HomeMy WebLinkAbout2021-046Popular Annual
0 0 Financial Report
for the Fiscal Year Ended September 30, 2020
Prepared by Jeffrey R. Smith, CPA, CGFO, CGIVIA
Indian River County Clerk of the Circuit Court and Comptroller ®r"
Table of Contents
Cover Photos:
Florida citrus
Photo courtesy of Indian River County Parks and Recreation
Indian River County Welcome sign
Photo Courtesy of Indian River County Public Works
Oyster Bar Marsh Conservation Area
Photo courtesy of Beth Powell
Indian River County
Administration Building A, Photo courtesy
of the Clerk's Office
Message from the Clerk....................................1
Governmental Funds.................................12-13
About this Report ..............................................2
General Fund .............................................
14-15
County Overview ...............................................
3
Capital Assets................................................. 16
Board of County Commissioners .......................
4
Debt................................................................ 17
Elected Constitutional Officers ..........................
5
Cash and Investments ....................................
18
Major Initiatives and Accomplishments ..........6-7
Contacting Your Government .......................... 19
Local Economy .................................................
8
Glossary of Terms ..........................................
20
Property Taxes ..................................................
9
Role of the Clerk ............................................. 21
Government -Wide Financial Statements....
10-11
Clerk's Online Services .....................
Back Cover
Cover Photos:
Florida citrus
Photo courtesy of Indian River County Parks and Recreation
Indian River County Welcome sign
Photo Courtesy of Indian River County Public Works
Oyster Bar Marsh Conservation Area
Photo courtesy of Beth Powell
Message from the Clerk
Jeffrey R. Smith,
/ ' ' )y
CPA, CGFO, CGMA
Indian River County
'LOUN
`J
` .
Clerk of the Circuit Court
,a
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, 2020. 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 and through this PAFR.
Most of the information in this report is derived from Indian River County's Comprehensive Annual
Financial Report. Awarded the Certificate of Achievement for Excellence in Financial Reporting for the
past 37 consecutive years from the Government Finance Officers Association, the Comprehensive
Annual Financial Report 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 governmental
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
Comprehensive Annual Financial Report, which includes detailed financial statements, notes,
schedules, and reports. Both the Comprehensive Annual Financial Report and the PAFR are available
on our website and can be accessed at www.clerk.indian-river.orq/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
About this Report
Government Finance Officers Association
Award for
Outstanding
Achievement in
Popular Annual
Financial Reporting
Presented to
Indian Ri-ver Counh-
Florida
For its Annual Financial Report
for the Fiscal Year Ended
September 30. 2019
P. 7Of�
Executive Dneetor'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, 2019. 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 5 consecutive years (fiscal years ended
2015-2019). We believe our current report continues to conform to the Popular Annual Financial Reporting
requirements, and we are submitting it to GFOA.
E
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. 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. The current population of Indian River
County is 158,834, increasing 2.51% over the previous year.
Indian River County is ranked seventh among Florida counties by
percent of population ages 65 and older with 33.8%.
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.
i
Board of County Commissioners
Susan Adams
District 1
4
Joseph E. Flescher Joe Earman Peter D. O'Bryan Laura Moss
District 2 District 3 District 4 District 5
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.
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Elected Constitutional Officers
Eric Flowers Carole Jean Jordan Wesley Davis 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.
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 1 st 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 May V. The Clerk's court operating budget includes proposed expenditures and the sources to finance them
as set forth in Section 28.36, Florida Statutes.
Water lily at the historic McKee Botanical Gardens
Photo courtesy of Rick Woodard
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 in July 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
Listed below 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.
58th Avenue from North of 57th Street to 85th
Street/CR 510 Full Depth Reclamation: The $7.3
million project consists of reconstructing the roadway
utilizing full depth reclamation, milling and
resurfacing, widening the existing shoulders to 5 feet,
structural asphalt, surface asphalt, drainage
improvements, waterline directional bore, utility
adjustments, intersection improvements and
signalization at 69th Street, and signing and
pavement markings. Funding is provided by a Florida
Department of Transportation (FDOT) Small County
Outreach Program grant, gas taxes, and optional
sales tax.
45th Street Beautification Project Phase I1: The
improvements include enclosing the Sub -lateral H
Canal by culverting certain portions of the canal on
the south side of 45th Street, adding a 6 -foot
sidewalk, and landscaping improvements. The $3.0
million project will be funded with gas taxes.
Courthouse Renovations: The ongoing $1.9
million renovations include the construction of a new
courtroom on the second floor of the courthouse and
conversion of the first floor Law Library into new office
space. The project will be funded from impact fees,
State Road 60 (SR60) and 43rd Avenue
Intersection Improvements: Through the County
Incentive Grant Program (CIGP) with FDOT,
improvements will be completed at the intersection of
State Road 60 and 43rd Avenue. The project
includes adding right turn lanes along SR60, 43rd
Avenue reconstruction and widening from a 2 -lane
undivided to 4 -lane divided roadway, mill and
resurface existing pavement, add bike lanes,
pedestrian sidewalks, and upgrade existing curb
ramps to meet ADA standards. The FDOT and
County agreed to share equally the total estimated
construction costs of $16.1 million. Optional sales tax
will provide funding.
Countywide Meter Replacement Program: The
County is currently replacing close to 37,000 manual
read meters to Automatic Meter Reading (AMR)
meters at a cost of approximately $14.7 million.
Funding is provided by the Utilities operating fund.
Operating funds are generated from water and sewer
sales.
Major Accomplishments
Major projects or initiatives that were completed during fiscal year 2020 are listed below:
Landfill Segment 3, Cell 2 Expansion, Segment 2
Partial Closure and Landfill Gas System
Expansion: The $13.4 million project consisted of
the expansion of a 10.6 acre segment located
immediately to the east of the existing Segment 3,
Cell 1. The partial closure of Segment 2
(approximately 25 acres in size) includes closure of
the Segment 1 infill vertical expansion area and final
elevations of Segment 2. The current Segment 3,
Cell 1 is approximately 50% full; therefore, the new
Segment 3, Cell 2 was constructed to handle future
capacity of the landfill from Indian River County
residents as required by the Florida Department of
Environmental Protection.
1200 37th Street Right -of -Way: This $1.6 million
2.2 acre parcel will be utilized for right-of-way and
stormwater treatment purposes for the future
extension of 11th Drive from 37th Street to 41st
Street.
Vero Lake Estates Paving from 101st Avenue to
96th Avenue: Construction of the paved roadway
was completed at a cost of $0.7 million.
Old Dixie Highway and Highland Drive
Intersection Improvements: The $0.4 million
project included milling and resurfacing, striping,
overhead signal beacon system design, roadside
swale grading, culverts, drainage, sidewalk, and
pedestrian ramp upgrades within the County right-of-
way.
Sector 5 Beach Restoration: The $6.6 million
Sector 5 project placed approximately 123,800 cubic
yards of beach compatible sand within the project
area. The 3.1 mile section of shoreline sustained
damages from Hurricane Matthew (2016), Hurricane
Irma (2017), and Hurricane Dorian (2019).
Premier Citrus Property: The 243.5 acre parcel
located east of Interstate 95 was purchased due to
increased growth within the County. The $6.0 million
parcel will assist with the need for additional sites to
dispose of reclaimed water, as well as the possibility
of creating a western corridor park and projects
affiliated with the Indian River Lagoon Initiative.
'sigma de�
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-66
Indian River County Beach
Photo courtesy of the Clerk's Office 7
Local Economy
1. Cleveland Clinic Indian River Hospital
2,112
3.53%
2. School District of Indian River County
2,039
3.41%
3. Indian River County*
1,654
2.77%
4. Publix Supermarkets
1,380
2.31%
5. Piper Aircraft Inc.
980
1.64%
6. Wal-Mart
806
1.35%
7. Sebastian River Medical Center
750
1.26%
8. Visiting Nurse Association
500
0.84%
9. John's Island
495
0.83%
10. Indian River Estates
486
0.81%
Principal Employers' Total:
11,202
18.75%
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.
$63,140
$51,041
$52,855 $54,448
$67,978 $68,491
2011 2012 2013 2014 2015
Total taxable property tax values in Indian
River County increased from $18.6 billion in
2019 to $19.6 billion in 2020. Construction
activity saw a decrease with 7.3% less
building permits issued for new construction
in 2020 over 2019. The population of the
County has been steadily increasing,
growing to 158,834 in 2020. 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. Due to the
negative impacts of the coronavirus
pandemic, unemployment saw an increase
from 3.7% in 2019 to 5.9% in 2020. The
citrus industry saw an increase in
production of 13.8% from 2.9 million boxes
in 2019 to 3.3 million in 2020. This ranked
the County 8th among all Florida counties in
total citrus production.
$80,818
$73,274 $76,059
2016 2017 2018 2019 2020
� Population
Unemployment Rate
-v-Per Capita Personal Income (2020 Per Capita Personal Income information not available)
0
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.
1. Florida Power & Light
$322,689,816
1.65%
2. Disney Vacation Dev. Inc.
76,331,184
0.39%
3. Johns Island Club, Inc.
43,816,262
0.22%
4. Windsor Properties
42,402,417
0.22%
5. Adult Communities Total
30,521,361
0.16%
Services, Inc.
6. Welltower TCG Ridea Landlord,
28,766,676
0.15%
LLC
7. BellSouth Telecommunications
24,475,001
0.13%
8. MPT of Sebastian -Steward, LLC
22,969,142
0.12%
9. TSO Vero Beach, LP
22,871,107
0.12%
10. DSTS, LLC
21,739,106
0.11%
Principal Taxpayers' Total:
636,582,072
3.27%
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: $2,812.96
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.
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Indian River County
School Board
6.5690 mills:
$1313.8, 47%
Indian River
County
3.5475 mills:
$709.50, 25%
Emergency
Management
Services District*
2.3655 mills:
$473.10,17%
How property taxes
are calculated:
[Assessed Value of
Property minus
Exemption(s)]
1,000
x Total Millage Rate
= Total Property Tax
)istricts Land Acquisition
1.326 mills: Bond
$265.20,9% 0.2568 mills:
$51.36,2%
J
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.
Assets and deferred outflows of resources exceeded liabilities and deferred inflows by $1,059.1 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, and infrastructure, less any related outstanding debt used to acquire those assets.
The net investment in capital assets amounts to $813.5 million, or 77% of the County's net position. Restricted
net position totaled $181.9 million, or 17%, which represents resources that are subject to external restrictions on
how they may be used. The remaining $63.7 million, or 6%, 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 net position restricted for capital projects and public safety. The increase in capital projects restricted
net position was mainly caused by lower than expected expenditures for projects due to be completed in future
fiscal years. The increase in public safety restricted net position is due to increased property tax revenue for '0
emergency services and increased public -safety related impact fees. 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 was due to an increase in the net pension liability.
Deferred Outflows of Resources 64.0 54.1 9.9
Liabilities
Other liabilities 221.7
Long-term liabilities 38.7
Total liabilities 260.4
Deferred Inflows of Resources 13.1
Net Position:
Net investment in capital assets 813.5
Restricted 181.9
Unrestricted 63.7
Total net position $1,059.1
(Chart in millions)
The Vero Pier
177.7
44.0
46.3
Increase
224.0
2020
2019
(Decrease)
Assets
Current and other assets
$448.1
$417.7
$30.4
Capital assets
820.5
797.7
22.8
Total Assets
1,268.6
1,215.4
53.2
Deferred Outflows of Resources 64.0 54.1 9.9
Liabilities
Other liabilities 221.7
Long-term liabilities 38.7
Total liabilities 260.4
Deferred Inflows of Resources 13.1
Net Position:
Net investment in capital assets 813.5
Restricted 181.9
Unrestricted 63.7
Total net position $1,059.1
(Chart in millions)
The Vero Pier
177.7
44.0
46.3
(7.6)
224.0
36.4
20.0
(6.9)
781.6
171.9
72.0
$1,025.5
10 Photo courtesy of the Indian River County Chamber of Commerce
31.9
10.0
(8.3)
$33.6
-gra:.
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.
EXPENSES
General government
32.5
31.4
Increase
Percent
Public safety
2020
2019
(Decrease)
Change
REVENUES
4.7
1.9
2.8
147.4%
Program revenues:
29.2
31.2
(2.0)
-6.4%
Charges for services
$87.3
$85.6
$1.7
2.0%
Operating grants/contributions
48.9
29.4
19.5
66.3%
Capital grants/contributions
16.4
18.2
(1.8)
-9.9%
General revenues:
7.3
7.9
(0.6)
-7.6%
Property taxes
114.4
105.2
9.2
8.7%
Sales taxes
26.6
27.5
(0.9)
-3.3%
Franchise fees
9.0
9.1
(0.1)
-1.1%
Other
10.8
16.0
(5.2)
-32.5%
Total revenues
313.4
291.0
22.4
7.7%
EXPENSES
General government
32.5
31.4
1.1
3.5%
Public safety
110.3
100,6
9.7
9.6%
Physical environment
4.7
1.9
2.8
147.4%
Transportation
29.2
31.2
(2.0)
-6.4%
Economic environment
0.7
0.5
0.2
40.0%
Human services
11.6
9.6
2.0
20.8%
Culture/recreation
16.5
17.9
(1.4)
-7.8%
Court related
7.3
7.9
(0.6)
-7.6%
Interest and fiscal charges
0.5
0.4
0.1
25.0%
Water and sewer
42.8
45.1
(2.3)
-5.1%
Solid waste
15.8
14.7
1.1
7.5%
Golf course
2.8
2.9
(0.1)
-3.4%
Building
5.1
4.6
0.5
10.9%
Total expenses
279.8
268.7
11.1
4.1%
Increase (decrease) in net position 33.6 22.3 11.3 50.7%
Net position - Beginning 1,025.5 1,003.2 22.3 2.2%
} Net position - Ending $1,059.1 $1,025.5 $33.6 3.3%
(Chart in millions)
Governmental Funds
Revenues
Property Taxes
$114,440,512 $105,227,881
Property
Intergovernmental
33,738,425
31,956,921
50.9%
8.0%
Sales & Use Taxes
18,984,618
19,263,128
• ''
Permits, Fees, and Special
17,959,288
18,092,708
Assessments
L.
Charges for Services
17,375,509
17,919,081
Miscellaneous
8,436,416
5,986,962
Interest
4,718,014
7,575,639
Gasoline Tax, 1.6% 1 Judgments, Fines, etc, 0.6%
Gasoline Tax
3,598,127
3,823,809
1 Tourist Tax, 1.2% ® Other Taxes. 0.6%
Tourist Tax
2,714,264
3,093,941
Overall, general revenues for fiscal year 2020
Judgments, Fines, Forfeits
1,398,028
2,148,209
increased from the prior year. This is due
mainly to increased property tax values. The
Other Taxes
1,255,947
1,278,004
County's primary source of revenue is property
Total Revenues
taxes, amounting to $114.4 million, or 50.9%, of
Governmental Funds revenues in 2020. This is
an increase of $9.2 million from fiscal year 2019.
Since fiscal
year 2016, the County's property tax revenue
has increased by $29.7 million, or 35%. In fiscal year 2020, interest
decreased $2.9 million due to the declining
economic conditions caused
by the coronavirus
pandemic.
Miscellaneous revenues increased $2.4 million
mainly due to reimbursement
received from the City of Vero
Beach for the 43rd Avenue - 18th to 26th Street
road project.
120
100
80
60
40
12
Trends in Revenues FY 2016 - FY 2020
Chart in Millions
®Property Taxes ®Permits, Fees, etc.
®Other Taxes' OCharges for Services "Other Taxes include Sales & Use, Gasoline, Tourist, and Other Taxes.
[]Intergovernmental 1 Other Revenues" "Other Revenues include Interest, Miscellaneous. and Judgments, Fines, Forfeits.
Expenditures
Public Safety
$95,448,236
$89,020,678
General Government
27,589,352
24,925,629
Transportation
26,635,184
30,379,114
Culture/Recreation
21,671,840
15,583,672
", 411'ris�i. Capital Projects
17,302,374
13,393,105
Human Service
11,452,394
9,484,542
Debt Service
7,887,367
6,181,631
Human Services, 5.3% 1 Physical Environment, 0.8% Court Related
6,536,101
7,241,534
Debt Service, 3.6% 1 Economic Environment, 0.3%
Physical Environment
1,719,293
1,353,623
Court Related, 3.0%
Economic Environment
720,010
469,565
Expenditures for fiscal year 2020 totaled $217.0ARN
million, which was a 9.6% increase over the
-
previous year. As in previous years, the largest expenditure of County funds is for Public Safety,
increasing
this year mainly due to increased salaries and benefits. Since fiscal year 2016, expenditures
for Public Safety
have increased by $18.1 million, or 23%. In fiscal year 2020, Culture/Recreation increased by $6.1 million over
fiscal year 2019 due to Sector 5 beach restoration costs. Capital Projects increased by $3.9 million due to the
43rd Avenue - 18th to 26th Street road project. Human Services increased
by $2.0 million
to provide
coronavirus relief funding to municipalities and community agencies.
100
90
80
70
60
50
40
30
20
1C
Trends in Expenses FY 2016 - FY 2020
Chart in Millions
?016
17
®Public Safety JCulture/Recreation
OTransportation OCapital Projects *Other Expenses include Human Services, Court Related, Debt Service, Physical
®General Government ®Other Expenses* Environment, and Economic Environment.
13
General Fund
The General Fund is the chief operating fund of the County. The ending fund balance as of
September 30, 2020 was $59.1 million.
The fund balance classifications used are: Fund Balance Comparison
• Nonspendable - Amounts that cannot be spent 2019
because they are not in spendable form, such as -
inventory, prepaid items, and advances to other Nonspendable $614,277
funds. Restricted 1,001,230
• Restricted - Use of these resources is based on Committed 1,310,621
constraints imposed by external parties, such as Unassigned 52,768,642
creditors, grantors, contributors, or laws and Total $55,694,770
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.
Fund Balance Trend
$56.8 (in millions as of September 30) $55.7
$59.1
$54.3 $49.9 $51.7 $50.3 $51.6
$48.4 $47.4
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
This chart shows the original and final amended budget for the General Fund for fiscal year 2020. There
was a $17.8 million increase in operating appropriations between the original and final amended budget.
This included $13.8 million grants appropriations and prior year rollovers for the Senior Resource
Association (SRA) to provide County -wide public transportation, $2.7 million for capital improvements, and
$0.7 million for Virgin Trains legal and professional services. Actual expenditures for fiscal year 2020 were
$17.6 million lower than anticipated. This included $11.9 million in SRA grant costs not yet expended, $1.5
million in expenditures previously budgeted in the general fund that were ultimately paid from the CARES
Act fund, $1.0 million in unspent capital expenditures, $1.0 million in unspent professional and other
contractual services, $0.9 million in unspent salary and benefits expenditures, and $0.4 million in unspent
Virgin Trains legal and professional services.
Revenues
Taxes
Permits, fees and special assessments
Intergovernmental
Charges for services
Judgments, fines and forfeits
Interest
Miscellaneous
Total revenues
Variance with
Final Budget
Budgeted Amounts Actual
Positive
Original Final Amounts (Negative)
$75,018,191
$75,018,191
$76,282,083
$1,263,892
8,948,050
8,948,050
9,462,719
514,669
14,392,886
28,572,158
17,883,159
(10,688,999)
10,504,728
8,931,899
8,303,097
(628,802)
1,211,963
1,161,963
1,067,687
(94,276)
362,024
362,024
1,519,989
1,157,965
4,037,884
4,439,800
4,949,097
509,297
114,475,726
127,434,085
119,467,831
(7,966,254)
Expenditures
General government
25,117,126
26,623,060
24,329,577
Public safety
55,479,754
56,009,586
55,247,350
Physical environment
510,076
572,724
325,033
Transportation
1,160,000
15,034,612
4,202,981
Economic environment
503,942
509,740
473,417
Human services
5,829,644
6,094,785
5,298,834
Culture/recreation
11,678,894
13,558,970
11,117,375
Court related
6,507,840
6,158,232
5,979,428
Debt service:
Principal
-
-
3,314
Interest and other fiscal charges
-
-
279
Total expenditures
106,787,276
124,561,709
106,977,588
Excess of revenues over (under) expenditures 7,688,450 2,872,376 12,490,243
Other Financing Sources (Uses)
Transfers in 1,597,902 2,670,640 4,216,086
Transfers out (11,934,745) (13,292,531) (13,292,530)
Total other financing sources (uses) (10,336,843) (10,621,891) (9,076,444)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of vear
(3,314)
(279)
17,584,121
Capital Assets
Buildings and Improvements
$321.7 $333.3
Land
170.0 163.9
Infrastructure
151.4 156.4
Construction in Progress
69.7 43.2
Right -of -Way
66.8 63.2
Equipment
36.4 33.1
Intangibles
4.5 4.6
(Chart in millions)
The County's investment in capital assets for its
governmental and business -type activities on
September 30, 2020 amounted to $820.5 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 increase in the County's investment in
capital assets for fiscal year 2020 was 2.8% over
the previous year.
Fiscal year 2020 saw an increase in right-of-way
purchases for 37th Street from US1 to Indian River
Boulevard, an increase in equipment due to the
purchases of emergency services and road
maintenance equipment, and an increase in
construction in progress due to the near completion
of the Sector 5 beach renourishment project,
improvements at the Jones Pier conservation area,
and improvements at the Jackie Robinson Training
Center. The only major decreases occurred in
buildings and improvements and in infrastructure
as a result of increasing depreciation on existing
assets.
Construction in Progress, 8.5% Equipment, 4.4%
Right -of -Way, 8.1% Intangibles, 0.6%
Photos of the new courtroom at the Indian River County Courthouse
16
Photos courtesy of the Indian River County Public Works
tee.
•
At the end of fiscal year 2020, the County 2020 2019
had $6.0 million in outstanding debt. General Obligation Debt
Outstanding debt decreased by $8.7 million
during fiscal year 2020 due to paying off the Limited General Oblig. Note, Series 2015 $ - $7.3
2015 Limited General Obligation Note, as Revenue Bonds/Notes
well as scheduled annual debt payments.
Spring Training Facility, Series 2001 3.9 4.2
The chart below shows the amount of debt
per capita within the County. The debt per Water and Sewer Rev. Note, Series 2015 2.1 3.2
capita has been steadily decreasing over the Total $6.0 $14.7
last 10 fiscal years, falling by another $56
during fiscal year 2020. (Chart in millions)
$756 Debt Per Capita
$666
— $581 $523
$412 $353
$295 $237
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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. Surplus funds are invested in accordance with the policy guidelines and earned $7.1 million in interest
income in fiscal year 2020.
Cash and investments totaled $411.3 million as of September 30, 2020. Cash reported on the financial
statements includes bank deposits, cash on hand, money market accounts, and all highly liquid investments
with maturities of ninety days or less when purchased. Total cash was $135.2 million. Investments consist of
U.S. Treasury Securities and U.S. Government Agency Securities. Other Market Rate Investments consist of
the Florida Trust Day to Day Fund, Florida PRIME, FLSTAR, and FLCLASS. Investments totaled $276.1
million and the weighted average maturity was 0.90 years.
U.S. Agencies
$145,334,550
35.3%
Cash
135,241,537
32.9%
U.S. Treasuries
82,788,848
20.1%
Other Market Rate Investments
47,969,922
11.7%
Cash and Investment Balances
(in millions as of September 30)
$387.8
&399.7
$411.3
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
The new Recording and Juvenile offices at the Courthouse
Photo courtesy of the Clerk's Office
18
Contacting Your Government
County Elected Officials Property Appraiser Lieutenant Governor State Senate — District 17
Wesley Davis Jeanette Nunez Debbie Mayfield
Clerk of the Circuit Court and www.ircpa.org www.flgov.com www.fisenate.gov/senators/si7
County Comptroller Indian River County 850-488-7146 772-226-1970
Jeffrey R. Smith
www.clerk.indian-river.ora
Indian River County Courthouse
200016 th Ave.
Vero Beach, FL 32960
772-226-3100
Board of County
Commissioners
Susan Adams — District 1
Joseph E. F/escher— District 2
Joe Earman — District 3
Peter D. O'Bryan — District 4
Laura Moss — District 5
www.ircqov.com
Indian River County
Administration Building A
1801 27th St.
Vero Beach, FL 32960
772-226-1490
Sheriff
Eric Flowers
www.iresheriff.org
4055 41 Ave.
Vero Beach, FL 32960
772-569-6700
Administration Building B
1800 27th St.
Vero Beach, FL 32960
772-226-1469
Supervisor of Elections
Leslie Rossway Swan
www.voteindianriver.com
4375 43fa Ave.
Vero Beach, FL 32967
772-226-4700
Tax Collector
Carole Jean Jordan
www.irctax.com
Indian River County
Administration Building B
1800 27th St.
Vero Beach, FL 32960
772-226-1338
State Elected Officials
Governor
Ron DeSantis
www.flgov.com
850-717-9337
Attorney General
Ashley Moody
www.myfloridalegal.com
1-866-966-7226
Chief Financial Officer
Jimmy Patronis
www.mvfloridacfo.com
1-877-693-5236
Commissioner of Agriculture
Nicole Fried
www.freshfromflorida.com
1-800-435-7352
State Attorney
19th Judicial Circuit
Thomas Bakkedahl
www.sao19.ora
772-226-3300
Public Defender
19th Judicial Circuit
Diamond R. Litty
www.pol9.org
772-226-3340
House of Representatives
District 54
Erin Grail
www.mvfloridahouse.aov
772-778-5005
Federal Elected Officials
United States Senator
Rick Scott
www.rickscott.senate.aov
202-224-5274
United States Senator
Marco Rubio
www.rubio.senate.gov
1-866-630-7106
United States Representative
District 8
Bill Posey
www.Dosev.house.00v
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.
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.
Operating Grants/Contributions
State, federal, other government and private
contributions to fund specific programs.
Deferred Outflow of Resources
A consumption of net position by the government that Per Capita
is applicable to a future reporting period. Amount per County resident.
Deferred Inflow of Resources
An acquisition of net position by the government that is
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.
Long-term Liabilities
Includes such items as bonds, notes, compensated
absences, and other County obligations.
A sea turtle making its way back to the ocean.
Photo courtesy of the Indian River County Public Works
Opposite page: Eagles nesting in Indian River County.
Photo courtesy of Rick Woodard
20
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.
Role of the Clerk
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. 21
Prepared under the supervision of:
Jeffrey R. Smith, CPA, CGFO, CGMA
Indian River County
Clerk of the Circuit Court and Comptroller
For more information about the
Indian River County Clerk of the Circuit Court and Comptroller,
visit the Clerk's website at
To search Court Records:
http://public.indiai-i-riv -'.r. cr,.i
To search Official Records:
hftp://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
This report is designed to provide a general overview of the
County'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: Comptroller Division
1801 27th Street
Vero Beach, FL 32960
(772) 226-1219