HomeMy WebLinkAbout2019-064DINDIAN RIVER
COUNTY
2017 Popular Annual
Financial Report
for the Fiscal Year Ended September 30, 2017
Prepared by Jeffrey R. Smith, CPA, CGFO, CGMA `J
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)
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, 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.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
G�9
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, 2016
I:.rctleiV4 Director/CEO
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.
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 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
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
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
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
Map Legend
raunic,i &planes
Commissioner Qistricts
DISTRICT 1
DISTRICT 2
DISTRICT 3
DISTRICT 4
DISTRICT 5
4
ELECTED CONSTITUTIONAL OFF
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.
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 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'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.
6
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.
Sheriffs 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
LOCAL ECONOMY
8
PRINCIPAL EMPLOYERS
NUMBER
OF EMPLOYEES
PERCENTAGE
OF TOTAL
COUNTY EMPLOYMENT
1. School District of Indian River County
2. Indian River Medical Center
3. Indian River County*
4. Publix Supermarkets
5. Piper Aircraft Inc.
6. Wal-Mart
7. Sebastian River Medical Center
8. John's Island
9. Medical Data Systems
10. City of Vero Beach
Principal Employers' Total:
2,073
1,753
1,501
1,250
904
693
595
584
500
409
10,262
3.40%
2.88%
2.46%
2.05%
1.48%
1.14%
0.98%
0.96%
0.82%
0.67%
16.84%
Total Employed in County:
60,921
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.
$57,107
141.667
10.1%
$47,689 $48,378
4.4
141.475
15.2%
138,028
15.2%
$51,041
138,694
13.7%
$52,855
139,446
11.3%
2008 2009 2010 2011 2012
Population
—4Unemployment Rate
$54,448
139,586
8.8%
2013
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.
$63,140
140,955
7.9%
2014
$67,978 $68,491
2015
146,410
6.7%
2016
Per Capita Personal Income (2017 Per Capita Personal Income information not available)
148,962
4.6%
2017
PERCENTAGE OF TOTAL
ASSESSED VALUE
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
REAL PROPERTY
ASSESSED VALUATION
1. Florida Power & Light
2. Disney Vacation Dev. Inc.
3. McGuire, Allen Robert Jr.
4. Windsor Properties
5. Johns Island Club, Inc.
6. Adult Communities Total
Services, Inc.
7. Bellsouth Telecommunications
8. Health Care REIT, Inc.
9. TSO Vero Beach, LP
10. INEOS New Planet Bioenergy,
LLC
Principal Taxpayers' Total:
$140,292,008
80,101,112
53, 869,142
52,586,721
42,540,303
31,961,755
29,480,482
27,785,306
24,201,486
22,751,761
505,570,076
0.86%
0.49%
0.33%
0.32%
0.26%
0.20%
0.18%
0.17%
0.15%
0.14%
3.10%
otal County Taxable Valuation:
$16,276,321,779
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.
IGEEMEIMEEKIMEE
nwifflio
THIS MOTT 19 LEGA! TINALR
FOR ALL OESTS, PUBLIC AND PRIVATE
2 r
imAwm
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
7.4100 mills:
$1,482.00, 50%
Indian River
County
3.3602 mills:
$672.04, 23%
Emergency
Management
Services District*
2.3010 mills:
$460.20, 15%
Special Districts Land Acquisition
1.4163 mills: Bond
$283.26, 10%
0.3143 mills:
$62.86, 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
$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.
2016
Increase
(Decrease)
Assets
Current and other assets
Capital assets
Total Assets
$361.8
789.8
$1,151.6
Deferred Outflows of Resources
Liabilities
Other liabilities
Long-term liabilities
Total liabilities
47.8
$30.8
(2.6)
28.2
11.3
128.5
87.6
216.1
20.5
(6.9)
13.6
Deferred Inflows of Resources
5.1
3.6
Net Position
Net investment in capital assets
Restricted
Unrestricted
Total net position
739.8
132.1
106.3
$978.2
4.9
18.1
(0.7)
$22.3
(Chart in millions)
4
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.
Increase
(Decrease)
Percent
Change
REVENUES
Program revenues:
Charges for services
Operating grants/contributions
Capital grants/contributions
General revenues:
Property taxes
Sales taxes
Franchise fees
Other
Total revenues
EXPENSES
General Government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/recreation
Court related
Interest and fiscal charges
Water and sewer
Solid waste
Golf course
Building
Total expenses
$75.9
24.6
11.0
2.9%
36.6%
17.3%
84.7
24.4
9.3
7.2
237.1
6.5%
4.9%
(2.2%)
(30.6%)
7.3%
27.5
77.6
1.4
28.2
0.4
7.8
14.7
7.1
0.9
35.4
12.7
2.6
2.7
219.0
(5.8%)
7.3%
64.3%
2.5%
0.0%
2.6%
8.8%
2.8%
(11.1%)
9.0%
14.2%
3.8%
29.6%
6.0%
Increase (decrease) in net position
Net position - Beginning
Net position - Ending
978.2
$1,000.5
(Chart in millions)
1.9%
$978.2
2.3%
Fourth of July fireworks over'the Indian River.
Photo courtesy of JPRlmages. com
11
GOVERNMENTAL FUNDS
12
REVENUES
REVENUE SOURCES
2017
2016
Property Taxes
Intergovernmental
Sales & Use Taxes
Charges for Services
Permits, Fees, and Special Assessments
Miscellaneous
Gasoline Tax
Tourist Tax
$90,192,496
30,031,350
17,623,741
16,006,929
15,900,775
6,392,927
3,821,095
2,817,766
Judgments, Fines, Forfeits�IL_ 1,620,964
1,302,302
1,287,415
Other Taxes
Interest
$84,695,191
33,535,027
16,858,894
15,532,928
16, 530,179
8,158,393
3,741,935
2,433,491
1,672,773
1,353,020
1,133,215
Total Revenues
$186,997,760
$185,645,046
Miscellaneous, 3.4%
Gasoline Tax, 2.0%
Tourist Tax, 1.5%
▪ Judgments, Fines, Forfeits, 0.9%
▪ Other Taxes, 0.7%
Interest, 0.7%
Overall, general revenues for fiscal year 2017
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 $90.2
million, or 48.2%, of Governmental Funds
revenues in 2017. This is an increase of $5.5
million from fiscal year 2016.
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.
The newly completed GoLine Bus Transfer Hub
Photo courtesy of the Senior Resource Association
EXPENDITURES
2017
2016
Public Safety
Transportation
General Government
Capital Outlay
Culture/Recreation
Human Service
Court Related
Debt Service
Physical Environment
Economic Environment
$83,397,539
26,562,596
24,681,861
12,777,795
12,013,338
8,116,910
6,755,050
5,230,520
1,300,862
437,031
$77,316,218
27,505,659
22,693,234
13,329,391
13,562,765
7,868,392
6,605,682
5,215,007
788,803
424,593
otal Expen o tires
Makij
Human Services, 4.5%
Court Related, 3.7%
Debt Service, 2.9%
• Physical Environment, 0.7%
Economic Environment, 0.3%
13
GENERAL FUND
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:
• 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.
Fund Balance Comparison
Nonspendable
Restricted
Committed
Unassigned
Total
2017
$1,183,875
1,246,278
1,655,789
43,334,507
$47,420,449
2016
$371,121
1,000,000
1,166,830
45,909,787
$48,447,738
• 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.
$52.9
$56.5 $56.8
$55.6
$54.3
$49.9
Fund Balance Trend
(in millions as of September 30)
$51.7
$50.3
$48.4
$47.4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
The Atlantic Ocean from one of Indian River County beaches
.14 Photo courteay of Laura McIver-
Budgeted Amounts
Original
Actual
Amounts
Variance with
Final Budget
Positive (Negative)
Revenues
Taxes
Permits, fees and special assessments
Intergovernmental
Charges for services
Judgments, fines and forfeits
Interest
Miscellaneous
Expenditures
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture/recreation
Court related
Total revenues
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
$58,366,967
9,017,875
12,558,196
8,671,955
1,028,399
154,195
4,106,316
93,903,903
20,693,370
45,566,861
323,682
800,000
432,221
4,368,656
9,705,321
5,760,270
87,650,381
6,253,522
853,399
(9,917,088)
(9,063,689)
(2,810,167)
2,810,167
$58,366,967
9,017,875
16,028,792
8,108,310
1,094,342
154,195
4,257,063
97,027,544
22,337,406
46,439,989
421,305
5,549,941
441,174
4,514,279
10,678,806
5,926,541
96,309,441
$59,268,103
9,407,266
16,054,567
8,080,904
1,182,194
389,073
5,015,643
99,397,750
20, 646, 898
46,157, 514
378,006
4,539,860
433,553
4,239,760
9,611,836
6,063,329
92,070,756
$901,136
389,391
25,775
(27,406)
87,852
234,878
758,580
2,370,206
1,690,508
282,475
43,299
1,010,081
7,621
274,519
1,066,970
(136,788)
4,238,685
718,103 7,326,994 6,608,891
1,600,807
(9,917,276)
(8,316,469)
(7,598,366)
7,598,366
1,562,993
(9,917,276)
(8,354,283)
(1,027,289)
48,447,738
$47,420,449
(37,814)
(37,814)
6,571,077
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
CAPITAL ASSETS
16
CAPITAL ASSETS
2017
2016
Buildings and Improvements
Land
Infrastructure
Right -of -Way
Construction in Progress
Equipment
Intangibles
Total Capital Assets
$348.2
162.0
156.2
58.6
34.0
23.5
4.7
$787.2
(Chart in millions)
$353.4
161.3
166.8
57.6
26.0
19.8
4.8
$789.7
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%
Construction in Progress, 4.3%
Equipment, 3.0%
Intangibles, 0.6%
Photos of the completed Indian River County Sheriff's helicopter
hangar
Photos courtesy of the Indian River County Sheriff
DEBT
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
2017
2016
General Obligation Debt
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
$666
$581
(Chart in millions)
$523
$412
$15.7
$19.7
6.2 6.7
5.2 6.2
16.8 19.0
$43.9 $51.6
$353
$295
2012 2013 2014 2015 2016 2017
17
CASH AND INVESTMENTS
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.
CASH & INVESTMENTS
AMOUNT
PERCENTAGE OF
PORTFOLIO
U.S. Agencies
Cash
U.S. Treasuries
Other Market Rate Investments
$129,531,640
127,030,941
86, 849,111
14,213,772
36.2%
35.5%
24.3%
4.0%
$357,625,464
100%
18