
(5,624,051)
(4,771,075)
(880,453)
26,950,454
(738,788)
7,589,994
268,041,195
10,305,725
$ 6,709,541 $
'294,991,649 $
9,566,937
241
Indian River County, Florida
Board of County Commissioners
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30, 2006
Enterprise Funds
Solid Waste
Disposal Golf County
District Course Utilities
CASH FLOWS FROM OPERATING ACTIVITIES
(44,530)
(2,968,673)
3,113,864
Cash received from customers
$ 13,967,299 $
3,307,454 $
28,715,233
Cash paid to suppliers for goods and services
(6,512,398)
(1,653,133)
(9,312,680
Cash paid to employees for services
(2,717,923)
(815,566)
(7,532,866
Net cash provided by operating activities
4,736,978
838,755
11,869,687
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Transfers
Operating grants
Insurance recoveries
Net cash provided by (used in) noncapital
financing activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Principal payments - bonds/notes
Principal payments - capital leases
Interest paid on long-term debt
Payment to developer for long term loan
Proceeds from sales of fixed assets
Purchase of fixed assets
Bond paying agent fees
Bond issuance costs
Capital contributed by others
Proceeds from advance to other funds
Payment for advance from other fund
Net cash provided by (used in) capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments
Net cash provided by investing activities
(110,679)
(44,530)
(2,968,673)
3,113,864
118,722
277,269
3,003,185
74,192
(2,691,404)
-
(460,000)
(2,390,000)
-
(69,451)
-
-
(99,966)
(3,157,260)
_
-
(333,333)
16,100
213
317,841
(4,899,221)
(42,996)
(10,949,950)
-
(90,485)
-
_
-
(71,387)
_
-
13,519,126
-
(160,000)
-
(4,883,121)
(922,685)
(3,064,963)
1,506,691
17,703
4,620,400
1,506,691
17,703
4,620,400
Net increase (decrease) in cash and cash equivalents 4,363,733 7,965 10,733,720
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Classified as:
Current assets
Restricted assets
Totals
25,156,913 56,155 103,685,328
$ 29,520,646 $ 64,120 $ 114,419,048
$ 16,204,008 $ 10,299 $ 31,052,511
13,316,638 53,821 83,366,537
$ 29,520,646 $ 64,120 $ 114,419,048
1
0
0
The accompanying notes are an integral part of the financial statements. a
242
O
Other
Enterprise
Internal
Funds
Total
Service Funds
$
4,137,671
$
50,127,657
$
19,456,033
(1,186,241)
(18,664,452)
(16,693,896)
(2,901,520)
49,910
(13,967,875)
17,495,330
(1,866,308)
895,829
(1,936,964)
(5,060,846)
(4,771,075)
-
3,509,855
394
-
-
1,104,116
(1,936,964)
(1,550,991)
(3,666,565)
a
-
(2,850,000)
-
(69,451)
-
(3,257,226)
-
-
(333,333)
-
334,154
(133,104)
(16,025,271)
(104,642)
-
(90,485)
a
(71,387)
_
-
13,519,126
-
_
-
114,000
(160,000)
(133,104)
(9,003,873)
9,358
254,077
6,398,871
651,915
254,077
6,398,871
651,915
(1,766,081)
13,339,337
(2,109,463)
6,918,463
135,816,859
15,451,657
$
5,152,3 82
$
149,156,196
$
13,342,194
$
5,039,389
$
52,306,207
$
13,342,194
112,993
96,849,989
-
$
5,152,382
$
149,156,196
$
13,342,194
Continued
243
RECONCILIATION OF NET OPERATING INCOME(LOSS)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 2,193,408 $ 535,212 $ (1,921,497)
Adjustments to reconcile operating income to net cash
provided by operating activities:
Work in progress reclassified as expense
Depreciation
Capitalized self -incurred expenses
(Increase) Decrease in assets:
Accounts receivable
Due from other governments
Inventories
Impact fees receivable
Liens receivable
Deposits
Increase (Decrease) in liabilities:
Accounts payable
Claims payable
Due to other governments
Due to other funds
Other deposits held in escrow
Retainage payable
Customer deposits
Closure and maintenance costs payable
Unearned revenues
Accrued compensated absences
Total adjustments
Net cash provided by operating activities
485,056 - 685,368
608,782 216,572 12,499,658
- - (498,105)
134,901 - (534,090) Ll
82,806 - -
- (12,153) (19,711) a
- 982,601
- 11,308
(626) (16,261) n
401,456
a
Indian River County, Florida
-
Board of County Commissioners
-
Statement of Cash Flows
a
Proprietary Funds
7,728
For the Year Ended September 30, 2006
223,852
Enterprise Funds
-
Solid Waste
-
Disposal Golf County
2,500
District Course Utilities
7,648
RECONCILIATION OF NET OPERATING INCOME(LOSS)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 2,193,408 $ 535,212 $ (1,921,497)
Adjustments to reconcile operating income to net cash
provided by operating activities:
Work in progress reclassified as expense
Depreciation
Capitalized self -incurred expenses
(Increase) Decrease in assets:
Accounts receivable
Due from other governments
Inventories
Impact fees receivable
Liens receivable
Deposits
Increase (Decrease) in liabilities:
Accounts payable
Claims payable
Due to other governments
Due to other funds
Other deposits held in escrow
Retainage payable
Customer deposits
Closure and maintenance costs payable
Unearned revenues
Accrued compensated absences
Total adjustments
Net cash provided by operating activities
485,056 - 685,368
608,782 216,572 12,499,658
- - (498,105)
134,901 - (534,090) Ll
82,806 - -
- (12,153) (19,711) a
- 982,601
- 11,308
(626) (16,261) n
401,456
89,225
451,971
-
1,847
-
(37,648)
-
-
7,728
-
223,852
835,000
-
-
-
1,030
2,500
25,489
7,648
2,093
2,543,570 303,543 13,791,184
$ 4,736,978 $ 838,755 $ 11,869,687
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments
$
(124,704) $
(1,236) $
(475,656)
Contributed property, plant and equipment
$
- $
- $
12,834,878
Capital assets received from capital lease
$
- $
6,265 $
-
a
Capital assets purchased through accounts payable
$
- $
- $
234,889
Deferred interest on refunding bonds
$
- $
- $
2,944,661
The accompanying notes are an integral part of the financial statements. a
244
Other
Enterprise Internal
Funds Total Service Funds
$ 544,080 $ 1,351,203 $ 2,275,862
-
1,170,424
-
145,359
13,470,371
11,220
-
(498,105)
-
335
(398,854)
(1,323,200)
-
82,806
(1,656)
(1,217)
(33,081)
(6,092)
-
982,601
-
-
11,308
-
-
(16,887)
(821,643)
(46,116)
896,536
229,527
-
-
536,000
(12,169)
(10,322)
-
(609,332)
(609,332)
-
-
(37,648)
-
-
231,580
-
-
835,000
-
-
3,530
-
28,970
64,200
(4,189)
(494,170)
16,144,127
(1,380,033)
$ 49,910 $
17,495,330 $
895,829
$ (26,047) $
(627,643)
$ (50,788)
$ 258,354 $
13,093,232
$ -
$ - $
6,265
$ -
$ - $
234,889
$ -
$ - $
2,944,661
$ -
245
Indian River County, Florida
Board of County Commissioners
Statement of Fiduciary Assets and Liabilities
September 30, 2006
ASSETS
Cash and cash equivalents
Total assets
LIABILITIES
Accounts payable
Other deposits held in escrow
Total liabilities
$ 4,522,661
$ 4,522,661
$ 283,499
4,239,162
$ 4,522,661
The accompanying notes are an integral part of the financial statements.
246
1
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Board of County Commissioners (the Board") is a County agency and a local governmental entity
pursuant to Article VIII, Section 1(e) of the Constitution of the State of Florida. For financial statement
and reporting purposes, the Board does not meet the definition of a legally separate organization and is not
considered to be a component unit. The Board is considered to be a part of the primary government of
Indian River County. The financial statements contained herein represent the financial transactions of the
Board only.
Li The following is a summary of the significant accounting principles and policies used in the preparation of
the accompanying financial statements.
A. Reporting Entity
The concept underlying the definition of the reporting entity is that elected officials are accountable to
their constituents for their actions. The reporting entity's financial statements should allow users to
distinguish between the primary government (the Board) and its component units. However, some
component units, because of the closeness of their relationship with the Board, should be blended as
though they are part of the Board. Otherwise, most component units should be discretely presented. As
required by generally accepted accounting principles, the financial reporting entity consists of (1) the
primary government (the Board), (2) organizations for which the Board is financially accountable, and (3)
other organizations for which the nature and significance of their relationship with the Board are such that
exclusion would cause the reporting entity's financial statements to be misleading or incomplete. The
Board is financially accountable if it appoints a voting majority of the organization's governing body and
(a) it is able to impose its will on that organization or (b) there is a potential for the organization to provide
specific financial benefits to, or impose specific financial burdens on, the Board. The Board is financially
accountable if an organization is fiscally dependent on the Board regardless of whether the organization
has (a) a separately elected governing board, (b) a governing board appointed by a higher level of
government, or (c) a jointly appointed board. Based on these criteria, Board management examined all
organizations, which are legally separate in order to determine which organizations, if any should be
included in the Board's financial statements. Management determined that the Solid Waste Disposal
District and the Emergency Services District were the only organizations that should be included in the
Board's financial statements as component units.
t
w
Blended Component Units
Solid Waste Disposal District (SWDD) — Created pursuant to County Ordinance 87-67, the Board of
County Commissioners serves as the Board for the SWDD and sets the non ad valorem assessment fees
for the SWDD. Although legally separate, the SWDD is appropriately blended as a proprietary fund type
(enterprise) component unit into the primary government.
247
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
A. Reporting Entity — Continued
Emergency Services District (EMS) — Created pursuant to County Ordinance 90-25, the Board of County
Commissioners serves as the Board for the EMS and sets the millage rate for EMS. Although legally
separate, the EMS is appropriately blended as a governmental fund type (special revenue) component unit
into the primary government.
B. Fund Financial Statements
The underlying accounting system of the Board is organized and operated on the basis of separate funds,
each of which is considered to be a separate accounting entity. The operations of each fund are accounted
for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues
and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for
in individual funds based upon the purposes for which they are to be spent and the means by which
spending activities are controlled.
Fund financial statements for the Board's governmental, proprietary, and fiduciary funds are presented.
Governmental accounting standards set forth minimum criteria (percentage of the assets, liabilities,
revenues or expenditures/expenses of either fund category and the governmental and enterprise combined)
for the determination of major funds. These statements display information about major funds individually
n
and nomajor funds in the aggregate for governmental and enterprise funds. The Statement of Fiduciary
Net Assets presents assets held by the Board in a custodial capacity for other individuals or organizations.
When both restricted and unrestricted resources are combined in a fund, expenses are considered to be
paid first from restricted resources, and then from unrestricted resources.
Governmental Funds O
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collectable within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the
Board considers revenues to be available if they are collected within 45 days after the end of the current
fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. Franchise fees, licenses, sales taxes, gas taxes, operating and capital grants, and interest
associated with the current fiscal period are all considered to be susceptible to accrual and so have been
recognized as revenues of the current fiscal period. All other revenue items are considered to be
measurable only when cash is received by the Board.
248
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
B. Fund Financial Statements — Continued
Under the current financial resources measurement focus, only current assets and current liabilities are
generally included on the balance sheet. The reported fund balance is considered to be a measure of
"available spendable resources". Governmental funds operating statements present increases (revenues
and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "available spendable resources"
during a period.
Non-current portions of long-term receivables due to governmental funds are reported on their balance
sheets in spite of their spending measurement focus. Non-current portions of notes long-term advances
and notes to other funds are offset by fund balance reserve accounts.
Because of their spending measurement focus, expenditure recognition for governmental fund types
excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such
long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were
expended, rather than as fund assets. The proceeds of long-term debt are recorded as another financing
source rather than as a fund liability. Debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due.
Proprietary Funds
The County's enterprise and internal service funds are proprietary funds. In the fund financial statements,
proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they
are earned and expenses are recognized when the related goods or services are delivered. In the fund
financial statements, proprietary funds are presented using the economic resources measurement focus.
This means that all assets and all liabilities (whether current or non-current) associated with their activity
are included on their balance sheets. Proprietary fund type operating statements present increases
(revenues) and decreases (expenses) in total net assets. The Board applies all GASB Pronouncements as
well as all FASB Statements and Interpretations, APB Opinions and Accounting Research Bulletins,
issued after November 30, 1989, which do not conflict with or contradict GASB Pronouncements.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are those in which each party
receives and gives up essentially equal values. Non-operating revenues, such as subsidies, taxes, and
investment earnings result from nonexchange transactions or ancillary activities.
Ii Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements, rather than
reported as an expenditure. Proceeds of long-term debt are recorded as a liability in the fund financial
statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness are
reported as a reduction of the related liabilities, rather than as an expense.
249
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B. Fund Financial Statements - Continued
Fiduciary Fund
Agency Fund — The Agency Fund is custodial in nature and does not involve measurement of the results
of operations. It is accounted for on the accrual basis.
Governmental Maior Funds
General Fund — The General Fund is the general operating fund of the County. It is used to account for all
financial resources, except those required to be accounted for in another fund.
Impact Fees Fund — The Impact Fees Fund accounts for the receipt of various impact fees. Funds are used a
for the construction of roads and bridges, correctional, public safety, library, park, public building, and
solid waste facilities.
Secondary Roads Construction Fund — The Secondary Roads Constructions Fund accounts for the
expenditures of road and bridge construction. Financing is provided by collections of the local option gas n
tax. I I
Transportation Fund — The Transportation Fund accounts for expenditures incurred for the maintenance
and repair of County roads. Financing is provided by the Stn and 6th cent gas tax, County gas tax and
transfers from the General Fund.
Emergency Services District Fund — The Emergency Services District Fund accounts for the expenditures
of providing fire protection and advanced life support to the County. Ad valorem taxes are the primary
source of revenue.
Land Acquisition Fund — To account for expenditures incurred in the purchase of environmentally
sensitive land, preservation of water sources, historic sites and agricultural lands. Financing is provided
by bond proceeds and state grants.
Federal/State Grants Fund — To account for revenues and expenditures of various grants from Federal and
State agencies, including those grants designated for disaster recovery.
Optional Sales Tax Fund — The Optional Sales Tax Fund accounts for revenue generated by the local
option one- cent sales tax and some capital grants that use the local option one -cent sales tax as matching
funds. Monies are used for various capital projects.
Proprietary Major Funds
Solid Waste Disposal District — The Solid Waste Disposal District Fund accounts for the revenue,
expenses, assets and liabilities associated with the County landfill.
u
250
i
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B. Fund Financial Statements - Continued
Golf Course Fund — The Golf Course Fund accounts for the revenues, expenses, assets and liabilities
aassociated with the Golf Course.
County Utilities Fund — The County Utilities Fund accounts for the revenues, expenses, assets and
(� liabilities associated with the County water and sewer system.
Other Fund Types
Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and GIS
services provided to other departments of the County on a cost reimbursement basis.
Agency Fund — The Agency Fund is used to account for assets held in a custodial capacity on behalf of
other governments and individuals.
C. Cash and Cash Equivalents
The Board maintains a cash and investment pool that is available for use by all funds. Earnings for the
pooled investments are allocated to the respective funds based on applicable cash participation by each
fund. The investment pool is managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts. Therefore, all balances representing participants'
equity in the investment pools are classified as cash and equivalents for financial statement purposes. In
addition, longer-term investments are held by several of the Board's funds and are, therefore, reported as
current restricted cash and cash equivalents on these statements.
D. Investments
Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, a guaranteed
investment contract, the Local Government Surplus Funds Trust Fund Investment Pool and the Florida
Local Government Investment Trust Fund. Investments are reported at fair value in the balance sheet.
E. Allowance for Doubtful Accounts
The Board provides an allowance for water and sewer accounts receivables that may become
uncollectable. At September 30, 2006, this allowance was $498,324. No other allowances for doubtful
accounts are maintained since other accounts receivable are considered collectable as reported at
September 30, 2006.
F. Inventories
D Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of
accounting. Inventories of governmental funds are recorded as expenditures when consumed rather than
when purchased.
251
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
G. Prepaid Expenses
This account represents prepayments for services that will be used in future periods. The Board's policy
is to record the expenditure for the services when they are used rather than when the cash is disbursed.
H. Intangible Assets
Leachate disposal rights were purchased by the Solid Waste Disposal District Fund from the County
Utilities Fund for removal and transportation of leachate from the County landfill to the sewer system.
These assets are being amortized using the straight-line method over the estimated useful life of 20 years.
I. Capital Assets
Capital Assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, l J
right-of-ways, water and sewer distribution systems and similar items), are reported in the applicable
governmental or business -type activities column in the government -wide financial statements. The County
defines capital assets as assets with an initial, individual cost of $750 or more and an estimated useful life
in excess of one year. Except for roads and bridges constructed prior to October 1, 1981, assets are
recorded at historical cost. Roads and bridges constructed prior to October 1, 1981 are reported at
estimated historical cost. Donated capital assets are recorded at estimated fair market value at the date of
donations. r,
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business -type activities is included as part of the
capitalized value of the assets constructed.
The Board holds legal title to the capital assets used in the operations of the Board, Clerk of the Circuit
Court, Property Appraiser, Supervisor of Elections and Tax Collector, and is accountable for them under
Florida Law.
Capital assets used by the Board's governmental funds are reported in the financial statements of the u
County. Capital assets of the Board's enterprise and internal service funds are reported in the Proprietary
Funds financial statements.
252
a
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
ONOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
I. Capital Assets — Continued
Property, plant, and equipment of the primary government, as well as the component units, are depreciated
n using the straight-line method over the following estimated useful lives:
Assets Year
Building and improvements 25-50
Machinery and equipment 3-10
Utility distribution systems 25-50
Road and bridge infrastructure 20-50
J. Capitalization of Interest
Li Interest costs related to bond issues are capitalized during the construction period. These costs are netted
against applicable interest earnings on construction fund investments. During the current period, the
aCounty did not have any capitalized interest.
K. Unamortized Bond Costs
Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are
amortized over the life of the bonds using the straight-line method of accounting.
L. Unamortized Bond Discounts and Premiums
Bond discounts and premiums associated with the issuance of Proprietary Fund revenue bonds are
amortized according to the straight-line method. For financial reporting, unamortized bond discounts and
premiums are netted against the applicable long-term debt.
M. Landfill Closure Costs
Under the terms of current state and federal regulations, the Solid Waste Disposal District (SWDD) is
required to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance
functions for a period of up to thirty years after closure. The SWDD recognizes these costs of closure and
post -closure maintenance over the active life of each landfill area, based on landfill capacity used during
the period. Required obligations for closure and post -closure costs are recognized in the Solid Waste
n Disposal District Enterprise Fund.
N. Unearned Revenues
In accordance with the modified accrual basis of accounting for governmental fund types, revenues which
are measurable but not available, are reported as unearned revenues. The unearned revenues will be
recognized as revenue in the fiscal year they are earned or become available.
253
Indian River County, Florida
Board of County Commissioners a
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
O. Accrued Compensated Absences
The Board records compensated absences in the governmental fund types as an expenditure for the
amount accrued during the year that would normally be liquidated with expendable available financial
resources. The liability is reported in the financial statements of the County. Proprietary fund types accrue
compensated absences in the period they are earned.
P. Obligation for Bond Arbitrage Rebate
Pursuant to Section 148(f) of the U.S. Internal Revenue Code, the Board must rebate to the United States
Government the excess of interest earned from the investment of certain debt proceeds and pledged
revenues over the yield rate of the applicable debt. The Board has no arbitrage liability outstanding as of
September 30, 2006.
Q. Budgets and Budgetary Accounting
The Board uses the following procedures in establishing the budgetary data reflected in the financial
statements:
1. The constitutional officers submit, at various times, to the Board and to certain divisions within the
Department of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing
the following October 1. The operating budget includes proposed expenditures and the means of
financing them, as set forth in Chapter 129 of the Florida Statutes.
2. The Department of Revenue, State of Florida, has the final authority on the operating budgets for the
Tax Collector and the Property Appraiser included in the General Fund.
3. Constitutional officers, all departments controlled by the Board, and outside state and local agencies
submit their proposed budgets to the Office of Management and Budget for assistance, review and
compilation. The County Administrator then reviews all County departments, state agencies, and
nonprofit organization's budgets and makes his budget recommendation to the Board.
4. On or before July 15 of each year, the County Administrator and the Director of the Office of
Management and Budget, as the Board's designated budget officer, submit to the Board a tentative
budget for the ensuing fiscal year. The tentative budget includes proposed expenditures and the means
of financing them. The Board then holds workshops to review the tentative budget by fund on a
departmental level.
5. During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in
order for the Board to receive public input on the tentative budget. At the end of the last public
hearing, the Board enacts ordinances to legally adopt the budgets at the fund level for all governmental
and proprietary fund types. The budgets legally adopted by the Board set forth the anticipated
revenues by source and the appropriations by function.
254
a
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
Q. Budgets and Budgetary Accounting - Continued
6. Formal budgetary integration on an object level is used as a management control device for the
governmental and proprietary funds of the County. Management is authorized to transfer budgeted
amounts between objects and departments in any fund as long as management does not exceed the
total appropriations of a fund. Board approval to amend the budget is only required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing
the total appropriations of a fund.
7. Budgets for the governmental and proprietary fund types are adopted on a basis consistent with
generally accepted accounting principles.
NOTE 2 - CASH AND CASH EQUIVALENTS
The Board maintains a cash and investment pool that is available for use by all funds except those whose
cash and investments must be segregated due to bond covenants or other legal restrictions.
A. Deposits
At September 30, 2006, the carrying value of the Board's deposit with banks was $9,757,013 and the bank
balance was $15,315,351. All the deposits were covered by the FDIC or collateralized in accordance with
Section 280.01, Florida Statutes, also known as the "Florida Security for Public Deposits Act".
255
8. Appropriations for the Board lapse at the close of the fiscal year.
9. The following is. a comparison of the appropriations to total expenses for the
proprietary funds for the
fiscal year ended September 30, 2006:
Variance
0
Appropriations
Total
Expenses
Positive
(negative
Primary Government
Enterprise Funds:
Solid Waste Disposal District
$ 12,940,224
$ 11,689,045
$ 1,251,179
Shooting Range
413,454
412,759
695
Golf Course
County Building
3,352,742
6,510,416
3,103,050
6,142,422
249,692
367,994
County Utilities
42,946,200
36,491,470
6,454,730
Internal Service Funds:
Fleet Management
3,546,011
3,435,782
110,229
Self Insurance
23,241,464
19,784,043
3,457,421
GIS
395,000
56,277
338,723
NOTE 2 - CASH AND CASH EQUIVALENTS
The Board maintains a cash and investment pool that is available for use by all funds except those whose
cash and investments must be segregated due to bond covenants or other legal restrictions.
A. Deposits
At September 30, 2006, the carrying value of the Board's deposit with banks was $9,757,013 and the bank
balance was $15,315,351. All the deposits were covered by the FDIC or collateralized in accordance with
Section 280.01, Florida Statutes, also known as the "Florida Security for Public Deposits Act".
255
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - CASH AND CASH EQUIVALENTS - Continued
B. Accrued Interest
Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and
investment pool and then allocated to each fund based on each fund's average monthly balance. Interest
received within 45 days of September 30, in the amount of $1,861,432, was accrued and allocated to the
funds based on their average monthly balance for September.
C. Investments
On August 17, 2004, the Indian River County Board of County Commissioners formally adopted an
investment policy pursuant to Section 218.415, Florida Statutes, that established permitted investments,
asset allocation limits, issuer limits, credit ratings requirements and maturity limits to protect the County's
cash and investments.
As of September 30, 2006, the Board had the following investments:
Weighted
Average
Maturity Portfolio Credit
Investment Type Fair Value In Years Percentage Risks
Fixed Rate Debt Investments:
U.S. Treasuries
$ 65,723,535
1.11
15.2 None
U.S. Agencies:**
Federal Farm Credit Bureau
82,273,908
1.20
19.1 AAA
Federal Home Loan Bank
80,714,994
0.98
18.7 AAA
Federal Home Loan Mortgage
55,771,848
1.18
12.9 AAA
Federal National Mortgage Assoc.
69,71.9,810
1.43
16.1 AAA
Guaranteed Investment Contact
3,139,285
17.92
0.7 AA -/Al+
Other Fixed Rate Investments:
Local Governmental Surplus Funds
Trust Funds 59,049,388 .08 13.6 Not Rated
Florida Local Government
Investment Trust Fund 16,302,582 .08 3.7 AAA and S-1 *
Total Fair Value 432.695.350 100.0
Portfolio weighted average maturity 1.09
* AAA credit quality, S-1 Market Volatility
* * The weighted calculation considers the investments are carried until full maturity
(i.e. call dates are not considered).
256 U
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - CASH AND CASH EQUIVALENTS - Continued
C. Investments - Continued
Interest Rate Risk
The Board's investment policy limits interest rate risk by attempting to match investment maturities with
known cash needs and anticipated cash flow requirements. All investments must have stated maturities to
ten (10) years or less and no more than 25% of the portfolio shall be invested in instruments with stated
final maturities greater than five (5) years. The portfolio shall have securities with varying maturity and at
least 10% of the portfolio shall be invested in readily available funds.
Credit Risks
State law (Section 218.415 of the Florida State Statutes) and the Board's investment policy limit
investments to the following:
l
1
1
Upon issuance of the Water and Sewer Bonds, Series 1993A and 1993B, the Board invested the required
sinking fund reserve monies, $3,139,285, in a guaranteed investment contract with AIG Matched Funding
Corporation. This contract is for the life of the bonds and has a rate of earnings slightly less than the
arbitrage yield of the bonds.
257
1.
Direct obligations of the United States Treasury;
l
l
2.
State of Florida Local Government Surplus Trust Fund (SBA);
3.
Florida Local Government Investment Trust Fund (FLGIT);
4.
Interest-bearing time deposits or savings in qualified public depositories as defined in Section
280.02, Florida Statutes;
5.
Federal agencies and instrumentalities;
6.
Securities of, or other interests in, any open-end or closed-end management -type investment
company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss.
80a-1 et seq., as amended from time to time, provided that the portfolio of such investment company
aor
investment trust is limited to obligations of the United States Government or any agency or
instrumentality thereof and to repurchase agreements fully collateralized by such United States
Government obligations, and provided that such investment company or investment trust takes
delivery of such collateral either directly or through an authorized custodian;
7.
Securities and Exchange Commission registered money market funds with the highest credit quality
8.
rating from a nationally recognized rating agency;
Repurchase agreements with a term of one year or less collateralized by direct obligations of the
United States Government which have maturities of three (3) years or less and a market value 103%
n
or more of the repurchase amount.
l
1
1
Upon issuance of the Water and Sewer Bonds, Series 1993A and 1993B, the Board invested the required
sinking fund reserve monies, $3,139,285, in a guaranteed investment contract with AIG Matched Funding
Corporation. This contract is for the life of the bonds and has a rate of earnings slightly less than the
arbitrage yield of the bonds.
257
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - CASH AND CASH EQUIVALENTS - Continued
C. Investments - Continued
Concentration Risk
The Board's investment policy has established asset allocation and issuer limits to reduce concentration of
credit risk in the Board's investment portfolio.
The Board's investment policy does not allow for more than 20% of the entire portfolio to be invested in
any one issuer, with the exception of United States Treasury Obligations and state authorized pools. No
more than 10% of the portfolio may be placed in certificates of deposit and no more than $3 million of the
portfolio may be placed in certificates of deposit with any one financial institution. With the exception of
state authorized pools, nor more than 10% of the portfolio may be placed in any one money market fund.
Custodial Credit Risk
The Board's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to be a
registered and shall be held with a third party custodian and all securities purchased by, and all collateral
obtained by the Board shall be held in the name of the Board. The securities must be held in an account
separate and apart from the assets of the financial institution. As of September 30, 2006, the Board's
investment portfolio in U.S. Treasuries and U.S. Agencies was held by the Bank of New York.
NOTE 3 - PROPERTY TAX REVENUES
Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal year
starting October 1. Property tax revenues recognized for the 2005-2006 fiscal year were levied in October,
2005. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and
delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in November,
3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount. All
unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax
certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year end.
i
A
A
258
O
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 4 — CAPITAL ASSETS
A. Governmental Fund Type Capital Assets
A summary of changes in the governmental fund type capital assets is as follows:
Depreciation expense for governmental fund type capital assets is not reported in the financial statements
of the Board. Depreciation expense is reported in the financial statements of the County. Please refer to
the County notes for a more detailed explanation of the County's policy on depreciation. Land additions
include $1,650,655 of land parcels contributed to the Board by developers for future use as mitigation,
emergency services, and public school sites.
B. Proprietary Fund Type Capital Assets
A summary of changes in the proprietary fund type capital assets is as follows:
Building
Oand Construction
Land Improvements Equipment In Progress
Balance at
October 1, 2005
Additions
Deletions
Less:
Buildings
Accumulated
1,618,007 27,040,236
Total
11,756,363
Balance at
and Impr-
September 30, 2006
Construction
Capital
18,368,128 288,383,727
Land
ovements
Equipment
In Progress Infrastructure
Assets
Balance at
10/1/2005
$ 74,109,790
$ 72,864,290
$ 36,345,514
$ 43,912,851 $ 3,575,067
$ 230,807,512
Additions
9,557,822
6,518,994
5,478,168
45,615,122 -
67,170,106
Deletions
(216,299)
-
(2,765,843)
(8,592,355) -
(11,574,497)
Balance at
9/30/2006
$ 83,451,313
$ 79,383,284
$ 39,057,839
$ 80,935,618 $ 3,575,067
$ 286,403,121
Depreciation expense for governmental fund type capital assets is not reported in the financial statements
of the Board. Depreciation expense is reported in the financial statements of the County. Please refer to
the County notes for a more detailed explanation of the County's policy on depreciation. Land additions
include $1,650,655 of land parcels contributed to the Board by developers for future use as mitigation,
emergency services, and public school sites.
B. Proprietary Fund Type Capital Assets
A summary of changes in the proprietary fund type capital assets is as follows:
Building
Oand Construction
Land Improvements Equipment In Progress
Balance at
October 1, 2005
Additions
Deletions
Total
Capital
Assets
$ 17,037,502 $ 261,343,491
Less:
$ 23,158,207
Accumulated
1,618,007 27,040,236
depreciation
11,756,363
Balance at
(287,381) -
September 30, 2006
Total
Capital
Assets
$ 17,037,502 $ 261,343,491
$ 18,054,544
$ 23,158,207
$ 319,593,744
1,618,007 27,040,236
3,171,289
11,756,363
43,585,895
(287,381) -
(1,147,405)
(14,797,250)
(16,232,036)
18,368,128 288,383,727
20,078,428
20,117,320
346,947,603
- (114,636,122) (12,533,869)
- (127,169,991)
$ 18,368,128 $ 173,747,605 $ 7,544,559 $ 20,117,320 $ 219,777,612
259
Indian River County, Florida
Board of County
Commissioners
Notes To Financial Statements
a
Year Ended September 30, 2006
NOTE 5 — RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS
a
Various bond covenants, resolutions and state
regulations require that the Board
restrict cash and cash
a
equivalents and investments within the Enterprise Funds. Restricted cash and cash equivalents
and invest-
ments are as follows:
Solid Waste
Other
Disposal
Golf County
Enterprise
District
Course Utilities
Funds
Total
Sinking Funds
$ -
$ 53,821 $ 4,449,904
$ -
$ 4,503,725
Renewal and
Replacement
3,347,112
- 3,485,928
-
6,833,040
Customer Deposits
224,928
- 2,973,271
72,570
3,270,769
Capital Construction
-
- 72,457,434
40,423
72,497,857
Closure and Maintenance Cost
9,744,598
- -
-
9,744,598
Total
$ 13,316,638
$=53,821 $ 83,366,537
$ 112,993
$ 96,849,989
Solid Waste
Other
Disposal
Golf County
Enterprise
District
Course Utilities
Funds
Total
Accounts payable
$ -
$ - $1,678,189
$ -
$1,678,189
Retainage payable
3,173
- 245,254
-
248,427
a
Accrued interest payable
-
14,238 253,429
-
267,667
Bonds payable
(current portion)
-
475,000 2,505,000
-
2,980,000
a
Closure & maintenance
-
9,744,598
costs payable
9,744,598
- -
Customer deposits
224,928
- 2,973,271
72,571
3,270,770
Total
$9,972,699
$489,238 $7,655,143
$72,571
$18,189,651
a
0
0
260
O
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
aNOTE
7 INTERFUND BALANCES
-
Interfund balances at September 30, 2006, consisted of the following:
Amounts due from the above funds represent short-term cash loans that will be repaid within the next
twelve months.
Due to General Fund from:
a
Major governmental fund:
Federal/State Grants
$ 105,207
Nonmajor governmental fund:
Community Development Block Grant
125,000
Total
230 207
aInterfund
advances at September 30, 2006, consisted of the following:
a
Due to Secondary Roads Fund from:
Golf Course Fund
$ 654,000
Due to Optional Sales Tax Fund from:
General Fund
987,105
Total
105
SL641._105
0
Both amounts are considered long-term advances expected to be aid
g p p
over the course of several ears.
Y
Reservations of fund balance have been established for these amounts.
a
261
Indian River County, Florida
a
Board of County Commissioners
Notes To Financial Statements a
Year Ended September 30, 2006
NOTE 8 - INTERFUND TRANSFERS
Interf ind transfers for the year ended September 30, 2006, consisted of the following:
Transfers to General Fund from:
Self Insurance Fund
$ 3,705,837
Golf Course Fund
44,530
Homeless Assistance Center Fund
23,741
Subtotal
3,774,108
a
Transfers to Transportation Fund from:
General Fund
Transfers to Emergency Services District Fund from:
11,048,573
Self Insurance Fund
738,100
Transfers to Federal/State Grants Fund from:
Homeless Assistance Center Fund
50,667
Transfers to Optional Sales Tax Fund from:
General Fund
807,488
Solid Waste Disposal District Fund
126,193
Building Department Fund
25352,593
Utilities Fund
3,100,735
Subtotal
6,387,009
Transfers to Solid Waste Disposal District Fund from:
Self Insurance Fund
15,514
Transfers to Utilities Fund from:
Self Insurance Fund
132,062
Transfers to Nonmajor governmental funds from:
General Fund
182,122
a
Transfers to Nonmajor enterprise funds from:
General Fund
195,644
Shooting Range Capital Project Fund
40,423
Self Insurance Fund
179,562
Total transfers
22,743.784
(�
Transfers are used to 1) provide matching funds for grants, 2) use unrestricted general` fund revenues to
finance transportation activities which must be accounted for in another fund, 3) use unrestricted general
fund revenues for beach restoration activities which must be accounted for in another fund, and 4) use
unrestricted general fund revenues to subsidize a business activity, the Shooting Range, and 5) allocate
hurricane insurance proceeds to the appropriate fund, 6) transfer balance of completed capital projects
funds, and 7) provide funding for construction of the County Administration Building.
7
262
a
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 9 — RECEIVABLE AND PAYABLE BALANCES
Receivables
Receivables at September 30, 2006
Proprietary Funds:
Solid Waste
Various
Due from other
$ 1,594,001
Governmental Funds
Accounts
Government
Total
General
$ 506,994
$ 5,230,915
$ 5,737,909
Impact Fees
-
257,663
257,663
Secondary Roads Construction
76,300
410,487
486,787
Transportation
783
877,292
878,075
Emergency Services
-
291,748
291,748
Federal/State Grants
-
416,557
416,557
Optional Sales Tax
26,175
1,025,418
1,051,593
Other Government
46,771
357,415
404,186
Total Government Funds
657 023
8.867.495
9.524,518
Proprietary Funds:
Solid Waste
$ 405,081
$ 1,188,920
$ 1,594,001
Golf Course
-
10,500
10,500
Utilities
3,177,064
-
3,177,064
Other Proprietary
1,471,534
18,378
1,489,912
Total Proprietary Funds
5 053 079
1 217 798
6 271 477
On May 2, 2006, the Board approved an incentive loan agreement with Adrian Investments regarding their
development of the Indian River Park of Commerce. This agreement resulted in a total $1.5 million note
receivable due to the Board and will be repaid by Adrian Investments in payments upon closing of the
conveyance of each lot in the park. The total balance will be repaid over ten years.
During FY 2006, the Board loaned the initial $1.0 million on the above project. The remaining $500,000
will be paid to Adrian Investments upon final plat approval or issuance of a certificate of completion.
Funding for the $1.0 million note receivable was from the following funds: $666,667 from the Secondary
Roads Construction Fund and $333,333 from the Utilities Fund.
The Board has not engaged in any short-term debt activity during the year other than that listed in Note 7.
11 263
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 9 - RECEIVABLE AND PAYABLE BALANCES - Continued
Payables
Payables at September 30, 2006, were as follows:
Governmental Funds:
General
Impact Fees
Secondary Roads Construction
Transportation
Emergency Services
Land Acquisition
Federal/State Grants
Optional Sales Tax
Other Government
Total Government Funds
Proprietary Funds
Payable from current assets:
Solid Waste
Golf Course
Utilities
Other
Payable from restricted assets:
Solid Waste
Utilities
Total Proprietary Funds
Accounts Payable
$ 59,210
$ -
$ 1,160,815
Salaries and
Retainage
Total
Vendors
Benefits
Pa able
Payables
$ 855,770
$ 320,441
$ 1,575
$ 1,177,756
1,051,535
1,324
426,123
1,478,982
1,588,324
9,445
198,163
1,795,932
177,034
192,035
704
369,773
416,038
397,093
141
813,272
55,017
-
-
55,017
570,698
-
22,035
592,733
4,257,789
2,115
2,044,578
6,304,482
1,565,733
16,382
207,789
1,789,904
10,537,938
93&805
2,901,108
$ 14,377,851
n I
n �
$ 1,101,605
$ 59,210
$ -
$ 1,160,815
198,305
16,494
-
214,799
1,193,483
167,420
-
1,360,903
439,435
80,158
758
520,351
O
-
-
3,173
3,173
1,678,189
-
245,254
$ 249,185
1,923,443
$5,1 3,484
4,611,017
$323,282
264
a
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 — LONG-TERM LIABILITIES
A. Enterprise Fund Bonds Payable
Recreational (Golf Course) Revenue Refunding Bonds, Series 2003
Purpose - On October 15, 2003, the Series 2003 bonds were issued to legally redeem $6,735,000 of the
County's outstanding Recreational Revenue Bonds, Series 1993. The Series 2003 bonds are being issued
by the County to provide funds, together with $583,790, to retire all of the outstanding 1993 Series bonds
and to pay for all bond issuance costs.
Pledge of Revenue - The revenue bonds are collateralized by a lien on the .net revenues derived from the
operations of the golf course, racetrack and Jai Alai Fronton funds, and seven percent of the half -cent sales
tax accruing annually to the County.
The aggregate difference in debt service between the Series 1993 debt ($9,284,290) and Series 2003 debt
(8,060,911) is $1,223,379. The net economic gain was $348,450.
Bonds Issued - At September 30, 2006, the revenue bonds consisted of the following:
Water and Sewer Revenue Bonds Series 1993A
Purpose - The Series 1993 bonds were issued to legally decrease all of the County's outstanding Water
and Sewer Revenue and Refunding Bonds, Series 1986 and 1986A, Series 1989, Series 1991, and Special
Assessment Revenue Bonds, Series 1989 and Series 1990, and to provide funds to make certain capital
improvements to the utility system.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from
the operation of the system, and certain surcharges and special assessments.
265
Outstanding at
Interest Rates September 30,
Description
2003 Recreational Revenue
and Date Maturity Issue 2006
2.00 — 4.125% 9/1/16 $ 6,455,000 $ 5,135,000
Refunding Bonds
3/1 and 9/1
Less: Current Portion of bonds
Unamortized Bond Discount
475,000
45,901
Long -Term Portion of bonds
$ 4,614,099
Optional Redemption - The revenue
bonds, maturing on or after September 1, 2014, are subject to
redemption prior to maturity, at the 'option of the County on and after September 1, 2013, in whole or in
part, at any time thereafter at the redemption price of par, plus interest accrued to the date of redemption.
Water and Sewer Revenue Bonds Series 1993A
Purpose - The Series 1993 bonds were issued to legally decrease all of the County's outstanding Water
and Sewer Revenue and Refunding Bonds, Series 1986 and 1986A, Series 1989, Series 1991, and Special
Assessment Revenue Bonds, Series 1989 and Series 1990, and to provide funds to make certain capital
improvements to the utility system.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from
the operation of the system, and certain surcharges and special assessments.
265
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable — Continued
Water and Sewer Revenue Bonds Series 1993A - Continued
Bonds Issued — At September 30, 2006 the revenue bonds consisted of the following:
Description
Water and Sewer
Revenue Bonds,
Series 1993A
Less: Current Portion of bonds
Unamortized Bond Discount
Long -Term Portion of bonds
Interest Rates
and Date Maturity
2.60-6.50%
3/1 and 9/1 2024
Outstanding at
September 30,
Issue 2006
$ 47,190,000 $ 35,235,000
1,230,000
1,053,624
$ 32,951,376
Mandatory Redemption - The Series 1993A term bonds are subject to mandatory redemption by lot, prior
to maturity, at par plus accrued interest to date of redemption, based on the following schedule:
Term Bonds Due September 1, 2008
Date Principal Amount a
September 1, 2007 $ 1,230,000
September 1, 2008 1,310,000
Term Bonds due September 1, 2011
Date Principal Amount
September 1, 2009 $ 1,395,000
September 1, 2010 1,475,000
September 1, 2011 1,555,000
Term Bonds due September 1, 2015 LJ
Date Principal Amount
September 1, 2012 $ 1,640,000
September 1, 2013 1,730,000
September 1, 2014 1,825,000
September 1, 2015 1,925,000 n
Term Bonds due September 1, 2018
Date Principal Amount
September 1, 2016 $ 2,030,000
September 1, 2017 2,135,000
September 1, 2018 2,250,000
1
r
1
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable — Continued
Water and Sewer Revenue Bonds, Series 1993A - Continued
Term Bonds due September 1, 2020
Date
September 1, 2019
September 1, 2020
Term Bonds due September 1, 2024
Date
September 1, 2021
September 1, 2022
September 1, 2023
September 1, 2024
Principal Amount
$ 2,370,000
2,490,000
Principal Amount
$ 2,625,000
2,760,000
2,905,000
1,585,000
Optional Redemption - The revenue bonds, Series 1993A, maturing on or after September 1, 2009, are
subject to redemption prior to maturity, at the option of the County on and after September 1, 2008, in
whole or in part, at any time, on any interest payment date at par plus accrued interest and plus a premium
ranging between 0% and 2% depending on the year of redemption.
Water and Sewer Revenue Refunding Bonds, Series 2005
Purpose - The Series 2005 Bonds were issued to legally defease $31,680,000 of the County's outstanding
Water and Sewer Revenue Bonds, Series 1996. These bonds were issued by the County to provide funds,
together with $5,000,000, to retire 95 percent of the 1996 Series and to pay for all bond issuance costs.
n The September 1, 2005 and 2006 principal installments were not subject to early call and consequently
paid at their respective maturity dates.
s
The aggregate difference in debt service between the Series 1996 ($40,585,193) and Series 2005
($39,619,193) is $966,000. The net economic gain was $2,944,661, which included shortening the term of
the bonds by four years and lowering average annual debt service by $242,000.
Pledge of Revenues — The revenue bonds are collateralized by a pledge of all net revenues derived from
the operation of the system, certain surcharges and special assessments.
267
a
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable — Continued
f
�J
Water and Sewer Revenue Refunding Bonds Series 2005 - Continued
following:
Bonds Issued - At September 30, 2006, the revenue bonds consisted of the
a
Outstanding at
Interest Rates
September 30,
Description and Date Maturity Issue
2006
a
Water and Sewer 3-5%
Revenue Bonds, 3/1 and 9/1 2022 $27,675,000
$ 27,255,000
Series 2005
1,275,000
Less: Current Portion of Bonds
Add: Unamortized Bond Premium
Long -Term Portion of bonds
979,739
$ 26,959,739
l l
Outstanding In -Substance Defeased Debt - The proceeds from the refunding have been invested in
Federal Securities and placed in an escrow account with J.P. Morgan. All of the defeased bonds
($31,680,000) were called on September 1, 2006 at 102% of the outstanding principal amount.
Optional Redemption - The Series 2005 Bonds maturing after September 1, 2015, are subject to
redemption by the County on or after September 1, 2015, in whole or in part, at par, plus accrued interest
to date of redemption. n
0
In
19
C
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable — Continued
Annual Debt Service Payments
The annual debt service payments for bonds outstanding at September 30, 2006 are as follows:
Fiscal Year
Fading
September 30
2007
2008
2009
2010
2011
2012-2016
2017-2021
2022-2026
Total
Less:
Current portion
Unamortized
bond discount
Add:
Unamortized
bond premium
Total
Recreational
Water and Sewer
Water and Sewer
Revenue
Refunding Bonds
Refunding Bonds
Series 2003
Series 1993
Series 2005
Principal
Interest
Principal
Interest
Principal
Interest
$475,000
$170,858
$1,230,000
$1,910,450
$1,275,000
$1,130,700
485,000
160,764
1,310,000
1,830,500
1,310,000
1,092,450
490,000
148,639
1,395,000
1,745,350
1,350,000
1,053,150
510,000
135,164
1,475,000
1,668,625
1,395,000
1,012,650
520,000
119,864
1,555,000
1,587,500
1,435,000
970,800
2,655,000
304,251
9,150,000
6,557,000
8,035,000
3,992,450
-
-
11,870,000
3,836,700
10,145,000
1,878,300
-
-
7,250,000
699,563
2,310,000
92,400
5,135,000
1,039,540
35,235,000
19,835,688
27,255,000
11,222,900
475,000
-
1,230,000
-
1,275,000
-
45,901
-
1,053,624
-
-
-
979,739 -
$4,614,099 $1,039,540 $32,951,376 $19,835,688 $26,959,739 $11,222,900
B. Enterprise Fund Capital Leases
The Board has entered into lease -purchase agreements to purchase golf carts and an ice machine for
Sandridge Golf Course with lease terms of 36-48 months. Monthly payments for the leases are made by
the Golf Course Fund. The value of the golf carts at the time of the lease was $311,302. The value of the
ice machine at the time of the lease was $6,265. The following is a schedule of future minimum lease
payments under the capital leases, together with the present value of the net minimum lease payments, as
of September 30, 2006:
Fiscal Year Ending September 30,
2007
2008
2009
rj Total Minimum Lease Payment
�J Less Amount Representing Interest
Present Value of Net Minimum Lease Payment
269
$ 87,421
87,421
29.704
204,546
10,760
193 786
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
C. Changes in Governmental Long -Term Liabilities
Balance
October 1,
2005 Additions
Accrued Compensated Absences: $ 3,575,929 $ 1,394,544
Balance
September 30,
Deletions 2006
$ 1,123,060 $ 3,847,413
1
Bonds Payable:
Limited General Obligation
Bonds - 2006 Series
- 48,600,000
-
48,600,000
General Obligation
Bonds - 2001 Series
8,685,000 -
650,000
8,035,000
General Obligation
Refunding Bonds - 2003 Series
5,700,000 -
1,080,000
4,620,000
a
Spring Training Facility
Revenue Bonds - 2001 Series
15,025,000 -
505,000
14,520,000
Total Bonds Payable
29,410,000 48,600,000
2,235,000
75,775,000
Total
$ 32,985,929 $ 49,994,544
$ 3,358,060
$ 79,622,413
Of the $3,847,413 liability for accrued compensated, management estimates that $2,230,610 will be due
and payable within one year. The long-term liabilities are not reported in the financial statements of the
Board since they are not payable from available spendable resources. They are reported in the financial
statements of the County by the fund which normally pays the personnel service costs of the employee. a
D. Governmental Long -Term Debt
r-,
Limited General Obligation Bonds
Purpose — On July 6, 2006, the Board issued $48,600,000 of Limited General Obligation Bonds Series
2006. The issuance of the Series 2006 bonds was approved by a majority of votes cast in a bond
referendum held on November 2, 2004, by the qualified electors of the County. The referendum
authorized a total of $ 50,000,000 aggregate principal amount of limited general obligation bonds. The
proceeds of this issue will provide funds to acquire interest in lands to protect water resources and/or
drinking water sources, environmentally sensitive lands, historic sites, and/or agricultural lands together
with the necessary preservation, restoration, remediation and reclamation activities to preserve and
enhance such property.
Pledge of revenues - The principal and interest on the bonds are payable from ad valorem taxes not
exceeding '/z mil and having a maturity not exceeding fifteen years, which are levied by the Board upon
the taxable real and personal property of the Board. a
270
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
D. Governmental Long -Term Debt - Continued
Bonds Issued - At September 30, 2006, General Obligation bonds consisted of the following:
nOutstanding at
Interest Rates September 30,
a Description and Date Maturity Issue 2006
Limited General 4.00%-5.00%
Obligation 2006 Series 1/1 and 7/1 2021 48,600,000 $48,600,000
Optional Redemption - The Limited General Obligation Bonds, Series 2006, maturing on or after July 1,
2017, are subject to redemption prior to maturity, at the option of the County on and after July 1, 2016, in
whole or in part, at any time, on any date at a redemption price of par, together with accrued interest to the
redemption date.
General Obligation Bonds
Purpose — On November 29, 2001, the Board issued the additional $11,000,000 of General Obligation
Bonds Series 2001. The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a
majority of votes cast in a bond referendum held on November 2, 1992, by the qualified electors of the
County. The referendum authorized a total of $ 26,000,000 aggregate principal amount of general
obligation bond, in one or more series, for which the Series 1995 bonds are the first (in the amount of
$15,000,000) and the Series 2001 bonds are the second. The proceeds of this issue will provide funds to
acquire environmentally sensitive lands, together with the necessary restoration, remediation and
reclamation activities to preserve and enhance such property.
On July 1, 2003, the Board issued $7,800,000 of General Obligation Refunding Bonds, Series 2003. The
bonds were issued to provide funds, together with $600,000, to refund and redeem, all of the outstanding
principal amount of the County's $15,000,000 General Obligation Bonds Series 1995. Proceeds of the
n bonds will also be used to pay cost of issuance of the Bonds, including the premiums for guaranty
insurance.
u
Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by
the Board upon the taxable real and personal property of the Board.
271
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
D. Governmental Long -Term Debt - Continued
Bonds Issued - At September 30, 2006, General Obligation bonds consisted of the following:
Description
General Obligation
2001 Series
General Obligation
Refunding 2003 Series
Outstanding at
Interest Rates
September 30,
and Date
Maturity Issue 2006
2.50%-4.30%
1/1 and 7/1
2016 $ 11.000,000 $8,035,000
1.50%-3.00%
1/1 and 7/1
2010 $ 7.800.000 $ 4.620.000
Optional Redemption - The General Obligation Bonds, Series 2001, maturing on or after July 1, 2013, are
subject to redemption prior to maturity, at the option of the County on and after July 1, 2012, in whole or
in part, at any time, on any date at par plus accrued interest and plus a premium ranging between 0% to
1% depending on the year of redemption. The General Obligation Refunding Bonds, Series 2003, are not
subject to redemption prior to their maturities.
Spring Training Facility Revenue Bonds
Purpose - On August. 15, 2001, the Board issued $16,810,000 of Spring Training Facility Revenue Bonds,
Series 2001. The Series 2001 Bonds are being issued by the County to provide funds, together with other
available funds, to (1) finance a portion of the cost of acquisition and expansion of a spring training
facility known as "Dodgertown"; (2) pay a premium for a municipal bond insurance policy and a debt
service reserve account surety bond, and (3) pay certain costs and expenses incurred in connection with
the issuance of the Series 2001 Bonds.
Pledge of Revenues - The principal and interest on the Series 2001 Bonds will be payable from and
secured by a first lien upon and pledge of the following, together with any investment income realized on
any funds held under the Resolution, except the Cost of Issuance Account and the Rebate Fund:
1. Payments received by the County from the State of Florida pursuant to Section 212.20, Florida
Statutes; and
2. The Fourth Cent Tourist Development Tax levied by the County in Ordinance No. 2000-029, enacted
pursuant to Section 125.0104(3)(1), Florida Statutes; and
3. Eighty-six percent (86%) of the Local Government Half -Cent Sales Tax distributed to the County,
pursuant to Chapter 218, part VI, Florida Statutes.
The foregoing are collectively referred to herein as the "pledged revenues".
272
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
D. Governmental Long -Term Debt - Continued
Spring_ Training Facility Revenue Bonds - Continued
Li The Fourth Cent Tourist Development Tax and the Local Government Half -Cent Sales Tax pledged to the
payment of debt service on the Series 2001 Bonds are automatically released as a pledged revenue for the
Series 2001 bonds immediately following the April 1, 2021 principal payment on the Series 2001 bonds.
Bonds Issued - At September 30, 2006, Spring Training Facility Revenue Bonds consisted of the
following:
Outstanding at
Interest Rates September 30,
Description and Date Maturity Issue 2006
Spring Training 3.30%-5.25%
Facility 4/1 and 10/1 2031 16.810.000 $14,520,000
Optional Redemption - The Series 2001 Bonds maturing on or after April 1, 2012, are subject to
redemption at the option of the County in whole or in part, on April 1, 2011, or on any date thereafter at
par plus accrued interest and plus a premium ranging between 0% to 1% depending on the year of the
redemption.
Mandatory Redemption - The Series 2001 Term Bonds are subject to mandatory redemption prior to
maturity, by lot, at par plus accrued interest, according to the following schedule:
Term Bonds due April 1, 2015
Date
April 1, 2014
April 1, 2015
Term Bonds due April 1, 2017
Date
April 1, 2016
April 1, 2017
Term Bonds due April 1, 2021
Date
April 1, 2018
April 1, 2019
April 1, 2020
aApril 1, 2021
�I
u
273
Principal Amount
$ 685,000
725,000
Principal Amount
$ 760,000
795,000
Principal Amount
$ 840,000
890,000
930,000
980,000
a
Indian River County, Florida
Board of County Commissioners a
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
D. Governmental Long -Term Debt - Continued n
Term Bonds due April 1, 2027
Date
Principal Amount
April 1, 2022
$ 305,000
April 1, 2023
320,000
April 1, 2024
340,000
April 1, 2025
355,000
April 1, 2026
375,000
April 1, 2027
390,000
Term Bonds due April 1, 2031
Date
Principal Amount
April 1, 2028
$ 410,000
April 1, 2029
430,000
April 1, 2030
455,000
April 1, 2031
435,000
Annual Debt Service Payments
The annual debt service payments for bonds outstanding at September 30, 2006, are as follows:
Fiscal Year
Ending
September 30
2007
2008
2009
2010
2011
2012-2016
2017-2021
2022-2026
2027-2031
Total
Less:
Current portion
Unamortized
bond discount
Add:
Unamortized
bond premium
Total
Limited General
General Obligation
General Obligation
Spring Training
Obligation Bonds
Refunding Bonds
Bonds
Facility Bonds
Series 2006
Series 2003
Series 2001
Series 2001
Principal
Interest
Principal Interest
Principal
Interest
Principal
Interest
$ 2,320,000
$2,140,863 .
$ 1,105,000 $ 124,638
$ 670,000
$ 312,417
$ 520,000
$ 704,062
2,565,000
2,048,063
1,135,000 99,775
690,000
290,643
545,000
685,343
2,670,000
1,945,463
1,170,000 71,400
720,000
266,493
560,000
664,633
2,775,000
1,838,663
1,210,000 36,300
745,000
240,572
585,000
642,232
2,885,000
1,727,663
- -
780,000
213,008
605,000
618,833
16,310,000
6,711,915
- -
4,430,000
575,425
3,455,000
2,662,305
19,075,000
2,667,765
- -
-
-
4,435,000
1,676,413
_
_
_ _
-
-
1,695,000
793,000
2,120,000
324,750
48,600,000
19,080,395
4,620,000 332,113
8,035,000
1,898,558
14,520,000
8,771,571
2,320,000
-
1,105,000 -
670,000
-
520,000
-
1,375,060 - - - - - O
$ 47,655,060 $ 19,080,395 $ 3,515,000 $ 332,113 $ 7,365,000 $ 1,898,558 $ 14,000,000 $ 8,771,571
O
274
w
Indian River County, Florida
l� Board of County Commissioners
�J Notes To Financial Statements
Year Ended September 30, 2006
NOTE 10 - LONG-TERM LIABILITIES - Continued
D. Governmental Long -Term Debt - Continued
The General Obligation Bonds and Spring Training Facility Bonds are not reported in the governmental
fund statements since they are not current liabilities payable from available spendable resources. They are
reported in the financial statements of the County.
E. Summary of Defeased Debt Outstanding
The following outstanding revenue bonds are legally defeased. Since governmental obligations are held in
escrow for the payment of principal and interest, the bonds are not liabilities of the Board.
Retired
Outstanding at During Outstanding at
September 30, Fiscal Year September 30,
Description 2005 2006 2006
Capital Improvement Revenue
Bonds: Series 1980 $j,890,000 250 000 1,640000
Water and Sewer Revenue
Bonds: Series 1996 31,680.000 31 680 000
-� F. Conduit Debt Obligations
From 1986 until 1999, Indian River County issued Industrial Revenue Bonds to provide financial
assistance to private -sector entities for the acquisition, construction and equipping of industrial and
commercial facilities deemed to be in the public interest. These facilities included an expanded processing
facility and an educational facility, for a total of two series of Industrial Revenue Bonds. The bonds are
secured by the property financed and are payable solely from payments received on the underlying
mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private -
sector entity served by the bond issuance. Neither the County, the State, nor any political subdivision
thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as
liabilities in the accompanying financial statements.
Original Principal
Bond Issue Outstanding Year Bonds and Project Description
$ 18,000,000 $ 16,300,000 1999 St. Edward's School, Inc. - Upper School
educational facilities
4,080,000 2,400,000 1997 Ocean Spray Cranberries, Inc. - expansion of
23,000 sq. ft. processing facility
Total 18,700.000
275
J
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 11- PROVISION FOR CLOSURE COSTS
Protection Agency (EPA) and the FloridaDepartment
a
Current regulations of the U.S. Environmental e final
Protection (FDEP) require the Solid Waste Disposal District
Environmental thirty years
cover on closed landfill areas, and to maintain those areas fora to
final closure ma maintenance of the landfill
recognizes the expenses associated with the
e reco m ed in each operating period based on the
the active life of those areas. These cost g
are made for these
areas over
amount of capacity used during that period, regardless of when cash disbursements
costs.
updated and revised estimates of future and sts
as
The SWDD annually obtains
ostst el orted n theefinanpaltstatements
from its consulting engineers. The provision for closure
future outlays which are allocable to the
a
operating expense represents the portion of these estimated
current year based on the amount of capacity used.
a
Required closure and post -closure obligations per segment:
Closure and
a
Capacity Estimated Post -Closure Date
Closed
Used _ Closing Obligation
Active 480,000 N/A
59% 2007 $ N/A
Segment Iaddition - C & D 2007
Segment II B addition — household waste 750% 2007 2,864,016 N/A
16
75%
Segment II C addition — household waste
Seg 76% 2010 1,005,854
Construction and Demolitionr
InactiveN/A N/A 478,000 1993
Segment I - household waste N/A 2 806,400 1998
r
Segment II -A class 1 - household waste N/A
I
Total account balance at 9/30/06:
$9.744,598
The total unrecognized closure and post -closure costs attributable Xomately $1 13 million. currently active These costs
dfill areas
Segment I, Segment II, and Construction and Demolition pp
will be recognized in future period as the remaining capacity its filled. ThThe
of both closure and
County's Policy is to fund
100% of the current year's allocation (based upon the consultingengineers'
postclosre care.
All amounts recognized are based on what it would cost to perform at ochaall nges esuin technology, or chane and post -closure ges li
inflation,
in current dollars. Actual costs may be different due to
laws and regulations. The SWDD is required by FDEP toannu elmesri ° of the financialw proof of t t provision of he
and post -closure costs, and has done so by fulfilling the requirements
q
regulation. At the same time, the SWDD is making annual deposits to a closure and post -closure cost
account to provide for the financing of future closure -related expenditures.
276
Indian River County, Florida
a Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 12 — PENSION PLANS
Florida Retirement System
Plan Description: The Board's employees participate in the Florida Retirement System (FRS), a cost-
sharing multiple -employer public employee retirement system, administered by the Florida Department of
Administration. The FRS is noncontributory for all members; all contributions are made by the employer.
Employees elect participation in either the defined benefit plan (Pension Plan) or the defined contribution
plan (Investment Plan). The Pension Plan provides for vesting of benefits after six years of creditable
service. Normal retirement benefits are available to employees who retire at or after age 62 with six or
more years of service or thirty years of service regardless of age. Early retirement is available after six
years of service with a five percent reduction in benefits for each year prior to the normal retirement age.
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For those
employees who elect participation in the Investment Plan rather than the Pension Plan, vesting occurs after
one year of service and there is no "normal retirement age". These participants receive a defined
contribution for self-direction in an investment product with a third party administrator selected by the
State Board of Administration.
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program (DROP).
This program allows eligible employees to defer receipt of monthly retirement benefit payments while
continuing employment with a FRS employer for a period not to exceed five years after electing to
participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 11.69% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
and 2006, were $3,924,720, $4,215,935, and $4,741,594 respectively, which are equal to 100% of the
required contribution for each year.
Florida Statutes Chapter 121, as may be amended from time to time by the state legislature, determines
contribution rates for the various membership classes of the FRS. The FRS issues a publicly available
financial report that includes financial statements, ten-year historical trend information and other required
supplementary information. That report may be obtained by writing to the Department of Administration,
Division of Retirement, Cedars Executive Center, Building C, 2639 North Monroe Street, Tallahassee,
n Florida 32399-1560. The funding policy is described in detail in the Florida Retirement System note in the
County -wide financial statements.
NOTE 13 - OPERATING LEASES
The Board has entered into noncancelable operating leases, both as lessor and lessee. Lease terms vary
from 2 to 49 years. Lease revenues totaled $348,800 and lease expenditures totaled $52,465 for the year
ended September 30, 2006. The Board also leases other equipment and office facilities as both lessor and
lessee on a month-to-month basis.
277
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 13 - OPERATING LEASES - Continued
A. Future Minimum. Lease Receipts
Year
Amount
2007
$ 366,818
2008
381,206
2009
391,569
2010
400,328
2011
412,669
2012-2016
1,651,153
2017-2021
1,650,529
2022-2026
924,279
2027-2031
193,905
2032-2036
800
Total future minimum lease receipts:
$ 6,373,256
The property being leased is reported in the financial statements of County and has a cost of $7,670,895,
and a carrying value of $2,805,419. All depreciable property being leased has been fully depreciated.
B. Future Minimum Lease Payments
The following is a schedule, by years, of minimum future rentals to be paid by the Board for various
noncancelable operating leases as of September 30, 2006:
Year
Amount
2007
$ 63,656
2008
62,432
2009
60,146
2010
61,583
2011
21,333
2012-2016
106,665
2017-2021
106,665
2022-2026
106,665
2027-2031
12,017
2032-2036
1,500
2037-2041
1,500
2042-2046
1,500
2047-2051
1,200
Total future minimum lease payments:
60$ 6.862
278
1i1
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 14 - FUND EQUITY
EReserved Fund Balances
The Board has established certain reserves within the fund equity section of the governmental funds.
Reserved fund balances at September 30, 2006, consist of the following:
Special Revenue Funds:
Reserved for Capital Projects:
Secondary Roads Construction $ 666,667
Reserved for Advances to Other Funds:
Secondary Roads Construction 654,000
Total 1,320,667
NOTE 15 - FUND EQUITY DEFICIT
The following funds had a deficit in fund balance at September 30, 2006:
Fund Deficit
Major Governmental Fund:
Federal/State Grants $ 455,991
Non -major Governmental Fund:
Community Development Block Grant 185,484
n Total Deficit641 475
The deficit for these two funds will be eliminated by grant proceeds in the fiscal year 2007.
279
Debt Service Funds:
Reserved for Debt Service:
Land Acquisition Bonds
$ 1,375,837
Spring Training Facility Revenue
Bonds
849,512
Total
2,225,349
Capital Projects Funds:
Reserved for Capital Projects:
Optional Sales Tax
$28,610,633
Dodgertown Capital Revenue
2,212,606
Gifford Road Construction
2,459,656
Dodgertown Facility
259,101
Subtotal
33,541,996
Reserved for Advances to Other Funds:
Optional Sales Tax
987,105
r,
Total
$34,529,101
Special Revenue Funds:
Reserved for Capital Projects:
Secondary Roads Construction $ 666,667
Reserved for Advances to Other Funds:
Secondary Roads Construction 654,000
Total 1,320,667
NOTE 15 - FUND EQUITY DEFICIT
The following funds had a deficit in fund balance at September 30, 2006:
Fund Deficit
Major Governmental Fund:
Federal/State Grants $ 455,991
Non -major Governmental Fund:
Community Development Block Grant 185,484
n Total Deficit641 475
The deficit for these two funds will be eliminated by grant proceeds in the fiscal year 2007.
279
ill;
Indian River County, )Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 16 — RESTRICTED NET ASSETS
The Board has established certain restrictions within the net assets section of the proprietary funds
Restricted net assets at September 30, 2006, consist of the following:
Restricted for debt service:
$ 350,000
$500,000
Golf Course Fund
$ 39,583
General Liability
County Utilities Fund
208,750
200,000
Total
$ 248,333
a
Restricted for capital projects:
200,000
County Utilities Fund
$88,823,634
500-25,000
500-25,000
Error or Omissions
NOTE 17- RISK MANAGEMENT
200,000
200,000
A. General Liability, Property, Worker's Compensation and Medical
The Board is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets,
errors or omissions, injuries to employees, and natural disasters. The Board established a Self Insurance
Fund (an internal service fund) to account for and finance its uninsured risk of loss. Under this program,
the Self Insurance Fund provides coverage as follows:
Prior to 10/1/03 to 10/1/04 to
10/1/03 10/1/04 Present
Worker's Compensation
$ 350,000
$500,000
$ 600,000
General Liability
200,000
200,000
200,000
Auto Liability
200,000
200,000
200,000
Property Damage
500-25,000
500-25,000
500-25,000
Error or Omissions
200,000
200,000
200,000
Annual Aggregate
1,000,000
1,000,000
1,000,000
Liquor Liability
1,000,000
1,000,000
1,000,000
The Board purchases excess insurance to cover claims in excess of the coverage listed above. The Board
has not incurred any settlements in excess of the insurance coverage listed above in the past three fiscal
years. All departments of the Board participate in the program. Payments are made by various funds to
the Self Insurance Fund based on past experience and actual estimates of the amounts needed to pay
current year claims.
The Board is also self-insured for medical claims covering employees and their eligible dependents. As a
required by Section 112.081, Florida Statutes, retirees and their eligible dependents are provided the same
health care coverage as is offered to active employees, however, the retirees are responsible for payment a
of the premiums. Medical claims are paid from premiums contributed by employees, retirees and by the
Board. Premiums and contributions are determined by projected claims based on historical and actuarial
experience. The self-insurance plan assumes all risk for claims up to $100,000 per individual/$200,000 per
occurrence, and has purchased a reinsurance policy to cover claims in excess of this amount. There were
no claims in excess of this limit for the 2004, 2005, and 2006 fiscal years.
a
280
NOTE 17- RISK MANAGEMENT - Continued
A. General Liability, Property and Worker's Compensation — Continued
The claim liability of $5,866,000 reported at September 30, 2006, is based on the requirements of
generally accepted governmental accounting standards, which require that a liability for claims be
reported if information prior to the issuance of the financial statements, and the amount of the loss can be
reasonably estimated. Estimates for claims incurred but not reported are actuarially determined and
recorded. Based on the actuary's report, $3,518,628 will be liquidated over the next twelve months.
Changes in the fund's claims liability amount during the current and prior three fiscal years are as follows:
Balance at
Claims
Indian River County, Florida
Fiscal Year
Board of County Commissioners
Notes To Financial Statements
Claims
Year Ended September 30, 2006
NOTE 17- RISK MANAGEMENT - Continued
A. General Liability, Property and Worker's Compensation — Continued
The claim liability of $5,866,000 reported at September 30, 2006, is based on the requirements of
generally accepted governmental accounting standards, which require that a liability for claims be
reported if information prior to the issuance of the financial statements, and the amount of the loss can be
reasonably estimated. Estimates for claims incurred but not reported are actuarially determined and
recorded. Based on the actuary's report, $3,518,628 will be liquidated over the next twelve months.
Changes in the fund's claims liability amount during the current and prior three fiscal years are as follows:
Balance at
Claims
Balance
Fiscal Year
and Changes
Claims
at Fiscal
Beginning
in Estimates
Payments
Year End
2002-2003 $ 4,261,000
$ 9,440,074
$ (9,120,074)
$ 4,581,000
2003-2004 4,581,000
11,597,947
(10,847,947)
5,331,000
2004-2005 5,331,000
10,657,797
(10,658,797)
5,330,000
2005-2006 5,330,000
13,026,906
(12,490,906)
5,866,000
Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially
determined; and at September 30, 2006, unreserved net assets of $8,992,655 have been designated for this
purpose. The Board has elected to accrue the larger of the discounted liability or undiscounted liability. At
September 30, 2006, the undiscounted liability was the greater of the two amounts. The discount rate used
in the calculation was 2.5 percent.
NOTE 18 - COMMITMENTS AND CONTINGENCIES
A. Litigation
Various suits and claims are currently pending against the Board. It is impossible for the Board to
accurately quantify the exposure involved given the jury's latitude in assessing compensatory and punitive
damages, and the court's latitude in awarding attorney's fees. The Board intends to vigorously defend
against these lawsuits and believes it has a good chance of prevailing on their merits.
The Board is contingently liable with respect to lawsuits and other claims incidental to the ordinary course
of its operations. In the opinion of management and based on the advice of legal counsel, the ultimate
disposition of lawsuits will not have a material adverse effect on the financial position of the Board.
B. Contracts and Other Commitments
The Board has various contracts and commitments outstanding at September 30, 2006. In the General
Fund, contracts are for custodial services, maintenance of the 800 Mhz radio system, Indian River County
Code Review and various other general services. In the Special Revenue Funds, contracts are Jungle Trail
Shoreline Stabilization Project, renovation and construction of several Fire/EMS stations, numerous
environmental protection services and a variety of road paving and drainage projects.
281
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 18 - COMMITMENTS AND CONTINGENCIES - Continued
B. Contracts and Other Commitments - Continued
In the Capital Projects Funds, contracts are for the North County Regional Park, New County
Administration Building, 43rd Avenue Sub -Complex, Indian River County Jail Expansion and several
storm water projects throughout the County. In the Enterprise Funds, contracts are for the North County
Reverse Osmosis Plant Expansion, Central Regional Wastewater Treatment Facility Capacity
Enhancement, South County Reverse Osmosis Clearwell Addition, Utility Services Operations Complex,
Biosolids Collection and Dewatering Facility and various other water and sewer projects.
A summary of these projects at September 30, 2006, is as follows:
Special Capital
General Revenue Projects Enterprise
Total contact price $ 1,053,907 $ 62,589,652 $ 74,227,529 $ 32,916,619
Total
$ 170,787,707
Total paid as of
September 30, 2006 (867,197) (28,856,945) (33,334,116) (25,677,438) (88,735,696)
Remaining Balance at
September 30, 2006 $ 186,710 $ 33,732,707 $ 40,893,413 $ 7,239,181 $ 82,052,011
C. Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the
grantor agency would become a liability of the Board. In the opinion of management, any such
adjustments would not be significant.
NOTE 19 — SUBSEQUENT EVENTS
In December 2006 and February 2007 the County received their final settlements of insurance recoveries
from Hurricanes Frances and Jeanne totaling $11 million.
Plans for moving into the new administration complex are scheduled for June 2007. Both buildings
encompass 170,000 square feet and will house the Property Appraiser and Tax Collector, as well as the
Board of County Commissioners departments. The Supervisor of Elections, Animal Control, Facilities
Management and Coastal Engineering departments moved into their new 30,000 square foot complex on
43rd Avenue in November 2006. Both complexes were funded by the one -cent local option sales tax.
In January 2007, a major developer filed a lawsuit against the County. The developer is requesting a
reservation of road capacity for their development and not a monetary award. At this time, the outcome is
undeterminable.
282
XI
s
,. Harris, Cotherman,
(� Jones, Price & Associates
l� Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the basic financial statements Indian River County, Florida including the fund financial statements
of the Board of County Commissioners, as of and for the year ended September 30, 2006, and issued our report
thereon dated February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Board of County Commissioners' internal control over
fmancial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the
fund financial statements and not to provide an opinion on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal
control over fmancial reporting that might be material weaknesses. A material weakness is a reportable condition in
which the design or operation of one or more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the
fmancial statements being audited may occur and may not be detected within a timely period by employees in the
normal course of performing their assigned functions. We noted no matters involving the internal control over
fmancial reporting and its operation that we consider to be material weaknesses.
Compliance and Other Matters
O As part of obtaining reasonable assurance about whether the Board of County Commissioners' fund fmancial
statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, grant agreements and contracts, noncompliance with which could have a direct and material effect on
the determination of financial statement amounts. However, providing an opinion on compliance with those
a provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our
tests disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
This report is intended solely for the information and use of the Board of County Commissioners, management, and
the State of Florida Office of the Auditor General and is not intended to be and should not be used by anyone other
than ese specified parties.
Cr
��CL(�,u�i (� i`iiiYf7lQiX�— �1Ctlf�lQP�
Vero Be9ch, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
283
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway Al A, Suite 250
Vero Beach, FL 32963
Tel 772.234-8484
Fax 772-234-8488
a
Management Comments
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the individual
fund financial statements of the Board of County Commissioners, as of and for the year ended September J
30, 2006, and have issued our report thereon dated February 9, 2007. We conducted our audit in
accordance with United States generally accepted auditing standards; the standards applicable to financial
audits contained in Government Auditing Standards issued by the Comptroller General of the United
States; and OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations.
We have issued our Independent Auditor's Report on Compliance and Internal Control over Financial
Reporting, Independent Auditor's Report on Compliance and Internal Control over Compliance
Applicable to each Major Federal Program and State Project, and Schedule of Findings and Questioned
Costs. Disclosures in those reports and schedule, which are dated February 9, 2007, should be considered
in conjunction with this management letter.
Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor General,
which govern the conduct of local government entity audits performed in the state of Florida and require
that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)4) require disclosure in the management letter of
the following matters if not already addressed in the auditor's reports on compliance and internal controls
or schedule of findings and questioned costs: (1) violations of laws, rules, regulations, and contractual
provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3)
improper or inadequate accounting procedures; (4) failures to properly record financial transactions; and
(5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the
attention of, the auditor. There were no such matters noted during the current year.
In accordance with Rules of the Auditor General (Section 10.554(1)(h)3.), in addition, we are submitting
for your consideration the following recommendations designed to help the Board of County
Commissioners improve the internal control structure and achieve operational efficiencies.
We have also tested your operations for compliance with applicable laws and have provided additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida.
U
"Providing Vision and Direction to our Clients" IJ
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
284 Il�lil
L�
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants -Chartered
The Honorable County Commissioners
Indian River County, Florida
Management Comments
Page Two
FINDINGS AND RECOMMENDATIONS TO IMPROVE THE ORGANIZATION'S INTERNAL
CONTROL AND OPERATING PROCEDURES
DISPOSITION OF PRIOR YEAR FINDINGS AND RECOMMENDATIONS:
In accordance with the Rules of the Auditor General (Section 10.554(1)(h)1), we have noted that all
findings and recommendations made in the preceding annual financial audit have been corrected.
CURRENT YEAR FINDINGS AND RECOMMENDATIONS:
Accounts Receivable Aging and Lien Receivables (Utilities Department)
During the current year we noted that the accounts receivable aging analysis detail did not agree to the
summary accounts receivable reports. The variance appears to have occurred since the time of a MUNIS
upgrade in August 2006. For utilities receivables, the aging analysis assists in determining the balances
required in the allowance for doubtful accounts. Additionally, this aging provides useful and timely
information to determine which accounts should be liened.
We recommend the Utilities Department work with their current software vendor to resolve discrepancies
in the 120 day aging report and meanwhile develop a process for monitoring aged receivables for
purposes of liens and the allowance reserve activity.
We also recommend the Utilities Department review their software options to determine the adequacy of
the current software to meet utilities department needs. Often it appears that upgrades and enhancements
with the current software often result in other problems and issues that then require computer fixes later.
Often the corrections are either inadequate or do not occur in a timely fashion.
COMMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL OF THE STATE OF
FLORIDA
Compliance With Section 218.415
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Board of County Commissioners complied with
Section 218.415, Florida Statutes.
285
Cl
Harris, Cotherman, (�
Jones, Price & Associates)
Certified Public Accountants -Chartered
The Honorable County Commissioners
Indian River County, Florida
Management Comments
Page Three
This report is intended for the information of management, the Board of County Commissioners, and the Li
Auditor General of the State of Florida, and is not intended to be and should not be used by anyone other
than these specified parties. a
0544 c4.) Q _ 11) C(g110 to t�
Vero Beach, Florida
February 9, 2007
1
March 12, 2007
INDIAN RIVER COUNTY
DEPARTMENT OF UTILITY SERVICES
1840 25th Street, Vero Beach, Florida 32960
Harris, Cotherman, Jones, Price & Associates
5070 North A1A, Suite 250
Vero Beach, FL 32963
Dear Harris, Cotherman, Jones, Price & Associates:
Please find below our response to the management comment resulting from the
audit of the general-purpose financial statements of Indian River County for the
fiscal year ended September 30, 2006.
Accounts Receivable Aqing and Liens Receivables — Utilities Department
While there is no functioning aging report available in the Munis software, last
year we enlisted Munis to provide an aging report that included a 120 -day
column. Presently, the 120 day aging report does not balance to the Detail
Receivables report. To date, Munis support technicians have been unable to
identify where the discrepancies lie. However, we will diligently work with Munis
technicians to identify and correct these discrepancies.
Along with continuing the quest with Munis support staff, we will sample detail
receivables data monthly and try to use that data to update the lien list. We can
also obtain receivable data on active accounts using the shut off lists. However,
since those reports do not address inactive accounts it will be limited in scope.
In addition, we are reviewing other software options to see if another company
may be able to better meet our needs.
Sincerely,
W. Erik Olson, Director of Utility Services
Indian River County
287
A
mi
289
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance with a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable Jeffrey K. Barton
Clerk of the Circuit Court
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Clerk of the
Circuit Court as of and for the fiscal year ended September 30, 2006, as listed in the table of contents. �J
These financial statements are the responsibility of the Clerk of the Circuit Court's management. Our
responsibility is to express an opinion on the financial statements based on our audit. a
We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
disclosures in the fund
audit includes examining, on a test basis, evidence supporting the amounts and
ng
financial statements. An audit also management, as wellasevaluating es assessing
overall fithe nancial statement preciples used sentat�onifica�ne
estimates made by manag ,
believe that our audit provides a reasonable basis for our opinion.
As described in Note 1, the accompanying fund financial statements referred to above present the
financial position ofe only the r ,hese statements are not intended to be Circuit Court at September e a complete presentatioand the n of the
of its
operations for the year then ended.
financial position of Indian River County.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Supervisor of Elections as of September 30, 2006, and the results of its
operations for the year then ended in conformity with U.S.. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2007
on our consideration of the Clerk of the Circuit Court's internal control over financial reporting and on
our tests of compliance with certain provisions of laws, regulations, contracts, and grant agreements.
This report is intended solely for the information and use of management, the Clerk of the Circuit Court,
Indian River County, the Auditor General of the State of Florida, and applicable federal and state
agencies, and is not intended to be and should -not be used by anyone other than these specified parties.
Vero 4ach, Florida
February 9, 2007 r
"Providing Vision and Direction to our Clients" Member FICPA
Member AICPA Member AICPA Division For CPA Firms
Private Companies Practice Section
290
Indian River County, Florida
Clerk of the Circuit Court
Balance Sheet
Governmental Funds
September 30, 2006
ASSETS
Cash and cash equivalents
Accounts receivable
Prepaid expenses
Due from other funds
Due from other governments
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Other deposits held in escrow
Total liabilities
Fund Balances:
Unreserved
Total fund balances
Total liabilities and fund balances
General
Public Records
Modernization
Fund
Total
Governmental
Funds
1,178,704 $ 2,411,675 $ 3,590,379
8 - 8
4,212 - 4,212
12,750 - 12,750
165,496 325 165,821
$ 1,361,170 $ 2,412,000 $ 3,773,170
$ 157,980 $ 1,427 $ 159,407
- 12,750 12,750
711,396 - 711,396
491,794 - 491,794
1,361,170 14,177 1,375,347
2,397,823 2,397,823
- 2,397,823 2,397,823
$ 1,361,170 $ 2,412,000 $ 3,773,170
The accompanying notes are an integral part of the financial statements.
291
Indian River County, Florida
Clerk of the Circuit Court
Statement of Revenues, Expenditures, and Changes in Fund Balance
Governmental Funds
For the Year Ended September 30, 2006
Public Records Total
Modernization Governmental
General Fund Funds
REVENUES $ 4,348,040 763,808 $
5,111,848
Charges for services
$
1,170,325 - 1,170,325
Fines and forfeitures 454,666
363,990 90,676
Interest
Total revenues 5,882,355 854,484 6,736,839
EXPENDITURES 2,826,410 30,371 2,856,781
General government
3,402,972 - 3,402,972
Court related
6,229,382 30,371 6,259,753
Total expenditures
Excess of revenues over
(under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers from Board of County Commissioners
Transfers to Board of County Commissioners
Transfer to other governments
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
(347,027)
1,076,240
(545,216)
(183,997)
347,027
824,113 477,086
1,076,240
(545,216)
(183,997)
347,027
824,113 824,113
1,573,710 1,573,710
$ _ $ 2,397,823 $ 2,397,823
The accompanying notes are an integral part of the financial statements.
292
Indian River County, Florida
Clerk of the Circuit Court
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
Budgeted Amount
Original Final
REVENUES
Variance with
Final Budget -
Positive
Actual (Negative)
Charges for services $
4,083,346 $
4,083,346 $
4,348,040 $
264,694
Fines and forfeitures
1,001,638
1,001,638
1,170,325
168,687
Interest
77,000
77,000
363,990
286,990
Total revenues
5,161,984
5,161,984
5,882,355
720,371
EXPENDITURES
General government
2,850,941
2,930,247
2,826,410
103,837
Court related
3,387,283
3,307,977
3,402,972
(94,995)
Total expenditures
6,238,224
6,238,224
6,229,382
8,842
Excess of revenues over
(under) expenditures
(1,076,240)
(1,076,240)
(347,027)
729,213
OTHER FINANCING SOURCES (USES)
Transfers from Board
of County Commissioners
1,076,240
1,076,240
1,076,240
-
Transfers to Board
of County Commissioners
-
-
(545,216)
(545,216)
Transfers to other governments
-
-
(183,997)
(183,997)
Total other financing sources (uses)
1,076,240
1,076,240
347,027
(729,213)
Net change in fund balances $
- $
_
_ $
Fund balances at beginning of year
Fund balances at end of year
The accompanying notes are an integral part of the financial statements.
293
Indian River County, Florida
Clerk of the Circuit Court
Statement of Fiduciary Net Assets
Agency Fund
September 30, 2006
ASSETS
Cash and cash equivalents
Accounts receivable - net
Total assets
LIABILITIES
Due to other governments
Escrow deposits
Total liabilities
$ 7,167,299
16,074
$ 7,183,373
$ 1,186,097
5,997,276
$ 7,183,373
The accompanying notes are an integral part of the financial statements.
294
Indian River County, Florida
Clerk of the Circuit Court
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Clerk of the Circuit Court is a County agency and a local governmental entity pursuant to Article
VIII, Section 1(d) of the Constitution of the State of Florida. For financial statement and reporting
purposes, the Clerk of the Circuit Court does not meet the definition of a legally separate organization
and is not considered to be a component unit. The Clerk of the Circuit Court is considered to be a part of
the primary government of Indian River County. The financial statements contained herein represent the
financial transactions of the Clerk of the Circuit Court only. The format of the Clerk of the Circuit
Court's statements has been prepared in accordance with the presentation requirements of GASB 34 for
fund financial statements.
The following is a summary of the significant accounting principles and policies used in the preparation
of the accompanying financial statements.
EA. Description of Funds
The accounting records are organized for reporting purposes on the basis of governmental funds and a
fiduciary fund.
Governmental Funds
General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Clerk of the Circuit Court which is not
accounted for in another fund. All general operating revenues, which are not restricted or designated as
to use by outside sources, are recorded in the General Fund. The governmental fund measurement focus
is based upon determination of financial position and changes in financial position (sources, uses and
balances of financial resources) rather than upon net income determination.
Public Records Modernization Fund — The Public Records Modernization Fund accounts for the
proceeds from recording fees to be used for modernizing the Clerk of the Circuit Court's public records
systems.
Fiduciary Fund
Agency Fund — The Agency Fund is used to account for assets held by the Clerk of the Circuit Court in
a trustee capacity or as an agent. These funds cannot be used to support the Clerk's own program.
B. Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental funds are maintained on the modified accrual basis. Under the
modified accrual basis, expenditures are recorded at the time liabilities are incurred. Revenues are
recorded when received in cash or when they are considered both measurable and available. The Clerk
only considers revenue to be available if collected within the current fiscal year, except for Title IV -D
grant revenue. This grant revenue is subject to accrual and has been recognized as revenue of the current
fiscal period. Revenues collected in excess of expenditures are not considered earned and are reflected
as liabilities. The fiduciary fund is accounted for on the accrual basis.
295
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Clerk of the Circuit Court to prepare his budget in two parts: the budget
relating to the state court system, including recording; and the budget relating to the requirements of the
Clerk as Clerk to the Board of County Commissioners, County auditor, and custodian of all County
funds and other County -related duties. The budget relating to the state court system, including recording
is prepared and adopted by the Clerk prior to September 1. The budget relating to the requirements of
the Clerk as Clerk to the Board of County Commissioners is prepared prior to June 1 and is reviewed,
modified if required, and approved by the Board. Both budgets are adopted on a basis consistent with
generally accepted accounting principles.
The budget legally adopted by the Clerk must be balanced; that is, the total of estimated receipts,
including funding from the Board, shall equal the total estimated expenditures. Management is
authorized to transfer budgeted amounts between objects and departments in any fund as long as
management does not exceed the total appropriations of a fund. Clerk approval is only required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing
the total appropriations of a fund.
D. Cash and Cash Equivalents
Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety
days or less when purchased.
E. Prepaid Expenses
This account represents prepayments for services that will be used in future periods. The Clerk's policy
is to record the expenditure for the services when they are used rather than when the cash is disbursed.
F. Capital Assets
Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund
financial statements. Tangible personal property used by the Clerk of the Circuit Court in operations is
reported in the financial statements of the County. Refer to the County -wide note on capital assets for
capitalization threshold, depreciation methodology and useful lives.
G. Compensated Absences
The Clerk of the Circuit Court accrues a liability for employees' rights to receive compensation for
future absences when certain conditions are met. The Clerk of the Circuit Court does not, nor is he
legally required to, accumulate expendable available financial resources to liquidate this obligation.
Accordingly, the liability for compensated absences is not reported on the Clerk of the Circuit Court
financial statements. Additional information on the liability is reflected in subsequent Note 5.
296
Indian River County, Florida
Clerk of the Circuit Court
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Clerk of the Circuit Court to prepare his budget in two parts: the budget
relating to the state court system, including recording; and the budget relating to the requirements of the
Clerk as Clerk to the Board of County Commissioners, County auditor, and custodian of all County
funds and other County -related duties. The budget relating to the state court system, including recording
is prepared and adopted by the Clerk prior to September 1. The budget relating to the requirements of
the Clerk as Clerk to the Board of County Commissioners is prepared prior to June 1 and is reviewed,
modified if required, and approved by the Board. Both budgets are adopted on a basis consistent with
generally accepted accounting principles.
The budget legally adopted by the Clerk must be balanced; that is, the total of estimated receipts,
including funding from the Board, shall equal the total estimated expenditures. Management is
authorized to transfer budgeted amounts between objects and departments in any fund as long as
management does not exceed the total appropriations of a fund. Clerk approval is only required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing
the total appropriations of a fund.
D. Cash and Cash Equivalents
Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety
days or less when purchased.
E. Prepaid Expenses
This account represents prepayments for services that will be used in future periods. The Clerk's policy
is to record the expenditure for the services when they are used rather than when the cash is disbursed.
F. Capital Assets
Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund
financial statements. Tangible personal property used by the Clerk of the Circuit Court in operations is
reported in the financial statements of the County. Refer to the County -wide note on capital assets for
capitalization threshold, depreciation methodology and useful lives.
G. Compensated Absences
The Clerk of the Circuit Court accrues a liability for employees' rights to receive compensation for
future absences when certain conditions are met. The Clerk of the Circuit Court does not, nor is he
legally required to, accumulate expendable available financial resources to liquidate this obligation.
Accordingly, the liability for compensated absences is not reported on the Clerk of the Circuit Court
financial statements. Additional information on the liability is reflected in subsequent Note 5.
296
Indian River County, Florida
Clerk of the Circuit Court
Notes To Financial Statements
Year Ended September 30, 2006
ONOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
H. Transfer Out
In accordance with Florida Statutes, all non -court related revenues in excess of expenditures as of year-
end are owed to the Board of County Commissioners before November 1. These "excess fees" totaled
$545,216 and are reported as a transfer to the Board of County Commissioners at year-end. Court -
related revenues in excess of expenditures at year-end were $183,997 and are reported as a transfer to
other governments. This amount is due to the Florida Department of Revenue before February 1. The
difference between the two transfer -to amounts ($729,213) on the Statement of Revenue, Expenditures
and Changes in Fund Balance and the amount reflected as Due to other governments on the Balance
Sheet ($711,396) is the advance payment of $17,817 to the Florida Clerk of Court Operations
Corporation.
NOTE 2 - CASH AND INVESTMENTS
A. Deposits
At September 30, 2006, the carrying value of the Clerk's deposit was $4,588,740, and the bank balance
was $4,832,155. All deposits with financial institutions were 100% insured by federal depository
insurance or by collateral provided by qualified public depositories to the State Treasurer in accordance
with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits Act.
The Clerk's office adopted the Board of County Commissioners' investment policy. This policy requires
the Clerk's office to follow the above state law (governing custodial credit risk) for cash deposits. Refer
to the County -wide Note 4, Cash and Cash Equivalents, for definition of custodial credit risk.
B. Investments
At September 30, 2006, the Clerk had $6,167,138 in investments with the Local Government Surplus
Funds Trust Fund. This State authorized pool is specifically permitted in the Clerk's investment policy
and in Section 218.415 (18), Florida Statutes. This statute, the County -wide investment policy, and
credit risks are explained in Note 4 of the County wide financial statements. The local Government
Surplus Trust Fund investment pool was unrated as of September 30, 2006.
NOTE 3 — PENSION PLAN
Florida Retirement System
Plan Description: The Clerk's employees participate in the Florida Retirement System (FRS), a cost-
sharing multiple -employer public employee retirement system, administered by the Florida Department
of Administration. The FRS is noncontributory for all members; the employer makes all contributions.
The FRS provides for vesting of benefits after six years of creditable service. Normal retirement benefits
are available to employees who retire at or after age 62 with six or more years of service. Early
retirement is available after six years of service with a five percent reduction in benefits for each year
prior to the normal retirement age.
297
Indian River County, Florida
Clerk of the Circuit Court
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 3 — PENSION PLAN - Continued
Florida Retirement System - Continued
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For further
information concerning the Florida Retirement System and contribution rates, please read the County-
wide note on the Florida Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 8.52% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
2006 were $243,570, $256,965, and $316,964 respectively. These amounts are equal to 100% of the
required contribution for each year.
NOTE 4 — RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss
related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Clerk of the Circuit Court
participated in the County's self-insurance program during fiscal year 2006 at an annual cost of
approximately $705,101. Further details of this self-insurance program are discussed in the risk
management note in the County wide financial statements.
NOTE 5 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2006:
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 9/30/06
Accrued Compensated Absences 171 829 264 505 242 615 193,719
Of the $193,719 liability for accrued compensated absences, management estimates that $30,000 will be
due and payable within one year. The long-term liabilities are not reported in the financial statements of
the Clerk since they are not payable from available spendable resources. They are reported in the
financial statements of the County.
ME
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
a Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting
and on Compliance and Other Matters
Required by Government Auditing Standards
The Honorable Jeffery K. Barton
Clerk of the Circuit Court
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Clerk of the Circuit Court, as of and for the year ended September 30, 2006, and issued our report
thereon dated February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Clerk of the Circuit Court's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial
statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the
internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the
design or operation of one or more of the internal control components does not reduce to a relatively low level the
a risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period by employees in the normal course of
performing their assigned functions. We noted no matters involving the internal control financial reporting and its
operation that we consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Clerk of the Circuit Court's financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those provisions
was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of management, the Clerk of the Circuit Court, Indian
River County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not
intended to be and should not be used by anyone other than these specified parties.
Vero Be(ach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
9
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
R
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772.234-8484
Fax 772-234-8488 Manal4ement Letter
The Honorable Jeffrey K. Barton
Clerk of the Circuit Court
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund
financial statements of the Clerk of the Circuit Court, as of and for the year ended September 30, 2006,
and have issued our report thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards, and
Government Auditing Standards issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Required by Government Auditing Standards dated February 9, 2007, which should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)1.) require that we address in the management
letter, if not already addressed in the auditors' report on compliance and internal controls or schedule of
findings and questioned costs, whether or not recommendations made in the preceding annual financial
audit report have been followed. No recommendations were made in the prior year.
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Clerk of the Circuit Court, Indian River County,
Florida, complied with Section 218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554(1)(h)3.) require that we address in the management
letter any findings and recommendations to improve financial management, accounting procedures, and
internal controls. In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of
the following matters is not already addressed in the auditors' reports on compliance and internal controls
or schedule of findings and questioned costs and are not clearly inconsequential: (1) violations of laws,
rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2)
improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of
required disclosures from the financial statements); (4) failures to properly record financial transactions;
and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to
the attention of, the auditors. Our audit did not disclose any of these matters.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
300
1-1
4 Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
Clerk of the Circuit Court
Page Two
As required by Rules of the Auditor General (Section 10.554(1)(h)7.), the scope of our audit included a
review of the provisions of Section 28.35, Florida Statutes, regarding the budget and performance
standards certified by the Florida Clerk of Courts Operations Corporation. In connection with our audit,
we determined that the Clerk complied with the budget and performance standards pursuant to Section
28.35, Florida Statutes.
This management letter is intended solely for the information and use of management, the Clerk of
Circuit Court, Indian River County, the State of Florida Office of the Auditor General, and applicable
federal and state agencies, and is not intended to be and should not be used by anyone other than these
specified parties.
Ver
each, Florida
February 9, 2007
301
0
I 1 .6 �%- �%v 0 P -A
302
303
t
Harris, Cotherman,
Jones, Price &. Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance with a 4l
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable David C. Nolte
Property Appraiser
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Property
Appraiser as of and for the fiscal year ended September 30, 2006, as listed in the table of contents. These �f
financial statements are the responsibility of the Property Appraiser's management. Our responsibility is
to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion. n
As described in Note 1, the accompanying fund financial statements referred to above present the Li
financial position of only the Property Appraiser at September 30, 2006, and the results of its operations
for the year then ended. These statements are not intended to be a complete presentation of the financial
position of Indian River County.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Property Appraiser as of September 30, 2006, and the results of its operations for
the year then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated February 9,
2007 on our consideration of the Property Appraiser's internal control over financial reporting and on our
tests of compliance with certain provisions of laws, regulations, contracts, and grant agreements.
This report is intended solely for the information and use of management, the Property Appraiser, Indian
River County, the Auditor General of the State of Florida, and applicable federal and state agencies, and
is n t intende//d�I to be and should not be used by anyone
�other
�ythan these specified parties.
42C�7�j�-i�
Vero 13ach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
304
Indian River County, Florida
Property Appraiser
Balance Sheet
General Fund
September 30, 2006
ASSETS
Cash and cash equivalents
Accounts receivable
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Due to other governments
Deposits
Total liabilities
Fund Balances:
Fund balance
Total fund balances
Total liabilities and fund balances
$ 24,878
10,000
$ 34,878
$ 15,882
1,099
17,897
34,878
$ 34,878
The accompanying notes are an integral part of the financial statements.
305
Indian River County, Florida
Property Appraiser
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
REVENUES
Charges for services
Interest
Total revenues
EXPENDITURES
General government
Debt service:
Principal
Interest
Total expenditures
Excess of revenues over
(under) expenditures
OTHER FINANCING USES
Excess fees to Board of
County Commissioners
Excess fees to other governments
Total other financing uses
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Variance with
Final Budget -
Budgeted Amount Positive
Original Final Actual (Negative)
$ 3,610,446 $
4,116,113 $
4,116,113 $
-
-
-
1,012
1,012
3,610,446
4,116,113
4,117,125
1,012
3,610,446
3,861,158
3,861,071
87
-
245,845
245,845
-
-
9,110
9,110
-
3,610,446
4,116,113
4,116,026
87
-
-
1,099
1,099
(994) (994)
(105) (105)
(1,099) (1,099)
The accompanying notes are an integral part of the financial statements.
306
O
Indian River County, Florida
Property Appraiser
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Property Appraiser is a County agency and a local governmental entity pursuant to Article VIII,
Section l (d) of the Constitution of the State of Florida. For financial statement and reporting purposes,
the Property Appraiser does not meet the definition of a legally separate organization and is not
considered to be a component unit. The Property Appraiser is considered to be a part of the primary
government of Indian River County. The financial statements contained herein represent the financial
transactions of the Property Appraiser only. The format of the Property Appraiser's statements has been
prepared in accordance with the presentation requirements of GASB 34 for fund financial statements
The following is a summary of the significant accounting principles and policies used in the preparation
of the accompanying financial statements.
A. Description of Funds
The accounting records are organized for reporting purposes on the basis of governmental fund.
Governmental Fund
General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Property Appraiser. All general operating
revenues, which are not restricted or designated as to use by outside sources, are recorded in the General
Fund. The governmental fund measurement focus is based upon determination of financial position and
changes in financial position (sources, uses and balances of financial resources) rather than upon net
income determination.
B. Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental funds are maintained on the modified accrual basis. Under the
modified accrual basis, expenditures are recorded at the time liabilities are incurred. Revenues are
recorded when received in cash or when they are considered both measurable and available. Revenues
collected in excess of expenditures are not considered earned and are reflected as liabilities.
C. Budgetary Requirements
State statutes require the Property Appraiser to prepare an annual budget, which clearly reflects the
revenues available to his office and the functions for which money is to be expended. The budgeted
a revenues and expenditures are subject to the review and approval of the Department of Revenue.
Management is authorized to transfer budgeted amounts between objects and departments as long as
management does not exceed the total appropriations of a fund. Department of Revenue approval is only
required when unanticipated revenues are received that management wishes to have appropriated,
thereby increasing the total appropriations. The budget is prepared on a basis consistent with generally
accepted accounting principles.
307
Indian River County,
Florida
Property Appraiser
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
D. Capital Assets
Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund
financial statements. Tangible personal property used by the Property Appraiser in operations is reported
in the financial statements of the County. Refer to the County -wide note on capital assets for
capitalization threshold, depreciation methodology and useful lives.
E. Compensated Absences
The Property Appraiser accrues a liability for employees' rights to receive compensation for future
absences when certain conditions are met. The Property Appraiser does not, nor is he legally required to,
accumulate expendable available financial resources to liquidate this obligation. Accordingly, the
liability for compensated absences is not reported on the Property Appraiser's financial statements. a
Additional information on the liability is reflected in subsequent Note 5.
F. Transfer Out a
In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to
the Board of County Commissioners and other governments. These "excess fees" totaled $1,099 and are
reported as transfers out. These transfers are also reflected as Due to other governments on the balance
sheet.
NOTE 2 - CASH
Deposits
At September 30, 2006, the carrying amount of the Property Appraiser's deposits was $24,708 and the
bank balance was $206,362. All deposits with financial institutions were 100% insured by federal �J
depository insurance or by collateral provided by qualified public depositories to the State Treasurer in
accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits a
Act. The Property Appraiser adopted the Board of County Commissioners' investment policy. This
policy requires the Property Appraiser's office to follow the above state law (governing custodial credit
risk) for cash deposits. Refer to the County -wide Note 2, Cash and Investments, for definition of a
custodial credit risk.
308
Indian River County, Florida
Property Appraiser
Notes To Financial Statements
Year Ended September 30, 2006
ONOTE 3 — PENSION PLAN
Florida Retirement System
Plan Description: The Property Appraiser's employees participate in the Florida Retirement System
(FRS), a cost-sharing multiple -employer public employee retirement system, administered by the
Florida Department of Administration. The FRS is noncontributory for all members; all contributions
are made by the employer. The FRS provides for vesting of benefits after six years of creditable service.
Normal retirement benefits are available to employees who retire at or after age 62 with six or more
years of service. Early retirement is available after six years of service with a five percent reduction in
benefits for each year prior to the normal retirement age.
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For further
information concerning the Florida Retirement System and contribution rates, please read the County-
wide note on the Florida Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 8.98% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
2006 were $173,453, $177,128 and $206,358 respectively. These amounts are equal to 100% of the
required contribution for each year.
NOTE 4 — RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss
related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Property Appraiser participated
in the County's self-insurance program during fiscal year 2006 at an annual cost of approximately
$355,456.
NOTE 5 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
A summary of changes in long-term liabilities is as follows:
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 09/30/06
n Accrued Compensated Absences 92 988 i2Q,3423 $204,914 $91,497
Ll
309
Indian River County, Florida
Property Appraiser a
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 5 — LONG-TERM LIABILITIES - Continued
Of the $91,497 liability for accrued compensated absences, management estimates that $15,000 will be
due and payable within one year. The long-term liabilities are not reported in the financial statements of
the Property Appraiser since they are not payable from available spendable resources. They are reported
in the financial statements of the County.
NOTE 6 — COMMITMENTS AND CONTINGENCIES D
Litigation
Various suits and claims are currently pending against the Property Appraiser. It is impossible for the
Property Appraiser to accurately quantify the exposure involved given the jury's latitude in assessing
compensatory and punitive damages, and the court's latitude in awarding attorney's fees. The Property
Appraiser intends to vigorously defend against these lawsuits and believes he has a good chance of
prevailing on their merits. In the opinion of management and based on the advice of legal counsel, the
ultimate disposition of these lawsuits will not have a material adverse effect on the financial position of
the Property Appraiser.
OR
Harris, Cotherman,
Jones, Price & Associates
aCertified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
a Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting
and on Compliance and Other Matters
Required by Government Auditing Standards
The Honorable David C. Nolte
Property Appraiser
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Property Appraiser, as of and for the year ended September 30, 2006, and issued our report thereon
dated February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Property Appraiser's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial
statements and not to provide assurance on the internal control over financial reporting. Our consideration of the
D internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the
design or operation of one or more of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial
a statements being audited may occur and not be detected within a timely period by employees in the normal course of
performing their assigned functions. We noted no matters involving the internal control over financial reporting and
its operation that we consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Property Appraiser's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
n instances of noncompliance that are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of management, the Property Appraiser, Indian River
County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not intended to
be and should not be used by anyone other than these specified parties.
Vero 13 ch, Florida
February 9, 2007
a"Providing Vision and Direction to our Clients"
Member A1CPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
311
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Management Letter
The Honorable David C. Nolte
Property Appraiser
Indian River County, Florida
We have audited the financial statements Indian River County, Florida, including the individual fund financial
statements of the Property Appraiser, as of and for the year ended September 30, 2006, and have issued our report
thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards, and Government
Auditing Standards issued by the Comptroller General of the United States. We have issued our Independent
Auditors' Report on Compliance and Internal Control over Financial Reporting dated February 9, 2007, which
should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor
General, which govern the conduct of local governmental entity audits performed in the State of Florida and
require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)1.) require that we address in the management letter, if not
already addressed in the auditors' report on compliance and internal controls or schedule of findings and
questioned costs, whether or not recommendations made in the preceding annual financial audit report have been
followed. The recommendations made in the prior year have been corrected.
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included a review
of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In connection
with our audit, we determined that the Property Appraiser, Indian River County, Florida, complied with Section
218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554(l)(h)3.) require that we address in the management letter any
findings and recommendations to improve financial management, accounting procedures, and internal controls. a
In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of the
following matters if not already addressed in the auditors' reports on compliance and internal controls or schedule
of findings and questioned costs and are not clearly inconsequential: (1) violations of laws, rules, regulations, and
contractual provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3)
improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (4) failures to properly record financial transactions; and (5) other inaccuracies, shortages,
defalcations, and instances of fraud discovered by, or that come to the attention of, the auditors. Our audit did not
disclose any of these matters.
"Providing Vision and Direction to our Clients"
Member A1CPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
312 a
o Harris, Cotherman,
Jones, Price & Associates
Cettified Public Accountants - Chartered
Property Appraiser
Page Two
This management letter is intended solely for the information and use of management, the Property Appraiser,
Indian River County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is
not intended to be and should not be used by anyone other than these specified parties.
Vero ach, Florida
n February 9, 2007
313
314
E3
315
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance with a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Sheriff as
of and for the fiscal year ended September 30, 2006, as listed in the table of contents. These financial
statements are the responsibility of the Sheriff's management. Our responsibility is to express an opinion
on the financial statements based on our audit.
We conducted our audit in accordance with U.S, generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As described in Note 1, the accompanying fund financial statements referred to above present the
financial position of only the Sheriff at September 30, 2006, and the results of its operations for the year
then ended. These statements are not intended to be a complete presentation of the financial position of
Indian River County.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Sheriff as of September 30, 2006, and the results of its operations for the year
then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2007
on our consideration of the Sheriffs internal control over financial reporting and on our tests of
compliance with certain provisions of laws, regulations, contracts, and grant agreements.
This report is intended solely for the information and use of management, the Sheriff, Indian River
County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not
intended to be and should not be used by anyone other than these specified parties.
Vero Mach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
316
Indian River County, Florida
Sheriff
Balance Sheet
Governmental Funds
For the Year Ended September 30, 2006
ASSETS
Cash and cash equivalents
Accounts receivable - net
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Due to other governments
Escrow deposits
Unearned revenue
Total liabilities
Fund Balances:
Unreserved
Total fund balances
Total liabilities and fund balances
General
Special
Revenue
Total
Governmental
Funds
$ 1,659,782 $ 2,182,994 $ 3,842,776
42,244 12,063 54,307
$ 1,702,026 $ 2,195,057 $ 3,897,083
$ 945,337 $ 7,822 $ 953,159
756,637 3,498 760,135
52 - 52
- 489 489
1,702,026 11,809 1,713,835
2,183,248 2,183,248
- 2,183,248 2,183,248
$ 1,702,026 $ 2,195,057 $ 3,897,083
The accompanying notes are an integral part of the financial statements.
317
The accompanying notes are an integral part of the financial statements.
318
Indian River County, Florida
O
Sheriff
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended September 30, 2006
Total
Special
Governmental
General
Revenue
Funds
REVENUES
Intergovernmental $ - $
130,449 $
130,449
Charges for services -
350,337
350,337
Fines and forfeitures -
245,501
245,501 a
Miscellaneous -
113,015
113,015
Total revenues -
839,302
839,302
EXPENDITURES
Public safety 34,837,575
795,618
35,633,193
Court related 1,377,284
-
1,377,284
Total expenditures 36,214,859
795,618
37,010,477
Excess of revenues over
(under) expenditures (36,214,859)
43,684
(36,171,175)
OTHER FINANCING SOURCES (USES)
Transfers from Board of County Commissioners 36,971,496
194,398
37,165,894
Transfers to Board of County Commissioners (756,637)
-
(756,637)
Total other financing sources 36,214,859
194,398
36,409,257
Net change in fund balances -
238,082
238,082
Fund balances at beginning of year -
1,945,166
1,945,166 O
Fund balances at end of year $ - $
2,183,248 $
2,183,248 n
The accompanying notes are an integral part of the financial statements.
318
Indian River County, Florida
Sheriff
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
REVENUES
Miscellaneous
Total revenues
EXPENDITURES
Public safety
Court related
Total expenditures
Excess of revenues over
(under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers from Board
of County Commissioners
Transfers to Board
of County Commissioners
Total other financing sources
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Budgeted Amount
Original Final Actual
Variance with
Final Budget -
Positive
(Negative)
36,403,772
35,582,239
34,837,575
744,664
1,307,904
1,389,257
1,377,284
11,973
37,711,676
36,971,496
36,214,859
756,637
(37,711,676)
(36,971,496)
(36,214,859)
756,637
37,711,676 36,971,496 36,971,496 -
- - (756,637) (756,637)
37,711,676 36,971,496 36,214,859 (756,637)
The accompanying notes are an integral part of the financial statements.
319
Indian River County, Florida
Sheriff
Statement of Fiduciary Net Assets
Agency Fund
For the Year Ended September 30, 2006
ASSETS
Cash and cash equivalents
Total assets
LIABILITIES
Escrow deposits
Total liabilities
$ 173,868
$ 173,868
$ 173,868
$ 173,868
The accompanying notes are an integral part of the financial statements.
320
Indian River County, Florida
Sheriff
Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Sheriff is a County agency and a local governmental entity pursuant to Article VIII, Section I(d) of
the Constitution of the State of Florida. For financial statement and reporting purposes, the Sheriff does
not meet the definition of a legally separate organization and is not considered to be a component unit.
The Sheriff is considered to be a part of the primary government of Indian River County. The financial
statements contained herein represent the financial transactions of the Sheriff only. The format of the
Sheriff's statements has been prepared in accordance with the presentation requirements of GASB 34 for
fund financial statements. In addition, the Sheriff early implemented GASB Statement 40, Deposit and
Investment Risk Disclosures.
The following is a summary of the significant accounting principles and policies used in the preparation
of the accompanying financial statements.
A. Description of Funds and Account Groups
The accounting records are organized for reporting purposes on the basis of governmental funds and a
fiduciary fund.
Governmental Funds
General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Sheriff, which are not accounted for in another
fund. All general operating revenues, which are not restricted or designated as to use by outside sources,
are recorded in the General Fund. The governmental fund measurement focus is based upon
determination of financial position and changes in financial position (sources, uses and balances of
I I financial resources) rather than upon net income determination.
Special Revenue Fund — The Special Revenue Fund accounts for the proceeds of specific revenue
sources that are legally restricted or committed for public safety such as police education, special
purpose equipment, jail commissary, and special law enforcement activities.
Fiduciary Fund
Agency Fund — The Agency Fund is used to account for assets held by the Sheriff as an agent. The
Agency Fund is custodial in nature and does not involve measurement of results of operations.
B. Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental funds are maintained on the modified accrual basis. The fiduciary
fund is reported on an accrual basis. Under the modified accrual basis, expenditures are recorded at the
time liabilities are incurred. Revenues are recorded when received in cash or when they are considered
both measurable and available. Revenues collected in excess of expenditures are not considered earned
and are reflected as liabilities.
O321
Indian River County, Florida
Sheriff
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Sheriff to submit a proposed budget to the Board of County Commissioners by
May 1 of each year. The budget reflects the estimated amounts of all proposed expenditures for
operating and equipping the Sheriff's office and jail. Capital improvements for these buildings are
funded by the Board. The budget is prepared on a basis consistent with generally accepted accounting
principles. After review and approval of the budget by the Board, the Sheriff is authorized to transfer
budgeted amounts between objects and departments as long as he does not exceed the total
appropriations approved by the Board. Increases in the total budget are subject to the review and
approval of the Board. The budgeted revenues and expenditures in the accompanying financial
statements reflect all amendments approved by the Board of County Commissioners.
D. Compensated Absences
The Sheriff accrues a liability for employees' rights to receive compensation for future absences when m
certain conditions are met. The Sheriff does not, nor is he legally required to, accumulate expendable
available financial resources to liquidate this obligation. Accordingly, the liability for compensated
absences is not reported on the Sheriff's financial statements. Additional information on the liability is
reflected in subsequent Note 6. n
E. Transfer Out
In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to
the Board of County Commissioners. These "excess fees" totaled $756,637 and are reported as a transfer
to the Board of County Commissioners at year end.
NOTE 2 - CASH
Deposits
At September 30, 2006, the carrying amount of the Sheriffs deposits was $4,016,644, and the bank
balance was $5,001,649. All deposits with financial institutions were 100% insured by federal
depository insurance or by collateral provided by qualified public depositories to the State Treasurer in
accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits
Act.
The Sheriffs office adopted the Board of County Commissioners' investment policy. This policy a
requires the Sheriffs office to follow the above state law (governing custodial credit risk) for cash
deposits. Refer to the County -wide Note 2, Cash and Investments, for definition of custodial credit risk.
322
Indian River County, Florida
Sheriff
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 3 — CAPITAL ASSETS
Tangible personal property used by the Sheriff in operations is reported in the financial statements of the
County. State law requires the Sheriff to account for all tangible property used by the Sheriff. A
summary of changes in Capital Assets is as follows:
Tangible Personal Property
NOTE 4 — PENSION PLAN
Florida Retirement System
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 09/30/06
11,793.976 2,693,060 1,124,367 13,362,669
Plan Description: The Sheriff's employees participate in the Florida Retirement System (FRS), a cost-
sharing multiple -employer public employee retirement system, administered by the Florida Department
of Administration. The FRS is noncontributory for all members; all contributions are made by the
employer. The FRS provides for vesting of benefits after six years of creditable service. Normal
retirement benefits are available to employees who retire at or after age 62 with six or more years of
service. Early retirement is available after six years of service with a five percent reduction in benefits
for each year prior to the normal retirement age.
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For further
information concerning the Florida Retirement System and contribution rates, please read the County-
wide note on the Florida Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 16.11 % of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
2006 were $2,880,021, $2,924,205, and $3,334,040 respectively. These amounts are equal to 100% of
the required contribution for each year.
NOTE 5 — RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss
Lnl related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Sheriff participated in the
County's self-insurance program during fiscal year 2006 at an annual cost of approximately $3,159,550.
323
Indian River County, Florida
Sheriff
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 6 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2006:
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 09/30/06
Accrued Compensated Absences 1,544.451 $3,164,458 $3,064,003 1,644,906
Of the $1,644,906 liability for accrued compensated absences, management estimates that $775,000 will
be due and payable within one year. The long-term liabilities are not reported in the financial statements
of the Sheriff since they are not payable from available spendable resources. They are reported in the
financial statements of the County.
NOTE 7 — OPERATING LEASES
The Sheriff has entered into noncancelable operating leases as lessee. Lease expenditures totaled
$67,358 for the year ended September 30, 2006.
The following is a schedule by years of minimum future rentals to be paid by the Sheriff for
noncancelable operating leases as of September 30:
Year
Amount
2007
$ 99,068
2008
49,332
2008
3,551
Total Future Minimum Lease Payments
151 951
NOTE 8 — COMMITMENTS AND CONTINGENCIES
Various suits and claims are currently pending against the Sheriff. It is impossible for the Sheriff to
accurately quantify the exposure involved given the jury's latitude in assessing compensatory and
punitive damages, and the court's latitude in awarding attorney's fees. The Sheriff intends to vigorously
defend against these lawsuits and believes he has a good chance of prevailing on their merits.
324
Harris, Cotherman,
n Jones, Price & Associates
Certified Public Accountants - Chartered
�J 5070 North Highway AIA, Suite 250
a Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
a
Report on Internal Control over Financial Reporting
P P g
n and on Compliance and Other Matters
I I Required by Government Auditing Standards
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Sheriff, as of and for the year ended September 30, 2006, and issued our report thereon dated
February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Sheriffs internal control over financial reporting in order
to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to
provide an opinion on the internal control over financial reporting. Our consideration of the internal control over
financial reporting would not necessarily disclose all matters in the internal control over financial reporting that
might be material weaknesses. A material weakness is a reportable condition in which the design or operation of
one or more of the internal control components does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal course of performing their assigned
functions. We noted no matters involving the internal control over financial reporting and its operation that we
consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Sheriff's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance that are required to be reported under Government Auditing Standards.
Lel This report is intended solely for the information and use of management, the Sheriff, Indian River County, the
Auditor General of the State of Florida, and applicable federal and state agencies, and is not intended to be and
shou,ld not be used by anyone other than theses ecified parties. 1
O Vero BeKch, Florida
February 9, 2007
O
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
325
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Management Letter
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the individual fund
financial statements of the Sheriff, as of and for the year ended September 30, 2006, and have issued our report
thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards and Government
Auditing Standards issued by the Comptroller General of the United States. We have issued our Independent
Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters Required by
Government Auditing Standards dated February 9, 2007, which should be considered in conjunction with this
management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor
General, which govern the conduct of local governmental entity audits performed in the State of Florida and
require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)1.) require that we address in the management letter, if not
already addressed in the auditors' report on compliance and internal controls or schedule of findings and
questioned costs, whether or not recommendations made in the preceding annual financial audit report have been
followed. No recommendations made in the prior year.
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included a review
of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In connection
with our audit, we determined that the Sheriff, Indian River County, Florida, complied with Section 218.415,
Florida Statutes.
The Rules of the Auditor General (Section 10.554(')(h)3.) require that we address in the management letter any
findings and recommendations to improve financial management, accounting procedures, and internal controls.
In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of the
following matters if not already addressed in the auditors' reports on compliance and internal controls or schedule
of findings and questioned costs and are not clearly inconsequential: (1) violations of laws, rules, regulations, and
contractual provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3)
improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (4) failures to properly record financial transactions; and (5) other inaccuracies, shortages,
defalcations, and instances of fraud discovered by, or that come to the attention of, the auditors. Our audit did not
disclose any of these matters.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
326
Harris, Cotherman,
Jones, Price &.Associates
Certified Public Accountants - Chartered
Sheriff
(1 Page Two
This management letter is intended solely for the information and use of management, the Sheriff, Indian River
County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not intended
to be and should not be used by anyone other than these specified parties.
Vero Beach, Florida
February 9, 2007
R
327
328
t
329
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance with a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable Kay Clem
Supervisor of Elections
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Supervisor
of Elections as of and for the fiscal year ended September 30, 2006, as listed in the table of contents.
These financial statements are the responsibility of the Supervisor of Elections' management. Our
responsibility is to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion. r,
As described in Note 1, the accompanying fund financial statements referred to above present the
financial position of only the Supervisor, of Elections at September 30, 2006, and the results of its
operations for the year then ended. These statements are not intended to be a complete presentation of the
financial position of Indian River County.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Supervisor of Elections as of September 30, 2006, and the results of its
operations for the year then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2007 Li
on our consideration of the Supervisor of Elections' internal control over financial reporting and on our
tests of compliance with certain provisions of laws, regulations, contracts, and grant agreements.
This report is intended solely for the information and use of management, the Supervisor of Elections,
Indian River County, the Auditor General of the State of Florida, and applicable federal and state
agencies, and is not intended to be and should not be used by anyone other than these specified parties.
Vero B ch, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member F1CPA
Private Companies Practice Section
330
Indian River County, Florida
Supervisor of Elections
Balance Sheet
Governmental Funds
September 30, 2006
ASSETS
Cash and cash equivalents
Prepaid expenses
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Due to other governments
Unearned revenue
Total liabilities
Fund Balances:
Fund balance
Total fund balances
Total liabilities and fund balances
The accompanying notes are an integral part of the financial statements.
331
Total
Special
Governmental
General
Revenue
Funds
$ 57,419
$
4,236
$
61,655
22,009
-
22,009
$ 79,428
$
4,236
$
83,664
$ 38,153
$
-
$
38,153
41,275
-
41,275
-
4,236
4,236
79,428
4,236
83,664
$ 79,428
$
4,236
$
83,664
The accompanying notes are an integral part of the financial statements.
331
Indian River County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and Changes in Fund Balance
Governmental Funds
For the Year Ended September 30, 2006
REVENUES
Intergovernmental
Charges for services
Interest
Total revenues
EXPENDITURES
General government
Total expenditures
Excess of revenues over
(under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers from Board of County Commissioners
Transfer from other funds
Transfers to Board of County Commissioners
Transfer to other funds
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Total
Special Governmental
General Revenue Funds
$ 9,489 $ 43,389 $ 52,878
59,925 - 59,925
4,514 - 4,514
73,928 43,389 117,317
1,259,041 50,521 1,309,562
(1,185,113) (7,132) (1,192,245)
1,233,520
- 1,233,520
-
7,132 7,132
(41,275)
- (41,275)
(7,132)
- (7,132)
1,185,113
7,132 1,192,245
The accompanying notes are an integral part of the financial statements.
332
Indian River County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the. Year Ended September 30, 2006
Budgeted Amount
Original Final Actual
REVENUES
Variance with
Final Budget -
Positive
(Negative)
Intergovernmental $
- $
9,489 $
9,489 $
-
Charges for services
-
56,256
59,925
3,669
Interest
-
-
4,514
4,514
Total revenues
-
65,745
73,928
8,183
EXPENDITURES
General government
1,233,520
1,299,265
1,259,041
40,224
Total expenditures
1,233,520
1,299,265
1,259,041
40,224
Excess of revenues over
(under) expenditures
(1,233,520)
(1,233,520)
(1,185,113)
48,407
OTHER FINANCING SOURCES (USES)
Transfers from Board
of County Commissioners
1,233,520
1,233,520
1,233,520
-
Transfers to Board
of County Commissioners
-
-
(41,275)
(41,275)
Transfers to other funds
-
-
(7,132)
(7,132)
Total other financing sources (uses)
1,233,520
1,233,520
1,185,113
(48,407)
Net change in fund balances $
- $
-
- $
-
Fund balances at beginning of year
Fund balances at end of year
The accompanying notes are an integral part of the financial statements.
333
L,A.
h gh, 1. -0 P -M
334
Indian River County, Florida
Supervisor of Elections
a Notes To Financial Statements
Year Ended September 30, 2006
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Supervisor of Elections is a County agency and a local governmental entity pursuant to Article VIII,
Section 1(d) of the Constitution of the State of Florida. For financial statement and reporting purposes,
the Supervisor of Elections does not meet the definition of a legally separate organization and is not
considered to be a component unit. The Supervisor of Elections is considered to be a part of the primary
government of Indian River County. The financial statements contained herein represent the financial
transactions of the Supervisor of Elections only. The format of the Supervisor of Elections' statements
has been prepared in accordance with the presentation requirements of GASB 34 for fund financial
statements. In addition, the Supervisor of Elections early implemented GASB Statement 40, Deposit and
n Investment Risk Disclosures.
The following is a summary of the significant accounting principles and policies used in the preparation
of the accompanying financial statements.
A. Description of Fund
The accounting records are organized for reporting purposes on the basis of governmental funds.
Governmental Funds
General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Supervisor of Elections. All general operating
revenues, which are not restricted or designated as to use by outside sources, are recorded in the General
Fund. The governmental fund measurement focus is based upon determination of financial position and
changes in financial position (sources, uses and balances of financial resources) rather than upon net
income determination.
Special Revenue Fund — The Special Revenue Fund accounts for the grant proceeds from the State and
matching funds from the County. These funds are legally restricted for voter education and poll worker
recruitment and training.
B. Basis of Accounting, Measurement Focus and Presentation
'-� The accounts of the governmental funds are maintained on the modified accrual basis. Under the
modified accrual basis, expenditures are recorded at the time liabilities are incurred. Revenues are
recorded when received in cash or when they are considered both measurable and available. Revenues
collected in excess of expenditures are not considered earned and are reflected as liabilities.
335
Indian River County, Florida
Supervisor of Elections
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Supervisor of Elections to submit a proposed budget to the Board of County
Commissioners by May 1 of each year. After review and approval of the budget by the Board, the
Supervisor or Elections is authorized to transfer budgeted amounts between objects and departments as
long as she does not exceed the total appropriations approved by the Board. Increases in the total budget
are subject to the review and approval of the Board. The budgeted revenues and expenditures in the
accompanying financial statements reflect all amendments approved by the Board of County
Commissioners. The budget is prepared on a basis consistent with generally accepted accounting
principles.
D. Prepaid Expenses
Deposits in the governmental funds represent prepayments for services that will be used in future
periods. The Supervisor of Election's policy is to record the expenditure for the services when they are
used rather than when the cash is disbursed.
E. Capital Assets
Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund
financial statements. Tangible personal property used by the Supervisor of Elections in operations is
reported in the financial statements of the County. Refer to the County -wide note on capital assets for
the capitalization threshold, depreciation methodology and useful lives.
F. Compensated Absences
The Supervisor of Elections accrues a liability for employees' rights to receive compensation for future
absences when certain conditions are met. The Supervisor of Elections does not, nor is she legally
required to, accumulate expendable available financial resources to liquidate this obligation.
Accordingly, the liability for compensated absences is not reported on the Supervisor of Elections'
financial statements. Additional information on the liability is reflected in subsequent Note 5.
G. Transfer Out
In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to
the Board of County Commissioners before November 1. These "excess fees" totaled $41,275 and are
reported as a transfer to the Board of County Commissioners and a liability at year end.
336
OIndian River County, Florida
Supervisor of Elections
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - CASH
Deposits
At September 30, 2006, the carrying amount of the Supervisor of Elections' deposits was $61,655, and
the bank balance was $114,472. All deposits with financial institutions were 100% insured by federal
depository insurance or by collateral provided by qualified public depositories to the State Treasurer in
accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits
a Act.
The Supervisor of Elections has adopted the Board of County Commissioners' investment policy. This
policy requires the Supervisor of Elections' office to follow the above state law (governing custodial
credit risk) for cash deposits. Refer to the County -wide Note 2, Cash and Investments, for definition of
custodial credit risk.
NOTE 3 — PENSION PLAN
Florida Retirement System
Plan Description: The Supervisor of Elections' employees participate in the Florida Retirement System
(FRS), a cost-sharing multiple -employer public employee retirement system, administered by the
Florida Department of Administration. The FRS is noncontributory for all members; all contributions
are made by the employer. The FRS provides for vesting of benefits after six years of creditable service.
Normal retirement benefits are available to employees who retire at or after age 62 with six or more
years of service. Early retirement is available after six years of service with a five percent reduction in
benefits for each year prior to the normal retirement age.
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For further
information concerning the Florida Retirement System and contribution rates, please read the County-
wide note on the Florida Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 9.68% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
2006 were $38,421, $38,851, and $46,318 respectively. These amounts are equal to 100% of the
required contribution for each year.
337
NOTE 4 — RISK MANAGEMENT D
Indian River County maintains a risk management program that provides for coverage of risks of loss
related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Supervisor of Elections
participated in the County's self-insurance program during fiscal year 2006 at an annual cost of
approximately $78,166.
NOTE 5 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2006:
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 09/30/06
Accrued Compensated Absences J27,247 $22,269 29 900
Of the $29,900 liability for accrued compensated absences, management estimates that $10,000 will be
due and payable within one year. The liability for accrued compensated absences is not reported in the
financial statements of the Supervisor of Elections since it is not payable from available spendable
resources. The liability is reported in the financial statements of the County.
NOTE 6 — OPERATING LEASES
The Supervisor of Elections has entered into a noncancelable operating lease as lessee for a mail
machine. Lease expenditures totaled $4,311 for the year ended September 30, 2006.
The following is a schedule by years of minimum future rentals to be paid by the Supervisor of Elections
for the noncancelable operating lease as of September 30:
Year
Amount
Indian River County, Florida
5,478
Supervisor of Elections
Notes To Financial Statements
5,478
Year Ended September 30, 2006
5,478
NOTE 4 — RISK MANAGEMENT D
Indian River County maintains a risk management program that provides for coverage of risks of loss
related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Supervisor of Elections
participated in the County's self-insurance program during fiscal year 2006 at an annual cost of
approximately $78,166.
NOTE 5 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2006:
Beginning Ending
Balance Balance
10/01/05 Additions Deletions 09/30/06
Accrued Compensated Absences J27,247 $22,269 29 900
Of the $29,900 liability for accrued compensated absences, management estimates that $10,000 will be
due and payable within one year. The liability for accrued compensated absences is not reported in the
financial statements of the Supervisor of Elections since it is not payable from available spendable
resources. The liability is reported in the financial statements of the County.
NOTE 6 — OPERATING LEASES
The Supervisor of Elections has entered into a noncancelable operating lease as lessee for a mail
machine. Lease expenditures totaled $4,311 for the year ended September 30, 2006.
The following is a schedule by years of minimum future rentals to be paid by the Supervisor of Elections
for the noncancelable operating lease as of September 30:
Year
Amount
2007
5,478
2007
5,478
2008
5,478
2008
1,437
Total Future Minimum Lease Payments
$ 18.681
338 0
aHarris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting
and on Compliance and Other Matters
Required by Government Auditing Standards
The Honorable Kay Clem
n Supervisor of Elections
I I Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Supervisor of Elections, as of and for the year ended September 30, 2006, and issued our report
thereon dated February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Supervisor of Elections' internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial
statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the
internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the
design or operation of one or more of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period by employees in the normal course of
performing their assigned functions. We noted no matters involving the internal control over financial reporting and
its operation that we consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Supervisor of Elections' financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations and
a contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those provisions
was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests
rl disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of management, the Supervisor of Elections, Indian River
County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not intended to
be and should not be used by anyone other than these specified parties.
l . -i
Vero Bach, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
a339
Management Letter
The Honorable Kay Clem
Supervisor of Elections
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund
financial statements of the Supervisor of Elections, as of and for the year ended September 30, 2006, and
have issued our report thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards, and
Government Auditing Standards issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Required by Government Auditing Standards dated February 9, 2007, which should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the "
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)l.) require that we address in the management
letter, if not already addressed in the auditors' report on compliance and internal controls or schedule of
findings and questioned costs, whether or not recommendations made in the preceding annual financial
audit report have been followed. No recommendations were made in the prior year.
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included LJ
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Supervisor of Elections, Indian River County, a
Florida, complied with Section 218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554(1)(h)3.) require that we address in the management
letter any findings and recommendations to improve financial management, accounting procedures, and
internal controls. In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of
the following matters if not already addressed in the auditors' reports on compliance and internal controls
or schedule of findings and questioned costs and are not clearly inconsequential: (1) violations of laws,
rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2)
improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of
required disclosures from the financial statements); (4) failures to properly record financial transactions;
and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to
the attention of, the auditors. Our audit did not disclose any of these matters.
"Providing Vision and Direction to our Clients" LJ
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
340 0
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
0
Fax 772-234-8488
Management Letter
The Honorable Kay Clem
Supervisor of Elections
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund
financial statements of the Supervisor of Elections, as of and for the year ended September 30, 2006, and
have issued our report thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards, and
Government Auditing Standards issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Required by Government Auditing Standards dated February 9, 2007, which should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the "
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554(1)(h)l.) require that we address in the management
letter, if not already addressed in the auditors' report on compliance and internal controls or schedule of
findings and questioned costs, whether or not recommendations made in the preceding annual financial
audit report have been followed. No recommendations were made in the prior year.
As required by the Rules of the Auditor General (Section 10.554(1)(h)2.), the scope of our audit included LJ
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Supervisor of Elections, Indian River County, a
Florida, complied with Section 218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554(1)(h)3.) require that we address in the management
letter any findings and recommendations to improve financial management, accounting procedures, and
internal controls. In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of
the following matters if not already addressed in the auditors' reports on compliance and internal controls
or schedule of findings and questioned costs and are not clearly inconsequential: (1) violations of laws,
rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2)
improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of
required disclosures from the financial statements); (4) failures to properly record financial transactions;
and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to
the attention of, the auditors. Our audit did not disclose any of these matters.
"Providing Vision and Direction to our Clients" LJ
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
340 0
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
Supervisor of Elections
Page Two
`-j This management letter is intended solely for the information and use of management, the Supervisor of
Elections, Indian River County, the Auditor General of the State of Florida, and applicable federal and
state agencies, and is not intended to be and should not be used by anyone other than these specified
parties.
..�:��.cc°i •�r�r��x � — /cut
Vero B ach, Florida
February 9, 2007
341
H
%h �•�r V -.m
342
0
0
1
1
343
1
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234.8488
Report on Special Purpose Financial Statements Prepared in Compliance with a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity with Generally Accepted Accounting Principles
The Honorable Charles W. Sembler
Tax Collector
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Tax
Collector as of and for the fiscal year ended September 30, 2006, as listed in the table of contents. These
financial statements are the responsibility of the Tax Collector's management. Our responsibility is to
express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management; as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As described in Note 1, the accompanying fund financial statements referred to above present the
financial position of only the Tax Collector at September 30, 2006, and the results of its operations for the
year then ended. These statements are not intended to be a complete presentation of the financial position
of Indian River County.
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Tax Collector as of September 30, 2006, and the results of its operations for the
year then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2007 Li
on our consideration of the Tax Collector's internal control over financial reporting and on our tests of
compliance with certain provisions of laws, regulations, contracts, and grant agreements.
This report is intended solely for the information and use of management, the Tax Collector, Indian River
County, the Auditor General of the State of Florida, and applicable federal and state agencies, and is not
inten ed to be /and
�should not be used by anyone other than these specified parties.
`J� a y
Vero B ach, Florida
February 9, 2007 F-1
"Providing Vision and Direction to our Clients" Li
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
344
Indian River County, Florida
Tax Collector
Balance Sheet
General Fund
For the Ended September 30, 2006
ASSETS
Cash and cash equivalents $ 2,829,498
Investments 143,132
Accounts receivable 4,190
Inventories 1,065
Total assets $ 2,977,885
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 272,930
Due to other governments 2,704,528
Other deposits held in escrow 427
Total liabilities 2,977,885
Fund Balances:
Fund balance -
Total fund balances -
Total liabilities and fund balances
$ 2,977,885
The accompanying notes are an integral part of the financial statements.
345
Indian River County, Florida
Tax Collector
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2006
Variance with
Final Budget -
Budgeted Amount Positive
Original Final Actual (Negative)
REVENUES
Charges for services
$ 5,511,776 $
5,511,776 $
5,572,750 $
60,974
Interest
96,000
96,000
231,763
135,763
Total revenues
5,607,776
5,607,776
5,804,513
196,737
EXPENDITURES
of County Commissioners
General government
3,057,807
2,970,103
2,960,038
10,065
Debt service:
Governments
Principal
47,201
134,815
134,814
1
Interest
5,043
5,133
5,133
-
Total expenditures
3,110,051
3,110,051
3,099,985
10,066
Excess of revenues over
(under) expenditures
2,497,725
2,497,725
2,704,528
206,803
OTHER FINANCING SOURCES (USES)
Excess fees to Board
of County Commissioners
(2,210,487)
(2,210,487)
(2,393,235)
(182,748)
Excess fees to Other
Governments
(287,238)
(287,238)
(311,293)
(24,055)
Total other financing sources (uses)
(2,497,725)
(2,497,725)
(2,704,528)
(206,803)
Net change in fund balances $
$
-
- $
-
Fund balances at beginning of year
-
Fund balances at end of year
$
-
The accompanying notes are an integral part of the financial statements.
346
Indian River County, Florida
Tax Collector
Statement of Fiduciary Net Assets
Agency Fund
For the Year Ended September 30, 2006
ASSETS
Cash and cash equivalents
Total assets
LIABILITIES
Due to other governments
Total liabilities
$ 3,785,623
$ 3,785,623
$ 3,785,623
$ 3,785,623
The accompanying notes are an integral part of the financial statements.
347
H
_Qr •, _�, '-.A
348
H
Indian River County, Florida
Tax Collector
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Tax Collector is a County agency and a Iocal governmental entity pursuant to Article VIII, Section
1(d) of the Constitution of the State of Florida. For financial statement and reporting purposes, the Tax
Collector does not meet the definition of a legally separate organization and is not considered to be a
component unit. The Tax Collector is considered to be a part of the primary government of Indian River
County. The financial statements contained herein represent the financial transactions of the Tax
Collector only. The format of the Tax Collector's statements has been prepared in accordance with the
presentation requirements of GASB 34 for fund financial statements.
The following is a summary of the significant accounting principles and policies used in the preparation
n of the accompanying financial statements.
A. Description of Funds
The accounting records are organized for reporting purposes on the basis of governmental funds and a
fiduciary fund.
Governmental Fund
a General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Tax Collector. All general operating revenues,
which are not restricted or designated as to use by outside sources, are recorded in the General Fund.
(� The governmental fund measurement focus is based upon determination of financial position and
�J changes in financial position (sources, uses and balances of financial resources) rather than upon net
income determination.
Fiduciary Fund
Fiduciary Fund — The Fiduciary Fund of the Tax Collector is the Agency Fund, which is used to account
for assets held by the Tax Collector as an agent. The Agency Fund is custodial in nature and does not
involve measurement of results of operations.
B. Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental funds are maintained on the modified accrual basis. The fiduciary
fund is reported on an accrual basis. Under the modified accrual basis, expenditures are recorded at the
time liabilities are incurred. Revenues are recorded when received in cash or when they are considered
both measurable and available. Revenues collected in excess of expenditures are not considered earned
and are reflected as liabilities.
349
Indian River County, Florida
Tax Collector
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Tax Collector to prepare an annual budget that clearly reflects the revenues
available to his office and the functions for which money is to be expended. The budgeted revenues and
expenditures are subject to the review and approval of the Department of Revenue. Management is
authorized to transfer budgeted amounts between objects and departments as long as management does
not exceed the total appropriations of a fund. Department of Revenue approval is only required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing
the total appropriations of a fund. The budget is prepared on a basis consistent with generally accepted
accounting principles.
D. Cash and Cash Equivalents
Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety
days or less when purchased.
E. Prepaid Expenses
This account represents prepayments for services that will be used in future periods. The Tax Collector's
policy is to record the expenditure for the services when they are used rather than when the cash is
disbursed.
F. Capital Assets
Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund 0
financial statements. Tangible personal property used by the Tax Collector in operations is reported in
the financial statements of the County. Refer to the County -wide note on capital assets for capitalization
threshold, depreciation methodology and useful lives. I I
G. Compensated Absences
The Tax Collector accrues a liability for employees' rights to receive compensation for future absences
when certain conditions are met. The Tax Collector does not, nor is he legally required to, accumulate
expendable available financial resources to liquidate this obligation. Accordingly, the liability for
compensated absences is not reported on the Tax Collector's financial statements. Additional
information on the liability is reflected in subsequent Note 6.
H. Transfer Out
In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to
the Board of County Commissioners and other governments. These "excess fees" are reported as
transfers out and a liability and were $2,704,528 at year-end.
a
350
Indian River County, Florida
Tax Collector
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 2 - CASH AND INVESTMENTS
A. Deposits
At September 30, 2006, the carrying amount of the Tax Collector's deposits was $2,297,105 and the
bank balance was $2,266,234. All deposits with financial institutions were 100% insured by federal
depository insurance or by collateral provided by qualified public depositories to the State Treasurer in
accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits
Act.
The Tax Collector modified their investment and deposit policy in February of 2005. This policy
requires the Tax Collector's office to follow the above state law (governing custodial credit risk) for
deposits. Refer to the County -wide Note 2, Cash and Investments, for definition of custodial credit risk.
B. Investments
Florida Statutes authorize investments in certificates of deposit, savings accounts, the Local Government
Surplus Funds Trust Fund administered by the Florida State Board of Administration, Securities and
Exchange Commission registered money market funds with the highest credit quality rating from a
nationally recognized rating agency, and direct obligations of the U.S. Treasury.
LJ The Tax Collector's investment policy limits portfolio composition to no more than 25% in direct
obligations of the U.S. government, money market and certificates of deposit, and money market funds.
No more than 95% shall remain in the Local Government Surplus Funds Trust Fund or Bank NOW
accounts. No more than 50% is allowable in bank repo agreements.
The Tax Collector's September 30, 2006 balance with the Local Government Surplus Funds Trust Fund
was $4,311,416. This investment is not categorized for custodial risk since it is not evidenced by
securities that exist in physical or book entry form. Please read the County -wide note for additional
information concerning the Local Government Surplus Funds Trust Fund.
The Tax Collector participated in a capital lease program in which funds are deposited into an escrow
account and drawn upon as equipment is purchased. At September 30, 2006, $143,132 of unspent capital
lease proceeds remained in the escrow account.
NOTE 3 - INVENTORIES
Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of
accounting. The costs of general fund inventory are recorded as an expenditure when consumed rather
than when purchased. Inventory of the Tax Collector, included in the general fund, represents postage.
351
Indian River County, Florida
Tax Collector
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 4 — PENSION PLAN
Florida Retirement System
Plan Description: The Tax Collector's employees participate in the Florida Retirement System (FRS), a
cost-sharing multiple -employer public employee retirement system, administered by the Florida
Department of Administration. The FRS is noncontributory for all members; all contributions are made
by the employer. The FRS provides for vesting of benefits after six years of creditable service. Normal
retirement benefits are available to employees who retire at or after age 62 with six or more years of
service. Early retirement is available after six years of service with a five percent reduction in benefits
for each year prior to the normal retirement age.
Retirement benefits are based on age, average compensation, and years -of -service credit where average
compensation is computed as the average of an individual's five highest years of earnings. For further
information concerning the Florida Retirement System and contribution rates, please read the County-
wide note on the Florida Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 8.99% of the
annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005,
2006 were $105,463, $110,418 and $138,589 respectively. These amounts are equal to 100% of the
required contribution for each year.
NOTE 5 — RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss
related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees,
natural disasters, and medical and life insurance coverage for employees and their eligible dependents.
Various excess catastrophe insurance policies with a commercial carrier are also in force for claims
exceeding the amount chargeable against the Self-insurance Fund. The Tax Collector participated in the
County's self-insurance program during fiscal year 2006 at an annual cost of approximately $263,336.
Further details of this self-insurance program are discussed in the risk management note in the County-
wide financial statements.
NOTE 6 — LONG-TERM LIABILITIES
Changes in Long -Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2006:
Beginning
Balance
10/01/05
Ending
Balance
Additions Deletions 09/30/06
Accrued Compensated Absences93 531 25 000 8 318 110 213
352
J
0
Indian River County, Florida
Tax Collector
Notes To Financial Statements
Year Ended September 30, 2006
NOTE 6 — LONG-TERM LIABILITIES - Continued
Of the $110,213 liability for accrued compensated absences, management estimates that $5,000 will be
due and payable within one year. The long-term liabilities are not reported in the financial statements of
the Tax Collector since they are not payable from available spendable resources. They are reported in
the financial statements of the County.
NOTE 7 — OPERATING LEASES
The Tax Collector has entered into noncancelable operating leases as lessee for office space and office
equipment. Lease expenditures totaled $169,064 for the fiscal year ended September 30, 2006.
The following is a schedule by years of minimum future rentals to be paid by the Tax Collector for
noncancelable operating leases as of September 30:
Li
Year
Amount
2007
$ 208,561
2008
185,655
a
2009
97,268
2010
72,272
Total future minimum lease payments
563 756
353
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Report on Internal Control over Financial Reporting
and on Compliance and Other Matters
Required by Government Auditing Standards
The Honorable Charles W. Sembler
Tax Collector
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund financial
statements of the Tax Collector, as of and for the year ended September 30, 2006, and issued our report thereon
dated February 9, 2007. We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Tax Collector's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and
not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control
over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that
might be material weaknesses. A material weakness is a reportable condition in which the design or operation of
one or more of the internal control components does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation to the fmancial statements being audited may
occur and not be detected within a timely period by employees in the normal course of performing their assigned
functions. We noted no matters involving the internal control over financial reporting and its operation that we
consider to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Tax Collector's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our
audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance that are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of management, the Tax Collector, Indian River County,
the Auditor General of the State of Florida, and applicable federal and state agencies, and is intended to be and
sho d not be used by anyone other than these,�pffified parties.
Vero B ch, Florida
February 9, 2007
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms
Private Companies Practice Section
354
Member FICPA
r
J
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234-8484
Fax 772-234-8488
Management Letter
The Honorable Charles W. Sembler
Tax Collector
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund
a financial statements of the Tax Collector, as of and for the year ended September 30, 2006, and have
issued our report thereon dated February 9, 2007.
We conducted our audit in accordance with United States generally accepted auditing standards, and
Government Auditing Standards issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Required by Government Auditing Standards dated February 9, 2007, which should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
a The Rules of the Auditor General (Section 10.554(1)(h)l.) require that we address in the management
letter, if not already addressed in the auditors' report on compliance and internal controls or schedule of
findings and questioned costs, whether or not recommendations made in the preceding annual financial
aaudit report have been followed. No recommendations were made in the prior year.
As required by the Rules of the Auditor General (Section 10.554(l)(h)2.), the scope of our audit included
a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds.
In connection with our audit, we determined that the Tax Collector, Indian River County, Florida,
complied with Section 218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554(1)(h)3.) require that we address in the management
letter any findings and recommendations to improve financial management, accounting procedures, and
internal controls. In connection with our audit, we did not have any such findings or recommendations.
The Rules of the Auditor General (Section 10.554(1)(h)4.) require disclosure in the management letter of
the following matters if not already addressed in the auditors' reports on compliance and internal controls
or schedule of findings and questioned costs and are not clearly inconsequential: (1) violations of laws,
rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2)
improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of
required disclosures from the financial statements); (4) failures to properly record financial transactions;
and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to
the attention of, the auditors. Our audit did not disclose any of these matters.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
355
o Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants - Chartered
Tax Collector
Page Two
This management letter is intended solely for the information and use of management, the Tax Collector,
Indian River County, the Auditor General of the State of Florida, and applicable federal and state
agencies, and is not intended to be and should not be used by anyone other than these specified parties.
Vero B ach, Florida
February 9, 2007
356