HomeMy WebLinkAbout2018-075RBINDIAN nlV'ER
LINTY
17 Popular Annual
Financial Repor
for the Fiscal Year Ended September 30, 2017
Prepared by Jeffrey R. Smith, CPA, CGFO, CGMA
Indian River County Clerk of the Circuit Court and Comptroller
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:
Cypress trees at Blue Cypress Lake
photo courtesy of JPRlmages.com,
Skydivers over Indian River County photo courtesy of
the Sebastian River Area Chamber of Commerce,
Palm Trees near Vero Beach's South Beach
photo courtesy of Laura McIver,
Horseshoe crab on an Indian River County beach photo courtesy
of Deanna DeRosia (Instagram @sweet. dea. drawings)
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, 2017. 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
funds and public records. 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 34 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 generally 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.ora/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
9
Government Finance officers Association
Award for
Outstanding
Achievement in
Papular Annual
Financial Reporting
Presented to
Indian River County
Y°
Florida
For its Annual
Financial Report
for the Fiscal Year Ended
September 30, 2016
04'&� P .ut
Executive Director/CEO
"air
MEOW
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, 2016. 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. Indian River County has received a
Popular Award for the last 2 consecutive years
(fiscal years ended 2015-2016). We believe our
current report continues to conform to the Popular
Annual Financial Reporting requirements, and we
are submitting it to GFOA.
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 148,962, increasing 1.74% 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 "h
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. The comfortable climate provides the basis for ` Y�
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.
Roseate Spoonbills at Stick Marsh in
northwestern Indian River County.
Photo courtesy of JPRlmages.com 3
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 Joseph E. Flescher Tim Zorc Peter D. O'Bryan Bob Solari
District 1 District 2 District 3 District 4 District 5
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11
Deryl Loar Carole Jean Jordan David C. Nolte Leslie Rossway Swan Jeffrey R. Smith
Sheriff Tax Collector Property Appraiser Supervisor of Elections 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.
Plumeria after a rain storm
Photo courtesy of Laura McIver
The Clerk, Sheriff, and Supervisor of Elections submit
proposed operating budgets to the Board prior to May 1 St
The Florida Department of Revenue receives budgets
from the Property Appraiser prior to June 1 st and from the
Tax Collector prior to August 1 st. 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's Court 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.
5
MAJOR INITIATIVES
AND ACCOMPLISHMENTS
Listed are some major projects included in the
current Capital Improvements Plan (CIP), which
estimates the cost of improvements and
evaluates the need for public facilities. The CIP is
updated annually and encompasses a period of
five years.
County Road 512 Resurfacing: The $3.5 million
project consists of dual resurfacing of the westbound
lanes between Roseland Road and US Highway 1
and the eastbound lanes between Easy Street and
US Highway 1. The project requires the use of the
full depth reclamation process which shortens the
duration of the construction process, but requires
special expertise and equipment. A Small County
Outreach Program (SCOP) Grant from the Florida
Department of Transportation will fund $2.4 million of
the project with the remainder coming from gas taxes.
Osprey Acres Floway and Nature Preserve: The
83.14 acres of undeveloped land purchased east of
Osprey Marsh Treatment Facility will serve to create a
pollutant removal system (stormwater park) that will
remove nitrogen and phosphorus from Osprey
Marsh's outflow water and increase the County's
ability to meet proposed total maximum daily loads
(TMDL) for nutrients discharged into the Indian River
Lagoon. The cost for construction is estimated at
$7.5 million and will be funded with an FDEP TMDL
Grant, St. John's River Water Management District
Cost -Share Grant, Florida House Appropriations
Grant, and optional one cent sales tax.
North County Commercial Septic to Sewer: The $3
million project will construct a gravity sewer system to
service an area that has a land use designation of
commercial properties on septic. The area currently
has 38 existing structures with a total of 61 parcels.
Indian River County Department of Utility Services is
constructing a new gravity sanitary sewer system and
sections of the water main to serve commercial areas
along US Highway #1 and in the City of Sebastian.
Customer assessments, optional one cent sales tax,
and a St. John's River Water Management District
Cost -Share Grant will provide the funding.
130
South County Water Treatment Plant Well
Construction and Rehabilitation: The Indian River
County Department of Utility Services currently owns
and operates six Floridan supply wells that are the
source water for the South County Reverse Osmosis
Water Treatment Facility. This project consists of the
construction of a new well, the replacement of a well,
and the rehabilitation of three wells at a cost of $2.5
million from the Utilities operating fund.
800 Mhz P25 Radio System Migration Project: To
meet current operational standards, the 800 Mhz
radio system 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.
The following major projects were completed in
fiscal year 2017:
GoLine Bus Transfer Hub: GoLine is the Indian
River County public transportation system with bus
service on 14 fixed routes throughout the County.
The main hub facility was completed at a cost of $1.9
million.
Shooting Range Skeet & Trap Facility
Improvements: The $1.7 million improvements at
the Indian River County Shooting Range consisted of
national competition skeet and trap fields, hi/low trap
houses, and a 15 station sporting clays course.
Sheriff's Helicopter Hangar & Helipad: The Sheriff
Office's on-site helicopter hangar building and helipad
was constructed at a cost of $2.3 million.
Sebastian Corners Retail Center: The 2.35 acre
property located on US Highway 1 in Sebastian was
purchased for $2.7 million to relocate the North
County offices of the Clerk of the Circuit Court and
Comptroller, Property Appraiser, Tax Collector,
Utilities Department, and Veterans Services.
Water Lily at McKee Botanical Garden
Photo courtesy of Rick Woodard
1. School District of Indian River County
2,073
3.40%
2. Indian River Medical Center
1,753
2.88%
3. Indian River County*
1,501
2.46%
4. Publix Supermarkets
1,250
2.05%
5. Piper Aircraft Inc.
904
1.48%
6. Wal-Mart
693
1.14%
7. Sebastian River Medical Center
595
0.98%
8. John's Island
584
0.96%
9. Medical Data Systems
500
0.82%
10. City of Vero Beach
409
0.67%
Principal Employers' Total:
10,262
16.84%
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.
$47,689 $48,378 $51,041
Indian River County continues to
experience signs of improvement in the
economy. Total taxable property tax values
increased from $14.3 billion in 2016 to
$16.3 billion in 2017. Construction activity
also saw a significant increase with 13%
more building permits issued for new
construction in 2017 over 2016. The
population of the County has been steadily
increasing, growing to 148,962 in 2017.
Unemployment has been decreasing,
dramatically falling from 6.7% in 2016 to
4.6% in 2017. 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
nearly 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.
$67,978
$68,491
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
IIIIIIIIIIIIIIIIIIIIIIiPopulation
Unemployment Rate
- Per Capita Personal Income (2017 Per Capita Personal Income information not available)
A
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.
1. Florida Power & Light
$140,292,008
0.86%
2. Disney Vacation Dev. Inc.
80,101,112
0.49%
3. McGuire, Allen Robert Jr.
53,869,142
0.33%
4. Windsor Properties
52,586,721
0.32%
5. Johns Island Club, Inc.
42,540,303
0.26%
6. Adult Communities Total
31,961,755
0.20%
Services, Inc.
7. Bellsouth Telecommunications
29,480,482
0.18%
8. Health Care REIT, Inc.
27,785,306
0.17%
9. TSO Vero Beach, LP
24,201,486
0.15%
10. INEOS New Planet Bioenergy,
22,751,761
0.14%
LLC
Principal Taxpayers' Total:
, 505,570,076
3.10%
Total County Taxable Valuation:
M
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: $2,960.36
For illustrative purposes only. Amounts shown in the example do not include cities, unincorporated areas, or any applicable taxing 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.
__ — Ir - I It
PT
"IS ■E 19 L[GAL nNGERWWIRSR ALL CEBTS, PUSUC AND FRRATE
2/�
H
2 1<
How property taxes
are calculated:
[Assessed Value of
Property minus
Exemption(s)]
= 1,000
x Total Millage Rate
= Total Property Tax
Indian River County Indian River Emergency Special Districts Land Acquisition
School Board County Management 1.4163 mills: Bond
7.4100 mills: 3.3602 mills: Services District* $283.26, 10% 0.3143 mills:
$1,482.00, 50% $672.04, 23% 2.3010 mills: $62.86,2%
$460.20, 15%
E
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
$1,000.5 million at the close of the fiscal year. The largest portion of the County's net position reflects its net
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 $744.7 million, or
74% of the County's net position. $150.2 million, or 15%, represents resources that are subject to external
restrictions on how they may be used. The remaining $105.6 million is unrestricted and may be used to meet the
County's ongoing obligations to citizens and creditors.
The increase in restricted net position was mainly due to an increase in revenues for state and federal grants,
including hurricane reimbursements, and insurance proceeds. The increase in net investment in capital assets
was a result of completed construction projects and decreased outstanding debt. The decrease in unrestricted
net position is due to an increase in the net pension liability.
t
F
5
t
EXPENSES
General Government
2016
Percent
MM�-
-
Change
REVENUES
-
77.6®
Program revenues:
-
Charges for services
$75.9
2.9%
Operating grants/contributions
24.6 �
36.6%
Capital grants/contributions
11.0
17.3%
General revenues:
-
0.4
Property taxes
84.7 ®
6.5%
Sales taxes
24.4®
4.9%
Franchise fees
9.3
(2.2%)
Other
7.2®
(30.6%)
Total revenues
237.1
7.3%
EXPENSES
General Government
27.5
(5.8%)
Public safety
77.6®
7.3%
Physical environment
®
1.4
64.3%
Transportation
28.2
2.5%
Economic environment
0.4
0.0%
Human services
7.8 ®i
2.6%
Culture/recreation
14.7®
8.8%
Court related
®
7.1
2.8%
Interest and fiscal charges
0.9®
(11.1 %)
Water and sewer
:.
35.4®
9.0%
Solid waste
12.7
14.2%
Golf course
®
2.6 ®i
3.8%
Building
®
2.7
29.6%
Total expenses
®
219.0 ®
6.0%
Increase (decrease) in net position
18.1
23.2%
Net position - Beginning
960.1
1.9%
Net position - Ending
$978.2
2.3%
(Chart in millions)
REVENUES
Property Taxes
$90,192,496
$84,695,191
Intergovernmental
30,031,350
33,535,027
Overall, general revenues for fiscal year 2017
increased from the prior year. This is due
Sales &Use Taxes
17,623,741
16,858,894
mainly to increased property tax values and
Charges for Services
16,006,929
15,532,928
tax rates. The County's primary source of
Permits, Fees, and Special Assessments
15,900,775
16,530,179
revenue is property taxes, amounting to $90.2
million, or 48.2%, of Governmental Funds
Miscellaneous
6,392,927
8,158,393
revenues in 2017. This is an increase of $5.5
Gasoline Tax
3,821,095
3,741,935
million from fiscal year 2016.
Tourist Tax
2,817,766
2,433,491
Judgments, Fines, Forfeits
1,620,964
1,672,773
Other Taxes
1,302,302
1,353,020
Interest
1,287,415
1,133,215
Miscellaneous, 3.4% 0 Judgments, Fines, Forfeits, 0.9%
Gasoline Tax, 2.0% N Other Taxes, 0.7%
Tourist Tax, 1.5% 0 Interest, 0.7%
12
ter"
s
EXPENDITURES
Expenditures for fiscal year 2017 totaled
$181.3 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
completion of the helicopter hangar and
increases in salaries and benefits. Physical
environment increased due in part to
hurricane related repairs at the Lateral D
canal and for professional services for an
aquatic plant pilot study. Culture and
Recreation decreased due to the completion
of the South County Intergenerational Facility
in fiscal year 2016.
NANRi�
The newly completed GoLine Bus Transfer Hub
Public Safety
$83,397,539
$77,316,218
Transportation
26,562,596
27,505,659
General Government
24,681,861
22,693,234
Capital Outlay
12,777,795
13,329,391
Culture/Recreation
12,013,338
13,562,765
Human Service
8,116,910
7,868,392
Court Related
6,755,050
6,605,682
Debt Service
5,230,520
5,215,007
Physical Environment
1,300,862
788,803
Economic Environment
437,031
424,593
Human Services, 4.5% 1 Physical Environment, 0.7%
Court Related, 3.7% 1 Economic Environment, 0.3%
Debt Service, 2.9%
Photo courtesy of the Senior Resource Association
13
The General Fund is the chief operating fund of the County. The ending fund balance as of
September 30, 2017 was $47.4 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.
The fund balance classifications used are: Fund Balance Comparison
• Nonspendable - Amounts that cannot be spent 2016
because they are not in spendable form, such as
inventory, prepaid items, and advances to other Nonspendable $371,121
funds. Restricted 1,000,000
• Restricted - Use of these resources is based on Committed :• 1,166,830
constraints imposed by external parties, such as Unassigned 45,909,787
creditors, grantors, contributors, or laws and Total $48,447,738
regulations.
• Committed - Amounts that can only be spent by approval by a County ordinance by the Board
of County Commissioners.
• Unassigned - Amounts in the general fund that do not meet any other fund balance
classifications.
$56.5 $56.8
$55.6 o
$52.9
$54.3
Fund Balance Trend
(in millions as of September 30)
$51.7
$49.9 $50.3
2008 2009 2010 2011 2012 2013 2014 2015 2016
The Atlantic Ocean from one of Indian River County's beaches
14 Photo courtesy of Laura McIver
$47.4
Budgeted •
Amounts
Variance with
Final Budget
• •
Final
Positive (Negative)
Revenues
Taxes
.. •.
$58,366,967
WENT.-WIM
$901,136
Permits, fees and special assessments
9,017,875
•.
389,391
Intergovernmental
•.
16,028,792
25,775
Charges for services
:.
8,108,310
(27,406)
Judgments, fines and forfeits
• •
1,094,342
87,852
Interest
154,195
:•
234,878
Miscellaneous
4,257,063
758,580
Total revenues
1001 MTV I
97,027,544
• •
2,370,206
Expenditures
General government
I WTIVINTe
22,337,406
IN2171 • : • :
1,690,508
Public safety
•.:.
46,439,989
282,475
Physical environment
.:
421,305
43,299
Transportation
5,549,941
•: • 1
1,010,081
Economic environment
441,174
7,621
Human services
.:.
4,514,279
274,519
Culture/recreation
10,678,806
• .
1,066,970
Court related
11WITIMMI
5,926,541
111 • � •
(136,788)
Total expenditures
87,650,381
96,309,441
92,070,756
4,238,685
Excess of revenues over (under) expenditures
718,103
6,608,891
Other Financing Sources (Uses)
Transfers in
• •
1,600,807
• •
(37,814)
Transfers outOff
/::
(9,917,276)
-
Total other financing sources (uses)ff
Mo • .: M,
(8,316,469)
: V
(37,814) `� -6
Net change in fund balances
(7,598,366)
: •
6,571,077
Fund balances at beginning of year
1
7,598,366
Fund balances at end of year
-
•
This chart shows the original and final amended budget for the General Fund for fiscal year 2017.
There was an $8.7 million increase in operating appropriations between the original and final amended
budget. This included $4.8 million in grants appropriations and prior year rollovers for the Senior
Resource Association (SRA) to provide County -wide public transportation, $0.5 million for All Aboard
Florida legal and professional services, $0.3 million in building and equipment maintenance including
replacement carpeting at the library, $0.6 million in salary and benefit increases due to hurricane -
related overtime, and $0.2 million in hurricane related operating expenses. Actual expenditures for the
fiscal year 2017 were $4.2 million lower than anticipated. This included $1.0 million in SRA grant costs
not yet expended, $1.0 million in unspent legal, professional, and other contractual services, and $0.4
million in unspent salary and benefits expenditures.
15
16
Buildings and Improvements
$348.2
$353.4
Land
162.0
161.3
Infrastructure
156.2
166.8
Right -of -Way
58.6
57.6
Construction in Progress
34.0
26.0
Equipment
23.5
19.8
Intangibles
4.7
4.8
(Chart in millions)
The County's investment in capital assets for its
governmental and business -type activities on
September 30, 2017 amounted to $787.2 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 2017 was less than
1 % over the previous year.
Fiscal year 2017 saw an increase in equipment
primarily due to the purchase of new voting
equipment ($0.9 million) and fire rescue vehicles
and equipment ($2.4 million). There was an
increase in construction in progress due to the
800mhz P25 compliance project ($2.1 million), Fire
Station #14 construction ($2.0 million) and various
road and sidewalk projects ($2.6 million).
Decreases occurred in buildings and improvements
as a result of increasing depreciation on existing
assets.
Right-of-way, 7.4% , Equipment, 3.0%
Construction in Progress, 4.3% Q Intangibles, 0.6%
Photos of the completed Indian River County Sheriff's helicopter
hangar
Photos courtesy of the Indian River County Sheriff
At the end of fiscal year 2017, the County
had $43.9 million in outstanding long-term
debt. Of this amount, $15.7 million is debt
backed by the full faith and credit of the
government. Outstanding debt decreased
by $7.7 million during fiscal year 2017 due to
scheduled annual debt payments.
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 $58
during fiscal year 2017.
$910 $862 $818
$756
2008 2009 2010 2011
Debt Per Capita
$666 $581
$523
$412 $353
$295
r m m
2012 2013 2014 2015 2016 2017
17
2017
2016
General Obligation Debt
Limited General Oblig. Note, Series 2015
$15.7
$19.7
Revenue Bonds/Notes
Spring Training Facility, Series 2001
6.2
6.7
Water and Sewer Rev. Note, Series 2015
5.2
6.2
Water and Sewer Ref. Rev., Series 2009
16.8
19.0
Total
$43.9
$51.6
(Chart in millions)
Debt Per Capita
$666 $581
$523
$412 $353
$295
r m m
2012 2013 2014 2015 2016 2017
17
Sea turtle on an Indian River County Beach
Photo courtesy of Deanna DeRosia (Instagram
@sweet. dea. drawings)
In accordance with the Florida Statutes, the County adopted
investment policies which guide 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. The Clerk invests the
surplus funds in accordance with the policy guidelines and
earned $2.3 million in interest income in fiscal year 2017.
Cash and investments totaled $357.6 million as of
September 30. 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. Total
cash was $127.0 million. Investments consist of U.S.
Treasury Securities and U.S. Government Agency
Securities. Other Market Rate Investments consist of the
Florida PRIME Fund, the Florida Trust Day to Day and Short
Term Bond Funds, and the Florida Cooperative Liquid
Assets Securities System. Investments totaled $230.6
million and the weighted average maturity was 0.92 years.
U.S. Agencies $129,531,640 36.2%
Cash 127,030,941 35.5%
U.S. Treasuries 86,849,111 24.3%
Other Market Rate Investments 14,213,772 4.0%
Other Market Rate Investments, 4.0%
Cash and Investment Balances
(in millions as of September 30)
$357.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
IN
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Alligator in the San Sebastian River. Photo courtesy of the Sebastian River Area Chamber of Commerce.
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
Assets Long-term Liabilities
What is owned by the County. Includes such items as Includes such items as bonds, notes, compensated
pooled cash and investments, receivables, inventories, absences, and other County obligations.
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.
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,
less liabilities and deferred inflows of resources.
Deferred Outflow of Resources Operating Grants/Contributions
A consumption of net position by the government that is State, federal, other government and private
applicable to a future reporting period. contributions to fund specific programs.
Deferred Inflow of Resources Per Capita
An acquisition of net position by the government that is Amount per County resident.
applicable to a future reporting period.
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.
Liabilities
Debts and obligations of the
County.
American Flags at Riverside Park
during the annual Tunnel to Towers 5K
Photo courtesy of JPRlmages. com
NN
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.
County Elected Officials
Tax Collector
Lieutenant Governor
State Senate — District 17
Clerk of the Circuit Court and
Carole Jean Jordan
Carlos Lopez-Cantera
Debbie Mayfield
County Comptroller
www.irctax.com
www.flqov.com
www.fisenate.gov/senators/sl7
Jeffrey R. Smith
Indian River County
850-488-7146
772-226-1970
www.clerk.indian-river.org
Administration Building B
Indian River County Courthouse
180027 1h St.
Attorney General
House of Representatives
200016 th Ave.
Vero Beach, FL 32960
Pam Bondi
District 54
Vero Beach, FL 32960
772-226-1338
www.myfloridalegal.com
Erin Grail
772-770-5185
1-866-966-7226
www.myfloridahouse.gov
Supervisor of Elections
772-778-5005
Board of County Commissioners
Leslie Rossway Swan
Chief Financial Officer
Susan Adams — District 1
www•voteindianriver.com
Jimmy Patronis
Federal Elected Officials
Joseph E. Flescher— District 2
4375 43rd Ave.
www.mvfloridacfo.com
United States Senator
Tim Zorc — District 3
Vero Beach, FL 32967
1-877-693-5236
Bill Nelson
Peter D. O'Bryan — District 4
772-226-3440
www.bilinelson.senate.gov
Bob Solari — District 5
Commissioner of Agriculture
1-888-671-4091
www.ircqov.com
Sheriff
Adam Putnam
Indian River County
Dery/ Loar
www.freshfromflorida.com
United States Senator
Administration Building A
www•iresheriff.org
1-800-435-7352
Marco Rubio
1801 27th St.
4055 41" Ave.
www.rubio.senate.gov
Vero Beach, FL 32960
Vero Beach, FL 32960
State Attorney
1-866-630-7106
772-226-1490
772-569-6700
19th Judicial Circuit
Bruce Colton
United States Representative
Property Appraiser
www.saol9.org
District 8
David C. Nolte
State Elected Officials
772-226-3300
Bill Posey
www.ircpa.org
Governor
www.poseV.house.gov
Indian River County
Rick Scott
Public Defender
772-226-1701
Administration Building B
www.flqov.com
19th Judicial Circuit
1800 27" St.
850-717-9337
Diamond R. Litty
Vero Beach, FL 32960
www.pol9.org
772-567-8000, ext. 1469
772-770-5080
I
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.org
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/marriaqekiosk
To Make Court Payments:
indianrivercotix.com
To Enroll in Property Fraud Alert:
ori.indian-river.orq/fraudalert