HomeMy WebLinkAbout2017-048INOTAN RIVER
COUNTY
Prepared by Jeffrey R. Smith, CPA, CGFO, CGMA
Indian River County Clerk of the Circuit Court and Comptroller
INDIANRIVER COUNT
ADMINISTRATION BUILDING A
Table of Contents
Message from the Clerk 1
About this Report 2
County Overview 3
Board of County Commissioners 4
Elected Constitutional Officers 5
Major Initiatives and Accomplishments 6-7
Local Economy 8
Property Taxes 9
Government -Wide Financial Statements ....10-11
Governmental Funds 12-13
General Fund 14-15
Capital Assets 16
Debt 17
Cash and Investments 18
Role of the Clerk 19
Glossary of Terms 20
Contacting Your Government 21
Clerk's Online Services Back Cover
Indian River County Administration Building A
Photo courtesy of Gary Tummond
Cover Photos:
Vero Beach Air Show photo courtesy of Jacob Avril,
Water Lily photo courtesy of Rick Woodard,
Citrus photo courtesy of the Indian River County
Chamber of Commerce
MESSAGE FROM THE CLERK
Jeffrey R. Smith,
CPA, CGFO, CGMA
Indian River County
Clerk of the Circuit Court
and Comptroller
To the Residents of Indian River County:
I am proud to present you with the County's Popular Annual Financial Report (PAFR) for the fiscal year
ended September 30, 2016. The PAFR is intended to provide readers with an easy to understand
summary of Indian River County's financial activities. This report provides a brief analysis of where
County revenues come from and how those dollars were managed and spent over the past fiscal year.
It is my responsibility as Clerk of the Circuit Court and County Comptroller to safeguard our County's
public records and funds. As such, I serve as the official watchdog of County funds, providing checks
and balances on the County budget, revenue, and spending. I remain committed to reviewing our
County's financials each year and reporting the information through our Comprehensive Annual
Financial Report (CAFR) and through this PAFR.
Most of the information in this report is derived from Indian River County's CAFR. Awarded the
Certificate of Achievement for Excellence in Financial Reporting for the past 33 consecutive years from
the Government Finance Officers Association, the CAFR contains more detailed audited financial
information. Since the information in the PAFR is summarized and does not provide financial
information for all funds at the fund level, it does not conform to general accepted accounting principles
reporting requirements for government entities. Rather, this PAFR is prepared in a format so that non-
financial readers can easily understand it. For a more in-depth and audited review of the County's
finances, please refer to the CAFR, which includes detailed financial statements, notes, schedules,
and reports. Both the CAFR and the PAFR are available on our website and can be accessed at
www.clerk.indian-river.org/en/finance.
I hope you will find this report to be informative. It is my honor and privilege to serve as your Clerk and
Comptroller. Thank you for the trust you continue to place in your County and those who work to serve
you.
Sincerely,
Jeffrey R. Smith, CPA, CGFO, CGMA
Indian River County Clerk of the Circuit Court and Comptroller
1
ABOUT THIS REPORT
GD
Government Finance Officers Association
Award for
Outstanding
Achievement in
Popular Annual
Financial Reporting
Presented to
Indian River County
Florida
For its Annual
Financial Report
for the Fiscal Year Ended
September 30, 2015
Executive Director/CEO
2
The Government Finance Officers Association of
the United States and Canada (GFOA) has given
an Award for Outstanding Achievement in Popular
Annual Financial Reporting to Indian River County,
Florida for its Popular Annual Financial Report for
the fiscal year ended September 30, 2015. The
Award for Outstanding Achievement in Popular
Annual Financial Reporting is a prestigious national
award recognizing conformance with the highest
standards for preparation of state and local
government popular reports.
In order to receive an Award for Outstanding
Achievement in Popular Annual Financial
Reporting, a government unit must publish a
Popular Annual Financial Report, whose contents
conform to program standards of creativity,
presentation, understandability and reader appeal.
An Award for Outstanding Achievement in Popular
Annual Financial Reporting is valid for a period of
one year only. We believe our current report
continues to conform to the Popular Annual
Financial Reporting requirements, and we are
submitting it to GFOA.
COUNTY OVERVIEW
Indian River County was established on June 29, 1925 by an act
of the Florida Legislature. The City of Vero Beach is the seat of
the County government. The current population of Indian River
County is 146,410, increasing 2.15% over the previous year.
Indian River County is located 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 to the west. There are approximately 100
miles of waterfront land in the county, including 23 miles of
Atlantic beaches. Famous for its citrus, Indian River County is a
major producer of citrus with approximately 34,151 acres
dedicated to citrus production. The comfortable climate provides
the basis for year-round enjoyment of the beaches, Indian River
Lagoon, County parks, Sebastian Inlet State Park, and the
Pelican Island National Wildlife Refuge by both residents and
tourists.
Indian River County provides a full range of services including,
but not limited to, construction and maintenance of roadways,
sidewalks and other infrastructure, fire rescue/emergency
services, law enforcement, library services, traffic operations and
control, parks and recreational services, human services, building
inspections, licenses and permits, water/sewer utility services,
and refuse collection and disposal.
\.t
A view of Pelican Island National Wildlife Refuge
located just east of Sebastian. Pelican Island
was the first National Wildlife Refuge in the
United States.
Photo courtesy of lndianRiverByAir. com
3
BOARD OF COUNTY COMMISSIONERS
Indian River County is a non -charter county established under the Constitution and the
Laws of the State of Florida. It is governed by a five member Board of County
Commissioners (Board) elected at large from the five districts within the County. A
County Administrator is appointed by the Board and is responsible for implementing the
policies set forth by the Board. The Administrator is also charged with the fiscal control
of the resources of the County.
Susan Adams
District 1
Joseph E. Flescher
District 2
Tim Zorc
District 3
Peter D. O'Bryan
District 4
Bob Solari
District 5
97Z_1 V 7/r`
E..Iy
Map Legend
[-11, Municipal Boundaries
Commissioner Districts
DISTRICT 1
DISTRICT 2
DISTRICT 3
DISTRICT 4
DISTRICT 5
4
ELECTED CONSTITUTIONAL OFFICERS
Deryl Loar
Sheriff
Carole Jean Jordan
Tax Collector
David C. Nolte
Property Appraiser
Leslie Rossway Swan
Supervisor of Elections
Jeffrey R. Smith
Clerk of Court and
Comptroller
In addition to the Board, there are five elected Constitutional Officers serving specific governmental functions:
Sheriff, Tax Collector, Property Appraiser, Supervisor of Elections, and Clerk of the Circuit Court and Comptroller
(Clerk). Although the funding for all Constitutional Offices is part of the County's General Fund, the Board does
not have direct responsibility for their operations. Each office is run separately within each of its respective legal
guidelines.
The Clerk, Sheriff, and Supervisor of Elections submit proposed operating budgets to the Board prior to May 1St
The Florida Department of Revenue receives budgets from the Property Appraiser prior to June 1st and from the
Tax Collector prior to August 1St. Once these budgets are approved, they are forwarded to the Board. The court -
related function of the Clerk submits a budget to the Florida Clerks of Court Operations Corporation (CCOC) prior
to June 1st. The Clerk operating budget includes proposed expenditures and the sources to finance them as set
forth in Section 28.36, Florida Statutes.
Constitutional Officers, all departments controlled by the Board of County Commissioners, 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 the budgets of the County departments, state agencies and
nonprofit organizations, and makes his budget recommendations to the Board of County Commissioners on or
before July 15th of each year.
During September, public hearings are held pursuant to 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 (at the fund level) the budgets for all governmental fund types.
The Barber Bridge Photo courtesy of Laura Mclver 5
MAJOR INITIATIVES
AND ACCOMPLISHMENTS
Listed are some major projects included in the current
Capital Improvements Plan, which estimates the cost
of improvements and evaluates the need for public
facilities.
Go -Line Bus Transfer Hub: The $1.8 million bus
transfer hub facility currently under construction
consists of a 1,732 square foot structure with
bathrooms and open air waiting areas. There will
also be 3,410 square feet of pre -manufactured
aluminum structures providing covered walkways and
shelter for riders and 1.6 acres of improvements that
include parking, lighting, landscaping, stormwater
treatment, and space to accommodate eight bus
routes. The site plan also allows for future building
expansion. Federal and state grants will provide the
funding.
Shooting Range Skeet & Trap Improvements:
Improvements at the Indian River County Shooting
Range consist of three new combination national
competition skeet and trap fields, including hi/low trap
houses, lighting for the skeet and trap ranges to
promote night time usage, storage building, parking
area, and landscaping. A fifteen station sporting
clays course will be constructed. The $1.3 million
funding will be from impact fees and optional one cent
sales tax.
87th Street and 91St Avenue Sidewalk
Improvements: The project consists of a six-foot
wide concrete sidewalk along the north right of way
line of 87th Street from 101st Avenue to County Road
510 and along the east right of way line of 91st
Avenue from 79th Street to 87th Street. Drainage
improvements, swale grading, pavement markings,
and sodding of certain areas in Vero Lake Estates are
also included. Funding in the amount of $1.2 million
will be from grant funds and optional one cent sales
tax.
Fire Rescue Station #14: Construction is expected
to be completed in fiscal year 2017 at a cost of
approximately $2.5 million. The 26th Street and 66th
Avenue site will accommodate new growth and
development in the County. Funding is from impact
fees and optional one cent sales tax.
800Mhz P25 Radio System Migration Project: To
meetcurrent operational standards, the 800Mhz radio
stem will migrate to the Federal Communications
Commission recommended Project 25 (P25) which is
the standard for the design and manufacture of
interoperable digital two way communications for
public safety organizations. The $5.9 million phased
upgrade of the system over a five year period will be
funded from optional one cent sales tax.
Old Dixie Highway Resurfacing from 71st Avenue
to County Road 510: The $2.5 million
improvements to Old Dixie Highway consist of
pavement reconstruction for a distance of two miles
from 71st Street to County Road 510. Four foot wide
paved shoulders, asphalt surface and structural
courses, drainage improvements, utility adjustments,
signage, and pavement markings will be completed.
This project is funded by an F.D.O.T. Small County
Outreach Program grant and gas taxes.
1st Street SW and 43rd Avenue Intersection
Improvements: Improvements will consist of the
reconstruction of a portion of 1St Street SW with the
addition of left turn lanes in both directions. Within
the intersection, 43rd Avenue will be milled and
resurfaced. Concrete pipe will be installed in the
Indian River Farms Water Control District Canal. A
traffic signal, four -foot wide paved shoulders, curbing,
and a five-foot wide sidewalk will be included. The
estimated $2.2 million cost will be funded by optional
one cent sales tax.
The following major capital projects were completed
in fiscal year 2016:
Intergenerational Recreation Facility: The grand
opening ceremony of the $12.2 million state of the art
recreational facility at the South County Regional
Park was held in August of 2016.
45th Street Beautification Project: The milling and
resurfacing of 45th Street from 43rd Avenue to east of
24th Avenue, along with sidewalk enhancements and
extensive landscape improvements, were completed
at a cost of $1.4 million.
20th Avenue and 16th Street Intersection
Improvements: The $1.1 million realignment of
20th Avenue at 16th Street and the addition of left turn
lanes to 20th Avenue was completed.
Fire Station #1 Renovations: Major renovations
were completed at a cost of $1.4 million.
atee in die Indian River
LOCAL ECONOMY
3.70%
3.07%
2,113
NUMBER
OF EMPLOYEES
PERCENTAGE
OF TOTAL
COUNTY EMPLOYMENT
1,753
PRINCIPAL EMPLOYERS
1. School District of Indian River County
2. Indian River Medical Center
3. Indian River County*
4. Publix Supermarkets
5. Piper Aircraft Inc.
6. Sebastian River Medical Center
7. Wal-Mart
8. John's Island
9. City of Vero Beach
10. Indian River Estates
Principal Employers' Total:
1,328
1,250
750
2.32%
2.19%
1.31%
698
693
526
1.22%
1.21%
0.92%
424
350
9,885
Total Employed in County:
0.74%
0.61%
17.29%
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, Supervisor of Elections, Property
Appraiser, Sheriff, Tax Collector, and Clerk of the Circuit Court and Comptroller.
$59,419
139,757
8
7.3%
$57,107
$47,689 $48,378
141,667
15.2%
15.2%
$51,041 $52,855
138,694
139,446
11.3%
2007 2008 2009 2010 2011 2012
Population
L —4 Unemployment Rate
Per Capita Personal Income (2016 Per Capita Personal Income information not available)
Indian River County continues to
experience signs of improvement in the
economy. Total taxable property tax values
increased slightly from $13.4 billion in 2015
to $14.3 billion in 2016. Construction activity
also saw a significant increase with 24%
more building permits issued for new
construction in 2016 over 2015. The
population of the County has been steadily
increasing, growing to 146,410 in 2016.
Unemployment has been decreasing, falling
to 6.7% in 2016 from 7.2% in 2015.
Historically, Indian River County's economy
was made up of agriculture (citrus and
cattle) and tourism. Those industries have
now been complemented with an increase
in health care and information technology
firms, light manufacturing, wholesale and
retail trade, and service sector jobs. The top
three major employers in Indian River
County, providing over 9% of the total
number of jobs in the County, are the
School District of Indian River County,
Indian River Medical Center, and Indian
River County Government.
$54,448
139,586
8.8% I
2013
$63,140
140,955
7.9%I
2014
$67,978
143.326
7.2% I
2015
146,410
16.7%
2016
PROPERTY TAXES
The Board of County Commissioners and
other taxing entities each set a property tax
rate called a "millage rate". This rate is
used to calculate overall property taxes. A
"mill" is equal to $1 of tax for every $1,000
of assessed property value. The picture
below illustrates how each dollar of the
County -wide portion of the property tax
bill is broken down. The County -wide
portion is paid by all property owners
within the County boundaries. If you
own a home in Indian River County, the tax
bill you pay each year funds much more
than County Government. Depending on
where you live, your tax bill may also
include millage rates for taxes paid to cities,
such as the City of Vero Beach, or a special
taxing district, such as the Sebastian Inlet
Taxing District.
PRINCIPAL TAXPAYERS
1. Florida Power & Light
REAL PROPERTY
ASSESSED VALUATION
$126,936,400
2. Disney Vacation Dev. Inc.
77,307,630
3. Windsor Properties
51,704,720
4. John's Island Club Inc.
39,574,422
5. Bellsouth Communications
33,974,999
6. McGuire, Allen Robert Jr.
31,078,330
7. Health Care REIT
26,267,550
8. MHC Village Green
22,366,216
9. Vero Acquisition
10. Wells Fargo Bank
Principal Taxpayers' Total:
22,206,200
21,733,313
$453,149,780
PERCENTAGE OF TOTAL
ASSESSED VALUE
0.89%
0.54%
0.36%
0.28%
0.24%
0.22%
0.18%
0.16%
0.16%
0.15%
3.18%
Source: Indian River County Property Appraiser
Breakdown of the County -wide Portion of a Property Tax Bill
Based on Taxable Value of $200,000
Total Taxes: $3,098.84
For illustrative purposes only. Amounts shown in the example do not include cities, unincorporated areas, or any applicable districts within.
Amounts shown are also net of applicable exemption amounts. *Note: The residents of the Town of Indian River Shores are not levied the
Emergency Management Services District tax.
Ditl'/CO"CIL
VD
ZOIM
THIS NOTE IS LEGAL TENDER
FOR ALL DEBTS. PUBLIC AND PRIVATE
WASHI.\
e
mraJ
p� ONE DII] s Tom,.,
2016
How property taxes
are calculated:
[Assessed Value of
Property minus
Exemption(s)]
1,000
x Total Millage Rate
= Total Property Tax
Indian River County
School Board
7.9550 mills:
$1,591.00, 51%
Indian River
County
3.3602 mills:
$672.04, 22%
Emergency
Management
Services District*
2.2551 mills:
$451.02, 15%
Special Districts Land Acquisition
1.5924 mills: Bond
$318.48, 10% 0.3315 mills:
$66.30, 2%
9
GOVERNMENT -WIDE
FINANCIAL STATEMENTS
STATEMENT OF NET POSITION
The Statement of Net Position presents information on all the County's assets, liabilities, and deferred inflows/
outflows of resources. The difference is reported as net position. Over time, increases or decreases in net
position may serve as a useful indicator of whether the financial position of the County is improving or
deteriorating.
In the case of the County, assets and deferred outflows of resources exceeded liabilities and deferred inflows by
$978.2 million at the close of the fiscal year. The largest portion of the County's net position reflects its
investment in capital assets, such as land, buildings, infrastructure, intangibles, machinery, and equipment, less
any related outstanding debt used to acquire those assets. These capital assets amount to $739.8 million, or
76% of the County's net position. $132.1 million, or 14%, represents resources that are subject to external
restrictions on how they may be used. The remaining $106.3 million is unrestricted and may be used to meet the
County's ongoing obligations to citizens and creditors.
The decrease in deferred inflows of resources and the increases in other liabilities and deferred outflows of
resources was mainly due to the rise in the County's share of the net pension liability as calculated by the Florida
Retirement System. The increase in net investment in capital assets was a result of completed construction
projects and decreased outstanding debt. 1111111
2016 2015 Increase
(Decrease)
Assets
Current and other assets
Capital assets
Total Assets
$361.8
789.8
$1,151.6
$342.3
790.4
$1,132.7
$19.5
(0.6)
18.9
Deferred Outflows of Resources
Liabilities
Other liabilities
Long-term liabilities
Total liabilities
47.8 14.8
33.0
128.5
87.6
216.1
Deferred Inflows of Resources
77.6
94.2
171.8
5.1 15.6
50.9
(6.6)
44.3
(10.5)
Net Position
Net investment in capital assets 739.8 733.3 6.5
Restricted 132.1 128.6 3.5
Unrestricted 106.3 98.2 8.1
Total net position $978.2 $960.1 $18.1
(Chart in millions)
Views of the Indian River (left) and the Atlantic Ocean (right) along SR A1A.
Photo courtesy of IndianRiverByAir.com
STATEMENT OF ACTIVITIES
The Statement of Activities presents information showing how the County's net position changed during the most
recent fiscal year. All changes in net position 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.
REVENUES
Program revenues:
Charges for services
Operating grants/contributions
Capital grants/contributions
General revenues:
Property taxes
Sales taxes
Franchise fees
Other
Total revenues
2016 2015 Increase Percent
(Decrease) Change
$75.9 $70.6 $5.3 7.5%
24.6 24.9 (0.3) -1.2%
11.0 20.3 (9.3) -45.8%
84.7 76.6 8.1 10.6%
24.4 23.5 0.9 3.8%
9.3 9.2 0.1 1.1%
7.2 3.5 3.7 105.7%
237.1 228.6 8.5 3.7%
EXPENSES
General Government 27.5 24.7 2.8 11.3%
Public safety 77.6 66.4 11.2 16.9%
Physical environment 1.4 1.6 (0.2) -12.5%
Transportation 28.2 26.0 2.2 8.5%
Economic environment 0.4 0.4 0.0 0.0%
Human services 7.8 7.4 0.4 5.4%
Culture/recreation 14.7 17.0 (2.3) -13.5%
Court related 7.1 6.7 0.4 6.0%
Interest and fiscal charges 0.9 1.0 (0.1) -10.0%
Water and sewer 35.4 35.2 0.2 0.6%
Solid waste 12.7 11.7 1.0 8.5%
Golf course
Total expenses
2.6 2.5 0.1 4.0%
2.7 2.1 0.6 28.6%
219.0 202.7 16.3 8.0%
Increase (decrease) in net position 18.1 25.9 (7.8) -30.1%
Net position - Beginning
Restatement to implement GASB 68
Net position - Ending
960.1 1,003.9 (43.8) -4.4%
(69.7) (69.7) -
$978.2 $960.1 $18.1 1.9%
(Chart in millions)
_Pt
GOVERNMENTAL FUNDS
2015
$76,621,036
32,065,821
16,190,352
15,567,731
18,558,182
2,470,553
3,672,972
2,267,101
897,860
1,418,617
894,705
$170,624,930
REVENUES
REVENUE SOURCES
Property Taxes
Intergovernmental
Sales & Use Taxes
Permits, Fees, and Special Assessments
Charges for Services
Miscellaneous
Gasoline Tax
Tourist Tax
Judgments, Fines, Forfeits
Other Taxes
Interest
Total Revenues
2016
$84,695,191
33,535,027
16,858,894
16, 530,179
15,532,928
8,158,393
3,741,935
2,433,491
1,672,773
1,353,020
1,133,215
$185,645,046
Property Taxes
45.6%
Miscellaneous, 4.4%
Gasoline Tax, 2.0%
1 Tourist Tax, 1.3%
12
Intergovernmental
Ch
18.1%
Sales and 1 So
se
Taxes,
Permits, Fees, etc
urges 8.9% .,
or
84 o Seti,.
irees
▪ Judgments, Fines, Forfeits, 0.9%
▪ Other Taxes, 0.7%
▪ Interest, 0.6%
Overall, general revenues for the fiscal year
2016 increased from the prior year. This is
due mainly to increased property tax values
and tax rates. The County's primary source of
revenue is property taxes, amounting to $84.7
million, or 45.6%, of Governmental Funds
revenues in 2016. This is an increase of $8.1
million from fiscal year 2015.
EXPENDITURES
Expenditures for fiscal year 2016 totaled
$175.3 million, which was an increase over
the previous year. By far, the largest
expenditure of County funds is for Public
Safety, increasing this year mainly due to the
purchase of new emergency services vehicles
and increases in salaries and benefits. Public
safety activities include law enforcement,
correctional facilities, fire rescue, and
emergency management. Capital Outlay also
increased with the completion of the South
County Intergenerational Facility. Culture and
Recreation for fiscal year 2016 decreased
from the previous year following the
completion of the Hurricane Sandy beach
nourishment project.
North County Aquatic Center while hosting the
Special Olympics State Swimming Championship
Photo courtesy of IndianRiverByAir.com
EXPENDITURES
2016
2015
Public Safety
Transportation
General Government
Culture/Recreation
Human Service
Court Related
Debt Service
Capital Outlay
Physical Environment
Economic Environment
$77,316,218
27,505,659
22,693,234
13,562,765
7,868,392
6,605,682
5,215,007
13,329,391
788,803
424,593
$71,703,248
27,945,569
22, 957,111
15,719,709
7,519,756
6,677,909
5,446,070
5,309,597
1,055,021
436,320
Total Expenditures
$175,309,744
$164,770,310
Transportation
15.7%
Public Safety General
Government, 12.9%
44.1% Cult
C ureiRecre
Aiiiii
ap�ta/ 7 7j a
Human Services, 4.5%
Court Related, 3.8%
Debt Service, 3.0%
• Physical Environment, 0.4%
• Economic Environment, 0.3%
13
mmour
9�
GENERAL FUND
t A
•
•/4
The General Fund is the chief operating fund of the
County. The ending fund balance as of September
30, 2016 was $48.4 million.
In 2010, the County implemented the Governmental
Accounting Standards Board (GASB) Statement 54.
The objective of Statement 54 is to provide clearer
fund balance classifications that can be more
consistently applied and by clarifying the existing
governmental fund type definitions.
Fund Balance Comparison
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total
2016
$371,121
1,000,000
1,166,830
45,909,787
$48,447,738
2015
$459,546
1,000,000
1,092,575
47,727,109
$50,279,230
The fund balance classifications used are:
• Nonspendable - Amounts that cannot be spent because they are not in spendable form,
such as inventory, prepaid items, and advances to other funds.
• Restricted - Use of these resources is based on constraints imposed by external parties,
such as creditors, grantors, contributors, or laws and regulations.
• Committed - Amounts that can only be spent by approval by a County ordinance by the
Board of County Commissioners.
• Assigned - Amounts are designated for specific purposes by the Board of County
Commissioners via budget amendments and do not meet the criteria of restricted or
committed classifications.
• Unassigned - Amounts in the general fund that do not meet any other fund balance
classifications.
$50.3
$52.9
$55.6
Fund Balance Trend
(in millions as of September 30)
$56.5 $56.8
$54.3
$49.9
$51.7
$50.3
$48.4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
14
Stins t over the Indian River
Photo courtesy of Laura McIver
.h•
VIP 'h. •
• •r -
r
• +
1
This chart shows the original and final amended budget for the General Fund for the fiscal year 2016.
There was a $8.3 million increase in operating appropriations between the original and final amended
budget. This included $5.2 million in grants appropriations and prior year rollovers for the Senior
Resource Association (SRA) to provide County -wide public transportation, $0.4 million in building and
equipment maintenance including replacement air conditioning and chiller units for County buildings,
$0.4 million for All Aboard Florida, FMPA, and other legal and professional services, and $0.3 million
cost of living increases. Actual expenditures for the fiscal year 2016 were $3.8 million lower than
anticipated. This included $1.3 million in SRA grant costs not yet expended, $0.5 million in unspent
legal, professional, and other contractual services, $0.4 million lower than expected Sheriff expenses,
and $0.3 million in unspent salary and benefits expenditures.
401IL
Revenues
Taxes
Permits, fees and special assessments
Intergovernmental
Charges for services
Judgments, fines and forfeits
Interest
Miscellaneous
Total revenues
Expenditures
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)
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
Budgeted Amounts
Original
$55,216,397
8,627,900
11,823,039
7,946,387
361,950
152,115
3,617,120
87, 744, 908
Final
$55,216,397
8,627,900
17,175,187
8,107,857
361,950
152,115
3,835,510
93,476,916
Actual
Amounts
$55,947,406
9,533,523
18,359,411
7,653,391
1,253,925
363,004
4,276,456
97,387,116
Variance with
Final Budget
Positive (Negative)
$731,009
905,623
1,184,224
(454,466)
891,975
210,889
440,946
3,910,200
20,266,325 21,871,409 20,839,685 1,031,724
43,006,023 43,629,860 43,118,362 511,498
298,144 315,376 295,860 19,516
750,000 6,113,992 4,724,438 1,389,554
411,520 437,003 420,669 16,334
3,937,003 3,997,892 3,828,810 169,082
8,727,616 9,344,787 8,743,746 601,041
5,885,952 5,935,947 5,861,673 74,274
83,282,583 91,646,266 87,833,243 3,813,023
4,462,325 1,830,650 9,533,873 7,723,223
1,224,985 1,383,509
(9,397,661) (12,729,066)
(8,172,676) (11,345,557)
(3,710,351) (9,514,907)
3,710,351 9,514,907
1,342,555
(12,727,920)
(11,385,365)
(1,831,492)
50,279,230
48,447,738
(40,954)
1,146
(39,808)
7,683,415
CAPITAL ASSETS
16
CAPITAL ASSETS
2016
2015
Buildings and Improvements
$353.4
$353.8
Infrastructure
166.8
145.0
Land
161.3
161.2
Right -of -Way
57.6
57.4
Construction in Progress
26.0
52.2
Equipment
19.8
16.4
Intangibles
Total Capital Assets
4.8
4.4
$790.4
(Chart in millions)
Buildings and
Improvements
44.8%
The County's investment in capital assets for its
governmental and business -type activities on
September 30, 2016 amounted to $789.7 million,
net of accumulated depreciation. This investment in
capital assets includes land, right-of-way, buildings
and improvements, intangibles, equipment,
infrastructure, and construction in progress. The
overall decrease in the County's investment in
capital assets for fiscal year 2016 was less than
1')/0 over the previous year.
In fiscal year 2016, there was an increase in
buildings and improvements and infrastructure,
along with a decrease in construction in progress,
primarily due to the following completed capital
asset projects during the fiscal year 2016:
• 66th Avenue expansion project from SR60
to 49th Street - $22.8 million
• South County Intergenerational Facility -
$12.2 million
Right-of-way, 7.3%
Construction in Progress, 3.3%
Equipment, 2.5%
Intangibles, 0.6%
Photos of the completed South County Intergenerational Facility
Photos courtesy of the Indian River County Recreation Department
DEBT
At the end of fiscal year 2016, the County
had $51.6 million in outstanding long-term
debt. Of this amount, $19.7 million is debt
backed by the full faith and credit of the
government. Outstanding debt decreased
by $7.5 million during fiscal year 2016 which
included the last installment of $3.5 million
on the Limited General Obligation Bonds,
Series 2006. This led to a decrease of .0379
per $1000 of assessed value in the Land
Acquisition property tax millage.
The chart below shows the amount of debt
per capita within the County. The debt per
capita has been steadily decreasing over the
last 10 fiscal years falling by another $59
during fiscal year 2016.
$981
$910
$862
1
$818
2007 2008 2009 2010
General Obligation Debt
Limited General Oblig. Bonds, Series 2006
Limited General Oblig. Note, Series 2015
Revenue Bonds/Notes
Spring Training Facility, Series 2001
Water and Sewer Rev. Note, Series 2015
Water and Sewer Ref. Rev., Series 2009
Total
Debt Per Capita
$756
$666
i
(Chart in millions)
$581
•
$523
2011 2012 2013 2014
2016
$19.7
6.7
6.2
19.0
$51.6
$412
2015
$3.5
20.1
7.2
7.2
21.1
$59.1
$353
2015 2016
CASH AND INVESTMENTS
In accordance with the Florida Statutes, the County adopted
investment policies which guides the investment of County
funds. These policies establish 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.
Cash reported on the financial statements includes bank
deposits, cash on hand, certificates of deposit, money
market accounts, and all highly liquid investments with
maturities of ninety days or less when purchased.
Investments consist of U.S. Treasury Securities, U.S.
Government Agency Securities, money market funds,
certificates of deposit, Florida PRIME Fund, the Florida Trust
Day to Day Fund, and the Florida Local Government
Investment Trust Fund (FLGIT).
The Clerk invests the surplus funds in accordance with the
policy guidelines and earned $2.1 million in interest income
in fiscal year 2016. As of September 30, 2016, the County's
investment portfolio was invested in the categories listed in
the chart below. The fair market value of the investments
was $339.9 million and the weighted average maturity was
0.90 years.
CASH & INVESTMENTS
AMOUNT
PERCENTAGE OF
PORTFOLIO
Cash
U.S. Agencies
U.S. Treasuries
Florida Local Government
Investment Trust Fund (FLGIT)
$139,739,705
101,545,376
86,146,484
L12,467,718
41.1%
29.9%
25.3%
3.7%
$339,899,283
100%
Ball fields at the North County Regional Park
Photo courtesy of IndianRiverByAir.com
Cash and Investment Balances
$415.9 (in millions as of September 30)
i
1
$332.3
$309.9
$320.5 $324.4 $317.2 $319.2
$317.9
$325.5
$339.9
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
18
ROLE OF THE CLERK
The Wabasso Bridge and views of the Indian River Lagoon looking North. Photo courtesy of IndianRiverByAir. com
Established in 1838 by the Florida Constitution, the Clerk of Circuit Court and Comptroller (Clerk) is an elected
official responsible for safeguarding public funds and protecting public records. The Clerk's Office performs 926
different constitutional and statutory functions and duties. This number does not include the responsibilities
required of the Clerk by Court Rule and Administrative Order. In addition to being the County Comptroller, the
Clerk is also the Clerk of the Circuit Court, County Recorder, and Clerk to the Board of the County
Commissioners (Board).
As the County Comptroller, the Clerk acts as the County Treasurer, Auditor, and Finance Officer,
providing a check and balance on the County's budget, revenue, and expenditures. Among other financial
duties, the Clerk handles the investment of available county funds, provides financial reporting to the Board,
processes accounts payable and payroll, provides accounting services to all departments under the Board of
County Commissioners, pre -audits all county expenditures before payment, conducts internal post -audits to
determine if financial controls are sufficient, and is responsible for the collection and enforcement of Tourist Tax.
As the Clerk of the Circuit Court, the Clerk is responsible for aiding in the judicial process and
maintaining the integrity of the court records. Some of the Clerk's responsibilities include processing all Civil
and Criminal cases in the county, preparing court dockets, attending hearings and trials, collecting fines and
fees, jury management, maintaining custody of all evidence and exhibits entered by the court, maintaining the
court registry, auditing guardianship reports and child support payments, issuing marriage licenses, and
processing passport applications.
As County Recorder, the Clerk is responsible for maintaining the County's Official Records. Some of
the Clerk's duties as County Recorder include recording and indexing all deeds, mortgages, and other
documents pertaining to real property in the county, recording and indexing all judgments, orders, and other
documents pertaining to court cases in the county, processing tax deed applications and conducting sales,
recording plats of subdivisions, and collecting and disbursing documentary stamp taxes and intangible taxes.
As Clerk to the Board of County Commissioners, the Clerk serves as the custodian of the Board's
records. Among other duties, the Clerk attends meetings of the Board and other committees, produces,
records, indexes, and distributes the official minutes of these meetings, maintains legal custody of the Official
County Seal, and provides citizens a forum through the Value Adjustment Board to address complaints when
they believe the Property Appraiser overvalued their property or improperly denied an exemption.
19
GLOSSARY OF TERMS
Assets
What is owned by the County. Includes such items as
pooled cash and investments, receivables, inventories,
deposits with others, and prepaid items.
Capital Assets
Includes such items as County land, construction in
progress, equipment, infrastructure and buildings, and
improvements net of depreciation.
Capital Grants/Contributions
State, federal, other government and private
contributions to fund capital projects.
Deferred Outflow of Resources
A consumption of net position by the government that
applicable to a future reporting period.
Deferred Inflow of Resources
An acquisition of net position by the government that
applicable to a future reporting period.
Liabilities
Debts and obligations of the County.
Long-term Liabilities
Includes such items as bonds, notes, compensated
absences, and other County obligations.
Net Investment in Capital Assets
Represents amounts invested in capital assets less
accumulated depreciation and any outstanding debt
used to acquire these assets.
Net Position
Net worth of the County calculated as the difference
between total assets plus deferred outflows of resources,
is less liabilities and deferred inflows of resources.
Operating Grants/Contributions
State, federal, other government
is contributions to fund specific programs.
Fund Balance
The difference between assets plus deferred outflows of
resources, less liabilities and deferred inflows of
resources reported in the balance sheet of a
governmental fund.
General Revenues
All of the revenues that are not required to be reported
as program revenues in the government -wide statement
of activities. General revenues include property taxes,
sales and use taxes, state -shared revenues, as well as
other County—levied taxes, investment income, rents,
and the sale of surplus property.
20
Per Capita
Amount per County resident.
and private
Program Revenues
Term used in the statement of activities, which includes
charges for services, operating grants, and capital
grants.
Refunding
New bonds or notes issued to retire previously issued
bonds on their maturity or callable date.
Restricted
Funds set aside for a specific purpose due to legal or
external requirements.
Unrestricted
Funds available for the County to use for operations.
From March through October each year, the beaches of Indian
River County are home to the nests of three different species of
sea turtle - Loggerheads, Leatherbacks, and Green Turtles.
Turtle photos by Joe Rimkus, Jr.
and courtesy of Indian River County Public Works
Back cover photo: The Atlantic Ocean
Photo courtesy of the Indian River County Chamber of Commerce
CONTACTING YOUR GOVERNMENT
County Elected Officials
Clerk of the Circuit Court and
County Comptroller
Jeffrey R. Smith
www.clerk.indian-river.orq
Indian River County Courthouse
2000 16th Ave.
Vero Beach, FL 32960
772-770-5185
Board of County Commissioners
Susan Adams — District 1
Joseph E. Flescher— District 2
Tim Zorc — District 3
Peter D. O'Bryan — District 4
Bob Solari — District 5
www.ircgov.com
Indian River County
Administration Building A
1801 27th St.
Vero Beach, FL 32960
772-226-1490
Property Appraiser
David C. Nolte
www.ircpa.orq
Indian River County
Administration Building B
1800 27th St.
Vero Beach, FL 32960
772-567-8000, ext. 1469
Tax Collector
Carole Jean Jordan
www.irctax.com
Indian River County
Administration Building B
1800 27th St.
Vero Beach, FL 32960
772-226-1338
Supervisor of Elections
Leslie Rossway Swan
www.voteindianriver.com
4375 43rd Ave.
Vero Beach, FL 32967
772-226-3440
Sheriff
Deryl Loar
www.ircsheriff.org
4055 41st Ave.
Vero Beach, FL 32960
772-569-6700
State Elected Officials
Governor
Rick Scott
www.flgov.com
850-717-9337
Lieutenant Governor
Carlos Lopez-Cantera
www.flgov.com
850-488-7146
Attorney General
Pam Bondi
www.myfloridalegal.com
1-866-966-7226
Chief Financial Officer
Jeff Atwater
www.myfloridacfo.com
1-877-693-5236
Commissioner of Agriculture
Adam Putnam
www.freshfromflorida.com
1-800-435-7352
State Attorney
19th Judicial Circuit
Bruce Colton
www.saol9.orq
772-226-3300
State Senate — District 17
Debbie Mayfield
www.flsenate.gov/senators/s17
772-226-1970
House of Representatives
District 54
Erin Grall
www.myfloridahouse.gov
772-778-5005
Federal Elected Officials
United States Senator
Bill Nelson
www.billnelson.senate.gov
1-888-671-4091
Public Defender
19th Judicial Circuit
Diamond R. Litty
www.pol9.orq
772-770-5080
United States Senator
Marco Rubio
www.rubio.senate.gov
1-866-630-7106
United States Representative
District 8
Bill Posey
www.posey.house.gov
772-226-1701
For more information about the Indian River
County Clerk of the Circuit Court and
Comptroller, visit the Clerk's website at
www.clerk.indian-river.orq
To search Court Records:
http://public.indian-river.org
To search Official Records:
http://ori.indian-river.org
For Foreclosure Auctions:
www.indian-river.realforeclose.com
For Tax Deed Auctions:
www.indian-river.realtaxdeed.com
To Apply for a Marriage License:
http://ori.indian-river.org/marriagekiosk
To Make Court Payments:
indianrivercotix.com
To Enroll in Property Fraud Alert:
ori.indian-river.org/fraudalert
agostak
Prepared under the supervision of:
Jeffrey R. Smith, CPA, CGFO, CGMA
Indian River County
Clerk of the Circuit Court and Comptroller
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 and Comptroller
Attention: Finance Department
1801 27th Street
Vero Beach, FL 32960
(772) 226-1945