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The Indian River County Recreation Department provides, operates and publicizes
recreational programs and facilities for County residents and visitors of all ages
and backgrounds. During the 2002 - 2003 fiocal year, the North County Aquatic
Center began operations . The $ 5 . 8 million state of the art facility, located in
Sebastian , features a 968 , 000 gallon competition pool with eight full lanes, a
heated diving well with one and three meter diving boards, a heated zero depth
recreational activity pool , two water sl ides and three interactive play features. The
North County Aquatic Center contains 45 , 000 square feet of surrounding deck
space to accommodate the public, spectators and competitive events for public
recreational swimming , water play, competitive swim meets, rentals and special
events. The North County Aquatic Center was funded by the local option one - cent
sales tax.
The North County Aquatic Center now complements the Gifford Aquatic Center.
Located in the Southern half of Indian River County adjacent to the Gifford Youth
Activities Center, the Gifford Aquatic Center was completed and opened to the
public in August 2001 . This project was the result of a comprehensive needs
assessment conducted by Indian River Community College . The $ 1 . 8 million aquatic
center was funded by public tax dollars, private groups and individual donors and
features a 180, 000 gallon heated , six lane, zero entry seventy five by one hundred
ten foot pool . The entry is graded for wheelchair accessibility with a depth ranging
from zero to five feet . An interactive children 'o water playground with water jets,
foam geyser, shower tunnel and water drop features provide fun and enjoyment for
almost 100 children . Fossils from Morocco, some of them 380 million years old , are
imbedded in the building 's walls. Twelve sculptures of inspiring human forms, ranging
in size from six to twenty- eight feet tall decorate the grounds.
Indian River County served as host for the annual Florida High School Athletic
Association ( F5HAA ) Swimming and Diving State Finals at the North County
Aquatic Center. This is the premier event in high school swimming in the state of
Florida . The swim meet consisted of 293 teams with over 2500 athletes and 4000
volunteers. Almost 4500 spectators attended the meet, which generated nearly
$1 million in economic impact for Indian River County. Dy hooting thio event, the
North County Aquatic Center has established itself ao a leading competition and
practice facility statewide .
Both the North County Aquatic Center and Gifford Aquatic Center provide a
wide variety of programs for both children and adults alike . Parent Tot Swim io an
excellent way for parents to help their children learn the fundamentals of swimming
by increasing their flexibility, coordination and strength through basic swimming
skills. Pre - ochool and youth swim lessons are offered with different levels of training
baoed upon individual water experience . Aquanautics offers fun and fitness in the
water. The claws io designed to strengthen and firm muscles, improve cardio -
reopiratory function , balance and coordination all while Oct to music . The Junior
Lifeguard Program is offered to young adults ages 12 - 17. It teaches safety in and
around the water along with the duties and responsibilities of a lifeguard by building
self- confidence and preparing interested youth for work as a lifeguard .
INDIAN RIVER COUNTY, FLORIDA
' COMPREHENSIVE ANNUAL
FINANCIAL REPORT
' FOR THE FISCAL YEAR ENDED
SEPTEMBER 30 , 2003
1
Jeffrey K . Barton
' Clerk of the Circuit Court
' Prepared By :
Clerk of the Circuit Court Finance Department
' Edwin M . Fry, Jr.
Finance Director
' Q
o ^ 200
I T
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
IT
Fiscal Year Ended September 30 , 2003
Board of County Commissioners
Kenneth R . Macht Fran B . Adams
Chairman Thomas S . Lowther
Caroline D . Ginn Arthur R. Neuberger
Vice- Chairman
Elected Constitutional Officers <,
Jeffrey K. Barton David C . Nolte
Clerk of the Circuit Court Property Appraiser
Kay Clem Roy Raymond
Supervisor of Elections Sheriff
1
Charles W. Sembler
Tax Collector
County Management
James E . Chandler William G Collins II
County Administrator County Attorney
Joseph Baird Kimberly Massung
Assistant County Administrator Executive Aide to BCC
James W. Davis Robert M . Keating
Director of Public Works Director of Community Development
Erik Olson Thomas W. Frame
Director of Utilities Director of General Services
Cliff Crawford John W. King
Director of Recreation Director of Emergency Services
James E . Carnicella Robert J . Komarinetz
Director of Human Resources Director of Golf Course
' Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
' TABLE OF CONTENTS
Fiscal Year Ended September 30 , 2003
Page
' Number
INTRODUCTORY SECTION
LETTEROF TRANSMITTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
ORGANIZATIONCHART . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
INFINANCIAL REPORTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . xii
FINANCIAL SECTION
' REPORT OF INDEPENDENT ACCOUNTANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 1
' MANAGEMENT ' S DISCUSSION AND ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . 3
BASIC FINANCIAL STATEMENTS :
Government-wide Financial Statements :
' Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Statementof Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Fund Financial Statements :
Balance Sheet - Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 00
. . . . . . . . . 0 . . . . 1 18
Statement of Revenues , Expenditures , and Changes in
Fund Balances - Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . 20
' Reconciliation of the Statement of Revenues , Expenditures , and Changes
in Fund Balances of Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . 22
Statement of Revenues , Expenditures , and Changes in Fund Balances -
1 Budget and Actual - General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 23
Statement of Revenues , Expenditures, and Changes in Fund Balances -
Budget and Actual - Road Improvement Fees Fund24
Statement of Revenues , Expenditures , and Changes in Fund Balances -
Budget and Actual - Secondary Roads Construction Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
' Statement of Revenues , Expenditures , and Changes in Fund Balances -
Budget and Actual -Transportation Fund26
Statement of Revenues , Expenditures , and Changes in Fund Balances -
' Budget and Actual - Emergency Services District Fund27
Statement of Revenues , Expenditures , and Changes in Fund Balances -
Budget and Actual - Land Acquisition Fund28
' Statement of Net Assets - Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . 09 . 40 . 29
Statement of Revenues , Expenses , and Changes in
Fund Net Assets - Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . 30
' Statement of Cash Flows - Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . 32
Statement of Fiduciary Net Assets - Agency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . 36
' Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . 37
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - CONTINUED
Fiscal Year Ended September 30 , 2003 -
Page
Number
Combining and Individual Fund Statements and Schedules :
Combining Balance Sheet - Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds . . , , , , , , , , , " , , . . . . . . . . . . 0 . . . . . . . . . . . . . . . . 1 104
Budgetary Comparison Schedules
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 112 -
Combining Statement of Net Assets - Nonmajor Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 . 11 . 0 . . . . . . 144
4
Combining Statement of Revenues , Expenses , and
Changes in Fund Net Assets - Nonmajor Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 145
Combining Statement of Cash Flows - Nonmajor Enterprise Funds 146
Combining Statement of Net Assets - Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . 149
Combining Statement of Revenues , Expenses, and
Changes in Fund Net Assets - Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 150
Combining Statement of Cash Flows - Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . 151
Statement of Changes in Assets and Liabilities - Agency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . 154
Capital Assets Used in the Operation of Governmental Activities :
Comparative Schedules By Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . 156
Schedule by Function and Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . 157
Schedule of Changes by Function and Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 158
Indian River County, Florida
' COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - CONTINUED
' Fiscal Year Ended September 30 , 2003
Page
Number
STATISTICAL SECTION
' TABLE 1 General Government Expenditures by Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . 160
TABLE 2 General Government Revenues by Source - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . 161
' TABLE 3 Property Tax Levies and Collections - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . 162
TABLE 4 Just and Taxable Value of Real and Personal Property -
LastTen Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
' TABLE 5 Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164
TABLE 6 Special Assessment Billings and Collections - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 165
TABLE 7 Ratio of Net General Bonded Debt to Taxable Value and
Net Bonded Debt Per Capita - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . 166
' TABLE 8 Computation of Direct and Overlapping Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . 167
TABLE 9 Ratio of Annual Debt Service Expenditures for General Bonded
' Debt to Total General Governmental Expenditures - Last Ten Fiscal Years . . . . . . . . . . . . 168
TABLE 10 Department of Utility Services- Summary of Historical
' Revenue of the System - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 169
' TABLE 11 Revenue Bond Coverage - Golf Course - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
TABLE 12 Revenue Bond Coverage - Indian River County Housing Authority -
' Component Unit - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . 171
TABLE 13 Demographic Statistics - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 172
TABLE 14 Property Value , Construction and Bank Deposits - Last Ten Fiscal Years . . . . . . . . . . . . . . . 173
' TABLE 15 Principal Taxpayers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
TABLE 16 Schedule of Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
' TABLE 17 Miscellaneous Statistical Data
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
I
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT 1
TABLE OF CONTENTS - CONTINUED
Fiscal Year Ended September 30 , 2003
Page
Number
TABLE 18 Department of Utility Services-
Water and Sewer Customers-Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181
TABLE 19 Department of Utility Services-
High Volume Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . 182
TABLE 20 Department of Utility Services - Historical Rate
Structure- Last Eight Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . 183
F'
COMPLIANCE SECTION
Federal and State Grants :
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with GovernmentAuditingStandards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 185
Report on Compliance and on Internal Control Over Compliance
Applicable to Each Major Federal Program and
State Project
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 ,.
Schedule of Expenditures of Federal Awards and State Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . 188 a
Notes to Schedule of Expenditures of Federal Awards and State Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
Schedule of Findings and Questioned Costs - Federal Awards and States Projects " , ' , " " , ' , , " " , 193
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS - CONTINUED
' Fiscal Year Ended September 30 , 2003
' AUDITOR GENERAL REPORTS SECTION
Page
' Number
COUNTY MANAGEMENT COMMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . 195
' BOARD OF COUNTY COMMISSIONERS
Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
' Special Purpose Financial Statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
. . . . . . . . . . . . . . . 200
' Report on Compliance and on Internal Control over Financial
Reporting Baseed on an Audit of Financial Statements Performed in
Accordance with (Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . 254
' Management Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255
' Response to Management Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258
CLERK OF THE CIRCUIT COURT
Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260
Special Purpose Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261
Report on Compliance and on Internal Control over Financial
' Reporting Based on an Audit of Financial Statements Performed in
Accordance with ( Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . see . . . . . a . . . .
. . . . . . . . 269
' Management Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270
Response to Management Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 273
' PROPERTY APPRAISER
' Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276
Special Purpose Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277
' Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
' Accordance with (Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . 283
ManagementComments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284
:t
Indian River County, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS -CONTINUED
Fiscal Year Ended September 30 , 2003
i
Page
Number
SHERIFF
Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288
Special Purpose Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with (Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . 297
ManagementComments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298
SUPERVISOR OF ELECTIONS
Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302
Special Purpose Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with (Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . 309
ManagementComments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310
Response to Management Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . 312
TAX COLLECTOR
Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 314
Special Purpose Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 315
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with (Government Auditing Standards) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . 323
ManagementComments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324
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RIVER
JEFFREY K . BARTON
' Clerk of Circuit Court z K
P. O . Box 1028 # #
' Vero Beach , Florida 32961 - 1028 OR10�`
Telephone: ( 772 ) 770-5185
' March 11 , 2004
' To the Citizens of Indian River County :
' The Comprehensive Annual Financial Report of Indian River County, Florida for the fiscal year ended
September 30, 2003 , is respectfully submitted. This report was prepared by the Finance Department under the
' supervision ofthe Clerk ofthe Circuit Court. Responsibility for both the accuracy ofthe presented data and the
completeness and fairness ofthe presentation, including all disclosures , rests with the Finance Department.
This report contains four major sections : the Introductory, the Financial, the Statistical and the Compliance
Sections . The Introductory Section is designed to give the reader ofthe financial report some basic background
information about the County. The Financial Section is divided into ( 1 ) management' s discussion & analysis and
the basic financial statements , and (2) the combining and individual fund financial statements . The Statistical
Section reflects social and economic data, financial trends and the fiscal capacity of Indian River County. The
Compliance Section includes a schedule ofexpenditures offederal awards and state projects as required by the
Florida Single Audit Act, the U . S . Single Audit Act of 1984, the U. S . Single Audit Act Amendments of 1996
and the U. S . Office of Management and Budget.
The County has prepared the financial statements to meet the requirements of Governmental Accounting
Standards Board Statement No . 34 , Basic Financial Statements - and Management 's Discussion and
' Analysis for State and Local Governments (GASB 34) . These statements are significantly different from the
financial statements prepared by the County for previous fiscal years . GASB 34 establishes a new reporting
model that the County has reported in four parts :
' 1 ) Management' s Discussion and Analysis - a narrative reportproviding significant information about the County
and how the County ' s financial position has changed from September 30 , 2002, to September 30 , 2003 , and
' the reasons for the change ;
2) Government-wide Financial Statements - financial reports on the governmental and business-type assets ,
liabilities, expenses and revenues ofthe County;
' 3) Fund Financial Statements - financial reports on the major individual governmental and proprietary funds of
the County, and budgetary comparisons for the County' s general fund and major special revenue funds ; and
4) Notes to the Financial Statements .
Indian River County is a Non-Charter County established underthe Constitution and the Laws ofthe State of +
Florida. This Comprehensive Annual Financial Report (CAFR) includes the funds ofthe primary government
(the Board of County Commissioners , the Clerk ofthe Circuit Court, the Property Appraiser, the Sheriff, the
Supervisor ofElections and the Tax Collector) and the following component units :
The Emergency Services District
M
The Indian River County Housing Authority
The Solid Waste Disposal District
These entities were included because generally accepted accounting principles require that organizations for
which the County is financially accountable be reported with the primary government (the County) as the
reporting entity. This CAFR does not include the Indian River County School District, the Indian River County
Mosquito Control District or the Indian River County Memorial Hospital.
- y
ECONOMIC CONDITION AND OUTLOOK
Indian River County, established on June 29, 1925 , by an act ofthe Florida Legislature, is onthe central Atlantic
coast ofFlorida, approximately 100 miles southeast of Orlando and 135 miles north ofMiami . The County is
bordered by Brevard County to the north, St. Lucie County to the south, and Osceola and Okeechobee Counties
on the west. There are approximately 100 miles of waterfront land in the County, including 23 miles of Atlantic
beaches . The City of Vero Beach is the seat of County government, as well as the largest municipality in the
County. Indian River County is the winter home for thousands ofvisitors, spring training grounds ofthe Los
Angeles Dodgers , and home ofthe Disney Resort on Orchid Island . The functional (seasonal plus resident)
population reaches approximately 15 0, 000. Like the State of Florida, the County has experienced significant
population growth. Retail trade and the service industries remain the largest sectors of employment in the County.
Other maj or sources of j obs are found in government and agriculture . Indian River citrus is a well recognized
name and product throughout the United States and internationally.
Strong growth in the County continued and has provided the County the opportunity to lower tax rates while
still providing a high level of services to Countyresidents and visitors . Property tax values increased 13 . 7 % and
the taxable value compared to the total j ust value of property was 74 . 9 % . Construction activity in 2003 was
strong with 2,854 permits being issued fornew construction with avalue of$514. 87 million. This was an increase
of 18 . 7% from last year and sets a new record for annual construction value . Just slightly less than 18% ofthe
total County acreage is dedicated to citrus production. The County is a maj or producer of citrus in the state and
produced 14 . 8 million boxes of citrus in 2003 compared to last year' s production of 19 . 1 million boxes . Total
employment increased 9 . 3 % from 43 , 766 to 47 , 841 . However, as did the national annual average
unemployment rate, the annual average unemployment rate in the County increased, rising from 7 . 7% to 8 . 2% .
Population growth, which was averaging about 2 . 15% per year in the 1990s, was 1 . 8 % in 2003 . Indian River
County ' s estimated population for 2003 was 120,271 .
Construction activity in the County continued to exhibit strength with a number ofproj ects being completed
during the past year. There appears to be continuing strength going forward with many projects in the planning
stages or currently underway,
ii
' In the north part of the county, some of the projects underway include :
*The 14 , 000 square foot Lakeside Fellowship Baptist Church east of 6611' Avenue and south of 81 s�
' Street;
• Indian River Federal Credit Union, a new 2 , 752 square foot building on North US Highway 1 in
Sebastian;
' •A new Eckerd Drug Store at the corner of US Highway 1 and County Road 5120 ;
•A new Eckerd Drug Store at the intersection of US Highway 1 and Roseland Road;
*Three 6 unit buildings in Plantation House/Sea Oaks on Orchid Island ;
' *Construction of six-plex buildings and single family homes in The Bermuda Club on A 1 A south of Sea
Oaks and north of Disney; and
*Grand Oak Estates, a 15 lot residential subdivision west of Old Dixie Highway and south of Roseland
Road .
' Completed projects include :
• Wabasso Convenience Store , a 3 ,000 square foot convenience store/ food court at the intersection
of US 1 and 86th Street with a car wash and 12 fueling stations ;
' •The Jungle Trail/Pelican Island Wildlife Refuge conservation education facility including three bath-
room facilities, five shelters and 2 kiosks ;
•Plat approval for The Bermuda Club consisting of 90 single-family lots and a 78 unit multifamily area
' on A 1 A south of Sea Oaks and north of Disney;
*The Marsh Island Planned Development with 27 single-family lots, 8 duplex lots, and a fitness center
on the Wabasso Causeway;
' •Phase III of the Old Orchid Development with 30 single-family lots on County Road 510 ;
*The Seasons Community, a 100 lot single-family subdivision at the intersection of County Road 510
and Jungle Trail ; and
' *The North County soccer complex expansion to provide bathrooms and a concession stand.
' In the central part of the county, some of the projects underway include :
• Gifford Health Center, a 6,385 square foot office with a 4,257 square foot medical clinic ;
* 3 6th Street Medical Building. a 22,000 square foot medical/general office building;
'
* Southern Plumbing/Contractors Trade Building, a 5 ,000 square foot warehouse
• Wilson Contractor Trades , a 4, 800 square foot contractor trades building at 6598 Old Dixie High-
way;
•Alcohope of the Treasure Coast, a group home and alcohol rehab facility at 3395 11 th Court;
* St . John 's of the Cross Catholic Church, a 1 ,200 seat church and 12 , 000 square foot multipurpose
building on 26th Street;
* St Mark 's Church of Indian River County, a 4 , 990 square foot church and a 3 ,280 square foot
fellowship hall;
*Lakeside Apartments, a 153 multifamilial complex with a clubhouse and storage building on 58th
' Avenue;
*Laporte Multi-Family, 34 triplexes on 85th Court;
'
*Pinnacle Grove, 110 multifamily buildings containing 234 units and a clubhouse on 45th Street;
•Regency Park, a 250 multifamily complex with 40 duplex units on 41 st Street
*Walker Woods , a 208 unit multifamily complex on 26th Street;
* Grand Harbor - The Falls , a 36 single family homes , 18 duplexes and a clubhouse in Grand Harbor;
' iii
* Grand Harbor - The Reserve, a 100 lot single family homes in Grand Harbor;
•Park Lane Estates , a 44 lot subdivision on 65th Street ;
• Riverwind, 146 single family homes subdivision and clubhouse at the intersection of Indian River
Boulevard and 45th Street; and
* Trillium, a 217 residential unit subdivision on 33rd Street.
Completed projects include :
• Syngenta Crop Protection constructed a 2 , 800 square foot pole barn and added 22 , 820 square feet
to the Agriculture Research Facility on 58thAvenue ;
*Eagle Trace, a 62 lot single-family subdivision east of 581 Avenue ;
• Woodlake Commons , a 85 , 600 square foot retail/office building at 3929 US l ;
*BCM Storage, a 92, 800 square foot mini- storage facility at 3890 691 Street;
• Walker Woods , a 208 unit apartment complex on 261 Street;
•The Cascades of Vero, an 80 lot single-family subdivision between 651' and 690' Streets ; and
*Pine Ridge Club, a 42 lot single-family subdivision at the intersection of 58' Avenue and 571 Street.
In the south part of the county, some of the projects underway include :
•Mazzarella Auto Repair, a 4, 500 square foot auto repair business at 40 Old Dixie Highway:
•Light Source Business Systems, a 3 ,250 square foot expansion at 210 Old Dixie Highway;
*Paragon, a 16, 780 square foot and 11 , 000 square foot building at 912016th Place ;
*Christian Outreach Retreat, a retreat center, maintenance building, office, lodge, cabins, chapel, din-
ing hall and recreation hall at 602512th Street; a
• Cradles to Crayons, a 4, 791 square foot addition to the existing facility at 1285 6th Avenue ;
*Moorings Club, administrative offices and social services center at 100 Harbor Drive ;
* Christi 's Fitness, a 32,000 square foot fitness center at 1250 Old Dixie Highway; -
* Old South Commercial Park , a 6,200 square foot warehouse building at 430 3rd Lane SW;
• Sandcastle , an 86 unit mini storage facility at 5th Street SW
*East Gate Villas, 27 multifamily units on 13th Place East of 6th Avenue;
•The Fountainhead, 89 multifamily units at 750 6thAvenue ;
•The Palms of Vero, a 259 unit apartment complex at the intersection of 12th Street and Indian River
Boulevard;
*Citrus Springs Village, Phases D, E and F are now underway. When completed, there will be 477
units on 191 acres ;
*Pointe West Central Village, 30 duplex buildings and 57 single family lots in Phase 11, 41 single family
lots and 32 duplexes in Phase III ;
•Ansley Park, a 90 unit single family subdivision west of 27th Avenue SW between 9th Street SW and
13th Street SW;
*High Hawk of Vero, 61 single family lots at the SE corner of 6th Avenue SW and 17th Lane SW;
*Majestic Oaks, a 156 lot single family subdivision at 1170 27th Avenue;
*The Oaks of Vero, 148 single family lots on 70 acres on the Northeast corner of 12th Street and 58th
Avenue;
9O1d Savannah Subdivision, a 51 lot single family subdivision West of 46th Avenue on the North side
of 16th Street; and
Waterford Lakes, a 265 single-family lot subdivision at the intersection of 121 Street and 161 Avenue .
Completed projects include :
*Berlin Retail, a 12 ,960 square foot retail and office building at 676 US Highway 1 ;
iv
' *Kenwood Village, 91 single family lots on 37 . 8 acres and 109 single family lots on 43 . 85 acres at
3725 5th Street SW;
'
*Pointe West North Village , a 25 single-family lot subdivision between 161 Street and SR 60 ;
* Legend Lakes , 163 single family lots on 79 acres on Oslo Road between 43rd Avenue and 58th
Avenue ;
•The 3 ,300 square foot Dr. Stewart Animal Clinic at 890 Old Dixie Highway;
•Four 7, 500 square foot contractor trades buildings at the intersection of 181Avenue SW and Oslo
Road;
• The Vero Mall redevelopment, which used the old mall site to provide retail facilities including a
grocery store and numerous retail outlets ;
*Rose Commercial Plaza, a 10, 000 square foot contractor trades building at 1452 Old Dixie High-
way;
*Village Walk South, a 102 unit multifamily subdivision at 620 61 Avenue ;
' • Citrus Springs Village , a multi-phase project with 54 lots on 29 acres east of 58th north of 511 Street
SW and 216 lots on 75 acres on 581 Avenue between 91 Street SW and the South Relief Canal ;
*The Grand Royale, a 72 multifamily unit complex at 100 Vista Royale Blvd;
'
*Carriage Lake, a 64 single-family lot subdivision at the intersection of Kings Highway and &I Street;
and
* Waters Edge , a 131 unit subdivision at the intersection of 1 " Street SW and 32°1 Court SW.
MAJOR INITIATIVES
Indian River County continued with its overall program of improving the management ofthe County and followed
through onmany ofthe activities identified in the previous year. Major accomplishments for the 2002-2003 fiscal
year (FY 2003 ) listed below demonstrate what taxpayer dollars were used for in the prior year and sets a
framework for the organization ' s goals for the 2003 -2004 fiscal year (FY 2004) .
' Fairgrounds Agricultural Arena
The County continued the multi-year program of improvements to the fairgrounds and the arena. In FY 2003 ,
a Florida Department ofAgriculture and Consumer Services Grant was used to construct a second exhibition
building to the south ofthe current exhibition building for $363 ,908 .
North County Regional Park
Construction of the North County Regional Park began in FY 2002 . The first phase of the Park was com-
pleted in FY 2003 . A zero entry activity pool of 7,000 square feet with water activities and water slides for the
children and an Olympic stretch pool of 217 feet in length and 75 feet in width, holding 1 ,000 ,000 gallons of
water were opened . A total of $ 5 , 965 , 741 had been spent by the end of the fiscal year. Phase II of the park,
which will includes two baseball/softball fields, a playground, and a walking/nature trail, will be started during
the FY 2004 .
' Stormwater Improvements
In FY 2003 , the County spent $638 ,066 for the various stormwater projects throughout the County. The goal
ofthe stormwater projects is to reduce contaminated water runoff to the Indian River lagoon. Construction of
retention ponds and drainage improvements will significantly reduce the volume of contaminated water flowing
' directly into the Lagoon.
' v
The Roseland Area Stormwater Improvement Project will provide flood control and stormwater quality treat-
ment for a 211 -acre section of the Roseland community. The project includes construction of two stormwater
detention ponds, installation of enlarged culverts , and construction of stormwater conveyance . Construction
began in FY 2003 . A grant in the amount of $ 185 , 000 has been awarded by the St. Johns River Water
Management District (SJRWMD) .
The Vero Lake Estates Stormwater Project covers an area of 2 ,410 acres and 10 , 000 platted lots . The
subdivision does not have adequate stormwater treatment and drainage . The County plans to construct and
convert borrow pits into retention facilities to hold rerouted stormwater for treatmentprior to release into the
Indian River Lagoon . This project has received funding from SJRWMD in the amount of $250, 000 and the
Environmental Protection Agency in the amount of$626,808 . Phase II and Phase III, which are in the planning
stage, will be stormwater management systems that tie into Phase 1.
The East Gifford Area Stormwater Project proposes to construct a 5 -acre stormwater detention pond and
swales at the northwest corner of 415' Street and the railroad tracks to provide flood protection, erosion
control and promote health benefits by reducing the amount of stagnant surface water in the area. This project
will reduce flooding in a low-income area where some of the homes have floor elevations below flood levels .
The project has been designed and permits received. Construction of the improvements started in FY 2003 .
Grant funding in the amount of $ 100,000 has been received from the SJRWMD .
-g
t
The East Indian River County Stormwater Management Plan addresses stormwater runoff from over 50,000
acres of land, including the urban center of Vero Beach. This watershed discharges a tremendous amount of
pollutants directly into a 15 mile-long area of the Indian River Lagoon. The plan is to reduce the pollution by
developing an integrated stormwater treatment, storage, and recharge/reuse system. A master drainage plan is
in development and the project will be subdivided into three different areas . As the plan is implemented, the
project will probably be further subdivided. Grant funding in the amount of $ 120,000 has been committed by
F„
the SJRWMD . d
Citrus Best Manaizement Practices
In FY 2002 , The County entered into a $50, 000 cost share agreement with the St. Johns River Water Man-
agement District to implement citrus best management practices (BMPs) in the County to reduce polluted
water discharges . The County disbursed $ 102,000 in FY 2003 to reimburse citrus property owners 75 % of
the cost of BMPs implemented by the owners . The County was also able to obtain a $ 750,000 grant, with
$250 , 000 paid to the County each year for three years , from the Florida Department of Agriculture and
Consumer Services for BMWs . This is the second year of the grant. The Indian River Soil and Water Conser-
vation District, in cooperation with the United States Department ofAgriculture Natural Resource Conserva-
tion Service, is monitoring the BMPs implementation program.
Environmental Lands
In FY 2003 , the County used the balance ofthe Environmentally Sensitive Land Acquisition Bonds , Series
2001 , grant funds from the Florida Communities Trust, grant funds from the City of Vero Beach and grant
funds from the Town of Indian River Shores to purchase the Lost Tree Islands ; a group of environmentally
significant islands in the Indian River Lagoon. A total of $ 15 , 324 , 003 was spent on the Lost Tree Islands ; of
that amount $5 ,291 , 752 was from grant proceeds . Another $ 1 , 609,956 was spent to acquire the Hallstrom
Farmstead, a 93 plus acre site . Of that amount, $ 1 ,232, 373 was derived from grant funds .
vi
' Pelican Island National Wildlife Refuge
The County completed improvements on two sites in the Pelican Island National Wildlife Refuge . Improve-
ments included a paved parking area, rest rooms , kiosks, drainage, landscaping, and installation of informa-
tional signs . The county was recently awarded an additional $ 1 , 000 , 000 grant from The Department of
Environmental Protection to continue with Uplands Restoration and Tidal Marsh Restoration of the Pelican
' Island National Wildlife Refuge .
Beach Restoration
' The County developed an overall beach restoration plan in FY 2002 . The plan divides the beach restoration
project into four phases . The first phase, which will restore 2 . 5 miles of beach from the Sebastian Inlet on the
northern end of the County to just south of the Ambersand Beach access , was designed and permitted during
the FY 2002 . In FY 2003 , the county spent $9 , 032,698 to rebuild the 2 . 5 miles of beach.
' Sebastian Water Expansion
On going expansion of the Sebastian Water System continues on Phase IIID and IIIE . To date, $ 1 ,993 , 837
has been spent on these phases . When completed, these Phases will provide water service to another 1 ,433
' lots at an estimated cost of $ 3 . 2 million. With the completion of Phase IIID and IIIE, the County will have
installed approximately 109 .4 miles of water lines in Sebastian Highlands providing water service to approxi-
mately 8 ,000 lots .
Kings Hi hwaY
The majority of work was completed on Kings Highway during FY 2003 . The two lane road has been ex-
panded to four lanes from 12th Street to Oslo Road. The five east/west bridges over the canal on the east side
of Kings Highway were replaced and traffic signals were installed at four intersections and at Oslo Road .
Through September 30 , 2003 , the County has spent $ 12 . 5 million dollars .
Dodgertown Springy Facility
In FY 2003 , the County completed construction of The Los Angeles Dodgers Training Facility for $4,993 ,625 .
' We have an outstanding contract with The Los Angeles Dodgers to reimburse them for maintenance of the
grounds and facilities located on 26th Street in Vero Beach.
Public Works Complex
In FY 1998 , the County began working with Indian River County School Board and The Indian River County
Sheriff's Department to develop a joint public works facility in order to centralize a fueling compound and bus
storage area. To date $5 , 104,499 has been spent on the facility. The County began using the facility in March
2004 . The School Board and Sheriff's Department will begin using the facility during FY 2004 .
Expansion of Coppjy Coup , Jail
Indian River County needs to expand the jail . On January 9, 2003 The Board purchased approximately 26
acres of land for $ 906 , 360 . Carter Goble Associates Inc . has been hired as consultants on the project to
provide the needs assessment study of the jail in order to review overcrowding issues and to project what
needs to be included in any future design for jail expansion.
' vii
Homeless Assistance Services
The County received a number of grants from the U . S . Housing and Urban Development Department , A
Family Options Transitional Housing Program Grant in the amount of $293 , 898 will be used for renovations,
rehabilitations, and support services at the Indian River Homeless Services Council 's shelter. The local re-
quired match of $243 ,031 will partially be provided from the County 's SHIP funds . Other grants received by
the County for homeless services were a Shelter Plus Care Grant in the amount of $477, 708 for tenant-based
rental assistance, a Youth Crisis Center Grant in the amount of $210, 191 to provide supportive housing assis-
tance for homeless families with children and a Homeless Management Information Systems Grant in the
amount of$ 108 , 530 to create a point of service homeless management information system .
I
State Housing Improvements Program
The State Housing Improvements Program (SHIP) is a vital source of funds used by the County to provide
financial assistance to County residents who want to become home owners or make improvements to
p their
homes . Using SHIP funds, the County provided 42 loans totaling $ 1 , 195 , 168 for down payment/closing costs
assistance, rehabilitation loan assistance and impact fee loan assistance . Of the 42 loans, 21 were provided to
very low income households , 19 to low income households and 2 to moderate income households .
Humane Society
During FY 2003 , the Humane Society completed a new facility on 77th Street. The County needed the old
Humane Society site and agreed to pave Seventy-seventh Street between 58th Avenue and 66thAvenue. The
County completed the paving project in order to have a paved street leading to the new facility.
Mass Transit Services
The County has an agreement with the Council on Aging to provide mass transit services to County residents .
During the FY 2003 , a Federal Transportation Authority Grant in the amount $ 1 , 121 , 748 , and a Florida
Department of Transportation Grant in the amount of $335 ,000 were provided to the Council on Aging. The '
Council used these funds to operate their fleet of 24 vehicles to provide over 195 ,000 boardings to County
residents for transport between the Gifford area, the central beach area, the central Vero area, Vero Beach
Highlands, Sebastian and the State Road 60 corridor. Five days a week eight routes are serviced. Four routes
are serviced on Saturdays .
Other Projects
A $ 600, 778 Florida Department of Transportation Grant was awarded to replace a low-level bridge at 26th
Street over Range Line Canal (74th Ave .) . An additional $223 ,000 is being used to repair bridges at 5th St.
SW over the 43rd Ave . ditch, Old Dixie Highway over the south relief canal and 43rd St. over the south relief
canal . A Sheriff's Office evidence room addition was completed for $ 156,924 .
Budget Process
The Constitutional Officers submit, at various times, to the Board and to certain divisions within th'e Depart-
ment of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing the following
October 1 . The operating budget includes proposed expenditures and the means of financing them as set forth
in Chapter 129 of the Florida Statutes .
viii
Constitutional Officers, all departments controlled by the Board of County Commissioners, and outside State
and local agencies submit their proposed budgets to the Office ofManagement and Budget for assistance, review
and compilation. The County Administrator then reviews all County department, state agencies and nonprofit
organizations budgets , and makes his budget recommendation to the Board of County Commissioners on or
before July 15 of each year. The tentative budget includes proposed appropriations and the means of financing
' them.
' During September, public hearings are held pursuant to Section 200 . 065 , Florida Statutes, in order for the Board
to receive public input on the tentative budget. At the end ofthe last public hearing, the Board enacts ordinances
to legally adopt at the fund level the budgets for all governmental fund types . The budgets legally adopted by
the Board set forth the anticipated revenues by source and the appropriations by function. Budgets for Enterprise
and Internal Service funds are adopted on a basis consistent with generally accepted accounting principles .
Computerized integrated budget reports are used for management control purposes throughout the year.
Management is authorized to transfer budgeted amounts between objects and departments in any fund as long
as the total appropriations of a fund are not exceeded . Board approval to amend the budget is required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing the total
appropriations of a fund . Appropriations for the County lapse at the close ofthe fiscal year.
Cash Management
In accordance with Section 218 . 415 , Florida Statutes, the County adopted an investment policy which
guides
the investment of County surplus funds . This policy establishes investment objectives, maturity and liquidity
requirements , portfolio composition, risk and diversification requirements, and authorized investments . The
primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet
' anticipated cash flow needs . The secondary objective is to obtain competitive returns on the investment of
County surplus funds . Surplus funds were invested in direct U . S . government obligations , U . S . agency
obligations , the Florida Local Government Surplus Funds Trust Fund and the Florida Local Government
Investment Trust Fund . During FY 2003 , County investments had yields ranging from 1 . 18 % to 7 . 50 % . The
average yield of the portfolio as of September 30 , 2003 was 2 . 66 % .
' FINANCIAL INFORMATION
Readers ofthis report are encouraged to read Management' s Discussion and Analysis (MD&A) . The MD&A
provides basic financial information about the County and an overview of the County ' s activities . The
government-wide financial statements , consisting of a statement of net assets and a statement of activities ,
provide a comprehensive financial picture ofthe County, split between governmental activities and business-type
activities . These statements are prepared using the economic resources measurement focus and the accrual basis
of accounting, where all assets, liabilities, revenues, and expenses ofthe County are reported. The fund financial
statements provide information concerning the County' s funds and are prepared from the County' s accounting
records . The County ' s accounting records for general governmental operations are maintained on a modified
accrual basis, with revenues being recorded when available and measurable and expenditures being recorded
' when the services or goods are received and the liabilities are incurred . Accounting records for the County ' s
proprietary funds are maintained on the accrual basis . The County operates on a fiscal year (FY) of October
1 to September 30 .
iix
Internal Controls
Internal accounting controls for the County are designed to provide reasonable , but not absolute , assurance
regarding the safeguarding ofassets against loss from unauthorized use or disposition and the reliability of financial
records for preparing financial statements and maintaining accountability for assets . The concept of reasonable
assurance recognizes that the cost of a control should not exceed the benefits likely to be derived, and the
evaluation of costs and benefits requires estimates and judgements by management.
OTHER INFORMATION
Section 11 .45 , Florida Statutes, requires an annual audit ofall Countyagencies . The
g County has directed that
the annual audit be more extensive than that required by Florida Statutes by requiring that the annual audit be
a single audit covering all the funds and account groups ofthe County. This requirement has been complied with,
and the unqualified opinion ofthe auditors has been included in this report.
The audit was also designed to meet the requirements of Government Auditing Standards, the Florida Single
Audit Act, the federal Single Audit Act of 1984, the Single Audit Act Amendments of 1996, and revised OMB
Circular A- 133 .
A comprehensive annual financial report ofthis nature could not have been prepared on a timely basis without
the dedicated efforts of all staff members concerned . I would like to thank the entire staff of the Finance
Department for their invaluable assistance in the preparation of this report .
I would also like to thank the Board of County Commissioners and their staff, and the other Constitutional
Officers for their personal interest and dedicated support in planning and conducting the financial operations of
the County in a responsible and progressive manner.
(Zi
JeffreyK . Barton
Clerk ofthe Circuit Court
JKB/ms
X
INDIAN RIVER COUNTY, FLORIDA
ORGANIZATION CHART
L
Residents of
n River County
Clerk of Circuit Sheriff Supervisor of Board of Property Tax
' Court Elections County Appraiser Collector
Commissioners
Finance
Department
County Attorney County Administrator B . C . C . Executive Aide
Assistant
County Administrator
Office of
Management & Budget
Risk
--FManagement
' Computer
Services
General Public Works Utility Emergency Community
Services Services Services Development
Youth Leisure Services Human Human
Guidance ( Golf Course ) Services Recreation
' Resources
Libraries Engineering Wastewater Emergency County
Treatment Management Planning
Purchasing
Roads & Water Fire Environmental
Bridges Production Services Planning/
L
Buildings &
Grounds Code Enforcement
1Traffic General & Advanced Life
Engineering Support IRCLHAP /
Mailroom / ( ALS or EMS) SHIP
Switchboard Parks
Division Biosolids Program
Radiological
' Operations
Veterans Emergency Metropolitan
Services Fleet Preparedness Planning
Management Customer
Service Organization
' Probation Emergency
Secondary Base Grant Building
Road Wastewater Division
Telecommunications Construction Collection
Animal
' Shooting Control
W ater
Range Distribution
911
_ _ Soil & Water Coordinator
' Conservation Solid Waste
Disposal District
Housing
Authority /
' Rental Assist .
AG
Extension
' X1
COMPREHENSIVE ANNUAL FINANCIAL REPORT
(CAFR)
The Government Finance Officers Association ofthe United States and Canada (GFOA) awarded a Certificate
ofAchievement for Excellence in Financial Reporting to Indian River County, Florida, for its Comprehensive
Annual Financial Report (CAFR) for the fiscal year ended September 30, 2001 . The Certificate ofAchievement
is a prestigious national award recognizing conformance with the highest standards for preparation of state and
local government financial reports .
In order to be awarded a Certificate ofAchievement, a government unit must publish an easily readable and
efficiently organized CAFR, whose contents conform to program standards . Such CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements .
A Certificate ofAchievement is valid for a period ofone year only. Indian River County has received a Certificate
ofAchievement for the last twenty fiscal years (fiscal years ended 1983 -2002) . We believe our current report
continues to conform to the Certificate ofAchievement program requirements, and we are submitting it to the
GFOA .
Note : In addition to being awarded the Certificate ofAchievement, Indian River County has also been awarded
the Distinguished Budget Presentation Award for the last twelve fiscal years (fiscal years ended 1992 - 2003 ) .
xii
Certificate of
1 .
Achievement
for Excellence
in Financial
1
Reporting
Presented to
Indian River County ,
y
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30 , 2002
' A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
' and financial reporting .
' AGE OFFiC
of Tx Es,�
= UM7C0 STATES y
W SEI N
`""PA"COMPATION President
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SEAL ap\S
Executive Director
' xiii
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Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
' 5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772.234-8484
Fax 772-234-8488 Report of Independent Accountants
The Honorable County Commissioners and
Constitutional Officers
Indian River County, Florida
We have audited the accompanying basic financial statements of Indian River County , Florida
(the " County") , as of and for the year ended September 30 , 2003 , as listed in the
table of
' contents . These basic financial statements are the responsibility of the County ' s management .
Our responsibility is to express an opinion on these basic financial statements based on our audit .
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
' Auditing Standards, issued by the Comptroller General of the United States . Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement . An audit Includes examining , on a test
basis , evidence supporting the amounts and disclosures in the financial statements . An audit also
includes assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation . We believe that
our audit provides a reasonable basis for our opinion .
In our opinion, the basic financial statements referred to above present fairly , in all material
respects , the financial position of the County as of September 30 , 2003 , and the results of its
operations and the cash flows of its proprietary funds for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
tIn accordance with Government Auditing Standards , we have also issued a report dated January
30 , 2004 on our consideration of the County ' s internal control over financial reporting and on
' our tests of its compliance with certain provisions of laws , regulations, contracts and grants .
That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our
audit .
The Management ' s Discussion and Analysis on pages three through eleven is not a required part
of the basic financial statements but is supplementary information required by the Governmental
Accounting Standards Board . We have applied certain limited procedures , which consisted
principally of inquiries of management regarding the methods of measurement and presentation
of the supplementary information . However, we did not audit the information and express no
opinion on it .
' "Providing Vision and Direction to our Clients"
' Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
Harris , Cotherman ,
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable County Commissioners and
Constitutional Officers
Indian River County, Florida
Page two
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole . The accompanying information identified in the table of contents as
combining and individual fund statements and schedules is presented for purposes of additional
analysis and is not a required part of the basic financial statements . Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly stated , in all material respects , in relation to the basic financial statements
taken as a whole .
The information identified in the table of contents as the Introductory and Statistical Sections is
presented for purposes of additional analysis and is not a required part of the basic financial
statements of Indian River County, Florida. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on it.
�{�cwt�1�, �OV4tGtrYJ , Qnw , firej � ll�ea �.ta {tc�
C. or il � a &ne s 0/7" *&d
Vero Beach, Florida
January 30 , 2004
2
Indian River County, Florida
Management ' s Discussion and Analysis
For the Year Ended September 30 , 2003
' Management's discussion and analysis provides an objective and easily readable analysis ofthe County's financial
activities for the October 1 , 2002 through September 30, 2003 fiscal year. The analysis provides summary finan-
cial information for the County and should be read in conjunction with the County's financial statements .
FINANCIALANALYSIS OF THE COUNTY
' The County was in very good financial condition at the end of the 2003 fiscal year. Total net assets of $ 563 . 7
million represented an 11 . 7% increase from the previous fiscal year.
' Capital assets of the County increased $44 . 3 million ( 10 . 8 %) from the previous fiscal year. Preserving environ-
mentally significant lands , completion of the North County Regional Park and expansion of the Utilities system
' were some ofthe major accomplishments .
Lost Tree Islands land acquisition $ 15 .2 million
North County Regional Park $5 .97 million
Sebastian Phase 3B water lines $2.2 million
While total expenses increased $6 .2 million, from 139 .2 million to $ 145 .4 million, total revenues increased $29 . 5
million from $ 175 .2 million to $204 .7 million.
Changes in Assets
(in millions)
/ $563.7
$600.0 /
'
$452.0
•.%;yy <t;::•:::::''•',• . 07.7
$500.0 i•...ey}y.{i:: : ::
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5400.0
$300.0
200.
$ 0
5700.0
50.0
Net assets Capital assets
' 0 FY 2003 ■ FY 2002
The significant increase in revenues was due to a strong County economy, increases in property values and con-
tinuing expansion ofthe Utilities system .
Capital contributions up $ 15 . 1 million for governmental activities .
Capital contributions up $8 . 5 million for business-type activities .
Property taxes up $ 5 . 7 million with no increases in tax rates .
Even with the increased operating costs of the Utilities system and the implementation of new recreation programs,
' such as the North County Recreational Park, the County was able to limit the increase in expenses to a 4 . 4%
growth rate .
' 3
Indian River County, Florida -
Management 's Discussion and Analysis
For the Year Ended September 30 , 2003
The following schedule provides a summary of the assets, liabilities and net assets of the County. Total net assets
for Governmental Activities increased from $322 . 1 million to $360 . 3 million. Total net assets for Business-type
Activities increased from $ 182 . 3 million to $203 .4 million. Total assets ofthe County exceeded total liabilities by
$563 . 7 million (net assets) . Unrestricted net assets for Governmental Activities were $20.4 million and unrestricted
net assets for Business-type Activities were $47. 1 million.
Net Assets
(inmillions)
Total
Governmental Business-type Percent
Activities Activities Total Change
2003 2002 2003 2002 2003 2002
Current assets $ 151 . 5 $ 154 . 9 $ 101 . 8 $ 87 . 4 $ 253 . 3 $ 242 . 3 4 . 5 %
Non-current assets 0 . 2 0 .2 Li 1 . 2 1 . 3 1 . 4 (0 . 7)%
Capital assets 261 . 5 222 . 5 190 . 5 185 . 2 452 . 0 407 . 7 10 . 8 %
Total assets 413 . 2 377 . 6 293 . 4 273 . 8 706 . 6 651 . 4 ` 8 . 5 %
Current liabilities 17 . 8 17 . 6 14 . 5 13 . 9 32 . 3 31 . 5 2 . 5 %
Long-term liabilities 35 . 1 37 . 9 75 . 5 77 . 6 110 . 6 115 . 5 (0 . 4)%
Total liabilities 52 . 9 55 . 5 90 . 0 91 . 5 142 . 9 147 . 0 (0 . 3)%
Net assets - invested in capital
assets , net of related debt 227 . 8 191 .2 113 . 3 106 . 0 341 . 1 297 . 2 14 . 8 %
Net assets - restricted 112 . 1 113 . 3 43 . 0 31 . 2 155 . 1 144 . 5 7 . 3 %
Net assets - unrestricted 20 . 4 17 . 6 47 . 1 45 . 1 67. 5 62 . 7 7 . 6%
Total net assetsj
$ 360 . 3 $ 322 . 1 $ 203 . 4 $ 182 . 3 $ 563 . 7 $ 504 . 4 11 . 7%
The decrease in Governmental Activities current assets is primarily due to the acquisition of capital assets. Govern-
mental Activities capital assets increased due to the purchase of the Lost Tree Islands (environmentally sensitive
islands in the Indian River Lagoon), completition of the North County Regional Park, ongoing construction of a
new Public Works complex, ongoing renovations to the Dodgertown complex, and beach renorishment of ap-
proximately 2 . 5 miles of ocean front beaches .
The increase in Business-type Activities current assets ($ 14.4 million) is primarily due to capital contributions from
developers and home builders for County Utilities . Capital assets and Net assets - invested in capital assets ,
increased due to acquisitions using capital contributions and expansion of the water distribution system in the City
of Sebastian . Unspent capital contributions are the primary reason that restricted net assets increased from $31 .2
million to $43 .0 million.
4
Indian River County, Florida
Management' s Discussion and Analysis
For the Year Ended September 30 , 2003
' The following schedule provides a summary of the changes in net assets . Governmental Activities revenues ex-
ceeded expenses by $38 . 3 million . Business-type Activities revenues exceeded expenses by $21 . 0 million. Total
revenues increased $29 . 5 million from the previous year. Increases in property values generated an increase in
Changes in Net Assets
(inmillions)
Total
Governmental Business-type Percent
Activities Activities Total Change
2003 2002 2003 2002 2003 2002
Program revenues
Charges for services $ 18 . 9 $ 16 . 2 $ 37 . 0 $ 34 . 7 $ 55 . 9 $ 50 . 9 9 . 6%
Operating grants/contributions 5 . 2 5 . 4 0 . 3 - 5 . 5 5 . 4 1 . 8 %
Capital grants/contributions 1909 4 . 8 19 . 8 11 . 3 39 . 7 16 . 1 146 . 6%
General revenues
' Property taxes 62 . 7 57 . 0 = = 62 . 7 57 . 0 10 . 0%
Sales taxes 17 . 2 17 . 0 17 . 2 17 . 0 1 . 2%
Franchise fees 6 . 2 5 . 8 - - 6 . 2 5 . 8 6 . 9%
' State shared revenues 10 . 6 12 . 9 - - 10 . 6 12 . 9 ( 17 . 8)%
Other 4 . 5 6 . 3 2 . 4 3 . 8 6 . 9 10 . 1 (31 . 7)%
Total revenues 145 . 2 125 . 4 59 . 5 49 . 8 204 . 7 175 . 2 16 . 8 %
' Expenses
General government 20 . 3 17 . 9 - - 20 . 3 17 . 9 13 . 4%
Public safety 46 . 4 45 . 2 - - 46 . 4 45 . 2 2 . 6%
Physical environment 0 . 8 1 . 6 - - 0 . 8 1 . 6 (50 . 0)%
' Transportation 16 . 3 16 . 8 = = 16 . 3 16 . 8 (3 . 0)%
Economic environment 0 . 6 0 . 4 0 . 6 0 . 4 50 . 0%
Human services 6 . 2 6 . 0 - - 6 . 2 6 . 0 3 . 3 %
Culture/recreation 8 . 7 8 . 2 = = 8 . 7 8 . 2 6 , 1 %
Court related 6 . 1 5 . 5 6 . 1 5 . 5 10 . 9%
Interest on long-term debt 1 . 5 1 . 7 - - 1 . 5 1 . 7 ( 11 . 8)%
' Water and sewer = = 25 . 0 23 . 2 25 . 0 23 . 2 7 . 7%
Solid waste 8 . 6 8 . 0 8 . 6 8 . 0 7 . 5 %
Golf course - - 2 . 9 2 . 8 2 . 9 2 . 8 3 . 6%
' Other - - 2 . 0 1 . 9 2 . 0 1 . 9 5 . 3 %
Total expenses 106 . 9 103 . 3 38 . 5 35 . 9 145 . 4 139 . 2 4 . 4%
Increase in net assets before transfers 38 . 3 22 . 1 21 . 0 13 . 9 59 . 3 36 . 0 (64 . 7)%
Special item - grant to State - ( 1 . 3 ) - - - ( 1 . 3 ) ( 100)%
Transfers (0 . 1 ) (0 . 1 ) 0 . 1 0 . 1 - - 0%
Increase in net assets 38 . 2 20 . 7 21 . 1 14 . 0 59 . 3 34 . 7 (70 . 9)%
5
Indian River County, Florida
Management 's Discussion and Analysis
For the Year Ended September 30 , 2003
property taxes . The strong local economy plus population growth ofthe County contributed to increases in charges
for services . Capital grants/contributions increased significantly due to State and local government grants for the
acquisition ofthe Lost Tree Islands and contributions from Utilities customers . The significant decrease in other
revenues is a direct result of plummeting interest rates , which reduced interest earnings from $9 . 0 million to $5 . 3
million. Total expenses increased $6 .2 million from the previous year. Increased spending for general government
(financial & administrative costs, other general government costs), public safety (law enforcement, fire protection,
ambulance services), and water and sewer services were primarily responsible for the increase in expenses .
Property taxes provide 43 % of the revenues for Governmental Activities . Most of the Governmental Activities
resources are spent for Public Safety (43 %), General Government ( 19%), Transportation ( 15 %) , and Culture/
Recreation (8%) activities .
f
As would be expected for Business-type Activities, charges for services provide 62% of the revenues . What is
unusual about the County 's Business-type Activities is the amount of revenue provided by capital grants and
contributions, over 33 % of total revenue . The reason for this is the rapid growth ofthe County's Utilities System,
adding approximately 3 , 000 new users every year. Major developers are required to provide water distribution
and sewer collection systems for their projects and then must donate those systems to the County. Everynew user
is required to pay impact fees , which are used to expand and enhance the system .
FUND FINANCIAL INFORMATION
t
Governmental Funds
General Fund I`
t:
The County's General Fund is the main operating fund ofthe County. It is used to account for all financial resources
that are not restricted by State or Federal laws, County Ordinances or other externally imposed requirements . As
of September 30, 2003 , total assets were $24, 148 , 672 and total liabilities were $4,044 , 557 . The ending fund
balance of $20, 104, 115 represents approximately 30% ofthe budgeted uses of funds for the next fiscal year. Total
sources of funds , $ 74, 852 ,675 , exceeded total uses of funds, $ 72,993 ,285 , by $ 1 , 859, 390 .
During the fiscal year, the County amended the budget in the amount of$2.08 million for Federal and State Grants
(primarily mass transit and stormwater grants) approved during the course of the year and in the amount of $636
thousand for charges to other governments for the housing of prisoners . Revenues from taxes exceeded the budget
because State law requires that the County budget taxes at 95 % of the total levy and actual collections were
96 . 0% . Intergovernmental revenues fell short of anticipated since most grants are reimbursable grants and the
County did not incur the expenditures prior to year end. Charges for services exceeded the budget due to service
fees collected by the Sheriff, Tax Collector and Property Appraiser. Interest earnings were less than budgeted
because interest rates were significantly lower than anticipated. Actual expenditures for general government ser-
vices were less than the final approved budget due to vacancies in professional positions , staff turnover, and
operating costs of County buildings being less than anticipated. Actual expenditures for public safety were less than
the final approved budget primarily because of lower operating costs for law enforcement and staffturnover at the
corrections facility. Actual expenditures for physical environment were less than budgeted because grant awards
by the County were not made prior to year-end. Actual expenditures for culture/recreation were less than bud-
geted because due to delays in staffing new recreational facilities .
6
' Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30 , 2003
' Other Governmental Funds
The Road Improvement Fees Fund accounts for the collection of road impact fees on all new construction in the
' County. The funds are used to expand the traffic capacity of County roads and bridges . The County 's policy is to
budget for all road and bridge projects that have been approved and where the monies have been designated for
those projects . Since the projects frequently take multiple years to complete , actual expenditures will be signifi-
cantly less than the budget.
The Secondary Roads Construction Fund accounts for the use of gas taxes restricted for transportation im -
provements , such as roads, bridges , and right-of-way acquisitions . This year, the County budgeted for all trans-
portation projects that had been approved and where funds had been designated for those projects . Since the
projects frequently take multiple years to complete, actual expenditures will be significantly less than the budget.
' The Transportation Fund accounts for the annual maintenance of roads bridges, right-of-way, drainage systems ,
,
etc . The County has the legal authority to levy ad valorem taxes for the Transportation Fund but has chosen not to
do so . Instead, the County uses ad valorem taxes collected in the General Fund and then transferred to the
Transportation Fund.
The Emergency Services District Fund is used to account for the provision of fire and ambulance services
throughout the County. The primary source of funds, 84%, is ad valorem taxes .
The Land Acquisition Fund accounts for the acquisition of environmentally sensitive lands . Funds are provided
by grants and the remaining proceeds of the Series 2001 general obligation bonds . This year, the County pur-
chased the Lost Tree Islands , a long-term goal of the County Commissioners , the City of Vero Beach and the
Town of Indian River Shores .
The Optional Sales Tax Fund is used to account for the local option one cent sales tax, also referred to as the
infrastructure surtax, and capital grants which use the sales tax as matching funds. County voters approved the one
cent sales tax in March, 1989 , for a period of fifteen years . In November, 2002 , County voters approved an
extension of the sales tax to December, 2019 . Monies in this fund are used for various capital projects such as
stormwater improvements , road construction, library expansion and recreational facilities .
Proprietary Funds
Solid Waste Disposal District Fund
This fund is used to account for all operations of the County's landfill, including five off-site collection centers . The
District operates like a business , where the rates established by the County generate sufficient funds to pay the
costs of current operations and provide funding for long-term asset acquisitions . As required by the State Depart-
ment of Environmental Protection, the County has set aside $7.2 million for the long term care of the landfill and for
closure of the landfill . Total assets as of September 30 were $38 .2 million, total liabilities were $7 .9 million and net
' assets were $30 . 3 million. Operating income was $ 1 ,608 , 158 , a decrease of $231 , 188 from last year 's operating
income.
' 7
Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30 , 2003
Golf Course Fund
This fund is used to account for the operations of the County golf course . Total assets as of September 30 were
$ 8 . 1 million, total liabilities were $ 7 .4 million and net assets were $0 . 7 million. Operating income was $650,611 ,
an increase of $ 139, 864 from last year 's operating income . During the year, the County paid $375 , 000 to reduce
the amount of outstanding bonds to $6 . 735 million. Net revenues available for ,debt service were 1 . 11 times the
debt service requirements of $732 , 103 .
County Utilities Fund
This fund is used to account for the operations of the County 's water and sewer systems, and sludge disposal . As r
of September 30, the County had approximately 44 ,000 water customers and 32 ,000 sewer customers compared
to 41 ,000 water customers and 30,000 sewer customers last year. The utilities system has experienced significant
growth over the last ten years and will continue to have significant growth in the future, anticipating an additional
3 , 000 new users every year. Total assets as of September 30 were $241 . 8 million, total liabilities were $ 75 . 0
million and net assets were $ 166 . 8 million. Operating income was $382 ,927, a decrease of $ 545 ,909 from last
year 's operating income . During the year, the County paid $ 1 ,765 ,000 to reduce the amount of outstanding bonds
to $ 72 . 76 million. Net revenues available for debt service were 2 . 64 times the debt service requirements of
$ 59809 , 887 .
CAPITAL ASSETS ACTIVITY
Governmental Activities capital assets activity during the fiscal year:
The increase in land is the result of purchasing the Lost Tree Islands for $ 15 . 2 million, the acquisition of
other environmentally significant lands and the purchase of land for expansion of the corrections complex.
A decrease in infrastructure assets is the result of depreciation expense for the current period and no major
infrastructure projects being completed during the year.
An increase in buildings and improvements was primarily due to the completion of the North County
Regional Park at a cost of$5 . 96 million.
Capital Assets
(net of depreciation, in millions)
Total
Governmental Business-type Percent
Activities Activities Total Change
2003 2002 2003 2002 2003 2002
Land $ 69 . 8 $ 52 . 1 $ 16 . 4 $ 15 . 9 $ 86 . 2 $ 68 . 0 26 . 8 %
Right of way 11 . 0 10 . 5 - - 11 . 0 10 . 5 4 . 8%
Infrastructure 64 . 4 67 . 9 - - 64 . 4 67 . 9 (5 .2)%
Buildings and
improvements 50 . 5 41 . 4 149 . 2 150 . 2 1993 191 . 6 4 . 2%
Equipment 23 . 0 23 . 5 3 . 9 3 . 7 26 . 9 27 . 2 ( 1 . 1 )%
Construction in
progress 42 . 8 27 . 1 21 . 0 15 .4 63 . 8 42 . 5 50 , 1 %
Total $ 261 . 5 $ 222 . 5 $ 190 . 5 $ 185 . 2 $ 452 . 0 $ 407 . 7 10 . 9%
8
' Indian River County, Florida
Management's Discussion and Analysis
For the Year Ended September 30 , 2003
' An increase in construction in progress was due to current fiscal year disbursements for the new public
works complex ($3 . 3 million), Dodgertown renovations ($4 . 1 million), beach renorishment ($9. 5 million)
and road improvement projects .
Business-type Activities capital assets activity during the fiscal year:
The increase in land is due to the acquisition of 38 acres for a water distribution/collection complex .
' Buildings and improvements increased due to the completion of Phase 3B of the water distribution system
in Sebastian.
Construction in progress increased due to starting additional water and sewer projects during the fiscal
' year.
Additional information on the County's capital assets activity is provided in the notes to the financial statements .
' DEBT MANAGEMENT
Governmental Activities Debt
' The County took advantage of the decline in interest rates to reduce its future debt payments . On July 1 , 2003 , the
County issued $7, 800,000 of General Obligation Refunding Bonds, Series 2003 . The proceeds of the Bond issue,
together with $600 ,000 of County funds, were used to pay off the $ 8 , 320, 000 remaining balance of the General
Obligation Bonds, Series 1995 . Future payments for principal and interest have been reduced by $ 1 .4 million and
the County realized a net present value savings of $730,000 . Total outstanding principal on the Series 2003 bonds
' and the Series 2001 Bonds as of September 30 , 2003 is $ 17 . 725 million, a $2 . 085 million reduction from the
General Obligation Bonds outstanding principal amount as of September 30, 2002 . The General Obligation Bonds
were authorized by voters to acquire environmentally sensitive lands and are backed by ad valorem taxes . In
' August 2001 the County issued $ 16 , 810,000 of revenue backed bonds to acquire the Dodger 's spring training
facilities and make improvements to those facilities . Principal payments of $460,000 were made during the year
and as of September 30 , $ 15 ,990,000 is still outstanding . Since all County bond issues are insured by AAA rated
insurance agencies , the bonds are rated AAA, which is the highest rating given by the rating agencies .
Business-type Activities Debt
' The County issued bonds in 1993 to legally defease the 1985 and 1991 Recreational Revenue Bonds, which were
issued to provide funding for the County golf course , Sandridge . Principal payments of $375 , 000 were made
during the year and as of September 30, $6,735 ,000 is still outstanding. In 1993 and in 1996, the County issued
bonds to refund outstanding water and sewer bonds and to provide funds for expansion of the water and sewer
systems . Principal payments of $ 1 , 765 , 000 were made during the year and as of September 30, $ 72,760,000 is
' still outstanding. All three bond issues are insured byAAArated insurance agencies and, therefore, are ratedAAA.
Additional information on the County 's debt management activity is provided in the notes to the financial state-
ments.
FUTURE FINANCIAL CONDITION
' Governmental Activities
For the 2003 /2004 fiscal year, an increase in taxable values of 12 . 7% has provided the ability to pay for a 16%
increase in health insurance costs and a 15 % increase in State mandated pension plan contributions without an
9
Indian River County, Florida
Management 's Discussion and Analysis
For the Year Ended September 30, 2003
increase in tax rates . The overall millage rate of 6 . 5336 is 1 % less than the millage rate for the 2002/2003 fiscal
year. By refunding the General Obligation Bonds , Series 1995 , the County was able to reduce the millage rate for
debt service from 0 . 2839 to 0 . 2344 .
Business-type Activities
For the 2002/2003 fiscal year, the County was able to keep business -type activities fees at the same rates .
Revenues generated by the solid waste system, golf course, utilities system and other business-type activities will
be sufficient to cover their operating costs and capital needs . Additionally, on October 15 , 2003 , the County
issued the $6 . 455 million Recreational Revenue Refunding Bonds , Series 2003 and used the proceeds to pay off
the Recreational Revenue Refunding Bonds, Series 1993 outstanding balance of$6 . 735 million. Future principal
and interest payments will be reduced by $974,000 and the County realized a net present value savings of$452,000.
OVERVIEW OF THE FINANCIAL STATEMENTS
The County's basic financial statements comprise three components; l ) Government-wide financial statements, 2)
Fund financial statements, and 3 ) Notes to the financial statements . The Government-wide financial statements
present an overall picture of the County's financial position and results of operations . The Fund financial statements
present financial information for the County's major funds . The Notes to the financial statements provide additional
information concerning the County 's finances that are not disclosed in the Government-wide or Fund financial
statements .
The Government-wide financial statements are the Statement ofNetAssets and the Statement ofActivities . These
statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the
net assets of governmental activities and business-type activities and the change in net assets . Governmental
Activities are primarily supported by property taxes , sales taxes , federal and state grants, and state shared rev-
enues . Business-type Activities are supported by charges to the users of those activities, such as water and sewer
service charges .
The govemment-wide financial statements and the fund financial statements provide different pictures of the County.
The government-wide financial statements provide an overall picture of the County's financial standing, split be-
tween Governmental Activities and Business-type Activities . These statements are comparable to private-sector
companies and give a good understanding of the County's overall financial health and how the County paid for the
various activities, or functions, provided by the County. All assets of the County, including buildings, land, roads,
bridges, and traffic signals, are reported in the statement of net assets. All liabilities, including principal outstanding
on bonds, capital leases, and future employee benefits obligated but not paid by the County, are included. The
statement of activities includes depreciation on all long lived assets of the County, but transactions between the
different functions of the County have been eliminated in order to avoid "doubling up" the revenues and expenses .
The fund financial statements provide a picture of the major funds of the County and a column for all non-maj or
funds . In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-
term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link
from the fund financial statements to the government-wide financial statements, a reconciliation is provided from
the fund financial statements to the government wide financial statements.
10
' Indian River County, Florida
Management 's Discussion and Analysis
For the Year Ended September 30, 2003
The Statement ofNet Assets presents information on all assets and liabilities of the County, with the difference
between assets and liabilities reported as net assets . Net assets are reported in three categories ; l ) invested in
' capital assets , net of related debt, 2) restricted, and 3 ) unrestricted. Assets , liabilities , and net assets are reported
for all Governmental Activities separate from the assets , liabilities and net assets of Business-type Activities . In
addition, assets , liabilities , and net assets are reported for the Indian River County Housing Authority, which is
' considered a component unit of the County.
The Statement ofActivities presents information on all revenues and expenses of the County and the change in net
' assets . Expenses are reported by major function and program revenues relating to those functions are reported,
providing the net cost of all functions provided by the County. To assist in understanding the County's operations,
expenses have been reported as governmental activities or business-type activities . Governmental Activities fi-
' nanced by the County include public safety, transportation, culture and recreation, and general government ser-
vices . Business-type Activities financed by user charges include water and sewer services, solid waste disposal,
and a golf course . Again, expenses and revenues of the Indian River County Housing Authority are reported
' separately from the County's financial information.
' Fund financial statements present financial information for governmental funds, proprietary funds, and a fiduciary
fund. These statements provide financial information for the maj or funds of the County. Governmental fund financial
statements provide information on the current assets and liabilities of the funds , changes in current financial re-
sources (revenues and expenditures), and current available resources . The proprietary funds financial statements
provide information on all assets and liabilities of the funds , changes in the economic resources (revenues and
expenses) , and total economic resources . The fiduciary fund statement provides information concerning assets
held in trust by the County on behalf of others .
Fund financial statements include a balance sheet and a statement of revenues , expenditures , and changes in fund
' balances for all governmental funds . A statement of revenues , expenditures, and changes in fund balances - budget
and actual, is provided for the County's General Fund and major special revenue funds . For the proprietary funds ,
which includes internal service funds in addition to business-type activities, a statement of net assets ; a statement of
revenues , expenses , and changes in fund net assets ; and a statement of cash flows are presented . A statement of
fiduciary net assets is presented for the County 's agency fund. Fund financial statements provide more detailed
information about the County's activities . Individual funds are established by the County to track revenues that are
restricted to certain uses, comply with legal requirements , or account for the use of State and federal grants .
' Notes to the financial statements provide additional detail concerning the financial activities and financial balances
of the County. Additional information about the accounting practices of the County, investments of the County,
long-term debt, and pension plans are some of the items included in the notes to the financial statements .
ADDITIONAL FINANCIAL INFORMATION
' This report was prepared by the Finance Department under the supervision of the Clerk of the Circuit Court .
Questions concerning this report or requests for additional information should be addressed to the Finance De-
partment, 1840 25th Street, Vero Beach, FL , 32960 , or by calling 772- 567- 8000 , extension 1201 . Separate
financial statements for the Indian River County Housing Authority are available in the administrative office located
at 1028 20th Place , Vero Beach, FL , 32960 .
11
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' BASIC FINANCIAL STATEMENTS
1
' 13
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' Indian River County, Florida
Statement of Net Assets
' September 30, 2003
Primary Government
Governmental Business-type Component
Activities Activities Total Unit
ASSETS
Current assets :
Cash and cash equivalents $ 139 , 321 , 005 $ 459609 , 296 $ 184 , 930 , 301 $ 130 , 472
' Accounts receivable - net 1 , 127 , 797 2 , 2941370 3 , 422 , 167 7 , 073
Internal balances 5775719 ( 577 , 719 )
Due from other governments 61527 , 421 897 , 528 75424 , 949 10 , 990
Interest receivable 461 , 560 7883555 11250 , 115
' Inventories 132 , 953 6699091 802 , 044
Current restricted assets :
Restricted cash and cash equivalents 3 , 3561697 4457823130 48 , 138 , 827 1 , 040 , 872
Investments 5835790 583 , 790
' Impact fees receivable 1 , 2551129 112559129
Special assessments receivable 5 , 509 , 498 5 , 509 , 498
Total current assets 151 , 5055152 101 , 811 , 668 253 , 316 , 820 1 , 189 , 407
Non -current assets :
Special assessments receivable 43 ,255 - 439255
' Liens receivable 113 , 420 113 , 420
Unamortized bond costs 856 , 165 8569165
Intangible assets - 124 , 750 124 , 750
Deposits 130 , 685 12000 1315685 894
' Capital assets - non-depreciable 127 , 242 , 500 3794373160 1643679 , 660 4303496
Capital assets - depreciable 256 , 9719069 245 , 951 , 896 50259225965 9 , 312 , 725
Capital assets - accumulated depreciation ( 122 , 684 , 280 ) (925863 , 772 ) ( 215 , 548 , 052 ) ( 3 , 589 , 194 )
Total non -current assets 2617703 , 229 1917620 , 619 453 , 3231848 621547921
Total assets 4137208 , 381 293 , 432 , 287 706 , 6407668 7 , 344 , 28
LIABILITIES 3
Current liabilities (payable from current assets) :
Accounts payable 8 , 3655893 15185 , 711 9 , 551 , 604 10 , 399
Claims payable 45581 , 000 4 , 581 , 000
Due to other governments 2693378 18 , 501 287 , 879
Other deposits held in escrow 372 , 039 372 , 039 -
' Deferred revenues 209 , 967 25 , 757 235 , 724
Accrued compensated absences 378 , 000 1005000 47800
Capital leases 2379374 237 , 374
Current liabilities (payable from current restricted assets) :
Accounts payable 887 , 555 887 , 555
' Retainage payable 1 , 087 , 505 1683388 15255 , 893 -
Accrued interest payable 149 , 192 356 , 400 505 , 592 4 , 260
Closure and maintenance costs payable 7 , 211 , 362 752119362
Customer deposits - 2 , 3525561 2 , 3529561 41 ,492
' Bonds payable 2 , 120 , 000 292505000 41370 , 000 1849000
Total current liabilities 17 , 770 , 348 14 , 5565235 327326 , 583 240 , 151
Non-current liabilities :
Accrued compensated absences 3 , 3945643 549 , 978 3 , 9441621
' Capital leases 180 , 144 180 , 144
Bonds payable 3195955000 749921 , 086 1061516 , 086 3 , 3541400
Total long-term liabilities 35 , 169 , 787 75 , 471 , 064 110, 640 , 851 3 , 3545400
Total liabilities 52 , 940 , 135 9027 , 299 1423967 , 434 3 , 594 , 551
' NETASSETS
Invested in capital assets, net of related debt 227 , 7959289 113 , 354 , 198 3415149 ,487 2 , 615 , 627
Restricted for:
Capital projects 3955379779 42 , 783 , 994 82 , 321 , 773
Debt service 19039 , 359 187 , 500 1 , 226 , 859 44 , 355
Road projects 51 , 1729195 51 , 172 , 195
Other purposes 20 , 3345379 - 20 , 3345379 9555025
Unrestricted 202389 , 245 47 , 079 , 296 67 , 468 , 541 1345770
' Total net assets $ 360 , 268 , 246 $ 203 , 404 , 988 $ 563 , 673 , 234 $ 3 , 749 , 777
' The accompanying notes are an integral part of the financial statements .
15
Indian River County, Florida
Statement of Activities
For the Year Ended September 30, 2003
Program Revenues
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions
Primary Government :
Governmental activities :
General government $ 20,3235241 $ 615139557 $ 277,469 $
Public safety 46,4091761 4,288,357 530,617 825166
Physical environment 791 ,383 291260 124,495 9,0445778
Transportation 161264,468 5 ,5841999 312555670 451 ,882
Economic environment 587,227 - 98, 133 1 , 108, 811
Human services 6, 165,603 302,998 190,045 1 ,369,803
Culture/Recreation 8,711 ,251 776, 829 4089203 7,850, 814
Court related 6, 144, 728 1 ,458,688 2901867 -
Interest and fiscal charges 195495957
Total governmental activities 106,947,619 18,954,688 5 , 175 ,499 19,9081254
Business-type activities :
Water and sewer 25,015, 125 21 ,2107935 295897 19,7965906
Solid waste 8,589, 141 10, 1875432 241 ,765
Golf course 21842,907 3 , 1121087
Others 2,0335754 2,4329420
Total business-type activities 38,4801927 363942,874 271 ,662 1997969906
Total primary government $ 1459428,546 $ 55 , 897,562 $ 55447, 161 $ 3997055160
Component Unit :
<1r
Housing authority $ 8179973 $ 6909645 $ 145 ,785 $
General Revenues :
1
Taxes :
Property taxes, levied for general purposes
Property taxes, levied for debt service
Sales and use taxes
Franchise fees
State shared revenues
Interest earnings
Miscellaneous
Total general revenues
Transfers
Total general revenues, transfers and special item
Change in net assets
Net assets - beginning
Net assets - ending
The accompanying notes are an integral part of the financial statements .
16
r
Net (Expense)
Revenue and
Changes in Net Assets
' Primary Government
Governmental Business-type Component
Activities Activities Total Unit
$ ( 139532,215 ) $ - $ ( 139532,215) $ -
(4195089621 ) (4155083621 )
8,407, 150 834079150
(69971 ,917) - (6,9715917) -
619,717 = 6199717 =
(4,3025757) (49302,757)
324,595 - 324,595 -
' (453959173 ) = (4,395 , 173 ) =
( 1 , 5499957) ( 155495957)
(62,9091178) - (62,9093178) -
165022,613 16,022,613 -
= 198409056 1 ,840,056 =
269, 180 269, 180
398 ,666 398,666 -
' - 18,530,515 18,530,515
(6259099178) 18530,515 (44,3781663 ) -
r
18,457
r
60, 1399514 = 60, 1399514 =
295959265 295959265
1791629979 - 179162,979 -
' 6,222,326 = 6,222,326 =
101605,656 10,605 ,656
2,7875928 21332,013 59119,941 159891
' 1 ,761 ,754 63 ,367 19825 , 121 -
1019275 ,422 293955380 103 ,6709802 159891
( 1579870) 157, 870 - -
' 10191175552 29553 ,250 103 ,670,802 15,891
3812089374 215083 ,765 59,292, 139 349348
' 322,0599872 18293219223 504,381 ,095 39715 ,429
$ 360,2685246 $ 203 ,404,988 $ 563 ,673 ,234 $ 3 ,749,777
17
Indian River County, Florida
Balance Sheet
Governmental Funds
September 30, 2003
Road Secondary
Improvement Roads
ASSETS
General Fees Construction Transportation
- -
Cash and cash equivalents $ 22, 3273744 $ 23 ,5109512 $ 22,6891640 $ 3 ,454,457
Accounts receivable - net 702, 812 - 4, 843
Special assessments receivable _ -
Due from other funds - - 43 ,255
189000 - 2957000
Due from other governments 9659651 21 ,250 539, 012 210, 191
Inventories 65,417
Deposits 69,048 - 1 ,265
Advance to other funds - - 6553000
Total assets $ 24, 148 ,672 $ 23 , 531 , 762 $ 24, 178,652 $ 3 , 714,011
LIABILITIES AND FUND BALANCES
Liabilities :
Accounts payable $ 3 ,021 , 049 $ 405 , 149 $ 5479285 $ 379,282
Retainage payable 4,474 48,294 452, 172 29325
Due to other funds 302,381
Due to other government 2699378 _
Accrued interest payable
Deferred revenues 759236 - - 43 ,255
Other deposits held in escrow 372,039 _ _
Total liabilities 4,044, 557 453 443 999 457 424, 862
Fund balances :
Reserved for:
Debt service
Capital projects _
Other purposes - - 655 ,000
Unreserved, reported in :
General fund 20, 104, 115 _
Special revenue funds 2390789319 229524, 195 31289, 149
Total fund balances 20, 104, 115 23 ,0789319 23 , 179, 195 3 ,289, 149
Total liabilities and fund balances $ 2491489672 $ 239531 ,762 $ 24, 1783652 $ 3 , 714,011
The accompanying notes are an integral part of the financial statements .
18
' Emergency Optional Other Total
Services Land Sales Governmental Governmental
District Acquisition Tax Funds Funds
' $ 6, 610, 823 $ 21465 , 367 $ 32, 749,243 $ 20, 951 ,462 $ 134 , 759,248
179014 93 ,968 8189637
43 ,255
1929766 - 32,334 5387100
- 1 , 7211911 364,358 3 , 8221373
65 ,417
609372 130,685
- - 655 ,000
$ 6, 8203603 $ 2,465 ,367 $ 345471 , 154 215502,494$ 1409832,715
$ 288 ,482 1 , 807 $ 1 ,7391665 1 , 3862926$ 79769,645
502,657 77, 583 1 ,087, 505
313 ,000 615,381
269, 378
3779014 377,014
31856 - - 1309875 2539222
372,039
2929338 13807 212429322 292859398 101744, 184
- - - 191789248 191789248
' - 32,228 , 832 6, 604,951 389833 , 783
655 , 000
- - - - 20, 104, 115
6, 5289265 294639560 11 ,433 , 897 699317,385
695289265 2 ,463 , 560 3292287832 199217,096 1301088, 531
' $ 6,82003 $ 29465 ,367 $ 34,471 , 154 $ 21 ,5029494
Amounts reported for governmental activities in the statement of net assets
' are different because :
Capital assets used in governmental activities are not financial resources,
therefore, are not reported in the funds. 261 , 510,289
Long-term liabilities, including bonds payable ($33 ,715 , 000), capital
' leases ($417 , 518 ) and accrued compensated absences ($3 ,715 ,344)
are not due and payable in the current period and, therefore, are not
reported in the funds. (3798479862)
' Accrued general long-term debt interest expenses are not financial uses and,
therefore, are not reported in the fund . ( 1499192 )
Special assessment receivables are not financial resources in the current
period and, therefore, are reported as deferred revenues. 439255
' Internal service funds are used by management to charge the costs of certain
activities, such as insurance and fleet services, to individual funds . The
assets and liabilities of the internal service funds are included in
governmental activities in the statement of net assets. 3 ,4569617
Grant and gas tax revenues are not recognized in current period because the
resources are not available, therefore, are not reported in the fund . 297059048
Interest revenues are not recognized in current period because the resources
are not available, therefore, are not reported in the fund. 461 , 560
' Net assets of governmental activities $ 360,268 ,246
' 19
Indian River County, Florida
Statement of Revenues, Expenditures , and Changes in Fund Balances
Governmental Funds
For the Year Ended September 30, 2003
Road Secondary
Improvement Roads
General Fees Construction Transportation
REVENUES
Taxes $ 4958979576 $ - $ 39222,742 $
Licenses and permits 549292 - 18, 111
Intergovernmental 11 656699 - 213599955
Charges for services %365,,311 _
- 748,334
Fines and forfeitures 19084,711
Special assessments - 49596,469 895958
Interest 686,836 427,414 489,056 859174
Miscellaneous 8961403 323834 669467 699402
Total revenues 749136, 828 5 ,0569717 31778,265 33370,934
EXPENDITURES
Current:
General government 153969,364 - - 737, 838
Public safety 28 856100
Physical environment4559842 _
Transportation p 1 ,824,755 1 ,394,865 6,355,098 957099273
Economic environment 506,097
Human services 396459667
Culture/Recreation 83070,056
Court related 5,980,460
Debt service : -
Principal 59,345
Interest and fiscal charges 11241
Capital projects
Total expenditures 65,3789927 1 ,3945865 6,3552098 10,447, 111
Excess of revenues over (under) expenditures 8,757,901 3 ,6619852 (235769833) (7,076, 177)
OTHER FINANCING SOURCES (USES)
Transfers in 7159847 - - 79413 ,988
Transfers out (79614,358)
Transfer to paying agent
Debt proceeds
Total other financing sources (uses) (698989511 ) - - 7 413 988
Net change in fund balances 19859,390 3 ,661 ,852 (2,5761833) 337, 811
Fund balances at beginning of year 18,244,725 192416,467 25 ,756,028 239515338
Fund balances at end of year $ 2051045115 $ 239078,319 $ 23 , 179, 195 $ 39289, 149
The accompanying notes are an integral part of the financial statements .
20
' Emergency Optional Other Total
Services Land Sales Governmental Governmental
' District Acquisition Tax Funds Funds
$ 169928,050 $ - $ 11 ,678,272 $ 49393 ,444 $ 8651201084
567,403
939369 85833 , 142 1 ,2889246 10,9819729 3552139140
2,4855429 - - 1 ,0845034 139683 , 108
- - 5005026 1 ,584,737
- - - 2455703 459329130
200,508 583686 609,077 443 , 164 2,9995915
2195901 - 27309 6769861 15964, 177
1959275257 898915828 1395775904 1893245961 1475064,694
- - - 117399585 1894465787
173988,214 - - 7205734 47,565 ,048
= 17, 1059397 = 529250 17,6131489
1585918 19,4429909
775753 5839850
= 29533 ,250 611785917
10,308,012 18,3789068
17,800 5 ,9989260
2775147 - - 2,545 ,000 298819492
235052 - - 1 ,6049852 1 ,6399145
' - - 7,578,310 4,6499695 12,228,005
1892889413 1751051397 795789310 245407,849 15059559970
1 ,6385844 (8,213 , 569) 59999,594 (670829888) (358913276)
- _ - 9039946 99033 ,781
(443 , 849) (8009000) (3335444) (9, 191 ,651 )
(79800,000) (79800,000)
75800,000 7,8001000
(443 , 849) (800,000) 570,502 ( 157, 870)
15194,995 ( 8,2131569) 511995594 (5 , 5129386) (410499146)
593339270 1077, 129 27,029,238 245729,482 1349137,677
$ 6,5289265 $ 2,463 ,560 $ 32,228, 832 $ 19,217,096 $ 130,088,531
Continued
21
Indian River County, Florida
Reconciliation of the Statement of Revenues,
Expenditures , and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
For the Year Ended September 30 , 2003
Net change in fund balances - total governmental funds $ (4,049, 146)
Amounts reported for governmental activities in the statement of activities are different
because :
Governmental funds report capital outlay as expenditures . However, in the statement of
activities, the cost of those assets is allocated over their estimated useful lives as
depreciation expense .
Expenditures for capital assets 492073 ,587
Less current year depreciation ( 10,0441808) 39,0285779
Repayments of bond principal and capital lease principal are expenditures in the govern-
mental funds, but the repayment reduces long-term liabilities in the statement of net
assets .
Bondyment
p rinci al a 2,545,000
p payment
Capital lease principal payment 3365492 218813492
Changes in accrued compensated absences do not require the use of current financial
resources and therefore are not reported as expenditures in governmental funds . ( 136,466)
Governmental funds report interest expenditures based on when they are paid . The
statement of activities reports interest expense as it is incurred . This is the net
number of the previous year accrual and the current year accrual .
Accrued bond interest expense 71 712 i
Accrued capital lease interest expense 17,476 89, 188
Some revenues reported in the governmental funds have been recognized as revenues in
prior fiscal year in the statement of activities . (895958)
Internal service funds are used by management to charge the costs of insurance and fleet
services to individual funds. The net costs of the internal service funds are reported
with governmental activities . 539,459
Governmental funds report non-exchange transactions when the applicable eligibility
requirements have been met and resources are available. However, in the statement of
activities, non-exchange transactions are recognized when the eligibility requirements
are met. This is the net number of prior year accrual and current year accrual . 2889951
Some interest revenues reported in the statement of activities do not provide current
financial resources , therefore, are not reported as revenues in governmental funds.
This is the net number of prior year accrual and current year accrual . (343,925)
Change in net assets of governmental activities $ 38208,374
The accompanying notes are an integral part of the financial statements .
22
' Indian River County, Florida
Statement of Revenues , Expenditures, and
' Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES Original Final Amounts (Negative)
Taxes $ 485299,284 $ 48,2999284 $ 491897,576 $ 1 , 5985292
Licenses and permits 408,500 412,500 5499292 1369792
Intergovernmental 9,9399503 121019,870 119656,699 (363 , 171 )
Charges for services 7,8219454 854569967 99365 ,311 908,344
Fines and forfeitures 8779562 9499093 15084,711 135 ,618
Interest 905 ,600 9059600 6865836 (2185764)
' Miscellaneous 3609993 6539984 8969403 242,419
Total revenues 689612, 896 712697,298 74, 136, 828 2,439,530
EXPENDITURES
Current :
General government 15,836, 169 1696315302 15 ,9699364 661 ,938
Public safety 27,8111406 299435,339 2838569100 579,239
Physical environment 375 ,607 954,363 4559842 498,521
Transportation 735 ,590 251809312 19824,755 355 ,557
Economic environment 5275675 5359544 5069097 291447
Human services 39587, 844 35842, 806 35645 ,667 197, 139
Culture/Recreation 892955612 8,731 ,284 850709056 6619228
Court related 69373 ,234 6, 1575263 599809460 176,803
Debt service :
Principal 59,345 59,345 599345 -
Interest and fiscal charges 11 ,241 11 ,241 11 ,241 -
Total expenditures 635613 ,723 689538,799 6593789927 3 , 159,872
Excess of revenues over (under) expenditures 4,9999173 3 , 158,499 8, 757,901 5,5995402
OTHER FINANCING SOURCES (USES)
Transfers in 633 ,033 9349374 7159847 (2189527)
Transfers out (8,0175947) (810979553 ) (796149358) 4831195
Total other financing sources (uses) (7,3849914) (711635179) (69898,511 ) 264,668
' Net change in fund balances (2,3859741 ) (4,004,680) 1 ,859,390 59864,070
' Fund balances at beginning of year 2,3855741 4,0049680 189244,725
Fund balances at end of year $ - $ - $ 20, 104, 115
The accompanying notes are an integral part of the financial statements .
23
Indian River County, Florida
Statement of Revenues , Expenditures , and
Changes in Fund Balances - Budget and Actual
Road Improvement Fees
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Special assessments $ 19306,250 $ 138063250 $ 4,596,469 $ 29790,219
Interest 1439461 1435461 427,414 283 ,953
Miscellaneous - - 32,834 32,834
5
Total revenues 1 ,4491711 1 ,949,711 _ 5056, 717 321079006
EXPENDITURES
Current :
Transportation 1 ,574,466 11 ,88504 15394,865 10,490, 829
Total expenditures 1 ,574,466 111885,694 11394,865 10,4909829
Net change in fund balances ( 1245755) (9,9351983 ) 3 ,6613852 13 ,597,835 a
Fund balances at beginning of year 124,755 9,935,983 1954169467 t
1
Fund balances at end of year $ - $ - $ 2310789319
p
2
24
Indian River County, Florida
Statement of Revenues , Expenditures, and
Changes in Fund Balances - Budget and Actual
Secondary Roads Construction
For the Year Ended September 30, 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES
Original Final Amounts (Negative)
Taxes $ 3 ,0379791 $ 390379791 $ 31222,742 $ 1845951
Interest 5705000 5705000 489,056 (80,944)
Miscellaneous - 365467 669467 3000
Total revenues 39607,7913 ,644,258 357785265 134,007
EXPENDITURES
Current :
Transportation 49034, 138 235565 , 115 693559098 17,210,017
Total expenditures 490343138 23 ,565, 115 653559098 17,2101017
Net change in fund balances (4269347 19 920 857 576 8
( ) (2, 33 ) 17,3441024
' Fund balances at beginning of year 426,347 1999209857 25 ,7565028
Fund balances at end of year $ - $ - $ 239179, 195
1
1
r
r
r
r
r
' 25
Indian River County, Florida
Statement of Revenues, Expenditures , and
Changes in Fund Balances - Budget and Actual
Transportation
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES
Original Final Amounts (Negative)
Licenses and permits $ 9,500 $ 9,500 $ 18, 111 $ 8,611
Intergovernmental 253319238 2,331 ,238 2,359,955 28,717
Charges for services 450,300 4509300 748,334 2989034
Special assessments 142,500 142,500 89,958 (525542)
Interest 90,250 90,250 851174 (5 ,076)
Miscellaneous 28,500 325500 699402 369902
Total revenues 3 ,052,288 3 ,0569288 3 ,3709934 314,646
EXPENDITURES
Current :
General government 757,744 810,799 737, 838 729961
Transportation 10, 164, 117 105619,862 997099273 9109589
Total expenditures 1039219861 11 ,4301661 10,4477111 9833550
Excess of revenues over (under) expenditures (7,869,573 ) (813749373 ) (7,076, 177) 192989196
OTHER FINANCING SOURCES (USES)
Transfers in 79813 ,988 738139988 79413 ,988 (400,000)
Total other financing sources (uses) 7,8133988 79813 ,988 7,413 ,988 (4003000)
Net change in fund balances (55 ,585) (560,385) 337,811 8983196
Fund balances at beginning g � g of year
553585 560,385 2,951 ,338
Fund balances at end of year $ - $ - $ 3 ,289, 149
The accompanying notes are an integral part of the financial statements .
26
' Indian River County, Florida
Statement of Revenues , Expenditures, and
Changes in Fund Balances - Budget and Actual
Emergency Services District
' For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 169750,991 $ 1697509620 $ 169928,050 $ 1779430
Intergovernmental 149791 56,940 93 ,369 36,429
Charges for services 1 ,677,225 198583500 2,485 ,429 6263929
Interest 2139750 213 ,750 200,508 ( 13 ,242)
Miscellaneous 1999399 2209893 2195901 (992)
Total revenues 18,8569156 19, 100,703 19,927,257 8265554
EXPENDITURES
Current :
Public safety 17,4559782 18,831 ,264 179988,214 843 ,050
Debt service :
Principal 272,847 2775147 277, 147 -
Interest and fiscal charges 275353 23 ,053 23 ,052 1
Total expenditures 17,7559982 19, 131 ,464 18,288,413 843 ,051
Excess of revenues over (under) expenditures 1 , 100, 174 (309761 ) 1 ,6389844 15669,605
OTHER FINANCING SOURCES (USES)
Transfers out (422,033 ) (4449038) (4439849) 189
Total other financing sources (uses) (4229033 ) (444,038) (443 , 849) 189
' Net change in fund balances 678, 141 (4749799) 1 , 194,995 116695794
Fund balances at beginning of year 4749799 593333270
Fund balances at end of year $ - $ 65528,265
The accompanying notes are an integral part of the financial statements .
' 27
Indian River County, Florida
Statement of Revenues, Expenditures , and
Changes in Fund Balances - Budget and Actual
Land Acquisition
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES Original Final Amounts (Negative)
Intergovernmental $ - $ 7,519,788 $ 8,833 , 142 $ 15313 ,354
Interest - - 58,686 5806
Total revenues - 71519,788 8, 891 , 828 13372,040
EXPENDITURES
Current :
Physical environment 9,0501000 18,0079499 179105 ,397 902, 102
Total expenditures 990509000 18,0079499 17, 105 ,397 9025102
Net change in fund balances (9,050,000) ( 10,487,711 ) (8,213 ,569) 29274, 142
Fund balances at beginning of year 99050,000 1094875711 10,677, 129
r
Fund balances at end of year $ - $ - $ 2,4635560
The accompanying notes are an integral part of the financial statements .
28
Indian River County, Florida
Statement of Net Assets
Proprietary Funds
September 30, 2003
Business-type Activities-
Enterprise Funds Governmental
Solid Waste Other Activities
Disposal Golf County Enterprise Internal
District Course Utilities Funds Total Service Funds
' ASSETS
Current assets :
Cash and cash equivalents $ 9 , 8723299 $ 31292 $ 31 , 5701797 $ 4 , 1625908 $ 45 , 609 , 296 $ 75918 , 454
Accounts receivable - net 233 , 770 574 2 , 060 , 026 2 , 294 , 370 309 , 160
' Due from other funds 77 ,281 - 77 , 281 _
Due from other governments 9 , 000 888 , 528 897 , 528
Interest receivable 788 , 555 - 788 , 555 -
Inventories - 54 , 315 591 , 219 231557 669 , 091 67 , 536
' Current restricted assets : - -
Cash and cash equivalents 10 , 6231174 33 , 948 , 516 210 , 440 445782 , 130
Investments 583 , 790 583 , 790
Impact fees receivable 1 , 255 , 129 - 112559129
Special assessments receivable 5 , 5095498 5 , 5092498 -
Total current assets 20 , 8069524 650 , 971 761612 , 268 4 , 3965905 1021466 , 668 8 , 295 , 150
Non -current assets :
Liens receivable - - 113 , 420 113 , 420 -
' Unamortized bond costs - 92 , 809 763 , 356 - 856 , 165
Intangible assets 79 , 750 45 ,000 124 , 750
Deposits 1 , 000 11000
Capital assets - non-depreciable 11 , 392 , 477 669 , 630 41346 , 834 1654085941 -
Capital assets - depreciable 135710 , 836 85460 , 141 242 , 962 , 055 13847 , 083 266 , 980 , 115 450 , 349
Capital assets - accumulated depreciation ( 7 , 7701655 ) ( 1 , 720 , 667 ) ( 83 , 0551520 ) ( 316 , 930 ) ( 92 , 8632772
) ( 4313349 )
Total non -current assets 175412 , 408 79502 , 913 165 , 175 , 145 1 , 530 , 153 191 , 620 , 619 191000
Total assets 38 , 218 , 932 8 , 1539884 241 , 787 , 413 5 , 927, 058 29450875287 8 , 314 , 150
LIABILITIES
Current liabilities (payable from current assets ):
Accounts payable 513 , 773 75 , 097 518 , 553 789288 1 , 185 , 711 2199234
Claims payable - 4 , 581 000
Due to other governments 7 , 524 5 , 931 52046 18 , 501
' Deferred revenues 25 , 757 - 25 , 757
Accrued compensated absences 18 , 000 13 , 000 56 , 000 13 , 000 100 , 000 65000
Current liabilities (payable from restricted assets) :
Accounts payable - - 887 , 555 887 , 555 -
1 Retainage payable - 168 , 388 1685388 -
Accrued interest payable 28 , 398 328 , 002 356 , 400
Closure and maintenance costs payable 75211 , 362 7 , 211 , 362
Customer deposits 645700 - 2 , 0775421 210 , 440 2 , 352 , 561
Bonds payable 395 , 000 1 , 855 , 000 2 , 250 , 000
Total current liabilities 717895835 531 , 776 5 , 8401850 293 , 774 14 , 4561235 438069234
Non-current liabilities :
Accrued compensated absences 116 , 681 832499 363 , 317 862481 549 , 978 515299
Advance from other funds - 6555000 - 655 , 000
' Bonds payable - net of unamortized discount - 611489359 68 , 7725727 - 74 , 921 , 086 -
Total non-current liabilities 116 , 681 6 , 886 , 858 69 , 1362044 86 , 481 76 , 2261064 51 , 299
Total liabilities 7 , 906 , 516 71418 , 634 74 , 976 , 894 380 , 255 90 , 682 , 299 4 , 857 , 533
NETASSETS
Invested in capital assets, net of related debt 17 , 3325658 865 , 745 93 , 625 , 642 11530 , 153 113 , 354 , 198 199000
Restricted for:
Capital projects - 429783 , 994 42 , 783 , 994
Debt service - 32 , 917 1543583 187,500
Unrestricted 12 , 979 , 758 ( 163 ,412 ) 30 , 246 , 300 4 , 016 , 650 47, 0797296 3 , 437 , 617
Total net assets $ 30 , 312 , 416 $ 735 ,250 $ 166 , 810 , 519 $. 5 , 54�6 , 803 $ 203 , 404 , 988 $ 3 , 456
, 617
The accompanying notes are an integral part of the financial statements .
' 29
Indian River County, Florida
Statement of Revenues , Expenses , and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended September 30 , 2003
Business-type Activities
Enterprise Funds
Solid Waste Other
Disposal Golf County Enterprise
OPERATING REVENUES District Course Utilities Funds
Charges for services $ 105187,432 $ - $ - $ 274325420
Charges for services pledged as
security for revenue bonds - 331125087 21 ,2101935 _
Total operating revenues _ 1011871432 31112,087 21 ,210,935 214324420
OPERATING EXPENSES
Personal services 2,429,504 815,561 51922,537 1 ,4539486
Material, supplies , services and
other operating 555909573 1 ,510,618 497429107 522,613
Depreciation 5595197 1355297 101163 ,364 57,655
Total operating expenses 895793274 214615476 20, 828,008 2,0335754
Operating income 156089158 6505611 3825927 3985666
NONOPERATING REVENUES (EXPENSES)
Interest income 429,553 - - 819809
Interest income pledged as security
for revenue bonds - 23 ,391 197979260 -
Operating grants 241 ,765 - 29, 897 -
Gain on disposal of equipment 27,740 2,087 309520 39020
Interest expense - (365,067) (45073 ,434) _
Bond amortization expense - ( 149742) (98,388) _
Intangible amortization expense (9,867) - ( 15 ,000) -
Loss on disposal of equipment - ( 1 ,622) (295 )
Total nonoperating revenues (expenses) 689, 191 (355 ,953 ) (2,329,440) 84,829
Income before transfers and
capital contributions 2,297,349 294,658 ( 1 ,946,513) 483 ,495
Transfers - - - 157,870
Capital contributions 1457943002
Capital contributions pledged as security
for revenue bonds - - 5,002,904 -
Change in net assets 212979349 294,658 17,850,393 641 ,365
Total net assets - beginning 28,0159067 440,592 148,9605126 4,905,438
Total net assets - ending $ 302312,416 $ 7359250 $ 166, 810,519 $ 59546,803
The accompanying notes are an integral part of the financial statements .
30
Governmental
Activities
Internal
Total Service Funds
' $ 12,619, 852 $ 12,931 ,729
249323 ,022 -
365942,874 12,931 ,729
1096219088 29724,528
12,3659911 99789,249
1019159513 10,956
3399029512 1255249733
310409362 4065996
511 ,362 131 ,938
1 ,820,651 -
' 271 ,662 -
63 ,367 525
(49438,501 ) -
( 1135130) =
(24,867)
( 1 ,917) -
( 1 ,911 ,373 ) 1329463
19128,989 5399459
157,870
149794,002 -
' 590029904 -
219083 ,765 539,459
1821321 ,223 2,9179158
$ 20394049988 $ 3 ,456,617
i
' 31
Indian River County, Florida
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30, 2003
Business-type Activities
Enterprise Funds
Solid Waste
Disposal Golf County
CASH FLOWS FROM OPERATING ACTIVITIES District Course Utilities
Cash received from customers $ 10, 167,473 $ 39115,373 $ 21 ,863 ,806
Cash paid to suppliers for goods and services (5 ,399, 115) ( 1 , 590,352) (45689,438)
Cash paid to employees for services (2,425 , 112) (797, 558 ) (6, 197,698)
Net cash provided by operating activities 233435246 7275463 109976,670
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES - -
Transfers
Operating grants 2419765 - 29,897
Net cash provided by noncapital financing
activities 241 ,765 - 29, 897
CASH FLOWS FROM CAPITAL AND RELATED _
FINANCING ACTIVITIES s
Principal payments - bonds/notes - (375 ,000) ( 1 ,7651000)
Interest paid on long-term debt - (359,411 ) (41044, 887) v
Proceeds from sale of capital assets 27,740 21087 309225
Purchase of capital assets (964,917) ( 1055544) ( 10,627,285)
Bond paying agent fees - - ( 1 ,062)
Capital contributed by others - - 13 ,607, 813 -
Proceeds from advances from other funds - 30,000
Net cash used in capital and related financing
activities (9379177) (8073868) (2, 800, 196)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments 429,553 23 ,391 198485164
Proceeds from investment maturity - 539 576
Net cash provided by investing activities 429,553 5621,967 1 ,848, 164
Net increase in cash and cash equivalents 2,077,387 482,562 1054,535
Cash and cash equivalents at beginning of year 1854183086 104,520 55 ,464, 778
Cash and cash equivalents at end of year $ 20,4959473 $ 5879082 $ 659519,313
Classified as :
Current assets $ 9, 8725299 $ 3 ,292 $ 31 ,570,797
Restricted assets 10235174 583 ,790 33 ,9483516
Totals $ 205495,473 $ 587,082 $ 655191313
The accompanying notes are an integral part of the financial statements .
32
' Governmental
Other Activities
Enterprise Internal
Funds Total Service Funds
$ 29535,545 $ 3756825197 $ 129744,390
(4949452) ( 1251739357) (9, 5129686)
( 17459,697) ( 107880,065 ) (257265467)
' 5815396 141628,775 5059237
' 157,870 1579870 -
2719662 -
1579870 429,532 -
(2, 140,000) -
' - (454045298) -
35020 631072 525
( 146,222) ( 11 ,843 ,968) (49162)
1 = ( 19062) =
13 ,607, 813
30,000 -
( 143 ,202) (45688 ,443 ) (39637)
811809 29382,917 1315938
539, 576 -
815809 29922,493 1319938
677, 873 1312925357 633 ,538
3 ,6951475 7796829859 75284,916
$ 4,3739348 $ 9099757216 $ 759189454
$ 491629908 $ 45 ,609,296 $ 7,918,454
210,440 459365,920
$ 493739348 $ 90,9755216 $ 7,9189454
1 Continued
33
Indian River County, Florida
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30 , 2003
Business-type Activities
Enterprise Funds
Solid Waste
Disposal Golf County
District Course Utilities
RECONCILIATION OF NET OPERATING INCOME (LOSS)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income $ 15608, 158 $ 650,611 $ 382,927
Adjustments to reconcile operating income to net cash
provided by operating activities :
Depreciation 5599197 135 ,297 10, 1637364
Capitalized self-incurred expenses - - (311 ,469)
(Increase) Decrease in assets :
Accounts receivable (209529) 563 (203 ,321 )
Due from other funds (3 ,930)
Due from other governments _ - _
Inventories - ( 1 ,079) 3 ,652
Impact fees receivable - - 6303061
Deposits
Increase (Decrease) in liabilities :
Accounts payable ( 192,626) (76,819) 49,017
Due to other governments - ( 1 ,836)
Other deposits in escrow
Retainage payable (52, 110)
Customer deposits 4,500 - 226, 131
Closure and maintenance costs payable 436, 194
Deferred revenues - 2,723
Claims payable - m
_
Accrued compensated absences 4,392 18,003 36,308
Total adjustments 7359088 769852 10,593 ,743
Net cash provided by operating activities $ 2,343 ,246 $ 7271463 $ 10,976,670
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments $ (429358) $ (385) $ ( 129, 876)
Contributed property, plant and equipment $ - $ - $ 4,065, 129
The accompanying notes are an integral part of the financial statements .
34
Governmental
Other Activities
Enterprise Internal
Funds Total Service Funds
$ 3981666 $ 390405362 $ 406,996
579655 1059155513 10,956
(311 ,469)
= (2239287) (2505626)
(3 ,930)
125 125 63 ,287
25422 45995 45846
630,061
402
25 ,473 ( 194,955 ) (48,685)
266 ( 15570) -
' 1039000 1035000 =
(52, 110)
436, 194 -
= 131 ,617 =
2,723
- - 3209000
(69211 ) 525492 ( 1 ,939)
182,730 119588,413 98,241
' $ 5819396 $ 1416289775 $ 505 ,237
$ ( 19999) $ ( 1749618) $ ( 129850)
$ - $ 490659129 $ -
' 35
Indian River County, Florida
Statement of Fiduciary Net Assets
Agency Fund
September 30, 2003
ASSETS
Cash and cash equivalents $ 79393 , 024
Accounts receivable - net 5 , 775
Total assets 793985799
LIABILITIES
Accounts payable 203 378
Due to other governments 3 922607
Other deposits held in escrow 3 ,272 , 814
Total liabilities 7 ,398 , 799
NET ASSETS
Total net assets $ _
V
i
?n
The accompanying notes are an integral part of the financial statements .
36
' Indian River County , Florida
Notes To Financial Statements
Year Ended September 30, 2003
' Note Page Note Page
1 . Summary of Significant Accounting 12. Long-term Liabilities 65-78
Policies 3847 Business-type Activities 65-69
Reporting Entity 38-39 Recreational Revenue Refunding
Measurement Focus and Basis of Bonds, Series 1993 65
Accounting 40-42 Water and Sewer Revenue
Basis of Presentation 42-44 Bonds, Series 1993A 66.67
Assets, Liabilities, and Net Assets Water and Sewer Revenue
or Equity 44-47 Bonds, Series 1996 67-69
Cash and Cash Equivalents 44 Annual Debt Service Payments -
Investments 44 Business-type Activities 69
Allowance for Doubtful Accounts 44 Governmental Activities 70-73
Receivables and Payables 44 General Obligation Bonds,
Inventories 45 Series 2001 and Series 2003 70
Restricted Assets 45 Spring Training Facility Revenue
Capital Assets 4546 Bonds, Series 2001 71 -72
' Capitalization of Interest 46 Annual Debt Service Payments -
Unamortized Bond Costs 46 Governmental Activities 73
Unamortized Bond Discounts 46 Housing Authority Revenue Bonds 74-75
Intangible Assets 46 Summary of Defeased Debt
Deferred Revenues 47 Outstanding 75
Accrued Compensated Absences 47 Capital Leases and Notes Payable 76
Obligation for Bond Arbitrage Changes in Long-term Liabilities 77
' Rebate 47 Conduit Debt Obligations 78
Landfill Closure Costs 47 13 . Provision for Closure Costs 79
Capital Contributions 47 14. Defined Benefit Pension Plans 7942
2. Reconciliation of Government-wide and Florida Retirement System 79-80
Fund Financial Statements 48-55 Firefighters Defined Benefit
3 , Stewardship , Compliance, and Pension Plan 81 -82
Accountability 56-57 15 . Operating Leases 83
Budgets and Budgetary Accounting 56-57 16. Fund Equity 84-85
4. Cash and Cash Equivalents 57-59 17. Fund Equity Deficit 85
Deposits 57 18. Risk Management 86-87
' Accrued Interest 57 19. Commitments and Contingencies 87-88
Investments 58-59 Litigation 87
5. Property Tax Revenues 59 Contracts and Other Commitments 88
' 6. Capital Assets 60-61 Restatement of Prior Year Balances 88
7, Restricted Cash and Cash Equivalents and Grants 89
Investments 61 20. Subsequent Events 89
8. Payable from Restricted Assets 62
9, Interfund Balances 62-63
10. Interfund Transfers 63
11 . Receivable and Payable Balances 64
' 37
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Indian River County, Florida, (the "County") is a political subdivision of the State pursuant to Article VIII
Section 1 (a) of the Constitution of the State of Florida. Created on June 29, 1925 by an act of the Legislature ,
separating it from St . Lucie County, the County encompasses approximately 497 square miles of land with an
estimated population of 118 , 149 . The County is governed by the Board of County Commissioners and five elected
constitutional officers (Clerk ofthe Circuit Court, PropertyAppraiser, Sheriff, Supervisor ofElections, and Tax Collector)
in accordance with state statutes and regulations . The constitutional officers maintain separate accounting records and
budgets from the Board of County Commissioners . The Constitution ofthe State of Florida, Article VIII, Section 1 (d)
created the constitutional officers and Article VIII, Section 1 (e), created the Board of County Commissioners .
The financial statements of the County have been prepared in accordance with generally accepted accounting
principles (GAAP) as applied to governmental units . The Governmental Accounting Standards Board (GASB)
is the standard-setting body for governmental accounting and financial reporting . Pronouncements of the
Financial Accounting Standards Board (FASB) issued after November 30, 1989 are not applied in the preparation
of the financial statements of the proprietary fund types in accordance with GASB Statement 20 . The GASB
periodically updates its codification of the existing Governmental Accounting and Financial Reporting Standards
which, along with subsequent GASB pronouncements (Statements and Interpretations) , constitutes GAAP for
governmental units .
In June 1999 , the Governmental Accounting Standards Board (GASB ) unanimously approved Statement 34 -
Basic Financial Statements and Management 's Discussion and Analysis - for State and Local Governments . This
statement provides for the most significant change in financial reporting in over twenty years and is scheduled for a
phased implementation (based on the size of government) starting with the fiscal year ending 2002 . As part of this
statement, there is a new reporting requirement regarding the local government's infrastructure (roads, bridges, traffic
signals , etc .) . This requirement permits an optional four-year further delay for implementation of the infrastructure
related portion to the fiscal year ending in 2006. The County has fully implemented the basic model and the infrastructure-
related portion in the fiscal year 2001 -2002 .
A. Reporting Entity
The concept underlying the definition ofthe reporting entity is that elected officials are accountable to their constituents
for their actions . The reporting entity's financial statements should allow users to distinguish between the primary
government (the County) and its component units . However, some component units, because ofthe closeness of their
relationships with the County, should be blended as though they are part ofthe County. Otherwise, most component
units should be discretely presented. As required by generally accepted accounting principles, the financial reporting
entity consists of ( 1 ) the primary government (the County), (2) organizations for which the County is financially
accountable, and (3) other organizations for which the nature and significance of their relationship with the County are
such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete . The County
is financially accountable if it appoints a voting majority ofthe organization's governing body and (a) it is able to impose
its will on that organization or (b) there is a potential for the organization to provide specific financial benefits to, or
impose specific financial burdens on, the County.
38
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
A. Reporting Entity - Continued
The County may be financially accountable if an organization is fiscally dependent on the County regardless of whether
the organization has (a) a separately elected governing board, (b) a governing board appointed by a higher level of
government, or (c) a jointly appointed board. Based on these criteria, County management examined all organizations
which are legally separate in order to determine which organizations, if any, should be included in the County's financial
statements . Management determined that the Solid Waste Disposal District, the Emergency Services District, and the
Indian River County Housing Authority were the only organizations that should be included in the County 's financial
statements as component units .
Blended Component Units
Solid Waste Disposal District (SWDD) - Created pursuant to County Ordinance 87-67, the Board of County
Commissioners serves as the Board for the SWDD and sets the non ad valorem assessment fees for the SWDD .
Although legally separate , the SWDD is appropriately blended as a proprietary fund type (enterprise) component
unit into the primary government.
Emergency Services District (EMS) - Created pursuant to County Ordinance 90-25 , the Board of County
' Commissioners serves as the Board for the EMS and sets the millage rate for the EMS . Although legally
separate , the EMS is appropriately blended as a governmental fund type (special revenue) component unit into
the primary government .
' Discretely Presented Component Unit
Indian River County Housing Authority (IRCHA) - Created pursuant to Chapter 421 , Florida Statutes , the
IRCHA , whose Board is appointed by the State of Florida, provides subsidized public housing in accordance
with federal legislation. The County provides the primary funding for the operations of the IRCHA , maintains
budgetary control over the operating costs of the IRCHA, and provides use of certain furniture and equipment
at no charge . Appropriations from the County totaled $ 157,253 and the related actual operating costs totaled $ 145 ,785
for the fiscal year. The IRCHA cannot overspend appropriations in total . Since the IRCHA is fiscally dependent on the
County, it has been reported in a separate column in the government-wide financial statements to emphasize that it is
legally separate from the government. The IRCHA is presented as a proprietary fund type .
iSeparate financial statements for the Solid Waste Disposal District and the Emergency Services District are
not available. Separate financial statements for the Indian River County HousingAuthority are available in the administrative
office located at 1028 20th Place , Vero Beach, Florida 32960 .
Because the component units have been reported as if they are part of the County, there are limited instances where
special note reference or separation will be required. If no separate note reference or categorization is made, the user
should assume that information presented is equally applicable .
39
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Measurement Focus And Basis OfAccounting
The basic financial statements ofthe County are composed ofthe following :
• Government-wide financial statements
• Fund financial cial statements
• Notes to the financial statements
1 . Government-wide Financial Statements
r
Government-wide financial statements display information about the reporting government as a whole, except for its
fiduciary activities . These statements include separate columns for the governmental and business-type activities ofthe
primary government (including its blended component units), as well as its discreetly presented component unit. For the
most part, the effect of interfund activity has been removed from these statements . Governmental activities , which
normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities,
which rely, to a significant extent, on fees and charges for support. Likewise , the primary government is reported
separately from the legally separate component unit for which the primary government is financially accountable. t
Government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund financial statements . Under the accrual basis of accounting,
revenues, expenses, gains , losses, assets , and liabilities resulting from exchange and exchange-like transactions are
recognized when the exchange takes place . Revenues, expenses, gains, losses, assets, and liabilities resulting from
nonexchange transactions are recognized in accordance with the requirements of GASB Statement 33 - Accounting
and Financial Reporting for Nonexchange Transactions .
Program revenues include charges for services, special assessments , and payments made by parties outside of
the reporting government ' s citizenry if that money is restricted to a particular program . Program revenues are
netted with program expenses in the statement of activities to present the net cost of each program .
Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements ,
rather than reported as an expenditure . Proceeds of long-term debt are recorded as liabilities in the government-
wide financial statements , rather than as an other financing source . Amounts paid to reduce long-term
indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an
expenditure .
As a general rule the effect of interfund activity has been eliminated from the government-wide financial
statements . The County chooses to eliminate the indirect costs between governmental activities to avoid "dou-
bling up" effect.
40
' Indian River County , Florida
' Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Measurement Focus And Basis Of Accounting - Continued
2 . Fund Financial Statements
' The underlying accounting system of the County is organized and operated on the basis of separate funds , each of
which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate
set of self-balancing accounts that comprise its assets, liabilities , fund equity, revenues and expenditures or expenses ,
as appropriate . Governmental resources are allocated to and accounted for in individual funds based upon the purposes
for which they are to be spent and the means by which spending activities are controlled.
' Fund financial statements for the primary government 's governmental, proprietary, and fiduciary funds are presented
after the government-wide financial statements . These statements display information about major funds individually
and nonmajor funds in the aggregate for governmental and enterprise funds. The fiduciary statement includes financial
information for the agency fund . The agency fund of the county primarily represents assets held by the county in a
custodial capacity for other individuals or givemments.
' Governmental Funds
Governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting . Revenues are recognized as soon as they are both measurable
and available . Revenues are considered to be available when they are collected within the current period or
soon enough thereafter to pay liabilities of the current period . For this purpose , the County considers revenues
to be available if they are collected within 40 days of the end of the current fiscal period. Expenditures generally
are recorded when a liability is incurred, as under accrual accounting . Franchise fees , licenses , sales taxes , gas
' taxes , operating and capital grants , and interest associated with the current fiscal period are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal period . All other revenue
items are considered to be measurable only when cash is received by the County .
Under the current financial resources measurement focus , only current assets and current liabilities are generally
included on the balance sheet. The reported fund balance is considered to be a measure of "available spendable
resources " . Governmental funds operating statements present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current assets . Accordingly, they are said to
' present a summary of sources and uses of "available spendable resources" during a period .
Non-current portions of long-teen receivables (special assessments) due to governmental funds are reported on their
1 balance sheets in spite of their spending measurement focus .
Non-current portions of other long-term receivables are offset by fund balance reserve accounts .
' Because of theirspending measurement focus expenditure recognition for governmental
fund types exclude amounts
1 represented by noncurrent liabilities . Since they do not affect net current assets , such long-term amounts are not
recognized as governmental fund type expenditures or fund liabilities .
41
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Measurement Focus And Basis Of Accounting - Continued
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended,
rather than as fund assets . The proceeds of long-term debt are recorded as an other financing source rather than as a
fund liability. However, debt service expenditures, as well as expenditures related to compensated absences and claims
and judgements, are recorded only when payment is due .
Proprietary Funds
The County's enterprise funds and internal service funds are proprietary funds. In the fund financial statements, proprietary
funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses
are recognized when the related goods or services are delivered. In the fund financial statements, proprietary funds are
presented using the economic resources measurement focus . This means that all assets and all liabilities (whether
current or noncurrent) associated with their activity are included on their balance sheets . Proprietary fund type operating
statements present increases (revenues) and decreases (expenses) in total net assets . The Board applies all GASB
pronouncements as well as all FASB Statements and Interpretations, APB Opinions andAccounting Research Bulletins,
issued on or before November 30, 1989, which do not conflict with or contradict GASB pronouncements .
Proprietary fund operating revenues result from exchange transactions associated with the principal activity ofthe fund.
Exchange transactions are those in which each party receives and gives up essentially equal values . Nonoperating
revenues result from nonexchange transactions or ancillary activities .Operating expenses are costs incurred to provide
services whereas nonoperating expenses are costs of debt financings , amortization of intangible assets and loses on
assets sales .
Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements , rather than
reported as an expenditure . Proceeds of long-term debt are recorded as a liability in the fund financial statements,
rather than as an other financing source . Amounts paid to reduce long-term indebtedness are reported as a
reduction of the related liabilities , rather than as an expense .
C. Basis of Presentation
GASB Statement 34 sets forth minimum criteria (percentage of the assets , liabilities , revenues or expenditures/
expenses of either fund category and the governmental and enterprise combined) for the determination of
major funds . The County has used GASB 34 minimum criteria for major fund determination and has also
electively disclosed funds which either had debt outstanding or specific community focus as major funds . The non-
major funds are combined in a column in the fund financial statements and detailed in the combining section.
1 . Governmental Major Funds :
General Fund - The General Fund is the general operating fund of the County. It is used to account for all financial
resources , except those required to be accounted for in another fund.
Road Improvement Fees Fund - The Road Improvement Fees Fund accounts for the receipt of traffic impact fees .
Funds are used for the upgrading and construction of roads and bridge
42
Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30, 2003
' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Basis of Presentation - Continued
1 . Governmental Major Funds = Continued
t Secondary Roads Construction Fund - The Secondary Roads Construction Fund accounts for the expenditures of
road and bridge construction. Financing is provided by collections of the local option gas tax .
Transportation Fund - The Transportation Fund accounts for expenditures incurred for the maintenance and
repair of County roads . Financing is provided by the 5th and 6th cent gas tax, county gas tax and transfers from
the General Fund .
Emergency Services District Fund - The Emergency Services District Fund accounts for the expenditures tures of
' providing fire protection and advanced life support to all of the County . Financing is provided by ad valorem
taxes .
' Land Acquisition Fund - The Land Acquisition Fund acounts for the expenditures incurred in the purchase of
environmentally sensitive land. Financing is provided by bond proceeds from the voted debt "Environmentally Sensitive
Land Acquisition Bonds".
Optional Sales Tax Fund - The Optional Sales Tax Fund accounts for revenues generated by the local option one cent
sales tax and some capital grants that use the local option one cent sales tax as matching funds . Monies are used for
' various capital projects .
2 . Proprietary Major Funds :
Solid Waste Disposal District Fund - The Solid Waste Disposal District Fund accounts for the revenues ,
,
' expenses , assets and liabilities associated with the County landfill .
Golf Course Fund - The Golf Course Fund accounts for the revenues , expenses , assets and liabilities associated
with the Golf Course .
County Utilities Fund - The County Utilities Fund accounts for the revenues , expenses , assets and liabilities
associated with the County water and sewer system .
3 . Other Fund Types :
Internal Service Funds - Internal Service Funds account for Fleet Management and Self Insurance services provided
to other departments of the County on a cost reimbursement basis .
' Agency Fund - The Agency Fund is used to account for the collection and disbursement of monies by County the Coun on
behalf of other governments and individuals, such as cash bonds, traffic fines, child support payments and ad valorem
' taxes .
' 43
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES - Continued
C. Basis of Presentation - Continued
4. Non -current Governmental Assets/Liabilities :
GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non-current governmental
liabilities, such as general obligation bonds and capital leases, be reported in the governmental activities column in the
government-wide statement of net assets .
D. Assets , Liabilities, and Net Assets or Equity
1 . Cash and Cash Equivalents
The County maintains a cash and investment pool that is available for use by all funds . Earnings from the
pooled investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pool is managed such that all participating funds have the ability to deposit and withdraw cash
as if they were demand deposit accounts . Therefore, all balances representing participants ' equity in the
investment pools are classified as cash and cash equivalents for financial statement purposes . In addition,
longer-term investments are held by several of the County ' s funds and are reported as investments on these
statements . Cash and cash equivalents of the constitutional officers are maintained in separate accounts , but
have been combined with the Board ' s cash and cash equivalents for financial statement purposes .
2 . Investments
Investments consist of U . S . Treasury Securities , U . S . Government Agency Securities , a guaranteed investment
contract, the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local
Government Investment Trust Fund (Trust) . Except for the Pool and the Trust, investments are reported at their
fair value based on the average price obtained from three brokers/dealers . Fair value of the Pool and the Trust
are based on the fair value per share of the underlying portfolio .
3 . Allowance for Doubtful Accounts
The County provides an allowance for water and sewer accounts receivable that may become uncollectable . At
September 30 , 2003 , this allowance was $274, 988 . No other allowances for doubtful accounts are maintained since
other fund accounts receivable are considered collectable as reported at September 30, 2003 ,
4 . Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal
year are referred to as " due to/from other funds". Any residual balances outstanding between the governmental
activities and business-type activities are reported in the govemment-wide financial statements as "internal
balances" . All receivables are shown net of an allowance for doubtful accounts . Receivables in excess of 180 days
comprise the trade accounts receivable allowance for doubtful accounts .
44
Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30 , 2003
' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D . Assets , Liabilities, and Net Assets or Equity = Continued
' 5 . Inventories
' Inventories are valued at cost, which approximates market, using the "first-in, first-out" method of accounting. Inventories
of governmental funds are recorded as expenditures when consumed rather than when purchased.
' 6. Restricted Assets
Certain net assets of the County are classified as restricted assets on the statement of net assets because their use is
limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by
creditors , grantors , contributors , or laws or regulations of other governments . In a fund with both restricted and
' unrestricted asstes, qualified expenses are considered to be paid first from restricted net assets and then from unrestricted
net assets .
7. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e . g. , roads, bridges, right-of-ways,
' water and sewer distribution systems and similar items), are reported in the applicable governmental or business-type
activities column in the government-wide financial statements . Capital assets are defined by the County as assets with
an initial , individual cost of $ 750 or more and an estimated useful life in excess of one year. Except for roads and
' bridges constructed prior to October 1 , 1981 , assets are recorded at historical cost . Roads and bridges constructed
prior to October 1 , 1981 are reported at estimated historical cost. Donated capital assets are recorded at estimated
fair market value at the date of donation.
' The costs of normal maintenance and repairs that do not add to the value of the asset or materially tenally extend its
useful life are not capitalized .
Major outlays for capital assets and improvements are capitalized as projects are constructed . Interest incurred
during the construction phase of capital assets of business-type activities is included as part of the capitalized value of
the assets constructed.
' The Board holds legal title to the capital assets used in the operations of the Board, Clerk of the Circuit Court, Property
Appraiser, Supervisor of Elections and Tax Collector, and is accountable for them under Florida Law.
The Sheriffis accountable for and thus maintains capital asset records pertaining only to equipment used in his operations.
These assets have been combined with the Board's governmental activities capital assets in the statement of net
assets .
' 45
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D . Assets, Liabilities , and Net Assets or Equi - Continued
Property, plant, and equipment of the primary government, as well as the component units, are depreciated using the
straight-line method over the following estimated useful lives :
Assets Years
Buildings and improvements 25 - 50
Machinery and equipment 3 - 10
Utility distribution systems 25 - 50
Road and bridge infrastructure 20 - 50
8 . Capitalization of Interest
Interest costs related to bond issues are capitalized during the construction period . These costs are netted
against applicable interest earnings on construction fund investments . During the current period, the County
did not have any capitalized interest .
r,
9 . Unamortized Bond Costs {
Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are amortized
over the life of the bonds using the straight-line method of accounting.
10. Unamortized Bond Discounts
Bond discounts associated with the issuance of Proprietary Fund revenue bonds are amortized according to the
straight-line method. For financial reporting, unamortized bond discounts are netted against the applicable '
long-term debt .
11 . Intangible Assets
Land use rights were purchased by the County Utilities Fund from the Golf Course Fund for irrigating the golf
course with treated effluent . Leachate disposal rights were purchased by the Solid Waste Disposal Fund from
the County Utilities Fund for removal and transportation of leachate from the County landfill to the sewer
system . These assets are being amortized using the straight-line method over the estimated useful life of 20 years .
12 . Deposits
Deposits in the governmental funds represent prepayments for services that will be used in future periods . The County's
policy is to record the expenditure for the services when they are used rather than when the cash is disbursed .
46
Indian
Rrver County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D . Assets , Liabilities , and Net Assets or Equity - Continued
' 13 . Deferred Revenues
' Deferred revenues reported in government-wide financial statements represent unearned revenues . The deferred
revenues will be recognized as revenue in the fiscal year they are earned in accordance with the accrual basis
of accounting . Deferred revenues reported in governmental fund financial statements represent unearned
revenues or revenues which are measurable but not available and, in accordance with the modified accrual
basis of accounting, are reported as deferred revenues .
' 14. Accrued Compensated Absences
The County accrues accummulated unpaid vacation and sick leave when earned by the employee . The current
' portion is the amount estimated to be used in the following year. The non-current portion is the amount estimated
to be used in subsequent fiscal years . Both the current and non-current estimated accrued compensated absences
amounts for governmental funds are maintained separately and represent a reconciling item between the fund
' and government-wide presentations .
15. Obligation for Bond Arbitrage Rebate
Pursuant to Section 148 (f) of the U . S . Internal Revenue Code , the County must rebate to the United States
' Government the excess of interest earned from the investment of certain debt proceeds and pledged revenues
over the yield rate of the applicable debt. The County uses the "revenue reduction" approach in accounting for
rebatable arbitrage . This approach treats excess earnings as a reduction of revenue . The County has no arbitrage
' liability outstanding as of September 30, 2003 .
16 . Landfill Closure Costs
' Under the terms of current state and federal regulations, the Solid Waste Disposal District (S WDD) is required
to place a final cover on closed landfill areas , and to perform certain monitoring and maintenance functions for
a period of up to thirty years after closure . The S WDD recognizes these costs of closure and post-closure
maintenance over the active life of each landfill area, based on landfill capacity used during the period . Required
' obligations for closure and post-closure costs are recognized in the Solid Waste Disposal District Enterprise
Fund .
17. Capital Contributions
The capital contributions accounted for in the proprietary fund types represent contributions from other funds ,
developers , state and federal grant programs , and impact fees charged to new customers for their anticipated
burden on the existing system . The contributions amount is reported after nonoperating revenues and expenses
on the statement of revenues , expenses , and changes in fund assets in accordance with GASB Statement 33 .
47
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government-wide Statement of Net Assets
"Total fund balances" of the County's governmental funds 1 »
g ($ 30,088 , 531 ) differs from net assets of governmental
activities ($360,268 ,246) reported in the statement of net assets . This difference primarily results from the long-term
economic focus of the statement of net assets versus the current financial resources focus of the governmental fund
balance sheet.
Capital related items
When capital assets (property, plant, equipment) that are to be used in governmental activities are purchased or
constructed, the cost of those assets are reported as expenditures in governmental funds . However, the state-
ment of net assets included those capital assets among the assets of the County as a whole .
Cost of capital assets $383 , 763 ,220
Accumulated depreciation ( 122 ,2525931 )
Total $261 , 510 ,289
LonjZ-term debt transactions
Long-term liabilities applicable to the County 's governmental activities are not due and payable in the current period
and accordingly are not reported as fund liabilities . All liabilities (both current and long-term) are reported in the
statement of net assets . Balances at September 30, 2002 were :
Bonds Payable :
General Obligation Bonds, Series 2001 $ (9, 925 , 000)
General Obligation Refunding Bonds, Series 2003 (7 , 8007000)
Spring Training Facility Bonds, Series 2001 ( 1559909000)
Capital leases (417, 518 )
Compensated absences (3 , 715 , 344)
Total $(3758479862)
Accrued interest
Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds due to accrued
interest on General Obligation Bonds, Series 2003 , General Obligation Bonds, Series 2001 , Spring Training Facility
Bonds, Series 2001 , and capital leases .
Bonds $ ( 1385889)
Capital leases ( 109303 )
Total $ ( 149, 192)
48
Indian River
County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
- Continued
' A. Explanation of Differences Between the Governmental Fund Balance Sheet and the
Government-wide Statement of Net Assets - Continued
Deferred revenues
Deferred revenues in the statement ofnet assets differs from the amount reported in governmental funds due to special
assessment receivables . Governmental fund financial statements report unearned revenues or revenues which are
measureable but not available as deferred revenues . However, deferred revenues in governmental funds are suscep-
tible to full accrual on government-wide financial statements .
Deferred revenues reduced $ 432255
Internal service funds
' Internal
service funds are used by management to charge the costs of fleet management and insurance activities to
individual funds . The assets and liabilities of the internal service funds are included in governmental activities in the
statement of net assets because they primarily serve governmental activities of the County.
Internal service fund $ 32456 , 617
' Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not available, therefore , these
revenues are not reported in the fund .
Accrued grant revenues $2 , 705 , 048
' Accrued interest revenues
' Some interest revenues are not recognized in the current period because the resources are not available , therefore,
these revenues are not reported in the fund .
Accrued interest revenues $ 461 , 560
Elimination of interf ind receivables/payables
Interfund receivables and payables in the amount of $615 ,381 between governmental funds must be eliminated for the
statement of net assets .
r
' 49
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
A. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government
Total Capital Long-term
Governmental Related Debt Interest
ASSETS Funds Items Transactions Payable
Cash and cash equivalents $ 134 , 7599248
Accounts receivable - net 818 , 637
Special assessments receivable 43 ,255
Due from other funds 538 , 100
Due from other governments 39822 , 373
Interest receivable -
Inventories 65 ,417
Deposits 130,685
Advance to other funds 6555000
Capital assets - net - _ 261 , 510 289
Total assets $ 14038325715 $ 261 , 5105289
X
LIABILITIES AND FUND BALANCES
X.
Liabilities :
Accounts payable $ 7, 7695645
Retainage payable 15087, 505
Accrued interest payable 377 014 - 149, 192
Claims payable _
Due to other funds 615 , 381
Due to other governments 26% 378
Deferred revenues 2539222 -
Other deposits held in escrow 372 039
Accrued compensated absences - - 357159344
Capital leases - - 4179518 _
Bonds payable - - 335715 , 000 F
Total liabilities 10 , 744, 184 - 3758479862 149, 192
Fund balances/net assets
1305088 , 531 261 , 510, 289 (3758473862) ( 149, 192)
Total liabilities and fund
balances/net assets $ 140, 832, 715 $ 261 , 510,289
50
' - Continued
- wide Statement of Net Assets - Continued
' Internal Accrued Accrued Reclassifications Statement
Deferred Service Grant Interest and of
Revenues Funds Revenues Revenues Eliminations Net Assets
$ - $ 7 , 9189454 $ - $ - $ - $ 142 , 6779702
' = 309 , 160 - - - 1 , 127 , 797
' - - 439255
39, 619 577 , 719
297055048 69527 ,421
4615560 - 461 , 560
' = 67 , 536 = _ = 132 , 953
130, 685
(655 , 000) -
' - 195000 - - - 2619529 ,289
$ - $ 8 , 314 , 150 $ 2 , 7053048 $ 461 , 560 $ (615 , 381 ) $ 413 ,208 , 381
$ _ $ 219,234 $ - $ - $ - $ 799885879
1 ,087 , 505
5265206
455815000 455815000
(615 , 381 )
2699378
(43 ,255 ) 209, 967
- - - - 372 , 039
- 57 ,299 _ - - 33772 ,643
417 , 518
33 , 715 , 000
(43 ,255 ) 498579533 _ _
(615 , 381 ) 523940, 135
439255 3 ,456 , 617 2 , 7055048 4615560 - 360,2689246
$ - $ 853145150 $ 2 , 7059048 $ 461560 $ (615 , 381 ) $ 413 ,208 , 381
' 51
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
- Continued
B . Explanation of Differences Between Governmental Fund Operating Statements and the State-
ment of Activities
The "net change (decrease) in fund balances" for governmental funds ($4 , 049, 146) differs from the "change in net
assets" for governmental activities ($38,208,374) reported in the statement of activities . The differences arise primarily
from the long-term economic focus of the statement of activities versus the current financial resources focus of the
governmental funds . The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources ex-
pended for those assets are reported as expenditures in governmental funds. However, in the statement of activities, the
costs of those assets is allocated over their estimated useful lives and reported as depreciation expense . As a result,
fund balances decrease by the amount of financial resources expended, whereas net assets decrease by the amount of
depreciation expense charged for the year.
Capital outlay $ 49 , 073 , 587
Depreciation expense I
( 10 , 044 , 808 )
Difference $ 39, 0281779 t
y
Repayments of bond principal and capital lease principal are reported as an expenditure in the governmental funds and,
thus , have the effect of reducing fund balance because current financial resources have been used. However, the
principal payments reduce the liabilities in the statement of net assets and do not result in an expense in the statement of
activities.
Bond principal payments made $ 2 , 5459000
Capital lease principal payments made 336,492
Total $ 2, 881 ,492
Some expenses reported in the statement of activities do not require the use of current financial resources , therefore,
are not reported as expenditures in governmental funds .
Net change in compensated absences $ ( 136,466)
Governmental funds report interest expenditures based on when they are paid. The statement of activities reports
interest expense as it is incurred . This is the net number of the previous year accrual and the current year accrual .
Interest payable :
Net accrued bond interest payable $ 71 , 712
Net accrued capital lease interest payable 17 476
Net adjustment '
$ 89 , 188
52
Indian River County, Florida
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 2 - RECONCILIATION OF GOVERNMENT WIDE AND FUND FINANCIAL STATEMENTS
- Continued
B . Explanation of Differences Between Governmental Fund Operating Statements and the State-
ment of Activities - Continued
' Special assessment revenues
Revenues collected on special assessments are reported in the governmental funds . However, in the statement of
' activities, the assessment revenues are recognized when they are earned.
Special assessment revenues $ ( 895958)
' Internal service funds operating loss
The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets
' because they primarily serve governmental activities of the County. The net costs of the internal service funds are
reported with governmental activities .
Internal service funds operating gain $ 539 459
Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not available, therefore, these
' revenues are not reported in the fund. This number is a net number of prior year accrual and current year accrual .
Net accrued grant revenues $ 2885951
' Accrued interest revenues
Some interest revenues are not recognized in the current period because the resources are not available , therefore,
these revenues are not reported in the fund. This number is a net number of prior year accrual and current year accrual .
Net accrued interest revenues $ (343 , 925 )
Reclassification and Eliminations
The general fund recognizes revenues in the amount of $ 1 ,738 ,362 for the general administrative charges to the public
safety and transportation functions . These revenues and expenditures must be eliminated to avoid double counting .
' Transfers in and transfers out in the amount of $ 9,033 ,781 between governmental activities should be eliminated.
Capital projects costs in the amount of $ 12,228 ,005 must be distributed to the related expenditure functions .
' 53
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATE -
B . Explanation of Differences Between Governmental Fund Operating Statements and the State-
Total Capital Long-term
Governmental
REVENUES Funds Related Debt Compensated
_ Items Transactions Absences
Taxes $ 86, 120,084 $ _ $ _ $ _
Licenses and permits 567,403
Intergovernmental 355213 , 140
Charges for services 13 ,683 , 108
Fines and forfeitures 1 ,5849737
Special assessments 3355661
Interest 299997915
Miscellaneous 6, 560 646
Total revenues 147,0643694
EXPENDITURES -
Current:
General government 18,446,787 (3,355 , 146)
Public safety - (273003 )
Ph
4715659048 (560,401 ) 1255916
ysical environment 17,6139489 (966,001 )
Transportation - (729)
19,442,909 (2, 810,514) 13 ,939
Economic environment 583 ,850 696
Human services - 2,681
Culture/Recreation
65178,917 (371 ,533) (31537)
18,378,068 (31 , 150,314)
Court related - 61868
5,998,260 184,434 18,331
Debt service : -
Principal 2,8811492 _
Interest and fiscal charges 1 639 145 (2, 881 ,492) _
Capital projects 12,228,005
Total expenditures 150,9559970 (3990283779) (218811492) 136 466
Excess of revenues over (under) expenditures (3 , 891 ,276) 39,028,779 2,881 ,492 ( 1369466)
OTHER FINANCING SOURCES (USES)
Transfers in 9,033 , 781
Transfers out (9, 191 ,651 )
Transfers to paying agent (7, 800,000) - 7, 800, 000
Contributions _ -
Lease purchase proceeds - -
Debt proceeds 7, 8001000 - (75800,000)
Total other financing sources (uses) ( 157, 870)
Net change in fund balances (0495146) 39,0281779 2,881 ,492 ( 136,466)
Fund balances at beginning of year 1345137,677 222,481 510
(40,667 234) 74,346
Fund balances at end of year $ 130,088,531 $ 26151028,9 $
(37, 785 , 742) $ _ (62 , 120)
54
1
' MENTS - Continued
went of Activities - Continued
Accrued Internal Accrued Accrued Reclassifications
Interest Deferred Service Grant and Tax Interest Statement
and of
I Expenses Revenues Funds Revenues Revenues Eliminations Activities
$ - $ ' $ - $ 869120,084
567,403
2889951 - - 35,502,091
( 1 ,738,362) 1159445746
(89,958) _ _ - 1 , 584, 737
I - - _ 245, 703
131 ,938
(343 ,925) - 21787,928
525 - 695619171
(89,958) 132,463 288,951 (343 ,925) ( 1 , 7389362) 14593135863
I
(809180) = = 5 ,338, 783 20,323 ,241
(258, 802) (462,000) 4694099761
I
9739633 17,620,392( 11 ,218) = = (370,648) 16,264,468
587,227
3619756 691659603
(24,557)
I _ _ (32,239) = = 49679, 859 (831179758)
(31 , 740) 65144, 728
(89, 188) -
1 ,5499957
(89, 188) _ - - ( 12,228,005) _
' (406,996) - - ( 19738 ,362) 106,9479619
89, 188 (89 , 958) 539,459 2889951 (343 ,925 ) - 38 , 3669244
(9, 033 , 781 ) _
9,033 , 781 ( 157, 870)
- ( 157 , 870)
I89, 188 (893958) 539,459 2883951 (3439925) - 3892089374
$ _ (2389380) $ 133 ,213 $ 2,917, 158 $ 2,416,097 $ 805,485 $ - $ 322,059, 872
( 1495192) 43 ,255 3 ,456, 617 2 , 705 , 048 4619560 _
3601268,246
55
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 3 - STEWARDSHIP, COMPLIANCE , AND ACCOUNTABILITY
Budgets and Budgetary Accounting
The County uses the following procedures in establishing the budgetarydata reflected in the financial statements :
( 1 ) The constitutional officers submit, at various times , to the Board and to certain divisions within the
Department of Revenue , State of Florida, a proposed operating budget for the fiscal year commencing
the following October 1 . The operating budget includes proposed expenditures and the means of financing
them , as set forth in Chapter 129 of the Florida Statutes .
(2) The Department of Revenue , State of Florida, has the final authority on the operating budgets for the Tax
Collector and the Property Appraiser included in the General Fund .
I El
(3 ) Constitutional officers , all departments controlled by the Board, and outside state and local agencies
submit their proposed budgets to the Office of Management and Budget for assistance , review and
compilation . The County Administrator then reviews all County departments , state agencies and nonprofit
organization ' s budgets and makes his budget recommendation to the Board .
2;
(4) On or before July 15 of each year, the County Administrator and the Director of the Office of Management
and Budget, as the Board ' s designated budget officer, submit to the Board a tentative budget for the
ensuing fiscal year. The tentative budget includes proposed expenditures and the means of financing
them . The Board then holds workshops to review the tentative budget by fund on a departmental level .
(5 ) During September, public hearings are held pursuant to Section 200 . 065 of the Florida Statutes in
order for the Board to receive public input on the tentative budget. At the end of the last public
hearing, the Board enacts ordinances to legally adopt the budgets at the fund level for all governmental
and proprietary fund types . The budgets legally adopted by the Board set forth the anticipated revenues
by source and the appropriations by function. Subsequent to enaction of the ordinances a
all governmental and proprietary fund adopting budgets for
P P � y types, two new governmental funds were created, the Disabled Access
Program and Traffic Education Program special revenue funds . Budgets were not adopted by the Board for
these new funds .
(6) Formal budgetary integration on an object level is used as a management control device for the
governmental and proprietary funds of the County. Management is authorized to transfer budgeted
amounts between objects and departments in any fund as long as management does not exceed the
total appropriations of a fund . Board approval to amend the budget is only required when
unanticipated revenues are received that management wishes to have appropriated, thereby increasing
the total appropriations of a fund .
(7) Budgets for the governmental and proprietary fund types are adopted on a basis consistent with
generally accepted accounting principles .
(8 ) Appropriations for the County lapse at the close of the fiscal year.
56
' Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 3 - STEWARDSHIP, COMPLIANCE , AND ACCOUNTABILITY - Continued
Budgets and Budgetary Accounting - Continued
(9) The following is a comparison of the appropriations to total expenses for the proprietary funds for the
fiscal year ended September 30 , 2003 : Variance
' Total Positive
Appropriations Expenses (Negative)
Primary Government
' Enterprise Funds :
Solid Waste Disposal District $ 93946 , 789 $ 895899141 $ 193573648
' Shooting Range 3413270 327 , 645 139625
Golf Course 391979100 2 , 8429907 3549193
County Building 198429933 1 , 706 , 109 1369824
' CountyUtilities 289644 , 156 25 , 0155125 3 , 6295031
Internal Service Funds :
' Fleet Management 1 ,611 ,068 135013621 1099447
Self Insurance 139119 , 364 1190239112 250965252
Component Unit
HousingAuthority 8139689 7803176 339513
' NOTE 4 - CASH AND CASH EQUIVALENTS
The County maintains a cash and investment pool that is available for use by all funds except those whose cash and
investments must be segregated due to bond covenants or other legal restrictions .
1 . Deposits
At September 30 , 2003 , the carrying amount of the Primary Government's deposits , including $ 8 ,000, 000 of non-
negotiable CDs , was $23 , 069,490 and the bank balance was $24,919,494 . The carrying amount of the component
unit 's deposits totaled $ 1 , 171 ,344 and the bank balance was $ 1 , 181 ,413 . All deposits with financial institutions were
100% insured by federal depository insurance or by collateral provided by qualified public depositories to the State
Treasurer pursuant to the Public Depository Security Act of the State of Florida. The Act established a Trust Fund,
maintained by the State Treasurer, which is a multiple financial institution pool with the ability to assess its member
' financial institutions for collateral shortfalls if a member fails . As of September 30, 2003 , the component unit had
$ 15 ,622 in a certificate of deposit that will mature in May, 2004 with an interest rate of . 80% .
2 . Accrued Interest
Interest earnings on U . S . Treasury Notes and government agency bonds are recorded in the cash and invest-
' ment pool and then allocated to each fund based on each fund ' s average monthly balance . Interest received
within 40 days of September 30, in the amount of $299 ,918 , was accrued and allocated to the funds based on their
' average monthly balance for September.
57
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 4 - CASH AND CASH EQUIVALENTS - Continued
a
3 . Investments
Florida Statutes , the County ' s Investment Policy, and various bond covenants authorize investments in certifi -
cates of deposit, money market accounts , savings accounts , repurchase agreements , the Local Government
Surplus Funds Trust Fund administered by the Florida State Board of Administration, Florida Local Govern- ,
ment Investment Trust Fund, obligations of the U . S . Government, obligations of government agencies uncon-
ditionally guaranteed by the U . S . Government, obligations of the Federal Farm Credit Banks , obligations of
the Federal Home Loan Mortgage Corporation, including Federal Home Loan Mortgage Corporation partici -
pation certificates , obligations of the Federal Home Loan Bank, obligations of the Government National Mort-
gage Association, obligations of the Federal National Mortgage Association and securities of any management
type investment company or investment trust registered under the Investment Company Act of 1940 , 15 U . S . C .
ss . 80a- 1 et seq . , provided the portfolio is limited to U . S . Government obligations and to repurchase agree -
ments fully collateralized by U . S . Government obligations . The County invested in only these types of instru-
ments during the fiscal year.
In accordance with generally accepted accounting principles , the County' s investments are categorized in the
following schedule to give an indication of the level of custodial credit risk assumed at year end : Category I
includes investments that are insured or registered, or for which the securities are held by the County or its
agent in the County 's name . Investments in the Local Government Surplus Funds Trust Fund, the Florida Local Gov-
ernment Investment Trust Fund, money market accounts and guaranteed investment contract are not categorized since
the investments are not evidenced by securities that exist in physical or book entry form .
The Local Government Surplus Funds Trust Fund Investment Pool (Pool) is a "2a- 7" like pool, and therefore,
the County ' s account balance is used for fair value reporting . All units of local government in Florida are
eligible , but not required, to participate in the Pool . In addition to a variety of fixed coupon investments, the
Pool also purchases floating rate and adjustable rate securities . These floating rate and adjustable rate securi -
ties are used to hedge against interest rate risk and provide diversification to the portfolio . The floating rate and
adjustable rate securities all float relative to prevailing short-term interest rates such as LIBOR, Prime , or Fed
Funds rates . On September 30, 2003 , the Pool held floating rate securities , either directly or as invested securities
lending collateral, at a fair value of$2,236,973 ,000. The Pool also participates insecurities lending programs . As of
September 30 , 2003 , the collateral held by the Pool , $5 ,207, 037, 936 in cash and $4,095 ,228 in U . S . Government
securities, exceeded the fair value of the securities underlying the agreements . As of September 30, 2003 , the Pool had
794 local government participants with total investments of approximately $ 16. 05 billion. The portfolio 's average
maturity was 76 days .
The Florida Local Government Investment Trust Fund (Trust) is a professionally managed fund available only
to public entities in Florida. The investment policy of the Trust restricts investments to direct obligations of or
securities fully guaranteed by the United States ; obligations of certain federal agencies, including collateral-
ized mortgage obligations ; repurchase agreements ; corporate bonds ; and commercial paper. As of September 30,
2003 , the Trust had investments, at fair value, of approximately $ 543 .2 million. Of the total investments in the Trust,
9 . 86% was invested in asset backed securities and 9 . 08 % was invested in adjustable rate mortgages .
58
Indian River County, Florida
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 4 - CASH AND CASH EQUIVALENTS - Continued
3 . Investments - Continued
Except for the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local Govern-
ment Investment Trust Fund (Trust), investments are reported at fair value based on the average price obtained from
three broker/dealers . Fair value of the Pool and the Trust are based on the fair value per share of the underlying
portfolio.
' Upon issuance of the Water and Sewer Bonds , Series 1993A and 1993B , the County invested the required
sinking fund reserve monies , $3 , 139 ,285 , in a guaranteed investment contract with AIG Matched Funding
Corporation. This contract is for the life of the bonds and has a rate of earnings slightly less than the arbitrage
yield of the bonds .
All of the County 's U. S . Treasury Securities and U. S . Government Agencies are held in trust by the County's custodial
' bank, in the County 's name .
Schedule of Investments at September 30, 2003
Category Fair
I Value
U . S . Treasury Securities $ 1991483226 $ 19 , 1489226
U . S . Government Agencies 115 , 8059686 11558059686
$ 13459539912 $ 134 , 953 , 912
Local Government Surplus Funds Trust Fund 709583 , 337
Florida Local Government Investment Trust Fund 950005000
Guaranteed Investment Contract 3 , 139,285
Total Investments $ 21756769534
NOTE 5 - PROPERTY TAX REVENUES
Taxable values for all property are established as of January1 , which is the date of
lien, for the fiscal year
starting October 1 . Property tax revenues recognized for the 2002-2003 fiscal year were levied in October, 2002 . All
' taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax
Collector. Discounts are allowed for early payment at the rate of 4% in November, 3 % in December, 2% in January,
and 1 % in February. Taxes paid in March are without discount. All unpaid taxes become delinquent as ofApril 1 .
' Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1 ; therefore, there were no
material taxes receivable at fiscal year end.
' 59
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 6 - CAPITAL ASSETS
Capital asset activity for the year ended September 30 , 2003 was as follows :
Primary Government
Beginning Ending
Balance Additions Deletions Balance
Governmental activities :
Capital assets , not being depreciated :
Land $ 52,0941481 $ 177743 ,974 $ - $ 699838 ,455
Construction in progress 272096, 862 279862,797 ( 12, 1669551 ) 42,7939108
Right -of-way 1 %5562363 479,507 - 11 ,035, 870
PEP ReeFStormwater ponds 3 ,296,055 2799012 - 3 , 5759067
Total capital assets , not being depreciated 93 ,0431761 469365,290 ( 129166, 551 ) 127,2422500
Capital assets , being depreciated :
Buildings and improvements g P 53 ,9121346 109284,430 - 6491969776
Equipment 38,5689109 32464,745 ( 19833,390) 40, 199,464
Infrastructure 1512444,993 11129, 836 - 1527574,829
Total capital assets , being depreciated 243 ,9251448 14, 8795011 ( 19833 ,390) 256,9713069
Less accumulated depreciation for:
Buildings and improvements ( 1235079099) ( 1 , 115,528) - ( 1396229627) :_
Equipment ( 159057,541 ) (3,8679823) 1 ,8331389 ( 17,091 ,975)
Infrastructure (86,8971266) (59072,412) - (91 ,9699678)
Total accumulated depreciation ( 114,461 ,906) ( 109055,763) 198335389 ( 122,6841280)
Total capital assets , being depreciated , net 129,463 ,542 418239248 ( 1 ) 13492865789
Governmental activities capital assets , net $ 2229507,303 $ 512188,538 $ ( 12, 1669552) $ 26195299289
Business -type activities : �7
Capital assets , not being depreciated :
�i
Land $ 159889,360 $ 5199581 $ - $ 1624087941
Construction in progress 15 ,366, 148 10, 19%781 (41528 ,710) 21 ,028,219 f'
Total capital assets , not being depreciated 31 ,2559508 109710,362 (45528 ,710) 371437, 160 1'
Capital assets , being depreciated :
Buildings , distribution systems and improvements 224, 123 ,794 8,6309566 - 23227542360
Equipment 12,261 , 107 1 ,4379834 (501 ,405) 13 , 1979536
Total capital assets , being depreciated 23693849901 1 %0%400 (5012405) 2459951 ,896
Less accumulated depreciation for:
Buildings , distribution systems and improvements (73 ,926,076) (916052026) - (83 ,5319102)
Equipment (85511 ,737) ( 1 ,3109487) 4895554 (9,3321670)
Total accumulated depreciation (821437,813) ( 1 %915,513) 489, 554 (92, 863 ,772)
Total capital assets , being depreciated , net 153 ,947,088 (8479113) ( 115851 ) 153 ,088, 124
Business -type activities capital assets , net $ 185,2029596 $ 99863 ,249 $ (4,54%561 ) $ 19%525,284
60
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 6 - CAPITAL ASSETS - Continued
Depreciation expense was charged to functions/programs of the primary government as follows :
rGovernmental activities :
General Government $ 19246,400
Public Safety 2,4559844
Physical Environment 69187
Transportation 5,831 , 170
Economic Environment 2,546
Human Services 825025
' Cultural/Recreation 359,502
Court Related 615134
Capital assets held by the government's internal service funds are
charged to the various functions based on their usage of the assets 10,956
Total depreciation expense - governmental activities $ 109055,764
' Business -type activities :
Solid Waste Disposal District $ 5597197
Shooting Range 329944
Golf Course 135,297
County Building 249711
County Utilities 10 163364
Total depreciation expense - business -type activities $ 1059159513
NOTE 7 - RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS
Various bond covenants , resolutions and state regulations require that the County restrict cash and cash equiva-
lents and investments within the Enterprise Funds . Restricted cash and cash equivalents and investments are as
follows :
Component
Primary Government Unit
Solid Waste Other
Disposal Golf County Enterprise Housing
District Course Utilities Funds Total Authority
Sinking Funds $ - $ 583 , 790 $ 4 ,470,310 $ - $ 5 ,054 , 100 $ 447355
Renewal and
Replacement 3 ,347 , 112 3 ,060 , 594 6 ,407 , 706 8835192
Customer Deposits 641700 - 25047 ,458 2105440 21322 , 598 415492
Capital Construction - 24,3705154 - 241370, 154
' Closure and Mainte -
nance Costs 71211 ,362 7 ,2119362
Tax Escrow - 715833
Total $ 1023 , 174 $ 583 , 790 $ 339948 , 516 $ 210,440 $ 45 ,365 ,920 $ 11040, 872
61
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 8 - PAYABLE FROM RESTRICTED ASSETS
Liabilities payable from the County ' s Enterprise Funds restricted assets are as follows :
Component
Primary Government Unit
Solid Waste Other
Disposal Golf County Proprietary Housing
District Course Utilities Funds Total Authority
Accounts payable $ $ - $ 887, 555 $ $ 8879555 $
Retainage payable - 168,388 - 168,388 _
Accrued interest
payable - 28 ,398 328 ,002 - 3565400 4,260
Bonds payable
(current portion) - 39500 1 ,8553000 - 2,250,000 184,000
Closure & maintenance
costs payable 792117362 - 7,211 ,362
Customer deposits 64,700 - 290772421 2103440 2,352, 561 41 ,492
Total $ 712769062 $ 423 ,398 $ 51316,366 $ 210,440 $ 13 ,226,266 $ 229, 752
x
Y
NOTE 9 - INTERFUND BALANCES
Interf ind balances at September 30, 2003 , consisted ofthe following :
Due to General Fund from :
Nonmajor governmental funds :
Federal/State Grants $ 51000
Community Development Block Grant 13 , 000
Total $ 18 , 000
Due to Secondary Roads Construction Fund from :
Nonmajor governmental funds :
Metropolitan Planning Organization Fund $ 160,000
Homeless Assistance Center 135 ,000
Total $ 295 ,000
Amounts due from the above funds represent short term cash loans that will be repaid within the next twelve months .
Due from General Fund to :
Emergency Services District Fund $ 1923766
Solid Waste Disposal District Fund 77 281
Nonmajor governmental funds :
Land Aquisition Bond Funds 2 % 531
Other Funds 2, 813
Total $ 302 , 381
62
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 9 - INTERFUND BALANCES - Continued
Amounts due from the General Fund represent excess fees of the constitutional officers remitted to the Board 's Funds
1 subsequent to September 30, 2003 .
NOTE 10 - INTERFUND TRANSFERS
' Interfund transfers for the year ended September 30, 2003 consisted of the following :
Transfers to General Fund from :
Emergency Services District Fund $ 443 , 849
1 Nonmajor governmental funds 271 , 998
Transfers to Transportation Funds from :
General Fund 7 ,413 , 988
' Transfers to Nonmajor Funds from :
General Fund 200 , 370
Optional Sales Tax Fund 8009000
1 All other transfers 61 ,446
Total transfers $ 991619651
' Transfers are used to 1 ) move revenues from the fund that state law requires to collect them to the fund that
state law requires to expend them , 2) provide matching funds for grants , 3 ) use unrestricted general fund
revenues to finance transportation activities which must be accounted for in another fund, 4) use optional sales
tax revenues for beach restoration activities which must be accounted for in another fund , and 5) use unre -
stricted general fund revenues to subsidize a business activity, the Shooting Range .
63
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 11 - RECEIVABLE AND PAYABLE BALANCES
Receivables
Receivables at September 30, 2003 , were as follows :
Due from
Other Total
Governmental Activities : Accounts Governments Receivables
General $ 7029812 $ 9659651 $ 156689463
Road Improvement Funds - 21 ,250 219250
Secondary roads - 539,012 539,012
Transportation 4, 843 210, 191 2159034
Emergency services 179014 - 175014
Optional sales tax - 1 ,721 ,911 1 , 721 ,911
Other governmental }-
93,968 3643358 4589326
Total - governmental activities $ 818,637 $ 3,822,373 $ 4,641 ,010
Business -type activities :
Solid waste $ 2339770 $ - $ 2339770
Golf course 574 9,000 9,574
Utilities 290609026 8881528 219483554
Total - business -type activities $ 2,2941370 $ 897,528 $ 3, 191 ,898
Payables
Payables at September 30 , 2003 , were as follows :
Salaries and Total
Vendors Benefits Retainage ETT es
Cnvemrrental Activities :
General $ 2, 132,654 $ 88$395 $ 4,474 $ 37025,523
Road Irrproverrnt Funds 405, 149 - 48294 453,443
Secondary roads 544,902 2,383 452, 172 999,457
Transportation 299,629 79653
Z325
Erergency services 424 862
124,990 163,492 - 292,338
Optional sales tax 11738,646 019 502,657 2,242,322
Land Acquisition 1807 1807
Other governmental 1,386,926 77,583 1,4641509
Total-govemrrental activities $ 6,63477M $ 111347942 $ 1,087,505 $
Busmess4ype activities (payable from current assets):
Solidcourse
Gol $ 486,580 27, 193 $ - $ 513,713
' ities e 67, 110 7,987 75,097
445,969 72,584 - 518,553
Other enterprise 78 288 - - 7$288
Basiness-type activities (payable fromrestricted assets):
Solid WasteLitkies
-
887 555 168,388 1,055,943
Total - business type activities 555
1965502 $ 107�761 $ 16$388 $
2,241,654
64
' Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES
A. Primary Government
Business-type Activities
' Recreational (Golf Course) Revenue Refunding Bonds , Series 1993
Purpose - The Series 1993 Bonds were issued to legally defease all of the County ' s outstanding Recreational
Revenue Bonds , Series 1985 and Series 1991 .
Pledge of Revenue - The revenue bonds are collateralized by a lien on the net revenues derived from the
' operations of the project and racetrack and jai alai fronton funds accruing annually to the County.
Bonds Issued - At September 30, 2003 , the revenue bonds consisted of the following :
Interest Outstanding at
Rates and Original September 30 ,
Description Date Maturity Issue 2003
1993 Recreational Revenue 2 . 80 - 5 . 25 % 9/ 1 / 16 $ 99875 , 000 $ 65735 ,000
Refunding Bonds 3 / 1 and 9/ 1
Less : Current portion 3959000
' Unamortized bond discount 1919641
Long-Term Portion $ 6 , 1489359
' Mandatory Redemption - The Series 1993 term bonds due September 1 , 2016 , are subject to mandatory re-
demption by lot, prior to maturity, at par plus accrued interest to date of redemption, based on the following
1 schedule :
Date Principal Amount
1 September 1 , 2009 $ 5005000
September 1 , 2010 530,000
September 1 , 2011 5555000
September 1 , 2012 580 ,000
September 1 , 2013 610,000
September 1 , 2014 6459000
September 1 , 2015 6759000
September 1 , 2016 470 , 000
Optional Redemption - The revenue bonds , maturing on or after September 1 , 2004 , (except the Series 1993
Term Bonds maturing on September 1 , 2016) are subject to redemption prior to maturity, at the option of the
' County on and after September 1 , 2003 , in whole or in part, at any time , on any interest payment date at par
plus accrued interest and plus a premium ranging between 0% and 2% depending on the year of redemption.
' 65
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Water and Sewer Revenue Bonds , Series 1993A
Purpose - The Series 1993 bonds were issued to legally defease all of the County ' s outstanding Water and
Sewer Revenue and Refunding Bonds , Series 1986 and 1986A, Series 1989 , Series 1991 , and Special Assess -
ment Revenue Bonds , Series 1989 and Series 1990, and to provide funds to make certain capital improve-
ments to the utility system.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from the
operation of the system , and certain surcharges and special assessments .
Bonds Issued - At September 30, 2003 , the revenue bonds consisted of the following :
Interest Outstanding at
Rates and Original September 30 ,
Description Date Maturity Issue 2003 r
Water and Sewer 2 . 60- 6 . 50%
Revenue Bonds, 3/ 1 and 9/ 1 2024 $ 45 ,475 , 000 $ 38 , 570 ;000
Series 1993A
Less : Current portion 19055 ,000
Unamortized bond
discount 1 ,229,234
Long-Term Portion $ 36 285 766
Mandatory Redemption - The Series 1993A Term Bonds are subject to mandatory redemption by lot, prior to
maturity, at par plus accrued interest to date of redemption, based on the following schedule : ;
k
Term Bonds due September 1 , 2008
Date Principal Amount
September 1 , 2007 $ 19230 ,000
September 1 , 2008 1 , 3105000
Term Bonds due September 1 , 2011
Date Principal Amount
September 1 , 2009 $ 19395 , 000
September 1 , 2010 114755000
September 1 , 2011 15555 , 000
66
' Indian
River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
' Term Bonds due September 1 , 2015
Date Principal Amount
September 1 , 2012 $ 1 , 640 000
September 1 , 2013 157309000
September 1 , 2014 1 , 825 , 000
' September 1 , 2015 199255000
Term Bonds due September 1 , 2018
Date _Principal Amount
September 1 , 2016 $ 25030, 000
' September 1 , 2017 29135 , 000
September 1 , 2018 2 ,250 , 000
Term Bonds due September 1 , 2020
' Date Principal Amount
September 1 , 2019 $ 2 , 370 , 000
' September 1 , 2020 2 ,490 , 000
Term Bonds due September 1 , 2024
' Date _Principal Amount
September 1 , 2021 $ 2 , 625 , 000
September 1 , 2022 2 760 000
' September 1 , 2023 2 , 9059000
September 1 , 2024 135859000
1 Optional Redemption - The revenue bonds , Series 1993A , maturing on or after September 1 , 2009 , are subject
to redemption prior to maturity, at the option of the County on and after September 1 , 2008 , in whole or in part,
at any time , on any interest payment date at par plus accrued interest and plus a premium ranging between 0%
' and 2% depending on the year of redemption.
Water and Sewer Revenue Bonds Series 1996
Purpose - The Series 199
P 6 Bonds were issued to provide funds to make certain capital improvements to the utility
' system , and to reimburse the County for the purchase of a utility system from the City of Sebastian, Florida.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from the
operation of the system and certain surcharges and special assessments .
' 67
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Bonds Issued - At September 30, 2003 , the revenue bonds consisted of the following :
Interest Outstanding at
Rates and Original September 30 ,
Description Date Maturity Issue 2003
Water and Sewer 3 . 80- 5 . 45 %
Revenue Bonds , 3/ 1 and 9/ 1 2026 $ 38 , 9003000 $ 34, 190 , 000
Series 1996
Less : Current portion 8005000
Unamortized bond
discount 9033039
Long-Term Portion $ 32 ,486, 961
Mandatory Redemption - The Series 1996 term bonds are subject to mandatory redemption prior to maturity, in part
(including portions of Bonds) at par plus accrued interest, according to the following schedule :
Term Bonds due September 1 , 2016
Date Principal Amount
September 1 , 2011 $ 1 , 1255000
September 1 , 2012 1 , 185 , 000
September 1 , 2013 1 , 255 , 000
September 1 , 2014 1 , 320 , 000
September 1 , 2015 1 , 395 ,000
September 1 , 2016 154703000
Term Bonds due September 1 , 2019
Date Principal Amount
September 1 , 2017 $ 1 , 550, 000
September 1 , 2018 15635 , 000
September 1 , 2019 13725 , 000
Term Bonds due September 1 , 2026
Date Principal Amount
September 1 , 2020 $ 1 , 820, 000
September 1 , 2021 1 , 920 , 000
September 1 , 2022 2 ,0253000
September 1 , 2023 23140 , 000
September 1 , 2024 23255 , 000
September 1 , 2025 25380 ,000
September 1 , 2026 295109000
68
' Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Optional Redemption - The Series 1996 Bonds maturing on or after September 1 , 2007 , are subject to redemp-
tion by the County on or after September 1 , 2006 , in whole or in part, at par plus accrued interest to date
of
' redemption, plus a premium ranging from 0% to 2 % depending on the year of redemption .
Annual Debt Service Payments - Business - type Activities
The annual debt service payments for bonds outstanding at September 30, 2003 , are as follows :
1
Fiscal Year Recreational Revenue
Water and Sewer Refunding Water and Sewer Revenue
' Ending Refunding Bonds , Series 1993 Revenue Bonds , Series 1993 Bonds , Series 1996
September 30, Principal Interest Principal Interest Principal Interest
2004 $ 395 ,000 1 3405775 $ 190559000 $ 29083 ,985 $ 800,000 $ 15852,034
' 2005 4109000 321 ,420 191109000 2,0309180 8359000 1 ,813,634
2006 430,000 300,920 1 , 170,000 119729460 8759000 1 ,772,719
2007 455 ,000 2789990 152305000 1 ,910,450 9209000 1 ,728,969
2008 480,000 255 ,785 193109000 19830,500 965,000 196825969
2009-2013 2 ,775 ,000 8819150 79795 ,000 7,915 ,225 5,650,000 755969962
2014-2018 1 ,790,000 1705250 109165 ,000 555383762 7,3709000 57872,350
' 2019-2023 13 , 150,000 295575536 95630,000 3,610,750
2024-2026 195859000 83 ,212 7, 145,000 799,975
' Total $ 657359000 $ 295495290 $ 38,570,000 25 ,922,310 $ 34, 190,000 $ 26, 730,362
Less :
' Current Portion 395,000 1 ,055,000 800000
Unamortized
bond discount 191 ,641 17229,234 9039039
Total $ 611485359 $ 295495290 $ 36,285,766 $ 2599229310 $ 325486,961 $ 2657309362
69
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Governmental Activities
General Obligation Bonds
Purpose - On November 29, 200 1 , the Board issued the additional $ 11 ,000,000 of General Obligation Bonds, Serres
2001 . The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a majority of votes cast
in a bond referendum held on November 2, 1992, by the qualified electors of the County. The referendum authorized
a total of $26, 000,000 aggregate principal amount of general obligation bonds, in one or more series, of which the
Series 1995 bonds are the first and the Series 2001 bonds are the second. The proceeds of these issues were used to
acquire by purchase, interest in environmentally sensitive lands, together with the necessary restoration, remediation
and reclamation activities to preserve and enhance such property and customary and necessary costs incurred in the
acquisition. On July 1 , 2003 , the Board issued $ 7, 800,000 of General Obligation Refunding Bonds, Series 2003 , I
The bonds were issued to provide funds, which together with other funds of the County, were used to refund and
redeem on the date of closing of the Bonds , all of the outstanding principal amount of the County 's $ 15 , 000, 000
General Obligation Bonds Series 1995 . Proceeds of the Bonds will also be used to pay cost of issuance of the Bonds ,
including the premiums for guaranty insurance.
Pledge of Revenues - The principal and interest on the bonds are payable from ad valorem taxes levied by the County
upon the taxable real and personal property of the County.
Bonds Issued - At September 30, 2003 , General Obligation Bonds consisted of the following :
Outstanding at
Interest Original September 30 ,
Description Rates and Date Issue 2003
General Obligation 2 . 50%4 . 30%
2001 Series 1 / 1 and 7/ 1 2016 $ 119000,000 $ 9, 925 ,000
General Obligation 1 . 50%- 3 . 00%
Refunding 2003 Series 1 / 1 and 7/ 1 2010 $ 7, 800 , 000 $ 7 , 800,000 t
4
Optional Redemption - The General Obligation Bonds, Series 2001 , maturing on or after July 1 , 2013 , are subject to
redemption prior to maturity, at the option of the County on and after July 1 , 2012, in whole or in part, at anytime, on
any date at par plus accrued interest and plus a premium ranging between 0% to I % depending on the year of
redemption . The General Obligation Refunding Bonds , Series 2003 , are not subject to redemption prior to their
maturities .
70
Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
' Spring Training Facility Revenue Bonds
' Purpose - On August 15 , 2001 , the Board issued $ 16 , 810 ,000 of Spring Training Facility Revenue Bonds , Series
2001 . The Series 2001 Bonds are being issued by the County to provide funds, together with other available funds , to
( 1 ) finance a portion of the cost of acquisition and expansion of a spring training facility known as "Dodgertown'; (2)
pay a premium for a municipal bond insurance policy and a debt service reserve account surety bond, and (3 ) pay
certain costs and expenses incurred in connection with the issuance of the Series 2001 Bonds .
Pledge of Revenues - The principal and interest on the Series 2001 Bonds will be payable from and secured by
a first lien upon and pledge of the following, together with any investment income realized on any funds held
under the Resolution, except the Cost of Issuance Account and the Rebate Fund :
( 1 ) Payments received by the County from the State of Florida pursuant to Section 212 . 20 , Florida Statutes ; and
' (2) the Fourth Cent Tourist Development Tax levied by the County in Ordinance No . 2000-029, enacted pursuant to
Section 125 . 0104 (3 )( 1 ) , Florida Statutes ; and
(3 ) Eighty- six percent ( 86%) of the Local Government Half- Cent Sales Tax distributed to the County, pursuant
to Chapter 218 , part VI, Florida Statutes .
' The foregoing are collectively referred to herein as the "pledged revenues" .
' The Fourth Cent Tourist Development Tax and the Local Government Half-Cent Sales Tax pledged to the
payment of debt service on the Series 2001 Bonds are automatically released as a pledged revenue for the Series 2001
Bonds immediately following the April 1 , 2021 principal payment on the Series 2001 Bonds .
' Bonds Issued - At September 30 , 2003 , Spring Training Facility Revenue Bonds consisted of the following :
' Outstanding at
Interest Original September 30 ,
Description Rates and Date Maturi Issue 2003
Spring Training 3 . 30%-5 . 25 %
' Facility 4/ 1 and 10/ 1 2031 $ 16 , 810 , 000 $ 15 ,9905000
' 71
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
Optional Redemption - The Series 2001 Bonds maturing on or after April 1 , 2012 , are subject to redemption at
the option of the County in whole or in part, on April 1 , 2011 , or on any date thereafter at par plus accrued
interest and plus a premium ranging between 0% to I % depending on the year of the redemption .
Mandatory Redemption - The Series 2001 Term Bonds are subject to mandatory redemption prior to maturity,
by lot, at par plus accrued interest, according to the following schedule :
Term Bonds due April 1 , 2015
Date Principal Amount
April 1 , 2014 $ 68500
April 1 , 2015 725 ,000
Term Bonds due April 1 , 2017
Date Principal Amount
April 1 , 2016 $ 760, 000
April 1 , 2017 795 , 000
Term Bonds due April 1 , 2021
Date Principal Amount
April 1 , 2018 $ 840 ,000
April 1 , 2019 8909000
April 1 , 2020 930 , 000
April 1 , 2021 9809000
Term Bonds due April 1 , 2027
Date Principal Amount
April 1 , 2022 $ 3059000
April 1 , 2023 320, 000
April 1 , 2024 3409000
April 1 , 2025 355 , 000
April 1 , 2026 3759000
April 1 , 2027 390 , 000
Term Bonds due April 1 , 2031
Date Principal Amount -
April 1 , 2028 $ 4105000
April 1 , 2029 4305000
April 1 , 2030 4555000
April 1 , 2031 43500
72
' Indian River County, Florida
' Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
A. Primary Government - Continued
' Annual Debt Service Payments - Governmental Activities
The annual debt service payments for bonds outstanding at September 30, 2003 , are as follows :
' Fiscal Year
General Obligation Refunding General Obligation Bonds Spring Training Facility Bonds
'
Ending Bonds 2003 Series 2001 Series 2001 Series
September 30, Principal Interest Principal Interest Principal Interest
' 2004 $ 19035 , 000 $ 1865438 $ 610, 000 $ 3699118 $ 475, 000 $ 7549028
2005 11065, 000 1659737 6309000 350, 817 490, 000 7379402
2006 15080, 000 1469238 650, 000 3319918 505, 000 7219233
2007 191059000 1249637 6709000 312,417 520, 000 7049062
2008 191359000 993775 6909000 290, 643 5457000 6859343
2009-2013 293809000 1079700 3 , 9009000 1 , 055,218 35035 , 000 390859453
2014-2018 - - 2, 7759000 240,280 3 , 805 , 000 293079988
' 2019-2023 - - - - 324259000 11237,225
2024-2028 - - - - 1 , 870, 000 6195250
' 2029-2031 - - - - 193205000 1329250
Total $ 7, 800, 000 $ 830, 525 $ 9,9259000 $ 2, 950,411 $ 1559909000 $ 101984,234
i
73
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
B . Discretely Presented Component Unit
Housing Authority Revenue Bonds
On April 1 , 1986 , August 23 , 1988 , and July 16 , 1991 , the Housing Authority adopted resolutions authorizing
the issuance of revenue bonds payable to the U . S . Department of Agriculture , Farmers Home Administration,
for the purpose of financing a part of the cost of acquiring, erecting and constructing low-rent, multi -family
housing facilities (Victory Park Apartments - Phase I and Phase II and Orangewood Park Apartments) , includ-
ing the repayment of certain notes payable to the State of Florida for the acquisition of land . The bond and
interest thereon are payable solely from and collateralized by a prior lien upon and a pledge of the gross
revenues to be derived from the projects . The revenue bond resolution provides for the following :
Bonds Issued - The revenue bond obligation consists of.
Original Revenue Outstanding at
Interest Bond September 30,
Description Rates and Date Commitment 2003
Indian River County 1 % per annum on
HousmgAuthonty the unpaid balance
Revenue Bonds : payable September
1 each year
Victory Park,
Phase I
Victory Park, $ 1 , 908 , 000 $ 13057, 000
Phase II
Orangewood Park 1 , 908 , 000 1 , 1189000
Apartments
206,400 1 , 363 ,400
$ 5 , 822 ,400 $ 3 , 538 ,400
Less : Current portion 184, 000
Long-term Portion $ 35354,400
Optional Redemption - Each revenue bond is redeemable at the option of the Housing Authority at par plus
accrued interest and plus a premium ranging between 0% and 5 % depending on the year of redemption and the
holder of the bond at the time of redemption . -
The Housing Authority may redeem , in whole or in part, at any time , the principal portion of each revenue
bond on any interest payment date, at the price of par plus accrued interest, without premium if the bond is held
by the U . S . Department of Agriculture , Farmers Home Administration.
74
Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30, 2003
' NOTE 12 - LONG-TERM LIABILITIES - Continued
B . Discretely Presented Component Unit - Continued
' Annual Debt Service Payments - Housing Authority
The annual debt service payments for bonds outstanding at September 30, 2003 , are as follows :
Fiscal Year
Ending Payment
September 30 , Amounts
' 2004 $ 219 , 384
2005 2199544
2006 21904
' 2007 219 , 804
2008 2199084
2009 - 2013 190955470
' 2014 - 2018 1 , 096 , 810
2019 - 2023 5929280
Total 3 , 882 , 060
' Less : Amount representing interest 343 ,660
Total principal 39538 ,400
Less : Current portion 184 , 000
Total $ 393543400
' C. Summary of Defeased Debt Outstanding
The following outstanding revenue bonds are legally defeased. Since governmental obligations are held in
' escrow for the payment of principal and interest, the bonds are not liabilities of the County.
Outstanding Retired Outstanding
' at During at
September 30, Fiscal Year September 30 ,
2002 2003 2003
Capital Improvement Revenue
Bonds : Series 1980 $ 2 , 520 , 000 $ 190. 000 $ 2 ,330, 000
' Refunding Revenue Bonds :
Series 1992 $ 2 ,215 ,000 $ 695 , 000 $ 1 , 520 , 000
' 75
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 12 - LONG-TERM LIABILITIES - Continued
D . Capital Leases and Notes Payable
Governmental Activities
The County has entered into several lease-purchase agreements to purchase various types of equipment and
furniture with lease terms varying from 24-60 months .
The following is a schedule of future minimum lease payments under capital leases , together with the present
value of the net minimum lease payments, as of September 30, 2003 :
Board of
Year Ending County Tax
September 30 , Commissioners Collector Total
2004 $ 203 , 535 $ 52 ,244 $ 2553779
2005 529244 52 ,244
2006 - 529244 52 ,244
2007 - 529244 52 , 244
Thereafter - 39, 183 39 , 183
Total Minimum Lease
Payments $ 203 , 535 $ 248 , 159 $ 451 , 694
Less : Amounts representing F
interest 9,493 24 , 683 349176
Present Value of Net
Minimum Lease Payments $ 1945042 $ 223 476
$ 417, 518
The following is an analysis of the leased property under capital leases :
Capitalized Cost
Board of
Courrty Tax
Type of Property Commissioners Collector Total
Computer equipment $ - $ 513 , 961 $ 513 , 961
Firetrucks 19310 ,055 - 19310, 055
Total $ 193109055 $ 5139961 $ 1 , 824, 016
Monthly payments for the computer equipment leases are made by the General Fund. Annual payments for the firetruck
leases are made by the Emergency Services District Fund .
76
' Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30, 2003
' NOTE 12 - LONG-TERM LIABILITIES - Continued
E. Compensated Absences
' Governmental activities compensated absences are paid by the fund which normally pays the personal services costs
of the employee, either the General Fund, the Transportation Fund, the Secondary Roads Fund or the Emergency
Services District Fund
F. Changes in Long-term Liabilities
' Long-term liability activity for the year ended September 30 , 2003 , was as follows :
' Beginning Ending Due Within
Balance Additions Retirements Balance One Year
Governmental Activities :
' Bonds payable: -
General Obligation Bonds - 1995 Series $ 95290,000 $ - $ (912903000)
General Obligation Bonds - 2001 Series 10,520,000 (595 ,000) 999259000 6107000
' Spring Training Facility Revenue Bonds -
- Series 2001 16,4505000 (460,000) 155990,000 475 ,000
General Obligation Refunding Bonds- 2003 Series - 7,8009000 - 75800,000 1 ,0355000
Total bonds payable 36,260,000 7,8009000 ( 10,3453000) 33 ,715 ,000 23120,000
Other liabilities :
Compensated absences 336382116 4697527 (3355000) 39772,643 3735000
Capital leases 754,009 (336,491 ) 4175518 255 ,779
Total other liabilities 49392, 125 4695527 (671 ,491 ) 4, 1905161 6283779
Governmental activities longwterm liabilities $ 409652, 125 $ 8 ,2695527 $ ( 11 ,0169491 ) $ 37,9053161 $ 237489779
Business type Activities :
Bonds payable:
' Recreational Refunding Revenue Bonds
- Series 1993 $ 7, 110,000 $ - $ (3753000) $ 6, 7353000 $ 3953000
Water & Sewer Refunding Revenue Bonds
' - Series 1993A 399575 ,000 - ( 1 ,0059000) 3895705000 130559000
Water & Sewer Revenue Bonds
- Series 1996 345950,000 - (7605000) 349190,000 8009000
81 ,635 ,000 - (271407000) 795495 ,000 29250,000
Less : Unamortized bonds discount 2,4371045 - 1139131 293235914 -
Totals bonds payable 799197,955 0 (2,0269869) 77, 171 ,086 2 ,250,000
Other liabilities :
Compensated absences 5973486 1529492 ( 1005000) 649,978 100,000
' Total other liabilities 597,486 1529492 ( 100,000) 6493978 1005000
Business-type activities long-term
liabilities $ 799795,441 $ 152,492 $ 211263869) $ 7738215064 $ 233505000
77
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 12 - LONG -TERM LIABILITIES - Continued
Y
G Conduit Debt Obligations
From 1986 until 1999 , Indian River County issued Industrial Revenue Bonds to provide financial assistance to
private -sector entities for the acquisition, construction and equipping of industrial and commercial facilities
deemed to be in the public interest. These facilities included a nursing home, an expanded processing facility,
a manufacturing facility, and an educational facility, for a total of four series of Industrial Revenue Bonds . The
bonds are secured by the property financed and are payable solely from payments received on the underlying
mortgage loans . Upon repayment of the bonds , ownership of the acquired facilities transfers to the private-
sector entity served by the bond issuance . Neither the County, the State, nor an
h' y political subdivision thereof
is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in
the accompanying financial statements.
Original Principal
Bond Issue Outstanding Year Bonds and Project Description
$ 18,000,000 $ 17,600,000 1999 St. Edward 's School , Inc . — Upper School educational
facilities
6,025 ,000 414409763 1997 Hetra Computer & Communications Industries, Inc .
(XL Vision, Inc . )
62 ,000 sq . ft. manufacturing facility
418009000 1 ,600,000 1986 Florida Convalescent Centers, Inc . — 91 -bed skilled and
intermediate care nursing home
41080,000 21400,000 1997 Ocean Spray Cranberries, Inc . — expansion of 23 , 000 sq . ft,
processing facility
Total $ 26,0409763
78
' Indian River County, Florida
orida
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 13 - PROVISION FOR CLOSURE COSTS
The SWDD annually obtains updated and revised estimates of total future closure and post-closure costs from
' its consulting engineers . The provision for closure costs reported in the financial statements as operating ex-
pense represents the portion of these estimated future outlays which are allocable to the current year based on
the amount of capacity used .
' The total unrecognized closure and post-closure costs attributable to the currentlyactive landfill ve areas ( Seg-
ment II, C & D) are approximately $3 . 23 million. These costs will be recognized in future periods as the remaining
' capacity is filled. This landfill area is expected to close in three phases . The first phase was closed in 1998 , the second
phase is scheduled in the year 2006, and the third phase in the year 2008 . To date, 68 % of the Segment II and 58%
of the C & D landfill capacities have been filled.
All amounts recognized are based on what it would d cost to perform all closure and post-closure functions in
' current dollars . Actual costs may be different due to inflation, changes in technology, or changes in laws and
regulations . The SWDD is required by FDEP to annually show proof of ability to finance closure and post-
closure costs , and has done so by fulfilling the requirements of the financial test provision of the regulation . At
the same time, the SWDD is making annual deposits to a closure and post-closure cost account to provide for
the financing of future closure -related expenditures . The balance in the account for inactive and active landfill
areas as of September 30 , 2003 was $ 7,211 , 362 .
' NOTE 14 - DEFINED BENEFIT PENSION PLANS
' A. Florida Retirement System
Plan Description : The County ' s employees , except certain firefighters , participate in the Florida Retirement
' System (FRS ), a cost-sharing multiple-employer public employee retirement system , administered by the Florida
Department of Administration . The FRS is noncontributory for all members ; all contributions are made by the
employer. The FRS provides for vesting of benefits after six years of creditable service . Normal retirement
' benefits are available to employees who retire at or after age 62 with six or more years of service .
Early
retirement is available after six years of service with a five percent reduction in benefits for each year prior to
the normal retirement age . Retirement benefits are based on age, average compensation, and years -of- service
' credit where average compensation is computed as the average of an individual ' s five highest years of earn-
ings .
' Florida Statutes Chapter 121 , as may be amended from time to time by the state legislature , determines contri -
bution rates for the various membership classes of the FRS . The FRS issues a publicly available financial report
that includes financial statements , ten-year historical trend information and other required supplementary in-
formation . That report may be obtained by writing to the Department of Administration, Division of Retire-
ment, Cedars Executive Center, Building C , 2639 North Monroe Street, Tallahassee , Florida 323994560 .
' 79
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 14 - DEFINED BENEFIT PENSION PLANS - Continued
A. Florida Retirement System - Continued
Funding Policy: The FRS has six classes of membership with descriptions and contribution rates in effect
during the period ended September 30 , 2002 , as follows (contribution rates are in agreement with the actuarially
determined rates) :
1
10/ 1 /02 7/ 1 /03
to 6/30/03 to 9/30/03
Regular Class -
Members not qualifying for other classes . 5 . 76% 7 . 39%
Senior Management Service Class -
Members of senior management who do not elect the
optional annuity management program. 6 . 06% 9. 37%
Special Risk Class -
Members employed as law enforcement officers ,
firefighters , or correctional officers and meet the criteria
set to qualify for this class . 16 , 01 % 18s53 %
Special Risk Administrative Support Class -
Special risk members who are transferred or reassigned
to non-special risk and meet the criteria. 6 . 56% 9. 92 %
Elected County Officer ' s Class -
Certain elected county officials . 11 . 86% 15 .23 %
Deferred Retirement Option Program
Members who are eligible for normal retirement that
have elected to participate in the deferred retirement
option program . 9 . 11 % 9 . 11
Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 11 . 53% of the annual covered =1
payroll . Contributions to the FRS for the fiscal years ended September 30, 2001 , 2002, and 2003 , were $6,393 ,467,
$6,070, 539 and $ 53941 , 735 respectively, which are equal to 100% ofthe required contribution for each year.
80
' Indian River County, Florida
Notes To Financial Statements
' Year Ended September 30, 2003
NOTE 14 - DEFINED BENEFIT PENSION PLANS - Continued
B . Firefighters Defined Benefit Pension Plan
' In October 1981 , the South Indian River County Fire District took over the operations of the City of Vero
Beach, Florida ' s Fire Department . Full-time firefighters were given the option of joining the Florida Retire -
ment System (FRS ) or remaining in the City ' s plan . Twenty full -time firefighters and all of the volunteers
elected to remain in the City ' s plan. Those who joined the FRS received refunds of their contributions from the
City ' s plan . Indian River County contributes to the City ' s plan, on behalf of eligible firefighters , which is a
single -employer defined benefit pension plan . The City administers the plan, and by statute , retains fiduciary
responsibility for this plan.
' The City accounts for the plan in a pension trust fund . The City' s Comprehensive Annual Financial Report
(CAFR) includes the required financial statements and required supplementary information for the plan . A
copy of the City ' s CAFR may be obtained from the Finance Department of the City of Vero Beach, 1053 20th
' Place , Vero Beach, FL 32960 .
Funding Policy and Annual Pension Cost: The City establishes and may amend the contribution requirements
of plan members and the City in accordance with Florida Statutes . Indian River County ' s annual pension cost
for the most recent actuarial valuation report, as of 2002 , and related information for the plan is as follows :
Contribution rates :
' Employee 7% of Compensation
State Premium Tax Refund
Employer None Required
' Annual Pension Cost $ 292 , 799
Contributions made $ 292 , 799
Actuarial valuation date October 1 , 2003
Actuarial cost method Aggregate
Amortization method N/A
Remaining amortization period 10 years
Asset valuation method 5 year smoothed market
Actuarial assumptions:
' Investment rate of return 8 %
Projected salary increases 6%
Inflation rate 4%
Post retirement benefit increases N/A
Cost of living increase 2%
81
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 14 - DEFINED BENEFIT PENSION PLANS — Continued
B . Firefighters Defined Benefit Pension
g Plan — Continued
Funding Progress :
Actuarial
Actuarial Accrued UAAL As %
Actuarial Value of Liability (AAL) Unfunded Funded Covered of Covered
Valuation Assets Frozen Entry Age AAL (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c ) (b-a)/c
10/01 /01 $ 7,3121430 $ 7,8765933 $ 564,503 92 . 8 % $ 86,791 650. 4%
10/01 /02 $ 6 993 1810
$ 7,9821786 $ 989,605 87 . /o
6 $ 633483 1558 . 9%
10/01 /03 $ 6,8231162 $ 8,0141048 $ 19190,886 85 . 1 % $ 629357 1909 . 8%
y
Annual Pension Cost And Net Pension Obligation
Fiscal Year Ending September 30 : 2003 2002 2001
A . Annual Required Contribution (ARC) * $ 164,943 $ 242, 148 $ 234,915
B . Interest on Net Pension Obligation (NPO) ( 16 463) (23 103 ) (387216)
C . Adjustment to ARC 54
( 394) ( 110,335) (229, 101
D . Annual Pension Cost (A+B-C) 202,874 329,380 4259800 t,
E . Actual Contributions 2925799 2469373 2365893
F. NPO at beginning of year (205, 783 ) (288, 790) (4779697) i
a Increase decrease to NPO D-E
( ) ( ) (899925) 839007 188,907
H . NPO at end of year (F+G) (295,708) (205, 783) (288,790)
* Includes expected State contribution .
Three -Year Trend Information :
Percentage
Annual Pension Cost of APC Net Pension
Year Ending (APC ) Contributed Obligation „
September 30, 2001 $425 , 800 56% $(288,790)
September 30, 2002 $3295380 75 % $(205 , 783 )
September 30, 2003 $202,874 144% $(2959708)
82
' Indian River County , Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 15 - OPERATING LEASES
The County has entered into noncancelable operating leases , both as lessor and lessee. Lease terms vary from 2 to 30
years . Lease revenues totaled $236, 028 and lease expenditures totaled $ 395 , 950 for the year ended September 30 ,
2003 . The County also leases other equipment and office facilities as both lessor and lessee on a month-to-month
basis .
A. Future Minimum Lease Receipts
' Year Amount
2004 $ 212 ,248
2005 1589176
' 2006 669750
2007 45 ,200
' 2008 45 ,200
2009 - 2013 1549750
2014 - 2018 1 , 000
' 2019 - 2023 800
Total future minimum lease receipts : $ 6849124
The property being leased is included in the statement ofnet assets governmental activities and business-type activities
columns and has a carrying value of $7 , 670 , 895 . For fiscal year 2003 , total depreciation expense for depreciable
property being leased is $ 435 , 972 .
' B . Future Minimum Lease Payments
' The following is a schedule , by years , of minimum future rentals to be paid by the County for noncancelable
operating leases as of September 30 :
Year Amount
2004 $ 349,495
2005 340 , 622
2006 242 , 179
2007 1479812
2008 1359074
2009 - 2013 5289775
2014 - 2018 1029525
'
2019 - 2023 1 , 500
Remaining 85100
' Total future minimum lease payments : $ 1 , 856 ,082
' 83
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 16 - FUND EQUITY
A. Restricted Net Assets
The County has established certain restrictions within the net assets section of the proprietary funds .
Restricted net assets at September 30 , 2003 , consist of the following :
Component
Primary Government Unit
Total
Primary Housing
Golf Course County Utilities Government Authority
Restricted for debt service $ 329917 $ 154, 583 $ 187,500 $ 44,355
Restricted for renewal & replacement 0 8839192
Restricted for capital projects 42, 783 , 994 427783 ,994
Restricted for insurance and property tax 0 71 ; 833
Total $ 32,917 $ 42,938,577 $ 42,9719494 $ 999,380
B . Reserved Fund Balances
The County has established certain reserves within the fund equity section of the governmental funds . Re-
served fund balances at September 30, 2003 , consist ofthe following :
Special Revenue Funds :
Reserved for Advances to Other Funds :
Secondary Roads Construction $ 655 .000
Total $ 65500
Debt Service Funds :
Reserved for Debt Service :
Land Acquisition Bonds $ 6845016
Spring Training Facility Revenue
Bonds 4949232
Total $ 151789248
84
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 16 - FUND EQUITY - Continued
B . Reserved Fund Balances - Continued
Capital Projects Funds :
Reserved for Capital Projects :
Dodgertown Facility $ 912 ,493
Dodgertown Capital Reserve 29052 , 302
Homeless Assistance Center 63 , 589
' Fellsmere Old School 26 , 060
Optional Sales Tax 329228 , 832
Gifford Road Construction 3 ,4359895
' Shooting Range 1149612
Total $ 38 , 8339783
NOTE 17 - FUND EQUITY DEFICIT
The following funds had a deficit in fund balance at September 30 , 2003 :
Fund Deficit
Metropolitan Planning Organization $ 249 ,202
Federal/State Grants 315703
Community Development Block Grant 15 , 800
Total Deficit $ 296 , 705
The deficit for all three funds will be eliminated by grant proceeds in the fiscal year 2004 .
85
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 18 - RISK MANAGEMENT
General Liability, Property Yand Worker 's Compensation
The County is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets, errors or
omissions, injuries to employees, and natural disasters . During a previous fiscal year, the County established a fund to
account for risk management called the Self Insurance Fund (an internal service fund) . The risk management program
began on November 1 , 1988 , and has provided coverage for the County as follows :
11 / 1 /88 - 10/ 1 /89- 10/ 1 /92- 10/ 1 /94- 10/ 1 /02-
10/ 1 /89 10/ 1 /92 10/ 1 /94 10/ 1 /02 Present
Worker 's compensation $ 100, 000 $ 10000 $ 150 , 000 $ 15000 $ 350 , 000
General Liability 10000 5005000 200 , 000 200, 000 2009000
Auto Liability 100,000 5005000 1005000 200, 000 200 , 000
Property Damage 1003000 105000 500 -255000 500 -255000 500 -25 , 000
Error Omissions 259000 25 , 000 2005000 2005000 200, 000
AnnualAggregate 600,000 15000 , 000 1 ,000,000 150005000 1 , 000,000
The County purchases commercial insurance for claims in excess of coverage provided by the fund and for all other
risks of loss . The County has not incurred any settlements in excess of the insurance coverage in the past three fiscal
years . All departments of the County participate in the program . Payments are made by various funds to the Self
Insurance Fund based on past experience and actual estimates of the amounts needed to pay current year claims .
The County is also self insured for medical claims covering employees and their eligible dependents . As required by
Section 112 . 081 , Florida Statutes, retirees and their eligible dependents are provided the same health care coverage as -;
is offered to active employees, however, the retirees are responsible for payment of the premiums. Medical claims are
paid from premiums contributed by employees , retirees and by the County. Premiums and contributions are deter-
mined by projected claims based on historical and actuarial experience. The self insurance plan assumes all risk for
claims u to $ 125 000 per individual policy P P , per year, and has purchased a reinsurance otic to cover
claims in excess of this I
amount. There were no claims in excess of this limit for the 2001 , 2002 , and 2003 fiscal years .
The claims liability of $4,581 ,000 reported at September 30, 2003 , is based on the requirements ofgenerally accepted
governmental accounting standards, which require that a liability for claims be reported if information prior to the
issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the
financial statements , and the amount of the loss can be reasonably estimated. Estimates for claims incurred but not
reported are actuarially determined and recorded. Based on the actuary's report, $ 1 ,991 , 000 wil be liquidated over
the next twelve months .
86
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 18 - RISK MANAGEMENT
General Liability, Property and Worker 's Compensation-Continued
Current Year
Balance at Claims Balance
' Fiscal Year and Changes Claim at Fiscal
Begirining in Estimates Payments Year End
' 1989- 1990 $ 415 ,250 $ 866 ,250 $ ( 1679553 ) $ 191139947
1990 - 1991 1 , 113 , 947 456825363 (35467 , 596) 2 ,3289714
1991 - 1992 2 , 328 , 714 394265954 (394669903 ) 2 ,2889765
' 1992 - 1993 292885765 45474 ,994 (49255 , 815 ) 295079944
1993 - 1994 2 , 5079944 498259081 (4 , 398 , 521 ) 2 ,9349504
1994- 1995 2 , 9349504 492489626 (4 , 8309926) 2 ,3525204
19954996 25352 ,204 55201 ,050 (4 , 990 , 111 ) 2 ,563 , 143
1996- 1997 2 , 5633143 55226 , 091 (594619151 ) 293289083
' 1997- 1998 293289083 6 , 541 ,439 (55917 , 522) 29952 , 000
19984999 2 , 952 ,000 69598 ,493 (695179493 ) 390339000
1999- 2000 390339000 6 ,4019416 (6 ,407 ,416) 39027 , 000
2000 - 2001 390279000 893229143 (7 , 660 , 143 ) 3 ,6895000
2001 - 2002 3 , 689 ,000 99850 ,070 (99278 , 070) 492619000
' 2002 - 2003 4 ,2619000 954409074 (99120 , 074) 495819000
Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially determined and at
September 30 , 2003 , unrestricted net assets of $2 , 852 ,491 has been designated for this purpose . The County has
elected to accrue the larger of the discounted liability or undiscounted liability. At September 30, 2003 , the undiscounted
liability was the greater of the two amounts . The discount rate used in the calculation was 2 . 5 percent.
' NOTE 19 - COMMITMENTS AND CONTINGENCIES
A. Litigation
Various suits and claims are currently pending against the County . It is impossible for the County to accu-
rately quantify the exposure involved given the jury ' s latitude in assessing compensatory and punitive dam -
ages , and the court ' s latitude in awarding attorney ' s fees . The County intends to vigorously defend against
these lawsuits and believes it has a good chance of prevailing on their merits .
' The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary course of
its operations . In the opinion of management and based on the advice of legal counsel , the ultimate disposition
of lawsuits will not have a material adverse effect on the financial position of the County .
' 87
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 19 - COMMITMENTS AND CONTINGENCIES - Continued
B . Contracts and Other Commitments
The Board has various contracts and commitments outstanding at September 30, 2003 . In the General Fund, contracts
are for the Courtroom Video Equipment Maintenance, Engineering Services for HVAC replacement at the County
Administration Building, Sheriif's OFfice, Health Department and Douglas School, and the Administration Building
Phone Sytem Upgrade and Maintenance . In the Special Revenue Funds , contracts are for the Beach Preservation
Plan, Kings Highway Phase II Improvements and various road paving and drainage projects . In the Capital Projects
Funds, contracts are for the Dodgertown Training Facility, New County Administration Building, Public Works Com-
plex , Financial Software Implementation and various stormwater projects . In the Enterprise Funds, contracts are for
the South County Reverse Osmosis Plant Clearwell Addition, Wetland Mitigation Site Maintenance, Hazardous Waste
Collection and various other water and sewer projects .
A summary of these projects at September 30, 2003 , is as follows :
Special Capital
General Revenue Proiects Enterprise Total
Total contract price $ 395,506 $ 162955740 $ 30,542,547 $ 17,696,975 $ 64,930,768
Total paid as of x
September 30, 2003 98,376 10,730,810 17,662,480 875289563 37,02049 t
Remaining obligations at
September 30, 2003 $ 297, 130 $ 59564,930 $ 1258803067 $ 91168,412 $ 27,9109539
C . Restatement of Prior Year Balances
In previous years, the County calculated the depreciation of roads with a useful life of 50 years . The County should
have used a useful life of 30 years . The following schedule reflects the restatement of the Capital Assets - net and
the beginning net assets to reflect the correction of the error:
Beginning Capital Assets as previously reported $ 2561439 , 898
Restatement :
Correction of error concerning useful life 33 932 595
Beginning Capital Assets - net, as restated $ 22295079303
Beginning Net Assets, as previously reported $ 35599929467
Restatement :
Correction of error concerning useful life 33 932 595
Beginning Net Assets, as restated $ 3221059, 872
88
Indian River County, Florida
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 19 - COMMITMENTS AND CONTINGENCIES - Continued
D . Grants
rAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies .
If any expenditures are disallowed as a result of these audits , the claims for reimbursement to the grantor
' agency would become a liability of the County . In the opinion of management, any such adjustments would
not be significant.
1
NOTE 20 - SUBSEQUENT EVENTS
On October 15 , 2003 , the Board issued $ 6 ,445 ,000 of Recreational Revenue Refunding Bonds , Series 2003 . The
issuance of the Series 2003 Bonds is authorized by Ordinance No . 95 - 16 of the County, as amended, and other
provisions of law, (collectively the "Act") , and Indian River County Resolution 2003 -075 , adopted by the Board on
July 8 , 2003 , as amended and supplemented by resolution 2003 -080 , adopted July 22 , 2003 , as amended and
supplemented by Resolution 2003 -081 , adopted on August 5 , 2003 . The proceeds of the bonds , together with other
r funds of the County, will be used to refund and redeem all outstanding Recreational Revenue Refunding Bonds, Series
1993 , which are currently outstanding in the principal amount of $6, 735 ,000 .
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' COMBINING AND INDIVIDUAL FUND STATEMENTS
AND SCHEDULES
1
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' 91
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Court Facilities- To account for expenditures for improvements
made to court facilities . Financing is provided by addi-
tional fees collected by the court system .
Section 8 Rental Assistance- To account for the provision of rental assistance for
low income housing . Financing is provided by
grants from the U . S . Department of Housing and
Urban Development,
Special Law Enforcement- To account for the expenditures of providing law
enforcement equipment. Financing is provided by
confiscation of monies and property in accordance
with Section 932 . 704 of the Florida Statutes .
Parks Development- To account for expenditures for improvements
made to County parks . Financing is provided by the 5
sale of surplus County property.
' 1
Tree Ordinance Fines -
To account for fines assessed against individuals for
illegal removal of protected trees . Funds are used
for park improvements .
Tourist Development- To account for the proceeds from the levy of a local
option Tourist Development tax . Funds are used to ZVI
attract tourism trade and for the benefit of County
residents.
911 Surcharge - To account for the receipt of the 911 surcharge on
all telephone bills of the County. Monies are used to
pay the operating costs of the 911 Emergency
Center.
Drug Abuse - To account for the collection of fines on criminal
drug cases . Monies are used for drug prevention and
education programs .
State Housing Initiatives Partnership To account for State funds distributed under the State
Housing Initiatives Partnership Act. The purpose of this
program is to provide for the creation and preservation
of affordable housing . Funds are provided by the docu
mentary stamp taxes .
92
1
Metropolitan Planning Organization- To account for expenditures incurred for planning
community transportation in the County. Financing
is provided by grants .
' Multi -Jurisdictional Task Force - To account for expenditures incurred in connection
with the cooperative drug enforcement task force
established by the County, the City of Vero Beach
and the City of Sebastian. Funds are provided by
grants and program generated income .
Native Uplands Land Acquisition- To account for expenditures related to the
acquisition of native habitat preserve areas and for
the management of such lands . Funding is provided
by developers of property who pay to mitigate
native uplands destruction where native upland
plant communities will be destroyed .
1 Beach Restoration- To account for the expenditure of funds to preserve
and improve County beaches . Funds are provided
by the levy of a local option tourist development
tax .
Vero Lake Estates- To account for the expenditure of funds to improve
' roads in the Vero Lake Estates subdivision. Funds
are provided by the levying of special assessments .
Florida Boating Improvement Program- To account for boat registration fees which may be
used for providing recreational channel marking ,
public launching facilities , and other boating-related
activities .
Library Bequest - To account for bequests to the Indian River County
Library to be used for improvements to the Main and
North County Libraries .
Disabled Access Program - To account for fines assessed against individuals for
illegal use of handicapped parking spaces .
1 Federal/State Grants - To account for revenues and expenditures of various
grants from Federal and State agencies .
' East Gifford Stormwater - To account for expenditures of funds for stormwater
improvements in the East Gifford Watershed . Funds
are provided by non-ad valorem taxes .
' 93
Community Development Block Grant - To account for the rehabilitation or replacement of
housing units in the Gifford area. Funding is provided
by a housing rehabilitation Community Development
Block Grant.
Traffic Education Program - To account for the proceeds of an additional $ 3 add-on
to traffic fines authorized by County Ordinance . Pro
ceeds must be used for traffic education programs .
Clerk Special Revenue- To account for the proceeds from a special
recording fee to be used for modernizing the Clerk
of the Circuit Courts ' public records system .
Sheriff Special Revenue- To account for the expenditure of grants , fines and
restricted revenues received by the Sheriff.
Street Lighting Districts - To account for the costs of providing street lights .
Financing is provided by the levying of special
assessments ,
z
r
DEBT SERVICE FUNDS
Spring Training Facility Bonds- To account for the accumulation of State assistance and
tourist tax monies pledged to pay the principal, interest, F
and fiscal charges on the Spring Training Facility
Bonds ,
Land Acquisition Bonds- To account for the accumulation of ad valorem
taxes to pay the principal , interest and fiscal charges
related to the Land Acquisition Bonds .
94
' CAPITAL PROJECTS FUNDS
Dodgertown Capital Reserve - To provide additional improvements to the
Dodgertown Spring Training Facility. The City of
Vero Beach contributed $ 1 ,400 , 000 and the County
' contributed $600 , 000 .
Gifford Road Construction- To account for expenditures incurred to improve the
' Gifford area . Financing is provided by a transfer
from the Secondary Roads Construction Special
Revenue Fund
Shooting Range- To account for expenditures incurred to construct a
public shooting range . Financing is provided by the
' Florida Game and Freshwater Fish Commission and
transfers from other funds .
' Dodgertown Facility- To account for expenditures incurred to acquire and
refurbish the Dodgertown Spring Training Facility.
Financing is provided by proceeds from the Spring
Training Facility Bond issue .
' Homeless Assistance Center- To account for expenditures incurred in the renova-
tion and expansion of the Homeless Assistance
Center. Financing is provided by the Department
of Housing and Urban Development and transfers
from other funds .
Fellsmere Old School - To account for expenditures incurred by the
restoration of the Fellsmere Old School . Financing
is provided by the Department of Environmental
Protection and the Department of State .
1 MAJOR CAPITAL PROJECTS FUND
Optional Sales Tax- To account for revenues generated by the local
option 1 cent sales tax . Monies are used for various
capital projects .
' 95
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30 , 2003
Special Revenue
ue
Section 8
Court Rental Special Law
Facilities Assistance Enforcement
ASSETS
Cash and cash equivalents $ 1049947 $ 92 , 359 $ 136 , 349
Accounts receivable - 275 -
Due from other funds
Due from other governments
Total Assets $ 1042947 $ 921634 $ 1361349
LIABILITIES AND FUND EQUITY
Liabilities :
Accounts payable $ - $ 19291 $ -
Retainage payable
Due to other funds
Accrued interest payable
Deferred revenues
Total Liabilities - 11291 -
Fund Equity :
Fund balances :
Unreserved (Deficit) 1049947 91 ,343 1367349
Reserved for debt service
Reserved for capital projects -
Total Fund Equity 1049947 917343 136 ,349
Total Liabilities and Fund Equity $ 1045947 $ 92 , 634 $ 136 ,349
A.
h
Continued
96
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1
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30 , 2003
Special Revenue
SHIP Metropolitan Multi-
Low Income Planning Jurisdictional
ASSETS Housing Organization Task Force
Cash and cash equivalents $ 1 ,270 , 625 $ 31726 $ 597753
Accounts receivable 60 , 000 372 307
Due from other funds _
Due from other governments 1141797
Total Assets $ 1 ,4453422 $ 4 ,098 $ 60,060
LIABILITIES AND FUND EQUITY
Liabilities :
Accounts payable $ 10,390 $ 76,243 $
Retainage payable - 17,057
Due to other funds - 160, 000
Accrued interest payable _ _ -
Deferred revenues '
Total Liabilities 10, 390 2532300 _
Fund Equity:
Fund balances :
Unreserved (Deficit) 11435 ,032 (249,202) 602060
Reserved for debt service _
Reserved for capital projects _
Total Fund Equity 1 435 032 (249,202) 60,060
Total Liabilities and Fund Equity $ 1 ,445 ,422 $ 4 ,098 $ 60 ,060
Continued
98
Special Revenue
Native Uplands Florida Disabled
Land Beach Vero Lakes Boating Library Access
Acquisition Restoration Estates Improvement Bequests Program
$ 7195745 $ 414309372 $ 3725324 $ 4067577 $ 39 ,621 $ 34 ,912
i - - 859
$ 719 , 745 $ 494309372 $ 373 , 183 $ 406 , 577 $ 39 ,621 $ 349912
19654 $ 584 ,680 $ 401
60 , 526
' 1 ,654 645 ,206 401
718 ,091 357859166 3723782 406 , 577 397621 34 ,912
'
718 ,091 3 785 166 372 782
406 , 577 39 ,621 34 ,912
$ 7193745 $ 4 ,430 ,372 $ 373 , 183 $ 406 , 577 $ 39 , 621 $ 34 ,912
w
99
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30 , 2003
Special Revenue
Federal & East Community-
State Gifford Development
ASSETS Grants Stormwater Block Grant
Cash and cash equivalents $ 15501 $ 2 , 814 $ 519
Accounts receivable
Due from other funds - 16 _
Due from other governments - 129481
Total Assets $ 1 , 501 $ 2 , 830 $ 13 ,000
LIABILITIES AND FUND EQUITY
Liabilities :
Accounts payable $ 28 ,204 $ - $ 15 , 800
Retainage payable _
Due to other governments
Accrued interest payable _ -
Deferred revenues
Total Liabilities 33 ,204 - 28 , 800
Fund Equity:
Fund balances :
Unreserved (Deficit) (313703 ) 2 830 ( 15 , 800)
Reserved for debt service _
Reserved for capital projects _ z
Total Fund Equity (319703 ) 2 830 ( 15 , 800)
Total Liabilities and Fund Equity $ 11501 $ 2 , 830 $
13 ,000
I3
l 4'.
Continued
100
Debt
Special Revenue Service
Traffic Clerk Sheriff Street Spring
Education Special Special Lighting Training
Program Revenue Revenue Districts Facility Bonds
$ 42 ,785 $ 8575821 $ 1 ,462 ,488 $ 417 , 541 $ 8355621
' = 9 22 ,335 - =
1 , 928
35 ,625
$ 429785 $ 8575830 $ 1 ,4849823 $ 419 ,469 $ 871 ,246
1
' $ $ 4205560 $ 14 ,343 $ 13 ,679 $ =
377,014
- - 59875 - -
420 , 560 209218 137679 3775014
42 ,785 437,270 19464 ,605 4055790 -
' 494 ,232
425785 4373270 194649605 405 , 790 494 ,232
$ 425785 $ 857, 830 $ 1 ,484 , 823 $ 4199469 $ 8719246
1
1
1
101
Indian River County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30 , 2003 u
Debt Service Capital Projects
Land Dodgertown
Acquisition Capital Gifford Road
ASSETS Bonds Reserve Construction
Cash and cash equivalents $ 6547486 $ 2 , 0523302 $ 31435 , 895
Accounts receivable 24 _
Due from other funds 29 ,531
Due from other governments
Total Assets $ 684 ,041 $ 21052 ,302 $ 3 ,4351895
LIABILITIES AND FUND EQUITY T
Liabilities :
Accounts payable $ 25
Retainage payable
Due to other funds _
Accrued interest payable
Deferred revenues
Total Liabilities 25
Fund Equity :
Fund balances :
KI
Unreserved (Deficit) _
Reserved for debt service 684 ,016
Reserved for capital projects 2 .052302 3 .435 , 895
Total Fund Equity 684 ,016 _ 2 ,052 ,302 3 .435 , 895 i
Total Liabilities and Fund Equity $ 684 ,041 $ 2 ,0527302 $ 3 , Y.
435 , 895
Continued
102
Capital Projects
Homeless Total Nonmajor
Shooting Dodgertown Assistance Fellsmere Governmental
Range Facility Center Old School Funds
$ 1145612 $ 912 ,493 $ 41292 $ 247 , 860 $ 20 , 951 ,462
= = 1545340
32 ,334
- 194 ,297 - 364 , 358
$ 1149612 $ 9125493 $ 1989589 $ 247, 860 $ 21 , 502 ,494
$ 969800 $ 113869926
77, 583
135 ,000 - 3139000
3779014
125 ,000 130 , 875
1359000 221 , 800 29285 ,398
11 ,433 , 897
' - - - 151789248
1149612 912 ,493 63 , 589 264060 6 ,604 ,951
114 ,612 912 ,493 63 , 589 26 ,060 193217 , 096
$ 1142612 $ 912 ,493 $ 198 , 589 $ 2473860 $ 21 , 502 ,494
' 103
Indian River County, Florida
Combining Statement of Revenues , Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30 , 2003
Special Revenue
Section 8
Court Rental Special Law
REVENUES Facilities Assistance Enforcement
Taxes $ _ $ _ $
Intergovernmental - 1 ,344 , 115 _
Charges for services 106 , 586 129
Fines and forfeitures - - 63 , 563
Special assessments _
Interest 23305 433 1 ,757
Miscellaneous
Total revenues 108 , 891 19344 ,677 65 ,320
EXPENDITURES
Current :
General government _
Public safety - - 8 , 572
Physical environment _ _
Transportation
Economic environment
Human services - 1 ,323 ,402
Culture/Recreation
Court related 17, 800 _
Debt service : -
Principal
Interest _
Capital projects _
Total expenditures 17, 800 1 , 323 ,402 8 , 572
Excess of Revenues Over (Under) Expenditures 91 , 091 21 ,275 56 ,748 _
OTHER FINANCING SOURCES
Transfers in
14 , 312
Transfers out (54 ,000) - (30 ,364 )
Transfer to paying agent
Debt proceeds
Total other financing sources (uses) (54,000) - ( 169052 )
Net change in fund balances 379091 21 ,275 40 ,696
Fund balances at beginning of year 67, 856 70 ,068 95 ,653
Fund balances at end of year $ 104 ,947 $ 91 ,343 $ 136 ,349
Continued
104
' S ecial Revenue
Tree
' Parks Ordinance Tourist 911 Drug
Development Fines Development Surcharge Abuse
482 , 582 $ 511 ,294 $ _
1409568 139, 827
14 , 550 = = 109781
2 ,095 25788 26 ,699 11 , 558 953
33 _
2 ,095 179338 509 ,281 6633453 1519561
- _ - 3115570 _
118 , 839
93 , 722 -
1229290 279002 5679958
122 ,290 27,002 567,958 311 , 570 2129561
' ( 1205195 ) (9 , 664 ) 58 ,677
- ) 3519883 (61 ,000 )
' - 42 , 500
( 157,000) _
( 157,000) 42 . 500
( 120 , 195 ) (9,664) (589677) 194 , 883 ( 18 , 500)
_ 179, 130 139 , 800 - 153279298 5053177 533190
' $ 58 ,935 $ 1309136 $ 19268 ,621 $ 700 , 060 $ 349690
' 105
Indian River County, Florida
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30, 2003
Special Revenue
SHIP Metropolitan Multi-
Low Income Planning Jurisdictional
Housing Organization Task Force
REVENUES
Taxes $ - $ $
Intergovernmental 1 , 016 , 773 277,470
Charges for services 255 , 036 78
Fines and forfeitures _ -
Special assessments 47,294
Interest 1
Miscellaneous ,279
22 , 838 936 t,
Total revenues 1 ,294,647 278 ,484
48 ,573
EXPENDITURES
Current :
General government - 565 , 310
Public safety -
Physical environment 269050
Transportation
Economic environment - -
Human services 979, 836
Culture/Recreation _ -
Court related _ -
Debt service : -
Principal
Interest -
Capital projects - -
Total expenditures 979, 836 565 , 310
26, 050
Excess of revenues over (under) expenditures 314 , 811286 826
( ) 22, 523
OTHER FINANCING SOURCES
Transfers in
Transfers out
Transfer to paying agent ( 16, 770)
Debt proceeds -
Total other financing sources (uses)
( 16 , 770)
Net change in fund balances 314, 811 (286 , 826) 5 753
Fund balances at beginning of year 191209221 37,624
54,307
Fund balances at end of year $ 1 ,4359032 $ (249,202) $ 60 ,060
Continued
106
Snecial Revenue
Native Uplands Florida Disabled
Land Beach Vero Lakes Boating Library Access
Acquisition Restoration Estates Improvement Bequests Program
' $ $ 482 ,582 $ - $
61453 ,099 50 ,000 74, 872
705036
3 , 090
75 , 694
12 , 850 96 , 840 5 , 862 7 ,265 44 642
' 220, 822 - - - 2615306 -
3033708 79032 , 521 1319556 82 , 137 2615350 39732
529250
' - - 4 ,053
' = 95585 , 824 975 508 =
525250 9 , 585 , 824 49053 975 508
2515458 (21553 ,303 ) 127 503 81 1 2
6 2603842 39732
' - 800,000
(29786)
800 ,000 (29786)
2515458 ( 1 , 753 ,303 ) 1249717 815162 2609842 31732
4669633 595385469 2489065 325 ,415 (2219221 ) 319180
' $ 7189091 $ 3 , 7859166 $ 372 , 782 $ 406 , 577 $ 39 , 621 $ 349912
' 107
Indian River County, Florida
Combining Statement of Revenues , Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30 , 2003
Special Revenue
Federal & East Community-
State Gifford Development
REVENUES Grants Stormwater Block Grant
Taxes
Intergovernmental 148 , 752 - 19 ,298
Charges for services _ _
Fines and forfeitures
Special assessments - 15459
Interest 8 45 t
Miscellaneous -
Total revenues 1485760 1 , 504 19,298
EXPENDITURES
Current:
General government _
Public safety _
Physical environment
Transportation -
Economic environment 423655 - 35 ,098
Human services 1361290 _
Culture/Recreation 39455 }
Court related
Debt service : - -
Principal
Interest -
Capital projects _
Total expenditures 1825400 - 359098
Excess of revenues over (under) expenditures (335640) 1 504 ( 15 , 800)
OTHER FINANCING SOURCES
Transfers in
Transfers out - ( 13 )
Transfer to paying agent _
Debt proceeds _
Total other financing sources (uses) - ( 13 ) _
Net change in fund balances (33 ,640) 1 ,491 ( 15 , 800)
Fund balances at beginning of year L937 1 ,339
Fund balances at end of year $ (31 , 703 ) $ 2 , 830 $ ( 15 , 800)
Continued
108
' Debt
Special Revenue Service
' Traffic Clerk Sheriff Street Spring
Education Special Special Lighting Training
Program Revenue Revenue Districts Facility Bonds
$ _ $ $ - $ - $ 3219721
97 ,206 - 927, 504
181 ,263 470 , 906
' 42 , 563 = 318 , 185 _
168 , 550
222 13 , 531 17 , 136 9 , 193 13 ,433
' - - 29220 _
42 , 785 1942794 903 ,433 1795963 1 ,262 , 658
' - 603 ,664
5679273
- - - 154 , 865 _
4607000
762 , 077
' - 6039664 5673273 154 , 865 152225077
42 , 785 (408 , 870) 336 , 160 259098 405581
' - - 47 , 134
( 149312 ) (67065 )
329822 (6 ,065 )
' 425785 (408 , 870) 368 ,982 19,033
40 , 581
- 8461140 11095 ,623 3869757 453 ,651
$ 42 , 785 $ 437,270 $ 194649605 $ 405 , 790 $ 4949232
1
109
Indian River County, Florida
Combining Statement of Revenues , Expenditures and
Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended September 30 , 2003
Debt Service Capital Projects
Land Dodgertown
Acquisition Capital Gifford Road
REVENUES Bonds Reserve Construction
Taxes $ 215959265 $ _ $
Intergovernmental _
Charges for services
Fines and forfeitures _ _ -
Special assessments -
Interest 48 ,760 215306 71 ,085
Miscellaneous 1923405 _
Total revenues 2 , 836,430 21 ,306 71 ,085
EXPENDITURES
Current :
General government 259,041 _
Public safety
Physical environment
Transportation
Economic environment
Human services _ _ -
Culture/Recreation
Court related
Debt service :
Principal 2 ,085 ,000
Interest 842 , 775
Capital projects - - 1 .913
Total expenditures 39186 , 816 - 12913
Excess of revenues over (under) expenditures (3509386) 215306 69, 172
OTHER FINANCING SOURCES
Transfers in
Transfers out (52, 134)
Transfer to paying agent (7, 800 ,000)
Debt proceeds 7, 8009000
Total other financing sources (Uses) (523134 ) _
Net change in fund balances (402, 520) 21 ,306 69, 172
Fund balances at beginning of year 1 ,0869536 220302996 313665723
Fund balances at end of year $ 6849016 $ 2 ,052 ,302 $ 31435 , 895
Continued
110
1
' Capital Projects
Homeless Total Nonmajor
Shooting Dodgertown Assistance Fellsmere Governmental
Range Facility Center Old School Funds
$ $ $ $ - $ 413937444
194 ,297 975948 10 ,981 , 729
_ 19084 ,034
_ - - 5009026
' - - - 245 , 703
21645 44 , 810 2 , 346 13500 4439164
75 676 , 861
23645 445810 1965643 999523 18 ,324 ,961
19739, 585
_ 720, 734
52 ,250
158 ,918
77, 753
_ - - 29533 ,250
_ - - 1093087012
' - 17, 800
_ - - 2 , 545 ,000
- - 196049852
19,310 4 , 1305745 361 , 756 135 ,971 4 ,6499695
19, 310 4 , 130, 745 3619756 135 ,971 245407, 849
' ( 16 ,665 ) (490859935 ) ( 165 , 113 ) (369448 ) (6 ,082 , 888 )
903 , 946
_ (3335444)
(7, 800 ,000)
75800, 000
570 , 502
( 16 , 665 ) (4 ,085 ,935 ) ( 165 , 113 ) (36 ,448) (5 , 5121386)
1319277 4 ,9989428 2287702 629508 24 , 729 482
$ 1149612 $ 9129493 $ 633589 $ 269060 $ 199217,096
' 111
Indian River County, Florida
Budgetary Comparison Schedule
Court Facilities
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amount (Negative)
Charges for services $ 71 ,250 $ 106 , 586 $ 35 , 336
Interest 950 2 , 305 1 , 355
Total revenues 72 ,200 108 891
36, 691
EXPENDITURES
Court related 18 ,200 17, 800 400
Total expenditures 189200 175800 400
Excess of revenues over :
(under) expenditures
543000 915091 375091 _-
OTHER FINANCING SOURCES
Transfers out (54 , 000) (54 , 000) _
Total other financing sources (uses) (549000) (54 ,000) _
Net change in fund balances - 37, 091 37,091
Fund balances at beginning of year - 675856 67, 856
Fund balances at end of year $ - $ 104, 947 $ 104,947
112
Indian River County, Florida
Budgetary Comparison Schedule
Section 8 Rental Assistance
For the Year Ended September 30, 2003
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Intergovernmental $ 1 ,4389738 $ 193449115 $ (94 , 623 )
Charges for services 129 129
Interest 277 433 156
Total revenues 19439 , 015 193443677 (949338 )
' EXPENDITURES
Human services 1 ,439 , 015 1 , 323 ,402 1159613
Total expenditures 1 ,4395015 1 , 3235402 1157613
' Net change in fund balances _
21 ,275 21 ,275
Fund balances at beginning of year - 70 , 068 70 , 068
Fund balances at end of year $ - $_ 91 , 343 $_ 915343
' 113
Indian River County, Florida
Budgetary Comparison Schedule
Special Law Enforcement
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Fines and forfeitures 38 , 938 63 , 563
Interest 24, 625
Total revenues 1 , 757 1 , 757
38 , 938 65 , 320 26, 382
EXPENDITURES
Public safety 8 , 574 8 , 572
Total expenditures 2
8 , 574 8 , 572 2
Excess of revenues over
(under) expenditures 309364 56, 748
26 , 384
OTHER FINANCING SOURCES
Transfers in
Transfers out 14 , 312 14 , 312
(303364) (30, 364)
Total other financing sources (uses) 30 364
( � ) ( 169052) 143312
Net change in fund balances - 40,696
40 , 696
Fund balances at beginning of year - 955653
95 , 653
Fund balances at end of year $ - $ 1369349 $ 136,349
114
Indian River County, Florida
Budgetary Comparison Schedule
Parks Development
For the Year Ended September 30 , 2003
Variance
' Final Actual Positive
REVENUES Budget Amounts (Negative)
Interest $ _ $ 2 , 095 $ 25095
Total revenues 2 , 095 2 , 095
EXPENDITURES
Culture/Recreation 150,000 122 ,290 27 , 710
Total expenditures 150 , 000 122 ,290 27 , 710
Net change in fund balances ( 150 , 000) ( 120, 195 ) 295805
Fund balances at beginning of year 150 , 000 1799130 29, 130
Fund balances at end of year $ - $ 58 , 935 $ 589935
' 115
Indian River County, Florida
Budgetary Comparison Schedule
Tree Ordinance Fines
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Fines and forfeitures $ - $ 145550 $ 145550
Interest - 21788 2 , 788
Total revenues - 17338 17, 338
EXPENDITURES
Culture/Recreation
75 , 000 27, 002 47, 998
Total expenditures 755000 27,002 47, 998
is
Net change in fund balances (75 , 000) (9 , 664) 65 , 336
Fund balances at beginning of year 75 , 000 1399800 64 , 800
Fund balances at end of year $ - $ 130 , 136 $ 130 136
116
r
Indian River County, Florida
Budgetary Comparison Schedule
Tourist Development
For the Year Ended September 30, 2003
r
r
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Taxes $ 513 , 000 $ 482 , 582 $ (30 ,418)
Interest 359625 269699 (89926)
Total revenues 5489625 509 ,281 (39, 344)
r
EXPENDITURES
Culture/Recreation 630 , 393 567, 958 62 ,435
Total expenditures 630, 393 567 , 958 629435
Net change in fund balances (81 , 768 ) (589677) 239091
Fund balances at beginning of year 81 , 768 19327, 298 19245 , 530
�
Fund balances at end of year $ - $ 1 ,2689621 $ 1 ,268 , 621
r
r
r
r
r
r
r
r117
Indian River County, Florida
Budgetary Comparison Schedule
911 Surcharge
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget
Amounts (Negative)
Taxes $ 4803700 $ 511 ,294 $ 303594
Intergovernmental 18 , 000 140, 568
Interest 122 , 568
Miscellaneous
4, 181 11 , 558 79377
Total revenues 33 33
663
502 , 881 9453 160, 572
EXPENDITURES
General government 347, 038 311 , 570
Total expenditures 35 ,468
347, 038 311 , 570 35 ,468
Excess of revenues over }
(under) expenditures 155 , 843 3519883
196, 040
OTHER FINANCING SOURCES
Transfers out ( 157, 000) _ ( 157, 000)
Total other financing sources (uses) ( 157, 000) ( 157, 000) _
Net change in fund balances ( 13157) 1943883
196,040
Fund balances at beginning of year 11157 5053177
504 , 020
Fund balances at end of year $ - $ 700, 060 $ 7003060
118
Indian River County, Florida
Budgetary Comparison Schedule
Drug Abuse
For the Year Ended September 30, 2003
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Intergovernmental $ 1519357 $ 1395827 $ ( 119530)
Fines and forfeitures 6 ,650 109781 4 , 131
Interest 2 , 000 953 ( 1 ,047)
' Miscellaneous 7 , 125 - (79125 )
Total revenues 1679132 1519561 ( 15 , 571 )
EXPENDITURES
Public safety 118 , 839 1189839 -
Human services 95 , 592 93 , 722 1 , 870
Total expenditures 2149431 2129561 19870
Excess of revenues over
(under) expenditures (47 ,299) (619000) ( 139701 )
OTHER FINANCING SOURCES
Transfers In 47 ,299 42 , 500 _ 44799)
Total other financing sources (uses) 479299 429500 (4 , 799)
Net change in fund balances - ( 189500) ( 18 , 500)
Fund balances at beginning of year - 53 , 190 539190
Fund balances at end of year $ - $ 34,690 $ 349690
119
Indian River County, Florida
Budgetary Comparison Schedule
SHIP-Low Income Housing
For the Year Ended September 30, 2003
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Intergovernmental $ 969, 038 $ 19016 , 773 $ 47, 735
Charges for services 225 , 000 2553036 303036
Interest - 22 , 838
Total revenues 229838
19194, 038 1 ,294 , 647 10009
EXPENDITURES
Human services
151943038 979, 836 2149202
Total expenditures 1 , 194 , 038 9799836 214, 202
Net change in fund balances - 3145811 314 , 811
Fund balances at beginning of year - 19120 ,221 1 , 120 ,221
Fund balances at end of year $ - $ 1 ,435 , 032 $ 1 ,4355032
t;
120
Indian River County, Florida
Budgetary Comparison Schedule
Metropolitan Planning Organization
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ 6159043 $ 2775470 $ (337 , 573 )
Charges for services 78 78
Interest - 936 936
Total revenues 615 , 043 2789484 (336 , 559)
EXPENDITURES
General government 615 , 043 5655310 49 , 733
Total expenditures 615 ,043 5659310 4% 733
Net change in fund balances - 286 826 286 826
Fund balances at beginning of year - 379624 37, 624
Fund balances at end of year $ - $ (249 ,202 ) $ (249 ,202)
121
Indian River County, Florida
Budgetary Comparison Schedule
Multi-Jurisdictional Law Enforcement
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Fines and forfeitures $ 42 , 820 $ 479294 $ 4 ,474
Interest - 11279 13279 _
Total revenues 425820 48 , 573 59753
EXPENDITURES
Public safety
269050 269050
Total expenditures 265050 26 , 050 _
Excess of revenues over
(under) expenditures 16 , 770 22 , 523
5 , 753
OTHER FINANCING SOURCES
Transfers out ( 163770) ( 165770) _
Total other financing sources (uses) ( 165770) ( 169770) _
Net change in fund balances - 5 , 753 5 , 753
Fund balances at beginning of year - 54, 307 549307
Fund balances at end of year $ - $ 60, 060 $ 605060
122
Indian River County, Florida
Budgetary Comparison Schedule
Native Uplands Land Acquisition
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Charges for services $ = $ 709036 $ 709036
Interest 12 , 850 12 , 850
Miscellaneous 220 , 823 2205822 ( 1 )
Total revenues 220 , 823 303 , 708 82 , 885
EXPENDITURES
Physical environment 2359823 52 ,250 1835573
Total expenditures 235 , 823 52 ,250 183 , 573
Net chane in fund balances
g ( 15 , 000) 2515458 2665458
rFund balances at beginning of year 15 , 000 4665633 4515633
' Fund balances at end of year $ - $ 7189091 $ 718 , 091
r
123
Indian River County, Florida
Budgetary Comparison Schedule
Beach Restoration
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Taxes $ 513 , 000 $ 482 , 582 (305418)$
Intergovernmental
Interest 8 , 0399136 6,4539099 ( 1 , 586 , 037)
Total revenues 96 , 840 96 , 840
8 , 5522136 730329521 ( 1 , 159, 615)
EXPENDITURES
Culture/Recreation 12 ,497 624
Total expenditures 9, 585 824 2 , 911 800
12,4979624 9, 5859824 29911 , 800
Excess of revenues over
(under) expenditures 3 , 945 ,488
( ) (2, 553 , 303 ) 1 ,392 , 185
OTHER FINANCING SOURCES
Transfers in 800, 000
Total other financing sources 800,000 _
800, 000 800,000 _
Net change in fund balances (39145 ,488) ( 1 , 7539303 ) 1 392 185
,
Fund balances at beginning of year 3 , 145 488
5 , 538 ,469 _ 2 , 392 981
Fund balances at end of year $ - $_ 3 . 785 166 $ 3 , 785 166
124
' Indian River County, Florida
Budgetary Comparison Schedule
Vero Lake Estates
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ 259000 $ 509000 $ 25 , 000
Special assessments 739661 75 , 694 2 , 033
Interest 4 , 881 55862 981
Total revenues 103 , 542 131 , 556 289014
' EXPENDITURES
Physical Environment 1419037 - 1419037
Transportation 749390 4 , 053 709337
Total expenditures 2159427 4 , 053 211 , 374
Excess of revenues over (under) expenditures ( 1119885 ) 1273503 239 , 388
OTHER FINANCING SOURCES
Transfers out (49152) (2 , 786) 19366
Total other financing sources (uses) (43152) (2 , 786) 1 ,366
Net change in fund balances ( 116 , 037) 124 , 717 2405754
Fund balances at beginning of year 116,037 2489065 132 , 028
Fund balances at end of year $ - $ 3725782 $ 3729782
125
Indian River County, Florida
Budgetary Comparison Schedule
Florida Boating Improvement Program
For the Year Ended September 30, 2003
k .
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ - $ 749872 $ 743872
Interest - 7 ,265
Total revenues 7,265
82 , 137 823137
4i
XPENDITURES
Culture/Recreation 30, 000 975
Total expenditures 29, 025
30, 000 975 29, 025
Net change in fund balances (305000) 81 , 162
111 , 162
Fund balances at beginning of year 30 000 325 ,415
- 295 ,415
Fund balances at end of year $ 406, 577 $ 4K577 L
126
' Indian River County, Florida
Budgetary Comparison Schedule
Library Bequests
For the Year Ended September 30, 2003
' Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Interest $ - $ 44 $ 44
Miscellaneous 89000 2619306 253 , 306
Total revenues 8 , 000 261 , 350 253 , 350
EXPENDITURES
Culture/Recreation 8 , 000 508 73492
' Total expenditures 85000 508 79492
Net change in fund balances - 260, 842 260, 842
Fund balances at beginning of year - (221 ,221 ) (221 ,221 )
Fund balances at end of year $ - $ 39 , 621 $ 39 , 621
127
Indian River County, Florida
Budgetary Comparison Schedule
Federal/State Grants
For the Year Ended September 30 , 2003
73
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ 6639663 $ 148 , 752 $ (5145911 )
Interest 12 ,290 8 ( 129282)
Miscellaneous _ 79, 681 (79, 681 )
Total revenues 755 , 634 148 , 760
(606, 874)
EXPENDITURES
Economic Environment 55 , 000 42 , 655 12, 345
Human services 550, 634 136 ,290 414, 344
Culture/Recreation 1509000 3 ,455
Total expenditures 146; 545
755 , 634 1829400 573 ,234 -
Net change in fund balances - (33 , 640) (33 , 640)
Fund balances at beginning of year - 1 , 937
1 , 937
Fund balances at end of year $ - $ (319703 ) $ (313703 )
128
Indian River County, Florida
Budgetary Comparison Schedule
East Gifford Stormwater
For the Year Ended September 30, 2003
Variance
' Final Actual Positive
REVENUES Budget Amounts (Negative)
Special assessments $ 1 , 995 $ 1 ,459 $
Interest - (536)
Total revenues 45 45
19995 15504 (491 )
' EXPENDITURES
Transportation 1 , 980 _
Total expenditures - 1 , 980
1 , 980 1 , 980
Excess of revenues over
(under) expenditures 15 1 , 504
1 ,489
OTHER FINANCING SOURCES
Transfers out ( 15 ) ( 13 )
Total other financing sources (uses) (
15 ) _ ( 13 ) 2
Net change in fund balances - 1 491
1 ,491
Fund balances at beginning of year - 1 , 339
1 , 339
Fund balances at end of year $ - $ 29830 $ 2 , 830
r
129
Indian River County, Florida
Budgetary Comparison Schedule
Community Development Block Grant
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget
Amounts (Negative)
Intergovernmental $ 750 000 $ 199298 $_ 730 702
Total revenues 750 , 000 t
19,298 (7303702)
EXPENDITURES
Economic Environment 750, 000
Total expenditures — 35 , 098 714 , 902
750, 000 355098 714 , 902
Excess of revenues over
(under) expenditures - ( 15 , 800) ( 15 , 800)
Net change in fund balances - ( 15 , 800)
( 15 , 800)
Fund balances at beginning of year
Fund balances at end of year $ - $ ( 159800) $ ( 15 , 800)
130
Indian River
County, Florida
Budgetary Comparison Schedule
Clerk Special Revenue
For the Year Ended September 30, 2003
Variance
Final Actual Positive
' Budget Amounts (Negative)
REVENUES
Charges for services $ 1009000 $ 181 ,263 $ 815263
Interest - 13 . 531 13 . 531
Total revenues 100 , 000 1945794 949794
EXPENDITURES
General government 8059000 603 , 664 201 , 336
Total expenditures 805 , 000 603 ,664 201 , 336
Net change in fund balances (7059000) (408 , 870) 2965130
Fund balances at beginning of year 7059000 8465140 141 , 140
' Fund balances at end ofear $
Y - $ 4379270 $ 4379270
131
Indian River County, Florida
Budgetary Comparison Schedule
Sheriff Special Revenue
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ 97, 000 $ 97,206 $ 206
Charges for services 375 , 000 470, 906
Fines and forfeitures . 95 , 906
2003000 3183185 118 , 185
Interest 65000 17, 136
Total revenues - 11 , 136
678 , 000 9035433 225 ,433
EXPENDITURES
Public safety
7251134 567,273 157, 861
Total expenditures 7255134 567 ,273 1579861
Tk
Excess of revenues over
(under) expenditures (47, 134) 336 , 160 383 ,294
OTHER FINANCING SOURCES
Transfers in 479134 475134
Transfers out - ( 143312) ( 145312)
Total other financing sources (uses) 47 134 32 , 822 ( 149312)
Net change in fund balances - 368 , 982 368 , 982
Fund balances at beginning of year - 1 , 095 ,623 1 , 095 , 623
Fund balances at end of year $ - $ 1 ,464 ,605 $ 1 ,464 , 605
132
Indian River County, Florida
' Budgetary Comparison Schedule
Street Lighting Districts
For the Year Ended September 30 , 2003
Variance
' Final Actual Positive
REVENUES Budget Amounts (Negative)
Special assessments $ 163 , 010 $ 168 , 550 $ 5 , 540
Interest 9 , 345 % 193 ( 152)
Miscellaneous 71570 _ 29220 _ (59350)
Total revenues 179 , 925 179, 963 38
EXPENDITURES
Transportation 1749848 1549865 199983
Total expenditures 1749848 1549865 199983
IExcess of revenues over
(under) expenditures 55077 25 , 098 20, 021
OTHER FINANCING SOURCES
Transfers out (79106) (6 , 065 ) 1 041
Total other financing sources (uses) (75106) (6 , 065 ) 19041
' Net change in fund balances (29029) 1 % 033 219062
Fund balances at beginning of year 2 , 029 3869757 3845728
Fund balances at end of year $ - $ 405 , 790 $ 405 , 790
1
133
Indian River County, Florida
Budgetary Comparison Schedule
Spring Training Facility Bonds
For the Year Ended September 30, 2003
i
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Taxes $ 342, 000 $ 321 , 721
m $
Intergovernental (20,279)
Interest
881 , 125 927, 504 46, 379 Total revenues 23 , 953 133433 ( 10, 520)
19247, 078 19262 , 658 15 , 580
EXPENDITURES
Debt service :
Principal 4
4609000 460, 000
Interest 7875078 762 , 077
Total expenditures 25 , OQ1
1 ,247, 078 1 ,222, 077 25 , 001
Excess of revenues over
(under) expenditures
40, 581 409581
Net change in fund balances
40, 581 40, 581
Fund balances at beginning of year
- 453 ,651 453 , 651
Fund balances at end of year $ - $ 494,232 $ 494,232
134
Indian River County, Florida
' Budgetary Comparison Schedule
Land Acquisition Bonds
For the Year Ended September 30, 2003
i
i
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Taxes $ 25559 , 102 $ 255959265 $ 36 , 163
Interest 479500 48 , 760 1 ,260
Miscellaneous 192 .405 1925405
' Total revenues 297999007 2 , 8365430 379423
EXPENDITURES
General government 272 ,404 259 , 041 135363
Debt service :
Principal 2 , 085 , 000 2 , 085 , 000 -
Interest 862 ,403 842 , 775 199628
Total expenditures 3 ,219, 807 3 , 186 , 816 325991
Excess of revenues over
(under) expenditures (4205800) (3505386) 70 ,414
OTHER FINANCING SOURCES
Transfers out (795667) (52 , 134)) 279533
Transfer to paying agent (79800,000) (79800 , 000)
Debt proceeds 758005000 7 , 8001000 -
Total other financing sources (uses) (799667) (529134) 27 , 533
Net change in fund balances (5003467) (4025520) 979947
Fund balances at beginningof year 500 467
Y 150869536 5869069
Fund balances at end of year $ - $ 6845016 $ 6849016
135
Indian River County, Florida
Budgetary Comparison Schedule
Dodgertown Capital Reserve
For the Year Ended September 30, 2003
)
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Interest $ - $ 219306 $ 215306
Total revenues - 21 ,306 219306
F
EXPENDITURES -
Capital projects 2 , 000, 000 - 29000, 000
Total expenditures 2 , 000, 000 - 250005000
Net change in fund balances (29000,000) 21 , 306 2 , 021 , 306
Fund balances at beginning of year 2 ,000 , 000 25030 , 996 30 , 996
Fund balances at end of year $ - $ 2 , 052 ,302 $ 2 ,0525302
136
Indian River County, Florida
' Budgetary Comparison Schedule
Gifford Road Construction
For the Year Ended September 30, 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
' Interest $ = $ 71 , 085 $ 71 , 805
Total revenues 715085 715805
EXPENDITURES
Capital projects 2 , 200 , 000 19913 2 , 1985087
' Total expenditures 25200 , 000 13913 2 , 1985087
Net change in fund balances (292005000) 69 , 172 2 ,269, 172
' Fund balances at beginning of year 2 200 000
353669723 191665723
Fund balances at end of year $ - $ 394359895 $ 3 ,4359895
' 137
Indian River County, Florida
Budgetary Comparison Schedule
Shooting Range
For the Year Ended September 30, 2003
Variance
Final Actual Positive
Budget Amounts (Negative)
REVENUES
Interest $ - $ 2 , 645 $ 29645
Total revenues - 2 , 645 21645
EXPENDITURES
Capital projects p p � 1105965 _ 194310 911655
Total expenditures 110, 965 19, 310 91 , 655
Net change in fund balances ( 110 , 965) ( 169665) 94 , 300
Fund balances at beginning of year 1103965 131 ,277 20,312
Fund balances at end of year $ 42,
$ 1145612 $ 114, 612
A<
138
Indian River County, Florida
' Budgetary Comparison Schedule
Dodgertown Facility
For the Year Ended September 30 , 2003
Variance
' Final Actual Positive
REVENUES Budget Amounts (Negative)
Interest $ - $ 445810 $ 44 , 810
Total revenues - 44 . 810 44 , 810
EXPENDITURES
Capital projects 439985427 4 , 1309745 8679682
Total expenditures 42998 ,427 4 , 130 , 745 867 , 682
Net change in fund balances (49998 ,427) (4 , 0859935 ) 912 ,492
Fund balances at beginning of year 4 , 9985427 4 998 428
1
' Fund balances at end of year $ - $ 9129493 $ 912 ,493
' 139
Indian River County, Florida
Budgetary Comparison Schedule
Homeless Assistance Center
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Intergovernmental $ 215 ,292 $ 194 ,297 $ (20 , 995 )
Interest - 2 , 346 2 , 346
Total revenues 215 . 292 196 . 643 _ ( I & 6491
EXPENDITURES
Capital projects 3999614 361 , 756 37, 858
Total expenditures _ 399,614 3619756 37, 858
Net change in fund balances ( 184, 322) ( 165 , 113 ) 197209
Fund balances at beginning of year 184, 322 228 , 702 44, 380
Fund Balances at end of year $ - $ 63 , 589 $ 63 , 589
140
Indian River County, Florida
Budgetary Comparison Schedule
' Fellsmere Old School
For the Year Ended September 30, 2003
Variance
Final Actual Positive
' Budget Amounts
REVENUES (Negative)
Intergovernmental $ 347 , 948 $ 979948 $ (2509000)
Interest = 15500 1 , 500
Miscellaneous 75 75
Total revenues 3479948 99 , 523 (2489425 )
EXPENDITURES
Capital projects 377 , 668 1359971 241 , 697
Total expenditures 3775668 1355971 241 , 697
Net change in fund balances (299720) (36 ,448 ) (69728 )
Fund balances at beginning of year 29 , 720 62 , 508 329788
' Fund balances at end ofear _
Y $ $ 26 , 060 $ 269060
' 141
Indian River County, Florida
Budgetary Comparison Schedule
Optional Sales Tax
For the Year Ended September 30 , 2003
Variance
Final Actual Positive
REVENUES Budget Amounts (Negative)
Taxes $ 10 , 165 , 000 $ 11 , 678 ,272 $ 1 , 5139272
Intergovernmental 5 , 257, 548 11288 ,246 (3 ,969 , 302)
Interest 6505000 609 , 077 (40 , 923 )
Miscellaneous
- 29309 2 , 309
13
Total revenues 1630729548 9577, 904 (294949644)
EXPENDITURES
Capital projects 39 , 037, 084 79578 , 310 3194583774
Total expenditures 399037, 084 75578 , 310 31 ,4583774 `
Excess of revenues over
(under) expenditures (22 , 964 , 536) 55999 , 594 283964 , 130
OTHER FINANCING SOURCES
Transfers out (800, 000) (800 , 000) _
Total other financing sources (uses) (8009000) (800 000) _
Net change in fund balances (23 , 7649536) 511999594 28 , 9649130
Fund balances at beginning of year 23 , 7649536 2730293238 3 ,264, 702
Fund balances at end of year $ - $ 32 ,228 , 832 $ 32 ,228 , 832
142
' NONMAJOR ENTERPRISE FUNDS
' Shooting Range- To account for the revenues , expenses , assets and
liabilities associated with the County Shooting Range .
' County Building- To account for the revenues , expenses , assets and
liabilities associated with the building permit and
inspection program .
' 143
Indian River County, Florida
Combining Statement of Net Assets
Nonmajor Enterprise Funds
For the Year Ended September 30, 2003
ASSETS Shooting County
Current assets :
Range Building Totals
Cash and cash equivalents $ 89 , 898 $ 4 ,073 , 010 $ 4 , 162 , 908
Inventories 23 , 557
Current restricted assets : - 23 , 557
Cash and cash equivalents - 210,440
Total current assets1. 2105440
1139455 4,283 ,450 4 ,3961905
Non-current assets :
Capital assets - non-depreciable 47, 732
Capital assets - depreciable 47, 732
Accumulated depreciation
154129376 3863975 19799 ,351
Total non-current assets (66, 746) (250, 184) (316 ,930)
Total assets 1 ,345 ,630 184 ,523 195309153
1 ,4599085 494679973 5 , 9271058
LIABILITIES
Current liabilities (payable from current assets) :
Accounts payable 49060 74 ,228
Due to other governments 789288
59046 - 59046
Current liabilities (payable from restricted assets) :
Customer deposits - 210,440 '
Total current liabilities 2105440
9, 106 284 ,668 293 , 774
Non-current liabilities :
Accrued compensated absences 109795 10 75686
Total non-current liabilities 86 ,481
_ 795 _ 75 ,686 _ 86 481
Total liabilities 19, 901 360,354
380,255
NET ASSETS
Invested in capital assets, net of related debt 1 ,345 ,630
Unrestricted 184 ,523 93 175309153
Total net assets ,554 3 , 923 ,096 4 ,016 ,650
$ 114392184 $ 4, 107,619 $ 515469803
144
Indian River County, Florida
' Combining Statement of Revenues , Expenses,
and Changes in Fund Net Assets
Nonmajor Enterprise Funds
For the Year Ended September 30, 2003
' ShootingCounty
ty
Range Building Totals
OPERATING REVENUES
Charges for services $ 1685592 $ 2 ,263 , 828 $ 23432 ,420
' Total revenues 1689592 212635828 2 ,4329420
OPERATING EXPENSES
' Personal services 224 ,655 192289831 1 ,453 ,486
Materials , supplies, services and other operating 70 ,046 4529567 522 ,613
Depreciation 32 , 944 249711 57 , 655
' Total operating expenses 327 , 645 1 ,706 , 109 29033 , 754
Operating income ( loss) ( 159 ,053 ) 5579719 398 ,666
' NONOPERATING REVENUES
Interest income 11213 80 ,596 81 , 809
Gain on disposal of capital assets 2 ,900 120 39020
' Total nonoperating revenues 4 , 113 80 , 716 84 , 829
Income before transfers and capital contributions ( 1549940) 6385435 483 ,495
' Transfers 1579870 - 157 , 870
Change in net assets 29930 6385435 641 , 365
' Total net assets - beginning 19436 ,254 3 ,469 , 184 4 ,905 ,438
Total net assets - ending $ 1 ,439 , 184 $ 491075619 $ 5 , 546 , 803
' 145
Indian River County, Florida
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended September 30 , 2003
Shooting County
CASH FLOWS FROM OPERATING ACTIVITIES Range Building Totals
Cash received from customers $ 1687592 $ 25366 , 953 $ 2 , 535 , 545
Cash paid to suppliers for goods and services (68 , 954) (425 ,498) (4947452) x
Cash paid to employees for services (220, 583 ) ( 19239, 114) ( 11459, 697)
Net cash provided by (used in) operating activities ( 120, 945 ) 702, 341 5819396
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES ,
Transfers 1579870 157 870
Net cash provided by noncapital financing
activities 157, 870 _
157, 870
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from sale of capital assets 29900 120 39020
Purchase of capital assets - ( 146, 222) ( 146,222)
Net cash used in capital and related financing
activities 2 ,900 ( 1463102) ( 1433202)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments 1 ,213 _ 803596 _ 819809
Net cash provided by investing activities 15213 80,596 815809
Net increase in cash and cash equivalents 41 ,038 636,835 677 , 873
Cash and cash equivalents at beginning of year 48 , 860 3 ,646, 615 3 , 695 ,475
Cash and cash equivalents at end of year $ 899898 $ 4,2839450 $ 49373 , 348
Classified as :
Current assets $ 89, 898 $ 4 , 073 , 010 $ 4, 162 ,908 '
Restricted assets 210,440 2109440
Totals $ 89, 898 $ 4,283 ,450 $ 4,3739348
146
Indian River County, Florida
' Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended September 30 , 2003
' Shooting County
Range Building Totals
' RECONCILIATION OF NET OPERATING INCOME (LOSS)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ ( 1599053 ) $ 557, 719 $ 398 , 666
Adjustments to reconcile operating income to net cash
provided by operating activities :
' Depreciation 32 ,944 245711 57 , 655
(Increase) decrease in assets :
Due from other governments - 125 125
' Inventories 25422 - 25422
Increase (Decrease) in liabilities :
Accounts payable ( 19721 ) 27, 194 253473
' Due to other governments 391 ( 125 ) 266
Other deposits in escrow - 103 , 000 1039000
Accrued compensated absences 49072 ( 109283 ) (69211 )
Total adjustments 38 108 144 6
22 182, 730
' Net cash provided by ( used in) operating activities $ ( 120, 945 ) $ 7025341 $ 581 ,396
NONCASH CAPITAL AND RELATED
' FINANCING ACTIVITIES
Change in fair value of investments $ ( 175 ) $ ( 1 , 824) $ ( 1 ,999)
' 147
INTERNAL SERVICE FUNDS
Fleet Management- To account for the expenses incurred to repair and
maintain the County 's vehicles and equipment .
Revenues are generated by charging user
departments for maintenance of their vehicles and
equipment .
Self Insurance - To account for the expenses incurred for
p workers
compensation claims , general and auto liability and
property damage, and employee health insurance
claims . Revenues are generated by charges to the
various departments and funds based on past
experience and actuarial estimates .
Y,
.L_
{{
148
' Indian River County, Florida
Combining Statement of Net Assets
' Internal Service Funds
For the Year Ended September 30, 2003
Fleet Self
ASSETS Management Insurance Totals
Current assets :
Cash and cash equivalents $ 5685546 $ 7,349 ,908 $ 79918 ,454
Accounts receivable-net 267088 2839072 309 , 160
Inventories 679536 - 679536
Total current assets 662 , 170 756325980 8 ,295 , 150
Non-current assets :
Capital assets - depreciable 4255930 249419 4509349
Accumulated depreciation (408 ,271 ) (235078) (431 ,349 )
Total non-current assets 17,659 19341 19 , 000
' Total assets 6795829 7,6341321 89314 , 150
' LIABILITIES
Current liabilities (payable from current assets) :
Accounts payable 43 ,247 1755987 219 ,234
Claims payable 4 , 5819000 4 , 5819000
Accrued compensated absences 59000 1 ,000 6 ,000
Total current liabilities (payable from current assets) 48 ,247 497579987 49806 ,234
Non-current liabilities :
Accrued compensated absences 28 ,797 22 , 502 519299
Total non-current liabilities 289797 22 , 502 51 ,299
Total liabilities 779044 4 , 7809489 4 , 8575533
NET ASSETS
Invested in capital assets, net of related debt 17,659 1 , 341 19 ,000
Unrestricted 5859126 29852 ,491 3 ,4375617
Total net assets $ 6021785 $ 2 , 8535832 $ 3 ,4569617
' 149
Indian River County, Florida
Combining Statement of Revenues , Expenses ,
and Changes in Fund Net Assets
Internal Service Funds
For the Year Ended September 30 , 2003
Fleet Self
Management Insurance Totals
OPERATING REVENUES
Charges for services :
Vehicle maintenance $ 114455090 $ - $ 154452090
Self insurance - 114486 ,639 11 ,486,639
Total revenues 114459090 1154869639 1259315729
OPERATING EXPENSES
Personal services 484 , 519 21240,009 297247528
Materials, supplies, services and other operating 1 ,006 , 707 81782 ,542 9 , 7891249
Depreciation 101395 561 109956
Total operating expenses 1 ,501 ,621 11 ,023 , 112 12 , 524 , 733
Operating Income (Loss) (565531 ) 463 , 527 406 ,9,96
NONOPERATING REVENUES
Interest income 91832 122 , 106 131 ,938
Gain on disposal of equipment 525 - 525
Total nonoperating revenues 10,357 122 , 106 132 ,463
Change in net assets (463174) 5852633 539 ,459
Total net assets - beginning 648 ,959 232685199 219172158
Total net assets - ending $ 6029785 $ 2 , 853 , 832 $ 35456 ,617
150
Indian River County, Florida
Combining Statement of Cash Flows
' Internal Service Funds
For the Year Ended September 30, 2003
Fleet Self
' CASH FLOWS FROM OPERATING ACTIVITIES Management Insurance Totals
Cash received from customers $ 1 ,446 , 242 $ 1192985148 $ 12 , 744 ,390
Cash paid to suppliers for goods and services ( 1 , 001 ,289) ( 8 , 511 , 397) (9, 5129686)
Cash paid to employees for services (4883767) (2 ,2373700) (2, 7269467)
Net cash used in operating activities (43 , 814) 5499051 5055237
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from sale of equipment 525 - 525
' Purchase of capital assets (4 , 162) - (4 , 162)
Net cash provided by (used in) capital and related financing
activities (39637) - (35637 )
CASH FLOWS FROM INVESTING ACTIVITIES
' Interest and dividends on investments 99832 1229106 131 ,938
Net cash provided by investing activities 95832 122, 106 131 , 938
Net increase (decrease) in cash and cash equivalents (379619) 671 , 157 633 , 538
Cash and cash equivalents at beginning of year 6065165 696789751 792845916
' Cash and cash equivalents at end of year $ 5683546 $ 7,3499908 $ 7 918 454
Classified as :
Current assets $ 5689546 $ 7 ,3499908 $ 799183454
Restricted assets
Totals $ 5689546 $ 7 ,349 , 908 $ 719489454
' 151
Indian River County, Florida
Statement of Cash Flows
Internal Service Funds
For the Year Ended September 30, 2003
Fleet Self
RECONCILIATION OF NET OPERATING INCOME (LOSS) Management Insurance Totals
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ (56, 531 ) $ 4639527 $ 406 , 996
Adjustments to reconcile operating income to net cash
provided by operating activities :
Depreciation 109395 561 10,956
(Increase) decrease in assets :
Accounts receivable (3 , 725 ) (246,901 ) (2505626)
Due from other governments 45877 585410 639287
Inventories 43846 - 4, 846
Deposits - 402 402
Increase (Decrease) in liabilities :
Accounts payable 572 (49,257) - (489685)
Claims payable - 32000 3209000
Accrued compensated absences (49248) 2 ,309 ( 15939)
Total adjustments 12, 717 85 , 524 98 ,241
Net cash provided by operating activities $ (43 , 814) $ 549, 051 $ 505 ,237
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments
$ ( 873 ) $ ( 115977) $ ( 12, 850)
Continued
152
' FIDUCIARY FUND
Agency Fund To account for assets held solely in a custodial capacity by
the County.
' 153
Indian River County, Florida
Statement of Changes in Assets and Liabilities
Agency Fund
For the Year Ended September 30 , 2003
Balance
Balance
October 1 , September 30 ,
2002 Additions Deductions 2003 _
ASSETS
Cash and cash equivalents $ 5 , 8659020 $ 279, 394, 978 $ 2779866 , 974 $ 7, 393 , 024
Accounts receivable 26 , 703 61 , 713 82 , 641 _
Total assets 59775
$ 5 , 89_23 $ 279,_ $ 277, 949 , 615 $ 7, 3985799
979 9
LIABILITIES
Accounts payable $ 833430 $ 125738 ,210 $ 12, 618 ,262 $ 203 , 378
Due to other governments 2 ,2333744 249,418 , 507 247, 729, 644 3 , 922 , 607
Other deposits held in escrow 3 , 574 , 549 17,299 974 17
Total liabilities , 6 3 ,272 , 814
$ 5 , 89_ 1 , 723 $ 279,4569691 $ 277, 949 , 615 $ . 7 398 799
154
CAPITAL ASSETS
USED IN THE OPERATION
OF GOVERNMENTAL ACTIVITIES
155
Indian River County, Florida
Capital Assets Used in the Operation of Governmental Activities
Comparative Schedules By Source
September 30 , 2003
FY 2002 FY 2003
Governmental activities capital assets :
Land $ 52 , 094,481 $ 69 , 838 ,455
Right-of-way ' 1
109556, 363 1150359870
Buildings and improvements 53 , 9129346 6451965776
Equipment
Infrastructure 3855689109 409199,464
15457413048 156 , 149 , 896
Construction in progress 27, 0965862 4257939108
Total governmental activities capital assets $ 336, 9695209 $ 384,2135569
Investment in governmental activities capital assets by sources :
General revenue $ 274 , 3785762 $ 29539793666
Federal revenue sharing/grants 5 , 868 , 383 6 , 117,267
General obligation debt 31 , 753 , 673 46, 970, 725
Capital projects funds 21 ,212 , 902 31 ,473 , 893
Contributions 357555489 396725018
Total investment in governmental activities
capital assets by sources $ 336, 969, 209 $ 38422137569
156
Indian River County, Florida
Capital Assets Used in the Operation of Governmental Activities
Schedule By Function and Activity
September 30 , 2003
' Buildings
and
Function and Activity Total Land Improvements Equipment Infrastructure
' General government :
Executive $ 95 , 967 $ - $ - $ 955967 $
Financial and administrative 4993069837 195280, 643 26, 969,425 39056, 769
Legal counsel 29,209 29,209 _
Comprehensive planning 135 , 142 135 , 142
Other general governmental services 41272 , 816 - 225, 680 450473136
Subtotal 53 , 8392971 19,280,643 27, 195 , 105 75364,223 _
Public safety :
Law enforcement 117836, 787 - 2, 9109141 8, 926, 646
Fire control 894799156 386,808 298519383 5 ,240, 965
' Detention/Corrections 159219,408 1 , 0529241 13 ,067, 770 15099,397 _
Emergency and disaster relief services 498813268 - 498819268
Ambulance and rescue services 1 , 8385690 - - 1 , 838,690
Other public safety _ _ 69,218 - - 69,218
Subtotal 42,324, 527 1 ,439, 049 18, 829,294 22,0565184 _
Physical environment:
' Soil conservation 53 ,035 53 ,035 _
Telecommunications 4, 564 4, 564
Stormwater 279, 012 - - 279, 012
Subtotal 336,611 - - 573599 279, 012
Transportation :
Road and street facilities 170,250, 823 11 ,035, 870 - 6, 6409124 152, 5749829
IRC - Council on Aging L1395883 - 191395883
Subtotal 171 ,3903706 11 ,035, 870 - 7,7805007 152, 574, 829
Economic environment:
Veterans services 8, 830 8, 830
' Housing and urban development 827 - - 827 _
Subtotal 99657 _
- 9,657 _
Human services : _ - -
Health 761 ,275 7613275
Welfare 45 ,386 - - 459386
Substance abuse council 89542 - - 85542
Subtotal 815,203 - - 815 ,203
Culture/Recreation :
Libraries 998999555 1 ,2755181 719069271 718, 103
Parks and recreation 62,311 , 351 47,843 , 582 10,263 ,093 908, 621 3 ,296,055
Subtotal 72,210,906 4991189763 189169, 364 19626, 724 3 ,296,055
Court Related :
Judicial 492, 880 - 3 ,013 4895867 _
Subtotal 492, 880 - 3 ,013 4892867 _
Total 341 ,4201461 $ 80, 874,325 $ 64, 1969776 $ 40, 1993464 $ 156, 149, 896
Construction in progress 42 793 108
' Total $ 38452139569
157
Indian River County, Florida
Capital Assets Used in the Operation of Governmental Activities
Schedule of Changes By Function and Activity
For The Year Ended September 30 , 2003
Governmental
Activities
Governmental
Capital Assets Activities
Function and Activi Octobe_ r 1 , 2002 Additions Deletions Transfers Transfers Capital Assets
In Out September 30,General government:
Executive $ 847781 $
Financial and administrative 14 , 855 $ (21271 ) $ 4, 926 $ (67324 ) $ 95 967
49, 160, 828 512, 383 375 084
Legal counsel 29,351 ( ) 27,908 ( 19, 198 ) 49 306 837
Comprehensive planning 925 ( 19067) - - 29,209
Other general governmental services 132,235 9, 956 (5 , 547) 732 2 048
4 142 235 _ 169, 019 58 129 ( ' ) 1357142
Subtotal 53 , 549 244 707, 138 (5 p - 65 , 149 399462 5383 % 971
816
Public safety :
Law enforcement 11 ,499, 086 1 ,059,849 556 819
Fire control ( ) 118,281 (283 , 610) 111836, 787
812619744 246,224 (34,978) 22,219 16 053
Detention/Corrections 13 , 7263741 1 ,354, 194 33 011 ( ) 8,479, 156
Emergency and disaster relief services 498362116 ( ) 289, 765 ( 118,281 ) 15,219, 408
Ambulance and rescue services 83 ,068 (3 , 817) - (34,099) 4, 881 ,268
1 ,835,675 260,517 (261 , 578) 4 076.
Other public safety 69,818 � - 1 , 838, 690
Subtotal600 - - 69,218
Physical environment :
40,229, 180 3 003 852 890 803 434, 341 4521043
425324, 527 t
Soil conservation 55, 000
Telecommunications 31208 (55173 ) 57118 (51118 ) 53 ,035
Stormwater 4, 564 - ( 11640) 1 , 640 _
279, 012 _ 4, 564
Subtotal 59, 564 282 220 - - 2793012
(6, 813 ) 69758 (5, 118 ) �1
Transportation : --
Road and street facilities 168, 356, 901 2, 213 ,968 (329,450)
IRC - Council on Aging 16J37 1044Ogq 125, 854 (6, 733 ) 170,2509823
,
Subtotal (3�° 055L - 111399883 '
1695 2,339, 822359 505 16, 137
6, 733 171 ,- 3 06 I
Economic environment:
Veterans services 109607
Housing and urban development 1 '850 - - (3 , 627) 8, 830
-- 119551 - 10, 124 _
Subtotal _ 2_g 1 , 850 - --827
( 10, 124) - (3 ,627) 99657
Human services :
Health
Welfare 695, 724 91 ,801 (26,250) _
45,386 _ - 761 ,275
Substance abuse council 83542 - - 45,386
Subtotal 749, 652 - 8, 542
91 , 801 (26,250) - - 8152203
Culture/Recreation :
Libraries 539459895 31970, 113 ( 12, 196) 4 483
Parks and recreation 39 9 22 971 ,506 (8, 740) 9, 899, 555
Subtotal (37,024) - - 62, 311 , 351
45_ 322, 764 269941 ,619 493220 4,483
Court related : 83740
72,210, 906
Judicial 539,400
Subtotal ---.--- 13 ,201 (487576) 137682 (24,827) 492, 880
539,400 13 201 (48 , 576) 13 ,682 (24,827) 492 880
Construction in progress
27,0961862 279862, 797 ( 12 , 1669551 )
- 423793 , 108
Total $ 33639699209 $ 61 ,2447300 $( 1329999940) $ 5409550 $
(540, 550) $ 384, 213 , 569
158
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STATISTICAL SECTION
The statistical data relates to the physical , economic, social COMMENTS RELATIVE TO STATISTICAL SECTION
and political characteristics of Indian River County. It is
intended to provide a broader and more complete unders- The following statistical tables are not included for the
tanding of the County and its financial affairs than is reasons stated below:
possible from the financial statements and supporting
schedules included in the financial section. Most of these a) Computation of the Legal Debt Margin is omitted
tables cover more than two fiscal years and present data because the Constitution of the State of Florida (FS
from outside the accounting records. Therefore, the 200 . 181 ) and Indian River County set no legal debt
Statistical Section data has not been subjected to independent limit
audit.
b) Ten-year comparative summaries of specific
information regarding the Public Employee
NOTE : The fiscal year is from October 1 to September 30 . Retirement System (PERS) are omitted because
P Indian River County participates in a multi-employer
Hence, fiscal year 2003 includes financial data for October 1 , PERS administered by the State of Florida and
2002 to September 30, 2003 . separate actuarial valuations for each participating
employer are not available .
INDIAN RIVER COUNTY, FLORIDA
GENERAL GOVERNMENT EXPENDITURES BY FUNCTION TABLE 1
LAST TEN FISCAL YEARS
PHYSICAL ECONOMIC CULTURE
FISCAL GENERAL PUBLIC ENVIRON- TRANSPOR- AND
YEAR TOTALS GOVERNMENT SAFETY ENVIRON- HUMAN RECRE- COURT
MENT TATION MENT SERVICES DEBT
ATION RELATED SERVICE
1994 $ 77 , 5877773 $ 22, 592, 742 29 % $28, 383 ,551 37 % $ 282 , 866 0 % $ 13 , 201 , 190 17 % $ 183 , 369 0% $
3081198 5 % $ 5 , 227 , 780 7 %
1995 71 ,207, 503 16, 002,950 23299531 , 035 41 2,543 ,098 4 12, 105,310 17 157, 895 0 41069,066 6 5, 161 ,035 7 $
3 , 828 , 077 5 %
1996 76, 5611004 152359, 169 20 32,9241200 43 1 ,242,069 2 11 , 609,464 15 163 ,406 0 415892591 6 7,436, 836 10
1 ,637, 114 2
1997 94,321 ,079 16, 130,433 17 39,831 ,979 42 8, 738 ,689 9 11 , 892, 662 13 266, 849 0 4,972,494 5 6,308 ,543 7 3
,236,269 4
1998 88,423,334 13,456, 145 15 372093, 6, 179,430 7
684 42 3 ,276,200 4 169813,930 19 281 , 879 0 3 ,9895075 5 72149, 129 8 $ 3 , 8661441 4% 2,496, 851
3
C) 1999 93 ,403 , 557 13, 844,
361 15 3938527827 43 11333 ,456 1 18, 7003809 20 278, 191 0 5,0481135 5 7, 150,011 8 4,3751340
5 2, 820,427 3
2000 101 , 876 , 515 14 , 665 , 306 14 40, 893 , 105 40 4 , 947, 965 5 13 , 415 , 177 13 2595354 0 4 , 928 , 117 5 12 , 006, 079
12 4 , 565 , 674 5 6 , 1955738 6
2001 109 , 531 , 820 15 , 799, 857 15 42 , 891 , 194 39 292549447 2 13 , 4089736 12 302 , 580 0 5 , 746 , 410 5 211945
, 498 20 5 , 323 , 388 5 1 , 859 , 710 2
2002 1262134 , 275 205228 , 495 16 45 ,3521323 36 2 , 667 , 619 2 229729, 769 18 3475096 0 55832 , 441 5 19 , 323 , 355
15 5 , 802 , 798 5 3 , 8503379 3
2003 150, 955 , 970 23 , 7859570 16 47 , 565 , 048 32 18 , 587 , 122 12 205120 , 969 13 5837850 0 69540 , 673 4 231253 ,
841 15 5 , 9981260 5 4 , 5205637 3
NOTE : Includes General, Special Revenue, Debt Service, and Capital Projects Funds
INDIAN RIVER COUNTY, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS TABLE 3
LAST TEN FISCAL YEARS
CURRENT PERCENT DELINQUENT TOTAL PERCENT
FISCAL TOTAL TAX OF LEVY TAX OF TOTAL
YEAR TAX LEVY COLLECTIONS COLLECTED COLLECTIONS COLLECTIONS COLLECTIONS
LEVY
1994 $ 39,304,957 $. 37, 518, 7990
95 .46 /0 $ 169, 530 $ 379688, 32995. 89%
1995 375475,209 35, 835,361 95 . 62 6679860
3695035221 97. 41
1996 4275079452 40,907,378 96.24 15,228
401922,606 96. 27
1997 439767,639 42,474,085 97. 04 93 , 054
42, 567, 139 97. 26
1998 45,0879396 43 ,498, 326 96.48 65, 517
N 435563 , 843 96 . 62
1999 479178,979 4499859116 95 .35 132,335
45, 117,451 95 . 63
2000 50, 5999662 48, 9361993 96. 72 108, 698
49,0459691 96. 93
2001 53 , 727,318 5291489971 97.07 158,661
52,307,632 97.36
2002 59, 1849019 569856, 770 96.07 95,364
56,952, 134 96. 23
2003 659289, 186 62,668, 552 95 .99 7, 797
629676, 349 96.00
All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered to the Tax
Collector.
All unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment
at the rate
of 4% in the month of November, 3 % in the month of December, 2% in the month of January and 1 % in the month of February. The
taxes paid in
March are without discount.
Delinquent taxes on real property bear interest of 18% per year. On or prior to June 1 following the tax year, certificates are sold
for all delinquent
taxes on real property. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application
for a tax deed on
any unredeemed tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the
County.
Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of the property
or by the five-
year statute of limitations.
The County does not accrue its portion of the County-held certificates due to the immaterial amount.
INDIAN RIVER COUNTY, FLORIDA TABLE 3
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
PERCENT
CURRENT PERCENT DELINQUENT TOTAL OF TOTAL
FISCAL TOTAL TAX OF LEVY TAX TAX COLLECTIONS
YEAR TAX LEVY COLLECTIONS COLLECTED COLLECTIONS COLLECTIONS TO LEVY
1994 $ 391304,957 $ 37,518, 799 95.46% $ 1699530 $ 37,6889329 95 . 89%
1995 375475,209 359835,361 95 . 62 6675860 36, 503 ,221 97 . 41
1996 42,5079452 40,9079378 96 . 24 159228 403922,606 96 . 27
1997 432767,639 42,4741085 97. 04 939054 42, 567, 139 97.26
�. 1998 45,0879396 43 ,4989326 96.48 65 , 517 4395635843 96 . 62
rn
N
1999 47, 178,979 44,985 , 116 95 . 35 132,335 4591179451 95 . 63
2000 50,5999662 489936,993 96. 72 1089698 491045,691 96 . 93
2001 531727,318 5291489971 97.07 158,661 529307,632 97. 36
2002 599184,019 561856, 770 96.07 95,364 56,9521134 96 .23
2003 65,289, 186 62,668,552 95 .99 79797 62,676,349 96 . 00
All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered to the Tax
Collector.
All unpaid taxes become delinquent on April I following the year in which they are assessed. Discounts are allowed for early payment
at the rate
of 4% in the month of November, 3 % in the month of December, 2% in the month of January and I % in the month of February. The
taxes paid in
March are without discount.
Delinquent taxes on real property bear interest of 18% per year. On or prior to June 1 following the tax year, certificates are sold
for all delinquent
taxes on real property. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application
for a tax deed on
any unredeemed tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the
County.
Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of the property
or by the five-
year statute of limitations.
The County does not accrue its portion of the County-held certificates due to the immaterial amount.
INDIAN RIVER COUNTY, FLORIDA TABLE 4
JUST AND TAXABLE VALUE OF REAL AND PERSONAL PROPERTY
LAST TEN FISCAL YEARS
PERCENT OF
PERSONAL TOTAL TAXABLE
REAL PROPERTY PROPERTYVALUE
FISCAL JUST NST TOTAL TO TOTAL
YEAR VALUE JUST TAXABLE JUST
1
( ) VALUE ( 1 ) VALUE ( 1 ) VALUE ( 1 ) VALUE
1994 $ 6, 70397399975 $ 37252239746 $ 7,075,963 , 721
$ 5,406,245, 871 76 , 4 %
1995 750119412, 975 430, 527, 594 7,4419940, 569 5546493259993 73 . 4
1996 7,305 , 049,473 530, 825 , 131 79835 , 8741604 5971839155081 73 . 0
w 1997 75589, 0719741 5549667, 039 851431738 , 780 5 ,9409864, 817 73 . 0
1998 798079203 , 863 6225046,910 8,4291250, 773 6, 159, 944, 874 73 . 1
1999 8908032479333 65236989708 8 , 73259465041 6,420,215,433 73 . 5
2000 8,671 ,5739086 764,8515686 9,436,4249772 6,995,9485262 74 . 1
2001 991095672,314 7251390,231 9983590625545 79440,896,735 75 . 6
2002 10,5395705,283 70799419621 11 ,247,646,904
8,54 1 ,205, 140 75 . 9
2003 11 ,985, 128,952 69433059280 12,67994349232 95500, 8915213 74 . 9
Source ( 1 ) Indian River County Property Appraiser
NOTE : Values are established as of January 1 of the previous calender year, i . e . , January 1 , 2002, taxable values apply to
the fiscal
year ending 2003 .
INDIAN RIVER COUNTY, FLORIDA TABLE 5
PROPERTY TAX RATES - DIRECTAND OVERLAPPING GOVERNMENTS
(PER $ 1 ,000 OF ASSESSED VALUE)
LAST TEN FISCAL YEARS
INDEPENDENT
COUNTY- WIDE TOTAL TAXING DISTRICTS
FISCAL SCHOOL COUNTY-
YEAR COUNTY( 1 ) BOARD OTHER(2) WIDE CITIES (3 ) OTHER(2 )
1994 5 . 77090 9. 84460 2 . 58730 18 .20280 4 . 61054
2 . 01939
1995 5 . 95235 10 . 19830 2 .26023 18 . 41088 4 . 29846 2 . 71708
1996 5 . 92350 10 . 34800 2 . 74083 19 . 01233 4 .40633 2 . 00503
1997 5 . 92330 10 . 31900 2 . 64544 18 . 87740 3 . 84790 1 . 70220
1998 5 . 80800 10 . 14000 2 . 49690 18 . 84490 3 . 78756 1 . 51850
1999 5 . 73690 10 . 15000 2 . 59470 18 . 48160 3 . 68094
1 . 73635
2000 5 . 54870 9. 61400 2 . 69490 17. 85760 3 .29626 1 . 52091
2001 5 .54080 9. 55700 2 . 70780 17. 80560 3 . 19996
1 .62899
2002 5 . 52340 9.08200 2 . 56070 17. 16610 3 . 05086
1 . 61045
2003 5 .47130 8 . 73200 2 .55890 16 . 76220 2 .97106 1 .90075
( 1 ) Per Florida State Statute 200 . 071 , no ad valorem tax millage shall be levied against real property and tangible personal property
by counties in excess of 10 mils, except for voted levies .
(2) Composite tax rates
(3 ) Average tax rate
rr rr rr �r rr rr r r rr rr rr rr r rr �r rr r ,■�,� �,�,
INDIAN RIVER COUNTY, FLORIDA TABLE 6
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
ADDITIONAL ASSESSMENTS ASSESSMENTS COAS o OONS
ASSESSMENTS COLLECTED OUTSTANDING ASSESSMENTS
FISCAL BEGINNING MADE DURING DURING END OF OUTSTANDING
YEAR OF YEAR YEAR YEAR YEAR DURING YEAR
1994 434655671 35947,208 392199916 59192,963
38 .27
1995 5 , 192 ,963 245 , 167 2, 0369465 3 ,401 ,665
37 . 45
1996 314019665 359429750 295209025 458279390
34 . 31
CN
1997 49827, 390 1 , 555 , 553 1 , 804, 510 4, 5789433
28 . 27
1998 49578 ,433 3 , 801 ,428 332839276 530969585
39 . 18
1999 590969585 19922 , 727 255275194 4,492 , 118
36 . 00
2000 4,492, 118 293509146 254919273 413509991
36 .41
2001 4,3503991 13223 , 748 1 ,996, 113 33578,626
35 . 82
2002 3 ,5785626 4,431 ,758 3 ,6679858 41342, 526
45 . 79
2003 493427526 5,9079488 456973261 5 , 5529753 ( 1 ) 45 . 83
( 1 ) Assessments outstanding end of year are represented by:
Water and Sewer Assessments Receivable $ 5 ,509,498
Other Assessments Receivable 43 ,255
$ 59552, 753
INDIAN RIVER COUNTY, FLORIDA TABLE 7
RATIO OF NET GENERAL BONDED DEBT
TO TAXABLE VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
RATIO OF
GROSS GENERAL NET BONDED
OBLIGATION DEBT SERVICE DEBT TO NET BONDED
FISCAL TAXABLE BONDED MONIES NET BONDED TAXABLE DEBT PER
YEAR POPULATION( l ) VALUE(2) DEBT AVAILABLE DEBT VALUE CAPITA
1994 97,415 $ 594069245 , 871 $ -0- $ -0- $ -0- .0000 N/A
1995 100,261 5 ,464 ,3259993 15 , 000,000 - 0 - 15 , 000 , 000 . 0027 149 . 61
1996 102,211 51718 ,9155081 145280, 000 3 % 731 1399119269 . 0024 136 . 10
1997 104,605 5 ,94058641817 13 , 5355000 6619037 1258735963 . 0022 123 . 07
1998 106, 675 65159,9445874 12, 7553000 885 ,904 115869, 096 . 0019 111 . 26
1999 109, 579 6 ,4209215 ,433 1199453000 1 , 072, 959 10, 872, 041 . 0017 99 . 22
2000 1125947 6,995,9489262 1151003000 1 ,3579461 9,7429539 . 0014 86 . 25
2001 1157716 79440,8969735 10,215 ,000 1 ,609,998 85605,002 . 0012 74 . 36
2002 118, 149 8,54192059140 19, 8105000 110859999 18,7249001 . 0022 158 .48
2003 120,271 9,500,8917213 175725,000 684,016 17,0409984 . 0018 141 . 69
( 1 ) Source : U . S . Census and Bureau of Business and Economic Research, University of Florida
(2) Source : Indian River County Property Appraiser
INDIAN RIVER COUNTY, FLORIDA TABLE 8
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
SEPTEMBER 30, 2003
PERCENTAGE AMOUNT
APPLICABLE TO APPLICABLE TO
INDIAN RIVER INDIAN RIVER
NET DEBT COUNTY COUNTY
JURISDICTION OUTSTANDING RESIDENTS RESIDENTS
Indian River County
General Obligation Bonds,
Series 1995 , Series 2001 $ 17,0405984 100 % $ 1790409984
o,
Indian River County
School Board 4192805000 ( 1 ) 100 41 , 280,000 ( 1 )
Sources:
( 1 ) Indian River County School Board, as of June 30, 2003
INDIAN RIVER COUNTY, FLORIDA TABLE 9
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
RATIO OF
TOTAL DEBT SERVICE
GENERAL( 1 ) TO GENERAL
FISCAL TOTAL GOVERNMENTAL EXPENDI-
YEAR PRINCIPAL INTEREST DEBT SERVICE EXPENDITURES TURES
1994 $ 1 ,335 ,000 $ 250, 155 $ 1 , 585 , 155 $ 77, 587, 773 .020
1995 - 0- - 0- -0 - 715207 , 503 N/A
rn
°O 1996 702, 000 687,228 1 ,407,228 76, 561 , 004 . 018
1997 745 , 000 662,028 1 ,4075028 949321 ,079 . 015
1998 7809000 634, 090 11414, 090 885423 ,334 . 016
1999 810, 000 602, 890 194123890 93 ,403 , 557 . 015
2000 8455000 569,680 15414,680 101 ,876,515 . 014
2001 885,000 534, 190 1 ,419, 190 109,531 ,820 . 013
2002 1 ,4055000 762, 113 2, 167, 113 126, 134,275 .017
2003 29085 ,000 842,403 25927,403 150,955 ,970 . 019
( 1 ) Includes General, Special Revenue, Debt Service, and Capital Project Funds , 11
NOTE : The Constitution of the State of Florida, Florida Statute 200 . 181 , and Indian River County do not set a legal debt
margin .
r r �r �r rr �r �r r� rr rr r � ■r r rr rr rr r r
INDIAN RIVER COUNTY
DEPARTMENT OF UTILITY SERVICES TABLE 10
SUMMARY OF HISTORICAL REVENUES OF THE SYSTEM
LAST TEN FISCAL YEARS
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Uniform Charges
Water Sales $ 55377 , 174 $ 51730 , 508 $ 65657 ,323 $ 7, 112 ,979 $ 71576 , 145
$ 8 , 1051703 $ 8 , 680 ,435 $ 91101 , 553 $ 9 , 3735866 $ 10, 108 , 045
Sewer Sales 6 , 2831250 655005416 710345397 7 , 424 , 615 7 , 488 , 529 72913 , 884 7 , 991 , 280 83154 , 933
8 , 5345228 8 , 9403200
Other 1 , 236 . 701 1 . 116 . 865 1 .442 . 557 1 . 985 . 179 1 . 462 . 839 1 . 162 . 098 12443 . 978 1
. 367 . 291 1 . 684 . 506 1 . 814 . 370
Total Uniform
Charges $ 12, 8972125 $ 132347, 789 $ 151134,277 $ 16, 522 , 773 $ 16, 527, 513 $ 17, 1819685 $ 18 , 1155693
$ 1826235777 $ 19, 592, 600 $ 20, 8621615
Septage/Sludge 49 , 034 159, 034 113 , 492 88 , 267 127 , 544 1185633 223 , 384 2937741 3819741
348 , 320
Surcharges 2415773 231 , 267 132 , 062 122 , 936 345 , 390 234 , 729 231 , 478 238 , 079 2479137
243 , 342
Interest Earnings 1 , 575 , 189 1 , 741 , 677 1 , 3461579 1 , 637 , 156 1 , 964 , 251 19845 ,469 2 , 9381338 4 , 577
, 350 2 , 9831032 1 , 797 , 260
1989/ 1990 Special
Assessments 6452513 3842662 482 , 779 633 , 974 4969944
53 , 386 166 , 239 379235 91409 11 , 650
1996 Special
Assessments 19010 194585337 7412707 1 , 5421906 870, 629 2 , 619, 805 2 , 7529661
Gross Revenues : $ 15 .408 . 634 $ 15 . 864. 429 $ 17.209. 189 $ 19. 195 . 716 $ 20. 919. 979 1 20. 175 . 609 $
23 . 218. 038 $ 24 . 640. 811 $ 25 . 833 . 724 $ 26. 015 . 848
Direct Expense 7332 . 244 6 . 747 . 171 8 . 309 . 142 8 . 144 . 867 8 . 565 . 905 7 , 868 . 098 8 . 361 . 845 9,
388 . 472 9 . 662 . 508 10. 664. 644
Net Revenues Available
for Debt Service $ 8 . 076 . 390 $ 9 . 117 .258 $ 8 . 900 . 047 $ 11 . 050. 849 $ 12 . 354 . 074
$ 12307 . 511 $ 14. 856. 193 $ 15 .252. 339 $ 16 . 17 L216 $ 1535 L204
Annual Debt Service 3 , 681 , 090 3 , 672 , 010 453409916 6 , 286 , 771 65264 , 549 6 , 247 , 069 6, 232 , 654 5 , 7922559
51792 , 839 5 , 838 , 434
Debt Service Coverage 2 . 19x 2 . 48x 2 . 05x 1 . 76x 1 . 97x
1 . 97x 2 . 38x 2 . 63x 2 . 79x 2 . 63x
NOTE : In accordance with the Water and Sewer Revenue Bonds, Series 1996 bond covenants, there are items included in the
debt service coverage calculation other than normal operating revenues.
These items include surcharges and collections on special assessments, which are considered contributions of capital .
INDIAN RIVER COUNTY, FLORIDA TABLE 11
REVENUE BOND COVERAGE
GOLF COURSE
LAST TEN FISCAL YEARS
NET REVENUE
DIRECT AVAILABLE DEBT SERVICE REQUIREMENTS
FISCAL GROSS OPERATING FOR DEBT
YEAR REVENUES EXPENSES SERVICE PRINCIPAL INTEREST TOTAL COVERAGE
1994 $ 2 , 682 , 844 $ 1 ,999, 173 $ 683 ,671 $ 280 , 000 $ 469 ,284 $ 749 , 284 . 91x
1995 25742, 702 1 , 925 ,315 8179387 270 , 000 4619332 7315332 1 . 12
1996 257505896 1 ,904 , 775 8469121 2809000 4525917 7329917 1 . 16
0
1997 21562 ,967 1 , 843 , 526 7195440 290 , 000 442 ,417 732 , 417 . 98
1998 25842 , 342 2 , 068 ,075 7745267 300 , 000 4309818 7309818 1 . 06
1999 29928 , 530 2 , 063 ,359 865 , 171 315 , 000 4189518 733 , 518 1 . 18
2000 29998 , 955 2 , 1103920 8889035 325 , 000 404, 973 729 , 973 1 . 22
2001 3 , 095 , 768 2 , 1909943 9049825 3459000 3909673 7359673 1 . 23
2002 29928 , 157 291889791 7399366 3609000 3759148 7359148 1 . 01
2003 31135 ,478 2 , 326 , 179 809,299 375 , 000 . 357 , 103 732 , 103 1 . 11
INDIAN RIVER COUNTY, FLORIDA TABLE 12
REVENUE BOND COVERAGE
INDIAN RIVER COUNTY
HOUSING AUTHORITY- COMPONENT UNIT
LAST TEN FISCAL YEARS
NET REVENUE
DIRECT AVAILABLE DEBT SERVICE REQUIREMENTS
FISCAL GROSS OPERATING FOR DEBT
YEAR REVENUES EXPENSES SERVICE PRINCIPAL INTEREST TOTAL COVERAGE
1994 $ 615 , 859 $ 479, 970 $ 1359889 $ 167, 000 $ 52 , 695 $ 219, 695 . 62x
1995 6239320 420, 160 2039160 169 , 000 519087 204, 716 . 99
1996 6235313 470,456 1529857 170, 000 49,453 219 ,453 . 70
1997 6299888 447, 148 1829740 172 ,000 47, 774 2199774 83
1998 6379191 4169078 2219113 173 , 000 46 , 054 2199054 1 . 01
1999 6305100 409,647 2209453 175 ,000 44 , 293 2193293 1 . 01
2000 666 , 946 4029612 264 , 334 1779000 42 , 705 2199705 1 . 20
2001 716, 796 449 ,220 2679576 179, 000 40, 655 2199655 1 . 22
2002 712 ,236 4659551 2469685 1819000 39, 014 2205014 1 . 12
2003 690,645 4949031 196,614 1829000 379052 2199052 . 90
INDIAN RIVER COUNTY, FLORIDA TABLE 13
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
ANNUAL ANNUAL ANNUAL
AVERAGE AVERAGE AVERAGE
UNEMPLOYMENT UNEMPLOYMENT UNEMPLOYMENT
PER CAPITA SCHOOL RATE- RATE- RATE-
FISCAL POPULATION INCOME ENROLLMENT COUNTY STATE NATIONAL
YEAR ( 1 ) ( 1 ) (2) (3 ) (3 ) (3 )
1994 97,415 28,268 13,085 11 .00/0 6.6% 6. 3%
1995 100261 $ 30,356 13,034 9A 5.7 6. 1
1996 102211 $ 31 ,951 139692 9.5 5.5 5.4
N 1997 1043605 $ 33,496 14,043 8.4 5. 1 5.4
1998 106,675 $ 34,852 14,300 8. 1 4.5 4.6
1999 1091579 $ 35,202 147497 7.6 4. 1 4.3
2000 112,947 $ 35,623 14,223 7.0 3.8 4.0
2001 115,716 N/A 149050 6.5 3.9 4.4
2002 118, 149 N/A 15,660 7.7 5.4 5.7
2003 1207271 N/A 15,716 8.2 5.3 6.0
SOURCES:
( 1 ) U. S . Census and Bureau of Economic and Business Research, University of Florida
(2 ) Indian River County School Board, Peak Enrollment
(3 ) Florida Department of Labor and Employment Security Bureau of Labor Market and Performance
N/A- Not Available
W&JAA' 1I RMiChM:w,MI� fKKMAY®YY .u.i .:i .i
: . . .
rr rr rr r rr rr it r� �r rr rr rr rr rr r r rr r rr
INDIAN RIVER COUNTY, FLORIDA TABLE 14
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
REAL COMMERCIAL
FISCAL PROPERTY NEW BANK
YEAR VALUE 1 ) CONSTRUCTION 4 DEPOSITS
1994 69703, 7393975 202,2179559 11237, 8179000 (2)
1995 7,011 ,412, 975 164,6763298 11268, 6585000 (3 )
1996 793059049,473 2409383, 102 1 ,422, 1615000 (3 )
w 1997 79589,0719741 23032659581 1940892005000 (2)
1998 71807,2039863 2701410, 847 1 , 534, 116,000 (5 )
1999 8,080,2479333 301 ,294,691 197961439,000 (5 )
2000 8167195739086 399,6519994 1 , 830175 1 ,000 (5 )
2001 991099672,314 3721109,920 1 ,965 , 088, 000 (5 )
2002 107539, 705,283 433 , 7741860 2, 08813561000 (5 )
2003 1159851128, 952 514, 871 , 537 2,25 1 , 7171000 (5 )
( 1 ) Source: Indian River County Property Appraiser
(2) As of September 30. Source : Florida Bankers Association
(3 ) As of June 30. Source : State of Florida, Division of Banking
(4) Source : Building Departments-Indian River County, Town of Orchid, Town of Indian River Shores, City of Sebastian, and City of Fellsmere
(5) As of June 30. Source : FDIC website, www. fdic. gov
INDIAN RIVER COUNTY, FLORIDA TABLE 15
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 2003
PERCENT
2002 OF TOTAL
TAXABLE TAXABLE
TAXPAYER TYPE OF BUSINESS VALUE( 1 ) VALUE
Disney Vacation Development, Inc . Resort $ 691069,073 0.72%
Florida Power & Light Electric Utility 6190985500 0.64
BellSouth Telecommunication Telephone Utility 585655, 192 0.62
Windsor Properties Land Development 50,3769579 0.53
.p
Indian River Mall Associates Ltd. Regional Shopping Center 47,5741020 0.50
The New Piper Aircraft Aircraft Manufacturer 34, 121 , 169 036
John 's Island Club Inc. Club and Golf Course 30,849,571 032
Adult Community Total Services Retirement Community 309514, 130 0.32
Prime Outlet Center Ltd. Regional Shopping Center 295737,070 0.31
Wal-Mart Stores, Inc. Retail 28,577,908 0.30
$ 440,5737212 4.62%
( 1 ) Total Taxable Value $ 9,500, 891 ,213
Source : Indian River County Property Appraiser
Note : Values are established as of January 1 of the previous calendar year, i . e . , January 1 , 2002, taxable values apply to the
fiscal year ending 2003 .
W ; K,::T,
rr rr rr �r rr �r r� ri rr rr rr r r� rr �■r r rr r �r
INDIAN RIVER COUNTY, FLORIDA TABLE 16
SCHEDULE OF INSURANCE
SEPTEMBER 30, 2003
TYPE OF COVERAGE DETAILS OF LIMITS OF ANNUAL
NAME OF BROKER PERIOD COVERAGE LIABILITY DEDUCTIBLES PREMIUM
STATUTORY AD & D/L. B. BRYAN 10/01 /02 TO STATUTORY STATUTORY NONE $ 109673
09/30/03
BOILER & MACHINERY/ A. J. GALLAGHER 10/01 /02 TO PER SCHEDULE $ 5090009000 $ 5, 000 $ 9, 507
09/30/03
REAL & PERSONAL PROPERTY, BUSINESS 10/01 /02 TO PER SCHEDULE PER SCHEDULE $ 100,000 SIR $ 192059461
INTERRUPTION, EXTRA EXPENSE, VALUABLE 09/30/03 GENERAL LIABILITY,
PAPERS, MOBILE EQUIPMENT, MISC . EQUIPMENT, $ 25 ,000 SIR AUTO
COMPUTER EQUIPMENT, AUTO PHYSICAL PHYSICAL DAMAGE ;
to DAMAGE, CRIME, GENERAL LIABILITY, AUTO $ 250,000 SIR WORKERS '
LIABILITY, PUBLIC OFFICIALS LIABILITY, COMP
WORKERS ' COMPENSATION/EMPLOYER' S
LIABILITY, CRIME (AJG)
FLOOD/SCHLITT SERVICES 10/01 /02 TO $ 200,000 UNDERLYING $ 200,000 NONE $ 17, 324
09/30/03 LAYER
SPECIAL EVENTS/FLORIDA LEAGUE 03/ 14/02 TO $ 1 MILLION $ 1 MILLION $ 250 $ 750 *
OF CITIES (FLC) 03/ 13/03
LIQUOR LIABILITY/FLC 11 /01 /02 TO $ 1 MILLION $ 1 MILLION NONE $ 910
10/31 /03
* PREMIUM AT POLICY INCEPTION; INCREASED THROUGHOUT THE YEAR AS PROPERTY/EVENTS ADDED
INDIAN RIVER COUNTY, FLORIDA TABLE 17
MISCELLANEOUS STATISTICAL DATA Pg 1 of 5
SEPTEMBER 30 , 2003
DATEFOUNDED
June 29, 1925
COUNTY SEAT
Vero Beach
FORM OF GOVERNMENT
Elected Board of Commissioners
Number of Commissioners : Five (5)
Term of Office : Four (4) years
LOCATION
rn
Southeast Coast of Florida
AREA 1
497 Square Miles
EDUCATION (2)
Number of Schools
Kindergarten through Grade 5 13 Number of Students 15,716
Middle Schools 6-8 3 Number ofAdministrative
Senior High School 9- 12 2 and Teaching Personnel 1008
Charter Schools 5 Number of Non-Instructional Personnel 851
Alternative Center 1
ESE Special Needs School 1
( 1 ) Source : Bureau of Business and Economic Research, University of Florida
(2) Source : Indian River County School Board
INDIAN RIVER COUNTY, FLORIDA TABLE 17
BUILDING PERMITS Pg 2 of 5
LAST TEN FISCAL YEARS
INDIAN RIVER COUNTY MUNICIPALITIES COUNTYWIDE
FISCAL # OF NEW # OF ADDITIONS & # OF NEW # OF ADDITIONS & # OF NEW # OF ADDITIONS
&
YEAR PERMITS CONSTRUCTION PERMITS ALTERATIONS PERMITS CONSTRUCTION PERMITS ALTERATIONS PERMITS CONSTRUCTION PERMITS
ALTERATIONS
1994 955 1445618,788 1690 16256,022 477 5755989771 3009 12,3771431 1432 202217,559 4699 28,6335453
1995 870 1229696219 1490 16, 154,930 323 4159805079 2587 17, 149,968 1193 164,676298 4077 33,3047898
1996 970 1907335,512 1749 35, 132241 369 509047,590 2476 169121 ,421 1339 240,3839102 4225 519253,662
1997 908 1379713256 1781 235838,749 409 929552,325 2643 189544,614 1317 2302655581 3098 429383,363
1998 1039 180,3361969 1699 17,333,346 452 909073,878 3024 289195,353 1491 270,4109847 4723 45,528,699
1999 1236 1913181 ,886 1778 23,376,870 498 110, 112,805 3023 2176225464 1734 301294,691 4801 4499997334
2000 1336 248,5233923 1710 20,345,326 482 151 , 1285071 3213 2395107426 1818 399,651 ,994 4923 43,855,752
2001 1518 2593705,809 1664 249332,468 503 112,404, 111 3364 302747210 2021 372, 1095920 5028 54,606,378
2002 1658 291 ,5431816 1334 32, 118,404 599 142,231 ,044 3588 27,333, 128 2257 433,774,860 4922 59,4519532
2003 2084 3869495,461 1382 28,8171520 770 1289376,076 4141 371578,377 2854 5141871 ,537 57523
661395,897
Source : Building Departments - Indian River County ( including City of Vero Beach), Town of Orchid, Town of Indian River Shores, City of Sebastian,
and City of Fellsmere .
INDIAN RIVER COUNTY, FLORIDA TABLE 17
MISCELLANEOUS STATISTICAL DATA Pg 3 OF 5
LAST TEN FISCAL YEARS
CITRUS
FISCAL PRODUCTION CITRUS PRODUCTION CITRUS ACREAGE/
YEAR (BOXES) ACREAGE PER ACRE . TOTAL ACREAGE
1994 18 , 890 , 000 69,240 272 , 82 21 , 8
1995 21 , 687, 000 699240 313 . 21 21 . 8
1996 185475 ,000 66, 561 277 . 56 20 . 9
000 1997 21 , 768 , 000 665561 327 . 04 20 . 9
1998 205437,000 645138 318 . 64 20 . 1
1999 1758709000 64, 138 278 . 62 20 . 1
2000 209438 ,000 60,293 338 . 98 18 . 9
2001 18 ,0419000 60,293 299 . 22 18 . 9
2002 1991265000 569012 341 . 46 17 . 6
2003 14 , 807, 000 569012 264 . 35 17 . 6
Source : Florida Department ofAgriculture and Consumer Services Website, www. nass. usda. gov/fl
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INDIAN RIVER COUNTY, FLORIDA TABLE 17
MISCELLANEOUS STATISTICAL DATA Pg 4 OF 5
LAST TEN FISCAL YEARS
INCREASE
TOTAL (DECREASE) __ __ ________ __ _________ REGISTERED VOTERS (2) ----- ----- ------ -- ----- --- -
YEAR POPULATION ( 1 ) PERCENT REPUBLICAN DEMOCRATIC OTHER TOTAL
1994 979415 1 . 85 31 ,762 179763 39689 531214
1995 1005261 2. 92 323634 189282 4,637 55,553
1996 1029211 1 .94 359507 20,226 63256 625029
1997 104,605 2. 34 365895 21 ,443 7,700 66,038
�O 1998 106,675 1 .98 363481 20,761 8,394 653636
1999 109,579 2 . 72 375599 21 ,818 91613 699030
2000 1129947 3 . 07 389256 229064 113100 715420
2001 1159716 2.45 39,007 225875 11 ,975 73 ,857
2002 1189149 2. 11 409639 235819 135090 775548
2003 120,271 1 . 80 38,886 22,550 127879 743315
( 1 ) Source : U . S . Census and Bureau of Business and Economic Research, University of Florida
(2) Source : Indian River County Supervisor of Elections
INDIAN RIVER COUNTY, FLORIDA TABLE 17
MISCELLANEOUS STATISTICAL DATA Pg 5 OF 5
LAST TEN FISCAL YEARS
Year Total One Cent Tourist Tax
Ended Half Cent
TO Pledge to Sales
September 30 Tax Collected Spring Training Facility Bonds
Tax
1994 551 ,983
3 , 600 , 141
1995 671 ,295 _
3 , 752 ,414
1996 873 ,393 _
4 ,275 , 358
0 1997 982 ,023
4, 755 , 099
- 1998 1 ,000, 084 _
5 ,425 , 803
1999 150585842 _
5 , 871 , 632
2000 1 , 114, 916
6 , 205 , 862
2001 19408 , 046 ( 1 ) $ 244,623
6 , 521 , 024
2002 154109409 3475710
6 , 917, 278
2003 1 ,286, 885 321 , 721
7, 001 , 976
( 1 ) A 4th cent was imposed effective Feburary 1 , 2001
r
INDIAN RIVER COUNTY TABLE 18
DEPARTMENT OF UTILITY SERVICES
WATER AND SEWER CUSTOMERS
LAST TEN FISCAL YEARS
Fiscal Year Water ERUs Sewer ERUs
1994 25 , 590 24,999
1995 27, 124 25 ,424
1996 30 , 635
0 26 ,416
1997 31 , 898 275724
1998 339747 289406
1999 359418 289065
2000 36 , 999 289544
2001 3 %404 293644
2002 419242 309297
2003 449420 329432
ERU- Equivalent Residential Unit
INDIAN RIVER COUNTY TABLE 19
DEPARTMENT OF UTILITY SERVICES
HIGH VOLUME CUSTOMERS
SEPTEMBER 30, 2003
(THOUSANDS OF GALLONS)
CUSTOMERS WATER
SEWER
Village Green Manufacturing Housing Park 28,762
28,762
Department of Correction 14,484
14,484
Disney's Vero Beach Resort
0014,004 N
Isles of Vero Beach 14,004
127235 12235
Indian River County Jail 11 ,085
11 ,085
Sebastian River Medical Center 81085
542 8,542
River Run
87174 8, 174
Days Inn Vero Beach
7,381381,
Grand Harbor Golf& Beach Club 7 72381
6,853
Windsor Properties 65853
61661
6,661
The County sold 2, 121 million gallons of water and 1 ,213 million gallons of wastewater in FY 2003 .
The high volume customers accounted for 6 . 0% of total annual volume.
.h n _ .x>t , . .-_ a 4- • ,,;:+d pyyNy" - -
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INDIAN RIVER COUNTY TABLE 20
DEPARTMENT OF UTILITY SERVICES
HISTORICAL RATE STRUCTURE
LAST EIGHT FISCAL YEARS
1996 1997 1998 1999 2000 2001 2002 2003
2003
WATER RATES
Billing Charge $ 2 . 00 $ 2.00 $ 2.00 $ 2 . 00 $ 1 . 29 $ 1 . 29 $ 1 . 29 $ 1 . 29
Base Facilities Charge (per ERU)
Single-Family or Commercial 9.20 9. 20 9.20 9. 20 7. 76 7. 76 7. 76 7. 76
Multi-Family or Manufactured Home 9. 20 9.20 9. 20 9. 20 6. 60 6. 60 6. 60 6. 60
Volume Charge-per 1 ,000 gallons (per ERU)
0-3 ,000 gallons 1 . 75 1 . 75 1 . 75 1 . 75 2. 20 2. 20 2. 20 2. 20
3 ,001 -7,000 gallons 2. 15 2. 15 2. 15 2. 15 2 .42 2.42 2 . 42 2. 42
owo 7,001 gallons and over 2. 55 2. 55 2. 55 2 . 55 3 . 85 3 . 85 3 . 85 3 .
85
Excess Volume Surcharge - Greater than
13 ,000 gallons per month (per ERU) 2. 30 2. 30 2. 30 2. 30 7. 70 7. 70 7. 70 7. 70
Base Facilities Charge Where Capacity Is
Reserved But Lines Are Not Yet Available (per ERU)
Single-Family or Commercial 4 . 60 4. 60 4. 60 4 . 60 3 . 88 3 . 88 3 . 88 3 . 88
Multi-Family or Manufactured Home 4. 60 4. 60 4. 60 4. 60 3 . 30 3 . 30 3 . 30 3 . 30
SEWER RATES
Billing Charge 2. 00 2 . 00 2. 00 2. 00 1 . 29 1 . 29 1 .29 1 . 29
Base Facility Charge ( per ERU)
Single-Family or Commercial 13 . 50 13 . 50 13 .50 13 . 50 14 . 58 14 . 58 14 . 58 14 . 58
Multi-Family or Manufactured Home 13 . 50 13 . 50 13 . 50 13 . 50 12 .40 12.40 12.40 12 .40
Volume Charge-per 1 ,000 gallons
Single-Family & Manufactured Homes( 1 ,000- 12,000) 3 .35 3 . 35 3 . 35 3 . 35 2. 86 2. 86 2. 86 2. 86
Multi-Family & Commercial (0- 13 ,000) 3 . 35 3 . 35 3 . 35 3 . 35 2 . 86 2. 86 2 . 86 2.
86
Multi-Family & Commercial (> 13 ,000) 4. 45 4. 45 4 . 45 4. 45 4. 29 4. 29 4. 29 4. 29
Base Facility Charge Where Capacity Is
Reserved But Lines Are Not Yet Available (per ERU)
Single-Family or Commercial 6. 75 6. 75 6. 75 6. 75 7. 29 7. 29 7. 29 7. 29
Multi-Family or Manufactured Home 6. 75 6. 75 6. 75 6. 75 6. 20 6. 20 6. 20 6.20
In addition to the charges shown above, users of the North Beach Water System are subject to a $ 13 per ERU per month surcharge
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Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
' Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
' The Honorable Board of County Commissioners
Indian River County, Florida
' We have audited the basic financial statements of Indian River County, Florida as of and for the
year ended
September 30, 2003 , and have issued our report thereon dated January 30, 2004 . We conducted our audit
in
' accordance with auditing standards generally accepted in the United States of America and the standards applicable
to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States .
Compliance
As part of obtaining reasonable assurance about whether the Indian River County, Florida ' s financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations and
contracts , noncompliance with which could have a direct and material effect on the determination of financial
statement amounts . However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion . The results of our tests disclosed no instances
of
noncompliance that are required to be reported under Government Auditing Standards .
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Indian River County, Florida ' s internal control over
financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the
' financial statements and not to provide assurance on the internal control over financial reporting. Our consideration
of the internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses . A material weakness is a condition in which the design or
' operation of one or more of the internal control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of performing their assigned functions .
We noted no matters involving the internal control over financial reporting and its operation that we consider to be
material weaknesses .
This report is intended solely for the information of the Board of County Commissioners, management, federal and
state awarding agencies, pass-through entities and the Auditor General of the State of Florida and is not intended to
be and should not be used by anyone other than these specified parties .
eY4 1144 lPkal aamotia ,ss - t7i7ow &d
Vero Beach , Florida
January 30, 2004
"Providing Vision and Direction to our Clients"
' Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
185
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Independent Auditors Report on Compliance and
Internal Control over Compliance Applicable to
Each Major Federal Program
And State Project
The Honorable Board of County Commissioners
Indian River County, Florida
Compliance
We have audited the compliance of Indian River County, Florida with the types of compliance requirements
described in the U. S. Office of Management and Budget (OMB) Circular A - 133 Compliance Supplement and the
requirements described in the Executive Office of the Governor' s State Projects Compliance Supplement that are
applicable to each of its major federal programs and state projects for the year ended September 30 , 2003 . The
Indian River County, Florida's major federal programs and state projects are identified in the summary of auditor ' s
results section of the accompanying Schedule of Findings and Questioned Costs . Compliance with the requirements
of laws, regulations contracts andgrants applicable to each of its major federal programs and state projects is the
responsibility of the Indian River County, Florida ' s management. Our responsibility is to express an opinion on
Indian River County, Florida' s compliance based on our audit.
We conducted our audit of compliance in accordance with United States generally accepted auditing standards ; the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States ; and OMB Circular A- 133 , Audits of States, Local Governments, and Non-Profit
Organizations and Chapter 10 . 550, Rules of the Auditor General. Those standards, OMB Circular A - 133 , and
Chapter 10 . 550, Rules of the Auditor General require that we plan and perform the audit to obtain reasonable
assurance about whether noncompliance with the types of compliance requirements referred to above that could
have a direct and material effect on a major federal program or state project occurred . An audit includes examining,
on a test basis, evidence about the procedures as we considered necessary in the circumstances . We believe that our
audit provides a reasonable basis for our opinion . Our audit does not provide a legal determination on the Indian
River County, Florida ' s compliance with those requirements .
In our opinion, the Indian River County, Florida complied, in all material respects , with the requirements referred to
above that are applicable to each of its major federal programs and state projects for the year ended September 30,
2003 ,
Internal Control Over Compliance
The management of the Indian River County, Florida is responsible for establishing and maintaining effective
internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal
programs and state projects . In planning and performing our audit, we considered Indian River County , Florida ' s
internal control over compliance with requirements that could have a direct and material effect on a major federal
program or state project in order to determine our auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB Circular A- 133 and
Chapter 10 . 550, Rules of the Auditor General .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
1R �
Harris, Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
Report on Compliance
January 30, 2004
Page Two
Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal
control that might be material weaknesses . A material weakness is a condition in which the design or operation of
one or more of the internal control components does not reduce to a relatively low level the risk that noncompliance
' with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major
federal program or state project being audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions . We noted no matters involving the internal control over
compliance and its operation that we consider to be material weaknesses .
Schedule of Expenditures of Federal Awards and State Projects
We have audited the basic financial statements of Indian River County , Florida as of and for the year
ended
' September 30 , 2003 , and have issued our report thereon dated January 30, 2004 . Our audit was performed for the
purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of
expenditures of federal awards and state projects is presented for purposes of additional analysis as required by
' OMB Circular A- 133 and Chapter 10 . 550 , Rules of the Auditor General and is not a required part of the
basic
financial statements . Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion , is fairly stated, in all material respects , in relation
to the basic
financial statements taken as a whole .
This report is intended solely for the information of the Board of County Commissioners , management, federal and
state awarding agencies, pass-through entities and the Auditor General of the State of Florida, and is not intended to
be and should not be used by anyone other than these specified parties.
�f '� COYkGtrilMt ,
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f 01W , PJU 0 QeeeUA>!cu
ev4l9 d Pubiti QL:t&^4a4t .s - L0ht4 *&d
Vero Beach , Florida
January 30, 2004
187
Indian River County, Florida
Schedule of Expenditures of FederalAwards
And State Projects -
For the Fiscal Year Ended September 30, 2003
Federal/StateAgency CFDA Contract/
Pass-through Entity CSFA Grant
to
Federal Program/State Project No. No. Transfers
Expenditures St
ubrecipients
Department of Housing and Urban Development:
Direct Programs :
Section 8 Housing Choice Voucherss 14 .871 FL- 132-VO-014 to 017 $ 17365 , 528 $
Supportive Housing Program-Transitional Housing 14 .235 FL29B009001 2059858
Shelter Plus Care 14 .238 FL29CIO9001 749505
Supportive Housing Program-Youth Crisis Center 14 .235 FL29BI09002 4 ,933
Supportive Housing Program-
Homeless Management Information Systems 14.235 FL29CIO9003 323735
Indirect Programs :
Passed through Florida Department of Community Affairs :
Community Development Block Grant/State 's Program 14 . 228 03DB- IA- 10-40-01 -H- 12 359098 a
Total Department of Housing and Urban Development: 1 , 7181657
Federal Transit Administration :
Direct Programs :
Federal Transit Formula Section 5307 Grant 20.507 FL-90-X472
Federal Transit Formula Section 5307 Grant 20. 507 FL-90-X416 605,948
Federal Transit Formula Section 5307 Grant 5 , 4
20.507 FL-90-X393 711 ,22224
Federal Transit Formula Section 5307 Grant 20. 507 FL-90-X378
4,440
Total Federal Transit Administration :
740,746 .
Federal Highway Administration :
Indirect Programs :
Passed through Florida Department of Transportation :
Highway Planning and Construction-
CR 512/Fellsmere Sidewalk 20 .205 AH923 * 79799 k
Highway Planning and Construction-
Roseland Road Sidewalk 20.205 AI372 * 10,570
Highway Planning and Construction-
Indian River Bikepath 20 .205 AN844 500
Highway Planning and Construction-
26th Street Bridge Replacement 20.205 AN843 403
Highway Planning and Construction-
Metropolitan Planning Organization 20.205 AA080 4679724
Total Federal Highway Administration : 486,996
Department of Homeland Security:
Indirect Programs :
Passed through Florida Dept. of Community Affairs:
Continuing Operations/Government Grant 97.052 03 -FT 1B - 10-40-01 -472 1000
Emergency Management Performance Grant 97.042 03 -13&0440-40-01 -031 305919
Total Department of Homeland Security: 409919
Department of Justice:
Direct Programs :
State Criminal Alien Assistance Program 16.606 N/A 38, 118
Local Law Enforcement Block Grant 16 . 592 2002-LBBX-2277 66,289
Public Safety Partnership and Community Policing-
COPS in School 16. 710 2000SHWX0650 32, 168
*Prior year expenditures not previously reported on Schedule
188
Indian River County, Florida
' Schedule of Expenditures of Federal Awards
And State Projects (Continued)
For the Fiscal Year Ended September 30, 2003
Federal/StateAgency CFDA Contract/
' Pass-through Entity CSFA Grant Transfers to
Federal Program/State Project No. No. Expenditures Subrecipients
' Department of Justice, continued :
Indirect Programs :
Passed through Florida Department of Law Enforcement:
Byrne Formula Grant Program-Multi Agency
' Drug Enforcment Unit 16 . 579 03 -CJ-5A- 10-40-01 - 140 $ 89, 129 $
Byrne Formula Grant Program-
Substance Abuse Advisory Council 16 . 579 03 -CJ-5A- 10-40-01 - 142 15 ,932
Byrne Formula Grant Program-
' Prevent 11I 16 . 579 03 -0-5A- 10-40-01441 549262
Passed through Office of the Attorney General :
Crime Victim Assistance Program 16. 575 V2025 31 ,262
' Total Department of Justice: 327, 160
US Fish and Wildlife Services :
' Indirect Programs :
Passed through Florida Fish and Wildlife Conservation Commission :
Pelican Island National Wildlife Refuge 15 .617 1448-40181 -00-K-007 7,350
Sport Fish Restoration-Artificial Reef Grant 15 .605 FWCC-02105 142536
Total US Fish and Wildlife Services: 21 886
Office of Child Support Enforcement:
Indirect Program :
Passed through Florida Department of Revenue :
Child Support Enforcement-Title IV D-
Sheriff Service of Notices 93 . 563 IZ109 59029
Child Support Enforcement-Title IV D-
Sheriff Service of Notices 93 .563 00331 845
Child Support Enforcement-Title IV D-
Sheriff Service ofNoticies 93 . 563 CC331 266,928
Total Office of Child Support Enforcement: 272 802
Office of Library Services :
Indirect Program :
Passed through Florida Department of State :
State Library Program-Summer Library Reading Program 45 . 310 02-LSTA-D- 10-E 6,452
State Library Program-Born to Read Grant 45 .310 02-LSTA-E-07 52 , 776
Total Office of Library Services : 59,228
Environmental Protection Agency:
Indirect Program :
Passed through Florida Department of Environmental Protection :
Nonpoint Source Implementation Grants"
Vero Lake Estates Stormwater 66.460 WM803 91107
Nonpoint Source Implementation Grants -
East Gifford Stormwater 66 .460 WM836 979691
' Total Environmental Protection Agency: 1069798
TOTAL EXPENDITURES OF FEDERAL AWARDS : $ 31034,446 740, 746$
r 189
Indian River County, Florida
Schedule of Expenditures of FederalAwards
And State Projects (Continued)
For the Fiscal Year Ended September 30, 2003
Federal/State A enc
g Y CFDA Contract/
Pass-through Entity CSFA Grant
Federal Program/State ProjectTransfers to
No. No. Expenditures Subrecipients
STATE OF FLORIDA
Department of Community Affairs :
Direct Project:
Evaluation/Appraisal Reports and Planning Assistance-
Public Schools 52 .004 03 -DR-36- 10-40-01 -004 $ 71700 $
Residential Construction Mitigation Program 52 .016 03 -RC- I 1 - 10-40-01 -028
Emergency Management Programs-Emergency 46,920
Management Base Grant 52.008 02-CP-04- 10-40-01 -031
Indirect Projects : 103, 196
Passed through Florida Communities Trust:
Florida Forever Act-Hallstrom Farmstead 52 .002 02-CT5T01 -FI -A1 -055
Florida Forever Act-Lost Tree Islands 1 ,232,373
52 .002 02-CT-5P_0 59291 , 752
Total Department of Community Affairs :
6, 681 ,941
Florida Housing Finance Agency:
Direct Project:
State Housing Initiatives Partnership 52 . 901 N/A
882,271
Total Florida Housing Finance Agency:
882,271
Department of Health and Rehabilitative Services :
Direct Project :
County Awards Grant-Emergency Medical Services 64 . 005 C2031
39,691
Total Department of Health and Rehabilitative Services :
39,691
Department of Environmental Protection :
Direct Projects :
Florida Recreation Development Assistance Program-
Fellsmere Old School 37.017 M99048
Beach Erosion Control Program 37.003 98IR1 90,898
*
Beach Erosion Control Program . 69,087
37003 981R1Statewide Surface Water Restoration and Wastewater 71393,036
Projects - 37.039 LP0328
672
Waste Tire and Playground Surfacing Grants 37 .015 998,
WT330 16,770101
Total Department of Environmental Protection :
8,568, 394
Department of State:
Division of Library Services :
Direct Programs :
State Aid to Libraries 45 .030 03 -ST 22
250,909
Total Department of State:
250,909
Department of Transportation :
Direct Projects :
Commission for the Transportation Disadvantaged
Planning Grant 55 . 002 AM012
Commission for the Transportation Disadvantaged 8,604
Planning Grant 55 .002 AK325
2,446
*Prior year expenditures not previously reported on Schedule
190
Indian River County, Florida
' Schedule of Expenditures of Federal Awards
And State Projects (Continued)
For the Fiscal Year Ended September 30, 2003
Federal/StateAgency CFDA Contract/
' Pass-through Entity CSFA Grant Transfers to
Federal Program/State Project No. No. Expenditures Subrecipients
' Department of Transportation continuted :
Transit Corridor Grant 55 .013 AN083 48,450
East Gifford Stormwater AN371 449508
Public Transit Block Grant 55 . 010 AL321 302,974
iTotal Department of Transportation : 406, 982
Department of Agriculture and Consumer Services :
' Direct Projects :
Water Policy Best Management Practices 42 . 017 006800 78 ,331
Fairgrounds Agricultural Building/Livestock Pavillion 42 .001 5649 2029970
' Total Department of Agriculture and Consumer Services : 281 , 301
Justice Administrative Commission :
Direct Projects :
Dependency Counsel/Court Representation Grant 21 .001 N/A 23 ,939
Total Office of State Courts Administrator: 23 ,939
Department of Management Services :
Direct Project:
Wireless 911 Emergency Telephone System 72.001 N/A 1409568
Total Department of Management Services : 1409568
Department of Revenue:
Direct Project:
Digital Map Conversion Grant Program-
Statewide Basemap 73 .023 N/A 79500
Facilities for Retained Spring Training Franchise-
Dodgertown 73 .016 N/A 500 004
Total Department of Revenue: 5079504
TOTAL EXPENDITURES OF STATE FINANCIAL ASSISTANCE : $ 17, 7839500 $ _
United States Department of Agriculture :
FHA Acquisition and Construction Revenue Bonds
Victory Park Phase I 10.405 09-031 -596000674-01 -5 $ 190579000
Victory Park Phase II 10.405 09-031 -596000674-01 -5 151189000
Orangewood Park Apartments 10.405 09-031 -596000674-01 -2 193639400
TOTAL BONDS PAYABLE (FEDERALLY GUARANTEED): $ 395389400
The accompanying notes are an integral part of the schedule.
191
Indian River County, Florida
Notes to Schedule of Expenditures of Federal
Awards and State Projects
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES
The accounting policies and presentation of the Single Audit Report of Indian River County, Florida,
the "County") ty, nda,
have been designed to conform to generally accepted accounting principles as applicable to
governmental units , including the reporting and compliance requirements of the Audits of States, Local
Governments, and Non-Profit Organizations and Office of Management and Budget Circular A - 133 .
A. Reporting Entity
T .
The reporting entity consists of Indian River County, the rim {
component
units . The County includes a Schedule of Expenditures of Federal Awards and State Projects in the Compli-
ance Section,
B . Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts
and reported in the financial statements . Basis of accounting relates to the timing of the measurements
made, regardless of the measurement focus .
I
The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards
and State Projects . Under the modified accrual basis , revenues are recognized when they become measur-
able and available . Revenues are considered to be available when they are collectible within the current
period or soon enough thereafter to pay liabilities of the current period . For this purpose, the County con-
siders revenues to be available if they are collected within 40 days after the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting .
, t
k`.
192
Indian River County, Florida
Schedule of Findings and Questioned Costs — Federal Awards and State Projects
Year Ended September 30, 2003
Section I — Summary of Auditor's Results
Financial Statements
' Type of auditor's report issued Unqualified
Internal control over financial reporting :
Material weakness(es) identified? Yes
Reportable condition(s) identified not X No
considered to be material weaknesses ? Yes
Noncompliance material to financial statements X None reported
noted?
Yes X No
Federal Awards and State Projects
Internal control over major programs :
' Material weakness(es) identified? Yes
Reportable condition(s) identified not X No
considered to be material weaknesses? Yes
Type of auditor's report issued on compliance for X None reported
major federal programs and state projects Unqualified
Any audit findings disclosed that are required to
be reported in regards to the major federal
programs or state projects Yes
X No
Identification of major programs :
' CFDA
Number Name of Federal Program or Cluster
14 . 871 HUD Section 8 Rental Assistance
14 .235 HUD Family Options Transitional Housing
' 20 . 507 FTA Section 5307 Grant
10 .405 FHA Acquisition & Construction Revenue Bonds :
Victory Park Phase I
' Victory Park Phase II
Orangewood Park Apartments
CSFA Number Name of State Project
52 . 002 DCA Lost Tree Islands, Hallstrom Farmstead
52 . 901 FHFA — State Housing Initiatives Partnership
37 . 003 FDEP Beach Preservation Plan
37. 039 FDEP Integrated Water Resource System
rDollar threshold used to distinguish between
Type A and Type B programs $300,000
Auditee qualified as low-risk auditee? X Yes
No
Section II — Financial Statement Findings
There were no reportable conditions, material weaknesses, or instances of noncompliance related to the financial statements .
Section III — Federal Award Findings and Questioned Costs
There were no audit findings related to federal awards required to be reported by Circular A- 133 , Section 510(A).
' 193
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Auditor General Reports
Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
' Vero Beach, FL 32963
Phone 772-234.8484
Fax 772-234-8488 Management Comments
' The Honorable Board of CountyCommissioners
ers
Indian River County, Florida
' We have audited the basic financial statements of Indian River County, Florida as of and for the year
ended September 30, 2003 , and have issued our report thereon dated January 30 , 2004 . We conducted
' our audit in accordance with United States generally accepted auditing standards ; the standards applicable
to financial audits contained in Government Auditing Standards issued by the Comptroller General of the
United States ; and OMB Circular A - 133, Audits of States, Local Governments, and Non-Profit
Organizations . We have issued our Independent Auditor ' s Report on Compliance and Internal Control
over Financial Reporting, Independent Auditor ' s Report on Compliance and Internal Control over
Compliance Applicable to each Major Federal Program and State Project, and Schedule of Findings and
' Questioned Costs . Disclosures in those reports and schedule, which are dated January 30 , 2004, should
be considered in conjunction with this management letter.
We have also issued separate management letters dated January 30, 2004, for each county agency not
' included in this letter, which should also be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with Chapter 10 . 550, Rules of the Auditor General .
The Rules of the Auditor General ( Section 10 . 554 ( 1 )(g) l . a) require disclosure in the management letter of
the following matters if not already addressed in the auditor ' s reports on compliance and internal controls
or schedule of findings and questioned costs : ( 1 ) violations of laws, rules , regulations , and contractual
' provisions that have occurred, or are likely to have occurred ; (2) improper or illegal expenditures ; (3 )
improper or inadequate accounting procedures ; (4) failures to properly record financial transactions ; and
(5 ) other inaccuracies, shortages, defalcations, and instances of fraud discovered by , or that come to the
attention of, the auditor. There were no such matters noted during the current year.
We have also tested your operations for compliance with applicable laws and have provided additional
' comments required to be included by reason of the Rules of the Auditor General of the State of Florida .
' COMMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL OF THE STATE
OF FLORIDA
Financial Condition Assessment
iAs required by the Rules of the Auditor General (Sections 10 . 554(g)(6 )c and 10 . 556 applied
), we pp led
financial condition assessment procedures relating to Indian River County . It is management ' s
' responsibility to monitor the entity ' s financial condition, and our financial condition assessment was
done as of the fiscal year end and was based in part on representations made by management and the
review of financial information provided by same .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice Section
195
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable County Commissioners
Indian River County, Florida
Management Comments
Page Two
Determination of Financial Emergency - F. S . Section 218.503 ( 1 )
Nothing came to our attention which indicated that the County is, or during the year ended September
30 , 2003 , was in a state of financial emergency as a consequence of conditions described in Section
218 . 503 ( l ) of the Florida Statutes .
Florida Department of Banking and Finance Financial Report
The annual financial report required to be fled with the Florida Department of Banking and Finance
pursuant to Section 218 .32 of the Florida Statutes has been completed . We compared this report with
the financial audit report and noted no exceptions for the fiscal year ended September 30, 2003 ,
Compliance With Section 218 .415
As required by the Rules of the Auditor General ( Section 10 . 554( 1 )(g)2 .), the scope of our audit
included a review of the provisions of Section 218 .415 , Florida Statutes, regarding the investment of
public funds . In connection with our audit, we determined that the Board of County Commissioners
complied with Section 218 .415 , Florida Statutes .
This report is intended for the information of management, the Board of County Commissioners, and the
Auditor General of the State of Florida, and is not intended to be and should not be used by anyone other
than these specified parties .
es4l4 l hblie Q !! nodrmr4s - ehiA *tjd
Vero Beach, Florida
January 30, 2004
196
' BOARD OF COUNTY COMMISSIONERS
1
1
1
1
1
1
' 197
� . -
a00
Q1�I1.
Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
' Vero Beach, FL 32963
Phone 772-234-8484
Fax 772.234-8488
Report on Special Purpose Financial Statements Prepared in Compliance With a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
' The Honorable Board of County Commissioners
Indian River County , Florida
' We have audited the accompanying fund financial statements of Indian River County , Florida, Board of
County Commissioners as of and for the fiscal year ended September 30, 2003 , as listed in the table of
contents . These financial statements are the responsibility of the Board of County Commissioners '
' management . Our responsibility is to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards
' applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement . An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
' believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Board of County Commissioners at September 30 , 2003 , and the results of
' operations for the year then ended in conformity with generally accepted accounting principles .
In our opinion , the fund financial statements referred to above present fairly, in all material respects , the
financial position of the Board of County Commissioners as of September 30 , 2003 , and the results of
operations for the year then ended in conformity with generally accepted accounting principles .
' In accordance with Government Auditing Standards we have also issued a report dated January 30, 2004
on our consideration of the Board of County Commissioners ' internal control over financial reporting and
on our tests of compliance with certain provisions of laws, regulations, contracts , and grants .
This report is intended solely for the information and use of management, the Board of
County
Commissioners , the Auditor General and applicable Federal and State agencies, and is not intended to be
and should not be used by anyone other than these specified parties .
�f Gl1tA�t L' owcc: rrt�+rt4orw , PjW * Addet3l�%11J
' Vero Beach, Florida
January 30 , 2004 "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
199
Indian River County, Florida
Board of County Commissioners
Balance Sheet
Governmental Funds
September 30, 2003
Road Secondary
Improvement Roads
ASSETS General Fees Construction Transportation
Cash and cash equivalents $ 16,074,421 $ 23 , 510, 512 $ 22,6891640 $ 3 ,4541457
Accounts receivable 452, 824 - - 41843
Special assessments receivable - - - 439255
Due from other funds 18 ,000 - 295, 000 _
Due from other governments 499717723 219250 5399012 210, 191
Inventories 643598
Deposits 820 - - 19265
Advance to other funds - 655,000
Total assets $ 21 , 582,386 $ 23 ,5315762 $ 24, 178,652 $ 3 ,714,011
LIABILITIES AND FUND BALANCES
Liabilities :
Accounts payable $ 19027,854 $ 405, 149 $ 547,285 $ 379,282
Retainage payable 4,474 489294 452, 172 2,325
Due to other funds _
Due to other governments 19438 _ _ _ f
Accrued interest payable
Deferred revenues 75 ,236 - - 43 ,255
Other deposits held in escrow 3692269
Total liabilities 11478,271 4539443 999,457 4249862
Fund balances :
Reserved for:
Debt service
Capital projects
Advances to other funds - - 655 ,000
Unreserved, reported in :
General fund 20, 104, 115
Special revenue funds - 23 ,0789319 22, 524, 195 _ 392893149
Total fund balances 20, 1042115 2390781,319 23 , 179, 195 3 ,289, 149
t
t
Total liabilities and fund balances $ 21 ,582,386 $_ 239531 , 762 $ 249178,652 $ 3 ,714,011
The accompanying notes are an integral part of the financial statements,
200
' Emergency Optional Other Total
Services Land Sales Governmental Governmental
District Acquisition Tax Funds Funds
$ 69600,707 $ 2,4659367 $ 32,7499243 $ 1895439559 $ 12690879906
17,014 719317 545,998
43 ,255
313 ,000
2029882 117219911 4842593 8, 1511562
64,598
609372 629457
- - - - 655 ,000
$ 6: 820,603 $ 244654367 $ 34,471 , 154 $ 19, 159,841 $ 135,923 , 776
' $ 288,482 $ 11807 $ 19739, 665 $ 952,023 $ 553419547
502,657 77,583 190879505
3139000 3139000
' - - - - 1 ,438
377,014 3779014
3 ,856 - - 1259000 2479347
- - - 369,269
2929338 1 ,807 29242, 322 19844,620 79737, 120
191789248 191789248
3292289832 696049951 389833 ,783
655,000
' - - - - 2051049115
61528,265 2,463 , 560 - 915322022 67,415 , 510
635289265 25463 ,560 3292289832 17,3159221 12891869656
' $ 6,820,603 $ 294659367 $ 34,4719154 $ 1911599841 $ 135 ,923 , 776
201
Indian River County, Florida
Board of County Commissioners
Statement of Revenues , Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended September 30 , 2003
Road Secondary
Improvement Roads
General Fees Construction Transportation
REVENUES
Taxes $ 49,897,576 $ - $ 3 ,222,742 $
Licenses and permits 549,292 - - 18, 111
Intergovernmental 11 ,389,771 - - 2,3599955
Charges for services 596909879 - - 748,334
Fines and forfeitures 19084,711
Special assessments - 4,596,469 - 899958
Interest 612,847 427,414 489,056 859174
Miscellaneous 896,403 329834 66,467 695402
Total revenues 70, 121 ,479 5,0569717 3 ,778,265 39370,934
EXPENDITURES
Current :
General government 7,8183877 - - 7379838
Public safety 2,203 ,274
Physical environment 455 ,842
Transportation 198249755 1 ,3949865 6,355 ,098 95709273
Economic environment 5069097
Human services 3 ,645,667
Culture/Recreation 8,070,056
Court related 1 ,264,917
Debt service :
Principal
Interest and fiscal charges
Capital projects
Total expenditures 25,789,485 094,865 6,355,098 10,447, 111
Excess of revenues over (under) expenditures 44,331 ,994 3 ,6613852 (29576,833) (7,076, 177)
OTHER FINANCING SOURCES (USES)
Transfers in - - - 7,413 ,988
Transfers out (7,614,358)
Transfers to constitutional officers (345858,246)
Transfer to paying agent
Debt proceeds
Total other financing sources (uses) (42,472,604) - 73413 ,988
Net change in fund balances 19859,390 3 ,661 ,852 (23576,833 ) 3379811
Fund balances at beginning of year 18,244,725 191416,467 2557563028 2,951 ,338
Fund balances at end of year $ 20, 104, 115 $ 2310781319 $ 232179, 195 $ 3 ,289, 149
The accompanying notes are an integral part of the financial statements .
202
r
r
' Emergency Optional Other Total
Services Land Sales Governmental Governmental
District Acquisition Tax Funds Funds
' 2 0 - 11 678 272 4 444
$ 16,9 8,05 $ $ $ ,393 , $ 8691209084
' - - - - 5679403
939369 8,833 , 142 1 ,288,246 109884,523 349849,006
254859429 - - 4319865 9,3569507
= = = 1819841 1 ,266,552
245 ,703 49932, 130
2009508 589686 609,077 412,497 2,895,259
219,901 - 29309 676,861 11964, 177
19,927,257 89891 ,828 1395779904 17,226,734 14199519118
- - - 111359921 9,692,636
179988,214 - - 1189839 20,310,327
= 17, 1051397 = 525250 17,6139489
1589918 19,442,909
77,753 5835850
= = = 2,5339250 6, 178,917
109308,012 1893785068
17,800 1 ,2829717
r277, 147 - - 2,5455000 2,8221147
23 ,052 - - 1 ,604,852 1 ,627,904
- - 7,578,310 4,649,695 1292289005
18,288,413 179105 ,397 79578,310 23 ,202,290 110, 160,969
' 11638,844 (8,2135569) 5,999,594 (5 ,9751556) 319790, 149
' = _ - 842,500 812569488
,00
(8000) (89414,358)
(4439849) - - (339,442) (359641 ,537)
(7,800,000) (798009000)
79800,000 79800,000
(443 ,849) - (8009000) 503 ,058 (3597995407)
1 , 194,995 (8,2139569) 5 , 199,594 (5 ,472,498) (49009,258)
59333 ,270 1096779129 279029,238 2257879719 132, 195,914
$ 615289265 $ 254639560 $ 32,2281832 $ 179315,221 $ 128, 186,656
1
203
Indian River County, Florida
Board of County Commissioners
Statement of Revenues , Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 48,299,284 $ 48,299,284 $ 49,8979576 $ 19598,292
Licenses and permits 408,500 412,500 549,292 1363792
Intergovernmental 99719,503 11 ,7999870 11 ,3899771 (410,099) r
Charges for services 49109,616 53009,312 59690, 879 681 ,567
Fines and forfeitures 8775562 9499093 084,711 1353618
Interest 788,500 788,500 6123847 ( 175,653 ) 1
Miscellaneous 360,993 653 ,984 896,403 2429419 x
Total revenues 64,563 ,958 679912,543 709121 ,479 2,208,936
EXPENDITURES
Current:
General government 73684,913 8,271 , 161 7,8189877 4529284
Public safety 19534,206 2,297,573 29203274 949299
Physical environment 375,607 954,363 455,842 498,521
Transportation 7359590 2, 180,312 1 ,824,755 3559557
Economic environment 527,675 535,544 506,097 29,447
Human services 395879844 39842,806 3 ,645,667 197, 139
Culture/Recreation 8,295,612 8,7319284 81070,056 661228
Court related 1 ,563 , 116 1 ,2821535 1 ,264,917 17,618
Total expenditures 24,3049563 28,095,578 25,7895485 293069093
Excess of revenues over (under) expenditures 40,259,395 399816,965 4493319994 4,515,029
OTHER FINANCING SOURCES (USES)
Transfers in - 78,396 - (78,396)
Transfers out (8,017,947) (8,0975553 ) (796149358) 483 , 195
Transfers to constitutional officers (34,627, 189) (3528029488) (349858,246) 944,242
Total other financing sources (uses) (429645, 136) (43 ,8219645) (423472,604) 1 ,349,041
Net change in fund balances (2,3851741 ) (4,0049680) 1 ,8591390 5 ,8649070
Fund balances at beginning of year 2,3859741 45004,680 18,244,725
Fund balances. at end of year $ - $ - $ 20, 104, 115
The accompanying notes are an integral part of the financial statements .
204
' Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances = Budget and Actual
Road Improvement Fees Fund
' For the Year Ended September 30 , 2003
Variance with
' Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative )
REVENUES
Special Assessments $ 1 ,306,250 $ 198069250 $ 4,5963469 $ 257909219
Interest 1439461 143 ,461 4275414 2835953
' Miscellaneous - - 329834 329834
Total revenues 1 ,449,711 119495711 55056,717 351075006
' EXPENDITURES
Current :
Transportation 19574,466 11 ,885 ,694 193949865 10,490,829
Total expenditures 115749466 11 ,8859694 153945865 109490,829
Net change in fund balances ( 1249755) (99935 ,983 ) 3 ,6613852 139597,835
' Fund balances at beginning of year 1245755 999355983 19,4165467
Fund balances at end of year $ - $ - $ 23 ,078,319
The accompanying notes are an integral part of the financial statements .
' 205
Indian River County, Florida
Board of County Commissioners
Statement of Revenues , Expenditures , and
Changes in Fund Balances - Budget and Actual
Secondary Roads Construction Fund
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES Original Final Amounts (Negative)
Taxes $ 3 ,037,791 $ 31037,791 $ 392227742 $ 184,951
Interest 5709000 5709000 489,056 (80,944)
Miscellaneous - 36,467 66,467 30,000
Total revenues 39607,791 316449258 317789265 1349007
EXPENDITURES
Current :
Transportation 4,034, 138 23 ,565, 115 61355,098 17,210,017
Total expenditures 49034, 138 23 ,565, 115 693559098 17,210,017 t
y.
Net chane in fund balances
g (426,347) ( 199920, 857) (2,576,833) $ 179344,024
Fund balances at beginning of year 4269347 19,9209857 25,7569028
Fund balances at end of year $ - $ - $ 2331793195
206
rIndian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures, and
Changes in Fund Balances = Budget and Actual
Transportation Fund
' For the Year Ended September 30, 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Licenses and permits $ 9,500 $ 99500 $ 185111 $ 89611
Intergovernmental 2,3319238 2,331 ,238 293595955 28,717
Charges for services 450,300 450,300 7489334 298,034
Special assessments 142,500 142,500 895958 (529542)
Interest 909250 90,250 859174 (51076)
Miscellaneous 289500 329500 69,402 369902
Total revenues 310529288 31056,288 353704934 314,646
' EXPENDITURES
Current:
General government 757,744 8109799 737,838 72,961
' Transportation 10, 164, 117 10.619.862 9.709.273 910.589
Total expenditures 10,921 , 861 11 ,430.661 104447, 111 983550
Excess of revenues over (under) expenditures (7,869,573 ) (8,3745373 ) (7,076, 177) 1 ,298, 196
OTHER FINANCING SOURCES (USES)
Transfers in 718135988 718139988 714139988 (4005000)
Total other financing sources (uses) 79813 ,988 798135988 79413 ,988 (4009000)
Net change in fund balances (555585) (560,385) 337,811 $ 8982196
Fund balances at beginning of year 55 ,585 560,385 2,951 ,338
' Fund balances at end of year $ - $ - $ 392899149
The accompanying notes are an integral part of the financial statements .
207
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenditures , and
Changes in Fund Balances - Budget and Actual
Emergency Services District Fund
For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
REVENUES Original Final Amounts (Negative)
Taxes $ 169750,991 $ 16,750,620 $ 163928,050 $ 177,430
Intergovernmental 149791 56,940 939369 36,429
Charges for services 136779225 11858,500 2,485,429 626,929
Interest 213 ,750 213 ,750 2002508 ( 13242)
Miscellaneous 1994399 220,893 219.901 (992)
Total revenues 1898565156 19210%703 19,927,257 8269554 1
i
EXPENDITURES
Current :
Public safety 17,455,782 18,8319264 17,988,214 843 ,050
Debt service :
Principal 2729847 277, 147 277, 147
Interest and fiscal charges 27,353 239053 239052 1
Total expenditures 17,755,982 19, 131 ,464 18288,413 843 ,051
Excess of revenues over (under) expenditures 19100, 174 (30,761 ) 19638,844 19669,605
OTHER FINANCING USES
Transfers to constitutional officers (422,033) (444,038) (443 ,849) 189
Total other financing uses (422,033 ) (444,038) (443 , 849) 189
Net change in fund balances 6789141 (474,799) 1 , 194,995 1 ,669,794
Fund balances at beginning of year - 4749799 5,3331270 -
Fund balances at end of year $ - $ - $ 6,5285265 $ -
The accompanying notes are an integral part of the financial statements,
208
' Indian River County, Florida
Board of County Commissioners
' Statement of Revenues , Expenditures, and
Changes in Fund Balances = Budget and Actual
Land Acquisition Fund
' For the Year Ended September 30 , 2003
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
' REVENUES
Intergovernmental $ - $ 795199788 $ 898339142 $ 133139354
Interest - - 58,686 58,686
Total revenues - 79519,788 89891 ,828 1 ,3729040
EXPENDITURES
' Current:
Physical Environment 990509000 1890075499 173105 ,397 9029102
Total expenditures 99050,000 1890079499 179105 ,397 902, 102
' Net change in fund balances (9,050,000) ( 1094875711 ) (8,2135569) 2,2745142
' Fund balances at beginning of year 950509000 1054879711 109677, 129 -
Fund balances at end of year $ - $ - $ 23463 ,560 $ -
r
209
N
Y��j � l
' Indian River County, Florida
Board of County Commissioners
Statement of Net Assets
' Proprietary Funds
September 30, 2003
' Business-type Activities-
Enterprise Funds Governmental
Solid Waste Other Activities
Disposal Golf County Enterprise Internal
' District Course Utilities Funds Total Service Fund
ASSETS
Current assets :
Cash and cash equivalents $ 958719071 $ 3 , 292 $ 312570 , 797$ 49162 , 908 $ 45 , 6085068$ 7 , 918 ,454
Accounts receivable - net 2335770 574 2 , 0601026 2 ,294 , 370 309 , 160
Due from other governments 789509 95000 888 , 528 976 , 037
Interest receivable 788 , 555 788 , 555
Inventories - 542315 5919219 239557 669 , 091 67 , 536
Deposits - 1 , 000 - 1 , 000 -
' Total current assets 10 , 183 , 350 68 , 181 35 , 899 , 125 411869465 509337 , 121 89295 , 150
Restricted assets :
Cash and cash equivalents 105623 , 174 33 , 9481516 210 , 440 44 , 7825130 -
Investments - 583 , 790 - 583 , 790 -
' Impact fees receivable - - 12255 , 129 - 192552129 -
Special assessments receivable 59509 ,498 52509 , 498
Total restricted assets 10 , 623 , 174 583 , 790 40 , 713 , 143 2109440 52 , 130 , 547
Non-current assets :
' Liens receivable _ - 1137420 - 113 ,420
Unamortized bond costs 92 , 809 7639356 856 , 165
Intangible assets 79 ,750 459000 124 , 750
Capital assets - non-depreciable 11 , 3925477 669 , 630 493462834 - 169408 , 941 -
' Capital assets - depreciable 1327105836 8 ,4609141 242 , 9629055 1 , 8475083 266 , 980 , 115 450 , 349
Accumulated depreciation ( 717702655 ) ( 1 ,720 , 667) ( 83 , 0552520 ) ( 316 , 930 ) ( 92 , 863 , 772 ) (4319349 )
Total non-current assets 17 ,412 , 408 71502 , 913 165 , 1752145 1 , 530 , 153 191 , 619 , 619 19 , 000
Total assets 38 , 218 , 932 83153 , 884 241 , 787 , 413 5 , 927 , 058 294 , 087 , 287 813149150
' LIABILITIES
Current liabilities (payable from current assets) :
Accounts payable 513 , 773 759097 5183553 78 ,288 111853711 219 , 234
Claims payable - - - - 4 , 581 000
Due to other governments 79524 59931 51046 18 , 501
' Deferred revenues - 251757 - - 25 , 757
Total current liabilities (payable from current assets) 513 , 773 108 , 378 5249484 835334 1 ,229 , 969 4 , 800 ,234
Current liabilities (payable from restricted assets) :
' Accounts payable - _ 887 , 555 8872555
Retainage payable 168 , 388 1685388
Accrued interest payable - 28 , 398 328 , 002 - 356 ,400 -
Bonds payable - 395 , 000 1 , 855 , 000 - 212502000 -
' Closure and maintenance costs payable 7 ,2111362 - - 7 , 211 , 362 -
Customer deposits 649700 2 , 077 , 421 210 , 440 25352 , 561
Total current liabilities (payable from restricted assets) 7,276 , 062 4239398 593169366 2109440 13 , 226 , 266
Non-current liabilities :
' Accrued compensated absences 116 , 681 83 ,499 3637317 86 , 481 649 , 978 57 ,299
Advance from other funds 6555000 655 , 000
Bonds payable - net of unamortized discount 6 , 1481359 68 , 772 , 727 - 74 , 9212086
Total non-current liabilities 1162681 6 , 886 , 858 69 , 136 , 044 86 ,481 763226 , 064 571299
Total liabilities 7 , 9062516 7 , 4182634 74 , 976 , 894 3802255 909682 , 299 4 , 8579533
' NET ASSETS
Invested in capital assets, net of related debt 17, 3322658 8652745 93 , 6259642 12530 , 153 113 , 3542198 19 ,000
Restricted for:
' Debt service - 32 ,917 1547583 1879500 -
Capital projects - 4227839994 - 421783 , 994
Unrestricted 1229799758 ( 1639412 ) 30 ,2462300 47016 , 650 47 , 079 , 296 3 , 437 , 617
Total net assets $ . 3093 121416$ 735 .250$ 166 . 810 . 519$ 5 . 546 . 803 203 .404 , 988$ 3 , 456 , 617
The accompanying notes are an integral part of the financial statements.
' 211
Indian River County, Florida
Board of County Commissioners
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended September 30 , 2003
Business-type Activities
Enterprise Funds
Solid Waste Other
Disposal Golf County Enterprise
District Course Utilities Funds
OPERATING REVENUES
Charges for services $ 10, 187,432 $ - $ - $ 21432,420
Charges for services pledged as
security for revenue bonds - 321129087 2192109935 _
Total operating revenues 109187,432 39112,087 21 ,210,935 21432,420
OPERATING EXPENSES
Personal services 2,4299504 815,561 5 ,9222537 19453 ,486
Material, supplies, services and
other operating 59590,573 1 ,510,618 4,7421107 5223613 1
Depreciation 559, 197 1359297 10, 163 ,364 57,655
Total operating expenses 89579,274 2,461 ,476 20,8289008 2,033 ,754
Operating income ( loss) 1 ,608, 158 650,611 3829927 398,666
NONOPERATING REVENUES (EXPENSES)
Interest income 429,553 - - 819809
Interest income pledged as
security for revenue bonds - 23 ,391 13797,260 -
Operating grants 2419765 - - 29, 897
Gain on disposal of equipment 275740 2,087 30,520 33020
Interest expense - (365,067) (4,0731434) -
Bond amortization expense - ( 149742) (989388)
Intangible amortization expense (99867) - ( 159000) -
Loss on disposal of equipment - ( 1 ,622) (295)
Total nonoperating revenues (expenses) 689, 191 (355,953 ) (2,329,440) 84,829
Income before transfers and
capital contributions 29297,349 294,658 ( 1 ,946,513 ) 483 ,495
Transfers - - - 1579870
Capital contributions - - 145794,002 -
Capital contributions pledged as
security for revenue bonds - - 5,002,904 -
Change in net assets 2,2979349 294,658 17,850,393 641 ,365
Total net assets - beginning 28,0159067 440,592 14899609126 4,9059438
Total net assets - ending $ 3093125416 $ 735250 $ 166,8105519 $ 53546,803
The accompanying notes are an integral part of the financial statements .
212
Governmental
' Activities
Internal
Total Service Funds
$ 12,619,852 $ 12,9319729
' 24,323 ,022
369942,874 12,931 ,729
10,621 ,088 2,724,528
12,365,911 99789,249
' 109915,513 109956
33 ,9029512 129524,733
' 3 ,0405362 406,996
' 511 ,362 131 ,938
1 ,820,651 -
' 271 ,662 -
63 ,367 525
(4,4389501 )
' ( 1139130) -
(249867) -
( 1 ,917) -
' ( 199119373 ) 132,463
' 191289989 539,459
157,870
143794,002 -
5 ,002,904 -
215083 ,765 5395459
' 182,321 ,223 259175158
$ 20394049988 $ 3 ,4569617
' 213
Indian River County, Florida
Board of County Commissioners
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30, 2003
Business-type Activities
Enterprise Funds
Solid Waste
Disposal Golf County
CASH FLOWS FROM OPERATING ACTIVITIES District Course Utilities
Cash received from customers $ 10, 167,045 $ 311155373 $ 21 ,8633806
Cash paid to suppliers for goods and services (593999115) ( 1 ,590,352) (49689,438)
Cash paid to employees for services (2,425, 112) (7979558) (6, 197,698)
Net cash provided by operating activities 2,3429818 727,463 10,976,670
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Transfers
Operating grants 241 ,765 - 29,897
Net cash provided by noncapital financing x
activities 241 ,765 - 29,897
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Principal payments - bonds/notes - (375 ,000) ( 19765 ,000)
Interest paid on long-term debt - (3599411 ) (49044, 887)
Proceeds from sale of fixed assets 275740 29087 30,225
Purchase of fixed assets (9649917) ( 105, 544) ( 10,627,285)
Bond paying agent fees - - ( 1 ,062)
Capital contributed by others - - 13 ,607,813
Proceeds from advance from other fund - 30,000 _
Net cash used in capital and related financing
activities 937, 177
( ) (8079868) (23800, 196)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends on investments 429,553 23 ,391 158489164
Proceeds from investment maturity - 5399576
Net cash provided by investing activities 4297553 562,967 118489164
Net increase (decrease) in cash and cash equivalents 2,0762959 482,562 1054,535
Cash and cash equivalents at beginning of year 181417,286 1049520 55,464,778
Cash and cash equivalents at end of year $ 205494,245 $ 5879082 $ 65,5199313
Classified as $
Current assets $ 9,871 ,071 $ 33292 $ 31 ,570,797
Restricted assets 103623 , 174 583 ,790 33 ,9485516
Totals $ 209494,245 $ 587,082 $ 6595199313
The accompanying notes are an integral part of the financial statements .
214
Governmental
' Other Activities
Enterprise Internal
Funds Total Service Funds
' $ 295359545 $ 3796819769 $ 129744,390
(494,452) ( 12, 1739357) (9, 512,686)
' ( 1 ,459,697) ( 10, 880,065) (2,726,467)
5819396 14,6289347 5059237
' 157,870 1579870 =
271 ,662
' 1579870 4299532 -
' - (291409000) -
(4,404,298) -
3 ,020 63 ,072 525
' ( 146,222) ( 1198439968) (4, 162)
( 1 ,062) -
13 ,607,813 -
' - 30,000 -
( 143 ,202) (4,688,443 ) (3 ,637)
819809 293829917 131 ,938
' - 539,576 -
81 ,809 299229493 1319938
' 677,873 1392919929 633 ,538
3 ,695 ,475 7796289059 7,2849916
' $ 4,3739348 $ 9099735988 $ 79918,454
$ 4, 162,908 $ 4596089068 $ 7,9189454
210,440 45,3659920
$ 49373 ,348 $ 9099739988 $ 71918,454
Continued
' 215
Indian River County, Florida
Board of County Commissioners
Statement of Cash Flows
Proprietary Funds
For the Year Ended September 30 , 2003
Business-type Activities
Enterprise Funds
Solid Waste
Disposal Golf County
District Course Utilities
RECONCILIATION OF NET OPERATING INCOME (LOSS)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 108, 158 $ 650,611 $ 382,927
Adjustments to reconcile operating income to net cash
provided by operating activities :
Depreciation 5593197 135 ,297 103163 ,364
Capitalized self-incurred expenses - - (311 ,469)
(Increase) Decrease in assets : t
Accounts receivable (20,529) 563 (203 ,321 )
Due from other governments (4,358)
Inventories - ( 1 ,079) 3 ,652
Impact fees receivable - - 630,061
Deposits
Increase (Decrease) in liabilities :
Accounts payable ( 192,626) (76,819) 49,017
Claims payable
Due to other governments - ( 1 ,836)
Other deposits in escrow
Retainage payable (52, 110)
Customer deposits 49500 - 226, 131
Closure and maintenance costs payable 4369194
Deferred revenues - 2,723 -
Accrued compensated absences 4,392 189003 36,308
Total adjustments 734,660 76,852 10,593 ,743
Net cash provided by operating activities $ 29342,818 $ 727,463 $ 10,9769670
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Change in fair value of investments $ (42 358)
(385 ) $ ( 12% 876)
Contributed property,Y� Plant and equipment $ $ $ 4,065129
The accompanying notes are an integral part of the financial statements.
216
Governmental
' Other Activities
Enterprise Internal
Funds Total Service Funds
' $ 398,666 $ 3 ,040,362 $ 4069996
' 57 655 10 915 513
10,956
' - (3119469) -
(223 ,287) (250,626)
125 (45233 ) 63 ,287
29422 49995 4,846
630,061
' - - 402
259473 ( 194,955) (48,685)
320,000
' 266 ( 19570)
1039000 103 ,000 -
(52, 110) -
' _ 2309631 -
436, 194 -
2,723
' (6,211 ) 529492 ( 1 ,939)
182,730 1195879985 98,241
$ 5819396 $ 149628,347 $ 505,237
' $ ( 19999) $ ( 174,618) $ ( 129850)
$ - $ 4,0659129 $ -
' 217
Indian River County, Florida
Board of County Commissioners
Statement of Fiduciary Net Assets
Agency Fund
September 30, 2003
ASSETS
Cash and cash equivalents $ 2 , 3209768
Accounts receivable 219
Total assets $ 2 , 320, 987
LIABILITIES
Accounts payable
$ 203 , 378 ,
Other deposits held in escrow 29117 ,609
Total liabilities $ 293205987
The accompanying notes are an integral part of the financial statements .
218
' Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 1 = SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Board of County Commissioners (the "Board") is a County agency and a local governmental entity pursu-
ant to Article VIII, Section 1 (e) of the Constitution of the State of Florida . For financial statement and report-
ing purposes , the Board does not meet the definition of a legally separate organization and is not considered to
be a component unit. The Board is considered to be a part of the primary government of Indian River County.
' The financial statements contained herein represent the financial transactions of the Board only. The format of the
Board 's statements have been prepared in accordance with the presentation requirements of GASB 34 for fund
' financial statements.
The following is a summary of the significant accounting principles and policies used in the preparation of the
' accompanying financial statements .
A. Reporting Entity
' The concept underlying the definition of the reporting entity is that elected officials are accountable to their
constituents for their actions . The reporting entity ' s financial statements should allow users to distinguish
' between the primary government (the Board) and its component units . However, some component units, be-
cause of the closeness of their relationship with the Board, should be blended as though they are part of the
Board . Otherwise, most component units should be discretely presented. As required by generally accepted
' accounting principles , the financial reporting entity consists of ( 1 ) the primary government (the Board), (2)
organizations for which the Board is financially accountable , and (3 ) other organizations for which the nature
and significance of their relationship with the Board are such that exclusion would cause the reporting entity ' s
financial statements to be misleading or incomplete . The Board is financially accountable if it appoints a
voting majority of the organization ' s governing body and (a) it is able to impose its will on that organization or
' (b) there is a potential for the organization to provide specific financial benefits to, or impose specific financial
burdens on, the Board . The Board may be financially accountable if an organization is fiscally dependent on
the Board regardless of whether the organization has (a) a separately elected governing board, (b) a governing
board appointed by a higher level of government, or (c) a jointly appointed board. Based on these criteria
Board management examined all organizations which are legally separate in order to determine which organi-
,
zations , if any, should be included in the Board ' s financial statements . Management determined that the Solid
' Waste Disposal District and the Emergency Services District were the only organizations that should be included in the
Board 's financial statements as component units .
' Blended Component Units
Solid Waste Disposal District (SWDD) - Created pursuant to County Ordinance 87-67, the Board of County
' Commissioners serves as the Board for the SWDD and sets the non ad valorem assessment fees for the SWDD .
Although legally separate , the SWDD is appropriately blended as a proprietary fund type (enterprise) component
unit into the primary government.
' 219
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
A. Reporting Entity - Continued
Emergency Services District (EMS) - Created pursuant to County Ordinance 90-25 , the Board of County
Commissioners serves as the Board for the EMS and sets the millage rate for the EMS . Although legally
separate , the EMS is appropriately blended as a governmental fund type (special revenue) component unit into
71
the primary government.
B . Fund Financial Statements
The underlying accounting system of the Board is organized and operated on the basis of separate funds, each of which
is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of
self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as
appropriate . Governmental resources are allocated to and accounted for in individual funds based upon the purposes
for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the Board's governmental, proprietary, and fiduciary funds are presented. Governmental
accounting standards set forth minimum criteria (percentage of the assets, liabilities, revenues or expenditures/expenses
of either fund category and the governmental and enterprise combined) for the determination of major funds . These
statements display information about major funds individually and nonmajor funds in the aggregate for governmental
and enterprise funds . The Statement of Fiduciary NetAssets presents assets held by the Board in a custodial capacity
for other individuals or organizations.
When both restricted and unrestricted resources are combined in a fund, expenses are considered to be paid
first from -restricted resources , and then from unrestricted resources .
Governmental Funds
Governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable
and available . Revenues are considered to be available when they are collectible within the current period or
soon enough thereafter to pay liabilities of the current period. For this purpose, the Board considers revenues to be
available if they are collected within 40 days after the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting . Franchise fees, licenses, sales taxes , gas taxes,
operating and capital grants, and interest associated with the current fiscal period are all considered to be susceptible
to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered
to be measurable only when cash is received by the Board.
Under the current financial resources measurement focus, only current assets and current liabilities are generally included
on the balance sheet. The reported fund balance is considered to be a measure of "available spendable resources".
Governmental funds operating statements present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets . Accordingly, they are said to present a summary of
sources and uses of "available spendable resources" during a period.
220
' Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Fund Financial Statements - Continued
' Non-current portions of long-term receivables (special assessments) due to overnmental funds are reported on their
g
balance sheets in spite of their spending measurement focus .
' Non-currentortions of other long-term receivables
p g are offset by fund balance reserve accounts .
' Because of their spending measurement focus , expenditure recognition for governmental fund types excludes
amounts represented by non-current liabilities . Since they do not affect net current assets , such long-term
' amounts are not recognized as governmental fund type expenditures or fund liabilities .
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended,
' rather than as fund assets . The proceeds of long-term debt are recorded as an other financing source rather than
as a fund liability. However, debt service expenditures, as well as expenditures related to compensated absences
and claims and judgements , are recorded only when payment is due .
' Pronrietary Funds
' The County ' s enterprise and internal service funds are proprietary funds . In the fund financial statements
,
proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they are
earned and expenses are recognized when the related goods or services are delivered. In the fund financial
' statements , proprietary funds are presented using the economic resources measurement focus . This means that
all assets and all liabilities (whether current or non-current) associated with their activity are included on their
balance sheets . Proprietary fund type operating statements present increases (revenues) and decreases (expenses)
' in total net assets . The Board applies all GASB pronouncements as well as all FASB Statements and
Interpretations, APB Opinions and Accounting Research Bulletins , issued on or before November 30 , 1989 ,
' which do not conflict with or contradict GASB pronouncements .
Proprietary fund operating revenues , such as charges for services, result from exchange transactions associated
' with the principal activity of the fund. Exchange transactions are those in which each party receives and gives
up essentially equal values . Non-operating revenues , such as subsidies , taxes , and investment earnings result
from nonexchange transactions or ancillary activities .
' Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements , rather than
reported as an expenditure . Proceeds of long-term debt are recorded as a liability in the fund financial statements ,
' rather than as an other financing source . Amounts paid to reduce long-term indebtedness are reported as a
reduction of the related liabilities, rather than as an expense .
' Fiduciary Fund
' Agency Fund - The Agency Fund is custodial in nature and does not involve measurement of the results of operations.
It is accounted for on the accrual basis .
221
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Fund Financial Statements - Continued
Governmental Major Funds
General Fund - The General Fund is the general operating fund of the County. It is used to account for all
financial resources, except those required to be accounted for in another fund.
Road Improvement Fees Fund - The Road Improvement Fees Fund accounts for the receipt of traffic impact fees .
Funds are used for the upgrading and construction of roads and bridges .
Secondary Roads Construction Fund - The Secondary Roads Construction Fund accounts for the expenditures of
road and bridge construction. Financing is provided by collections ofthe local option gas tax.
Transportation Fund - The Transportation Fund accounts for expenditures incurred for the maintenance and
repair of County roads . Financing is provided by the 5th and 6th cent gas tax, county gas tax and transfers from
the General Fund.
Emergency Services District Fund - The Emergency Services District Fund accounts for the expenditures of
providing fire protection and advanced life support to all of the County. Financing is provided by ad valorem
taxes .
Land Acquisition Fund - The Land Acquisition Fund acounts for the expenditures incurred in the purchase of
environmentally sensitive land. Financing is provided by bond proceeds from the voted debt "Environmentally Sensitive
Land Acquisition Bonds".
Optional Sales Tax Fund - The Optional Sales Tax Fund accounts for revenues generated by the local option one cent
sales tax and some capital grants that use the local option one cent sales tax as matching funds . Monies are used for
various capital projects.
Proprietary Maj or Funds
Solid Waste Disposal District - The Solid Waste Disposal District Fund accounts for the revenues, expenses, assets
and liabilities associated with the County landfill.
Golf Course Fund - The Golf Course Fund accounts for the revenues, expenses, assets and liabilities associated with
the Golf Course,
County Utilities Fund - The County Utilities Fund accounts for the revenues , expenses , assets and liabilities
associated with the County water and sewer system .
222
rIndian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES - Continued
B . Fund Financial Statements = Continued
Other Fund Types
' Internal Service Funds - Internal Service Funds account for Fleet Management and Self Insurance services provided
to other departments of the County on a cost reimbursement basis .
Agency Fund - The Agency Fund is used to account for assets held in a custodial capacity on behalf of other
governments and individuals .
C. Cash and Cash Equivalents
' The Board maintains a cash and investment pool that is available for use by all funds . Earnings from the pooled
investments are allocated to the respective funds based on applicable cash participation by each fund . The
investment pool is managed such that all participating funds have the ability to deposit and withdraw cash as if
they were demand deposit accounts . Therefore all balances representing participants ' equity in the investment pools
are classified as cash and cash equivalents for financial statement purposes . In addition, longer-term investments are
held by several of the Board 's funds and are therefore reported as investments on these statements .
D. Investments
Investments consist of U. S . Treasury Securities , U. S . Government Agency Securities , a guaranteed invest-
ment contract, the Local Government Surplus Funds Trust Fund Investment Pool and the Florida Local Government
' Investment Trust Fund. Investments are reported at fair value in the balance sheet.
E . Allowance for Doubtful Accounts
The Board provides an allowance for water and sewer accounts receivable that may become uncollectable . At Sep-
tember 30, 2003 , this allowance was $274,988 . No other allowances for doubtful accounts are maintained since other
accounts receivable are considered collectible as reported at September 30, 2003 .
F. Inventories
' Inventories are valued at cost, which approximates market, using the "first-in, first-out" method of accounting. Inven-
tories of governmental funds are recorded as expenditures when consumed rather than when purchased.
G. Capital Assets
' Capital assets, which include property, plant, equipment, and infrastructure assets (e .g. , roads, bridges, right of ways,
water and sewer distribution systems and similar items), are defined by the County as assets with an initial, individual
cost of$750 or more and an estimated useful life in excess of one year. Except for roads and bridges constructed prior
to October 1 , 1981 , assets are recorded at historical cost. Roads and bridges constructed prior to October 1 , 1981
are reported at estimated historical cost. Donated capital assets are recorded at estimated fair market value at the date
' 223
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
G. Capital Assets - continued
of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
its useful lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during
the construction phase of capital assets of enterprise fund activities is included as part of the capitalized value of the
assets constructed .
The Board holds legal title for the capital assets used in the operations of the Board, Clerk of the Circuit Court,
Property Appraiser, Supervisor ofElections and Tax Collector, and is accountable for them under Florida Law. Capital
assets used by the Board's governmental funds are reported in the financial statements of the County. Capital assets of
the Board 's enterprise and internal service funds are reported in the Proprietary Funds financial statements .
Property, plant, and equipment of the Board's enterprise and internal service funds, as well as the Solid Waste Disposal
District, are depreciated using the straight line method over the following estimated useful lives :
Assets Years
Buildings and improvements 25 - 50
Machinery and equipment 3 - 10
Utility distribution systems 25 - 50
H. Capitalization of Interest
Interest costs related to bond issues are capitalized during the construction period. These costs are netted
against applicable interest earnings on construction fund investments . During the current period, the County
did not have any capitalized interest.
1. Unamortized Bond Costs
s
Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are amortized over
the life of the bonds using the straight-line method of accounting.
J. Unamortized Bond Discounts
Bond discounts associated with the issuance of Proprietary Fund revenue bonds are amortized according to the
interest method, which results in a constant rate of interest being applied to the amount outstanding at any
given time. For financial reporting, unamortized bond discounts are netted against the applicable long-term debt.
224
' Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
' Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
K. Intangible Assets
' Land use rights were purchased b the County Utilities Fund from the
g p y ty Golf Course Fund for irrigating the golf
' course with treated effluent. Leachate disposal rights were purchased by the Solid Waste Disposal District
Fund from the County Utilities Fund for removal and transportation of leachate from the County landfill to the
sewer system . These assets are being amortized using the straight-line method over the estimated useful life of
' 20 years .
L . Deposits
' Deposits in the governmental funds represent prepayments for services that will be used in future periods. The Board's
policy is to record the expenditure for the services when they are used rather than when the cash is disbursed.
' M . Deferred Revenues
' Deferred revenues reported in applicable Governmental Fund Types represent unearned revenues or revenues
which are measurable but not available and, in accordance with the modified accrual basis of accounting, are
reported as deferred revenues . The deferred revenues will be recognized as revenue in the fiscal year they are
' earned or become available .
N . Accrued Compensated Absences
The Board records compensated absences in the Governmental Fund Types as an expenditure for the amount accrued
during the year that would normally be liquidated with expendable available financial resources . The liability is reported
' in the financial statements of the County. Proprietary Fund Types accrue compensated absences in the period they are
earned.
O . Obligation for Bond Arbitrage Rebate
' Pursuant to Section 148 (f) of the U. S . Internal revenue Code, The Board must rebate to the United States Govern-
ment the excess of interest earned from the investment of certain debt proceeds and pledged revenues over the yield
rate of the applicable debt. The Board has no arbitrage liability outstanding as of September 30, 2003 .
' P. Landfill Closure Costs
Under the terms of current state and federal regulations , the Solid Waste Disposal District (S WDD) is required to
place a final cover on closed landfill areas, and to perform certain monitoring and maintenance functions for a period of
up to thirty years after closure . The S WDD recognizes these costs of closure and post-closure maintenace over the
' active life of each landfill area, based on landfill capacity used during the period. Required obligations for closure
and post-closure costs are recognized in the Solid Waste Disposal District Enterprise Fund.
' 225
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Q. Budgets and Budgetary Accounting
The Board uses the following procedures in establishing the budgetary data reflected in the financial statements :
( 1 ) The constitutional officers submit, at various times, to the Board and to certain divisions within the Department of
Revenue, State of Florida, a proposed operating budget for the fiscal year commencing the following October 1 .
The operating budget includes proposed expenditures and the means of financing them, as set forth in Chapter
129 of the Florida Statutes .
(2) The Department of Revenue , State of Florida, has the final authority on the operating budgets for the Tax
Collector and the Property Appraiser included in the General Fund.
(3 ) Constitutional officers, all departments controlled by the Board, and outside state and local agencies submit their
proposed budgets to the Office of Management and Budget for assistance, review and compilation. The County
Administrator then reviews all County departments, state agencies, and nonprofit organization 's budgets and
makes his budget recommendation to the Board.
(4) On or before July 15 of each year, the County Administrator and the Director of the Office of Manage -
ment and Budget, as the Board ' s designated budget officer, submit to the Board a tentative budget for the
ensuing fiscal year. The tentative budget includes proposed expenditures and the means of financing
them .
(5 ) During September, public hearings are held pursuant to Section 200 . 065 of the Florida Statutes in order
for the Board to receive public input on the tentative budget. At the end of the last public hearing, the
Board enacts ordinances to legally adopt the budgets at the fund level for all governmental and propri.
etary fund types . The budgets legally adopted by the Board set forth the anticipated revenues by source
and the appropriations by function. Subsequent to enaction of the ordinances adopting budgets for all govern-
mental and proprietary fund types, two new governmental funds were created, the Disabled Access Program
and Traffic Education Program special revenue funds . Budgets were not adopted by the Board for these new
funds.
(6) Formal budgetary integration on an object level is used as a management control device for the governmental and
proprietary funds of the Board. Management is authorized to transfer budgeted amounts between objects and
departments in any fund as long as management does not exceed the total appropriations of a fund. Board
approval to amend the budget is only required when unanticipated revenues are received that management
wishes to have appropriated, thereby increasing the total appropriations of a fund.
(7) Budgets for the governmental and propriety fund types are adopted on a basis consistent with generally
accepted accounting principles .
(8) Appropriations for the Board lapse at the close of the fiscal year.
226
' Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Q. Budgets and Budgetary Accounting - Continued
' (9) The following is a comparison of the appropriations to total expenses for the proprietary funds for the fiscal
year ended September 30, 2003 :
Variance
Total Positive
Appropriations Expenses (Negative)
' Primary Government
Enterprise Funds :
' Solid Waste Disposal District $ 99946 , 789 $ 81589, 141 $ 19357 , 648
Shooting Range 341 ,270 3279645 13 ,625
Golf Course 3 , 1979100 2 , 8429907 3549193
County Building 158425933 1 , 706, 109 1369824
CountyUtilities 2856445156 25 ,0159125 3 ,6299031
' Internal Service Funds :
Fleet Management 1 ,6119068 15501 ,621 1095447
SelfInsurance 135119 ,364 11 ,023 , 112 2 ,096,252
' NOTE 2 - CASH AND CASH EQUIVALENTS
' The Board maintains a cash and investment pool that is available for use by all funds except those whose
cash and investments must be segregated due to bond covenants or other legal restrictions .
A. Deposits
At September 30, 2003 , the carrying amount of the Board's deposits, including $8 ,000,000 of non-negotiable CDs,
jwas $ 14,773 ,002, and the bank balance was $ 16,020,432 . All deposits with financial institutions were 100% insured
by federal depository insurance or by collateral provided by qualified public depositories to the State Treasurer pursu-
ant to the Public Depository SecurityAct of the State of Florida. The Act established a Trust Fund, maintained by the
State Treasurer, which is a multiple financial institution pool with the ability to assess its member financial institutions for
collateral shortfalls if a member fails .
' B . Accrued Interest
Interest earnings on U . S . Treasury Notes and government agency bonds are recorded in the cash and investment
pool and then allocated to each fund based on each fund's average monthly balance. Interest received within 40
days after September 30, in the amount of $299,918 , was allocated to the funds based on their average monthly
balance for September.
' 227
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
C. Investments
Florida Statutes, the Board 's Investment Policy, and various bond covenants authorize investments in certificates of
deposit, money market accounts , savings accounts , repurchase agreements , the Local Government Surplus Funds
Trust Fund administered by the Florida State Board ofAdmimstration, Florida Local Government Investment Trust
Fund, direct obligations ofthe U. S . Government, or its agencies and instrumentalities and money market funds invest-
ing in direct obligations of the U. S . Government. The Board invested in only these types of instruments during the fiscal
year.
In accordance with generally accepted accounting principles , the Board ' s investments are categorized in the
following schedule to give an indication of the level of custodial credit risk assumed at year-end. Category 1
includes investments that are insured or registered, or for which the securities are held by the Board or its agent
in the Board ' s name . U. S Treasury Securities and U . S . Government Agencies are held in safekeeping by the
Board ' s agent in the Board ' s name . Investments in the Local Government Surplus Funds Trust Fund, the
Florida Local Government Investment Trust Fund, money market accounts and guaranteed investment con-
r
tract are not categorized since the investments are not evidenced by securities that exist in physical or book r
entry form .
The Local Government Surplus Funds Trust Fund Investment Pool (Pool) is a "2a-7" like pool, and therefore ,
the County ' s account balance is used for fair value reporting . All units of local government in Florida are
eligible , but not required, to participate in the Pool . In addition to a variety of fixed coupon investments , the
Pool also purchases floating rate and adjustable rate securities . These floating rate and adjustable rate securi-
ties are used to hedge against interest rate risk and provide diversification to the portfolio . The floating rate and
adjustable rate securities all float relative to prevailing short-term interest rates such as LIBOR, Prime , or Fed
Funds rates . On September 30, 2003 , the Pool held floating rate securities , either directly or as invested securities
lending collateral, at a fair value of$2,236,973 ,000. The Pool also participates insecurities lending programs . As of
September 30, 2003 , the collateral held by the Pool, $5 ,207,037,936 in cash and $4,095 ,228 in U . S . Government
securities, exceeded the fair value of the securities underlying the agreements. As of September 30, 2003 , the Pool had
794 local government participants with total investments of approximately $ 16 . 05 billion. The portfolio 's average
maturity was 76 days .
The Florida Local Government Investment Trust Fund (Trust) is aprofessionally managed fund available onlyto public
entities in Florida. The investment policy of the Trust restricts investments to direct obligations of or securities fully
guaranteed by the United States; obligations of certain federal agencies, including collateralized mortgage obligations ;
repurchase agreements ; corporate bonds ; and commercial paper. As of September 30, 2003 , the Trust had invest-
ments, at fair value, of approximately $543 .2 million. Ofthe total investments in the Trust, 9. 86% was invested in asset
backed securities and 9.08% was invested in adjustable rate mortgages .
Except for the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local Govern-
ment Investment Trust Fund (Trust), investments are reported at fair value based on the average price obtained from
three broker/dealers . Fair value of the Pool and the Trust are based on the fair value per share of the underlying
portfolio.
228
' Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 2 - CASH AND CASH EQUIVALENTS - Continued
C. Investments - Continued
' Upon issuance of the Water and Sewer Bonds, Series 1993A and 1993B , the Board invested the required sinking fund
q g
reserve monies, $3 , 139 ,285 , in a guaranteed investment contract with AIG Matched Funding Corporation. This
contract is for the life of the bonds and has a rate of earnings slightly less than the arbitrage yield of the bonds .
All of the Board's U. S . Treasury Securities and U . S . Government Agencies are held in trust by the Board's custodial
bank in the Board's name .
' Schedule of Investments at September 30, 2003
Fair
Value
U . S Treasury Securities $ 199148226
U . S . Government Agencies 1159805 ,686
' 13499533912
Local Government Surplus Funds Trust Fund 65 , 1349998
' Florida Local Government Investment Trust Fund 95000,000
Guaranteed Investment Contract 3 , 139285
' Total Investments $ 2122289195
Note 3 - Property Tax Revenues
Taxable values for all property are established as of January 1 , which is the date of lien, for the fiscal year starting
October 1 . Property tax revenues recognized for the 2002-2003 fiscal year were levied in October, 2002 . All taxes
' are due and payable on November I or as soon as the assessment roll is certified and delivered to the Tax Collector.
Discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1 % in
February. Taxes paid in March are without discount. All unpaid taxes become delinquent as ofApril 1 . Virtually all
unpaid taxes are collected via the sale of tax certificates on or prior to June 1 ; therefore, there were no material taxes
receivable at fiscal year end.
' 229
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 4 - CAPITAL ASSETS
A. Governmental Fund Type Capital Assets
A summary of changes in the governmental fund type capital assets is as follows :
Buildings Total
and Construction Capel
Balance at Land Irrproverrents Equipment In Progress Infrastructure Assets
October 1, 2002 $ 52,0942481 $ 5396863666 $ 28,952,369 $ 1027, 178 $ 3296,055 $ 154,0569749
Additions 17,7439974 102847430 2,257,412 20,756,343 2792012 51 ,3211171
Deletions - - ( 12439039) (11 ,364,798) - ( 12,6071837)
Balance at
September 30, 2003 $ 69 $ 63971 ,096 $ meeee29,966,742 $ 259418,723 $ 3,575,067 $ 192,7709083
Depreciation expense for governmental fund type capital assets is not reported in the financial statements of
the Board . Depreciation expense is reported in the financial statements of the County. Please refer to the
County notes for a more detailed explanation of the County's policy on depreciation.
't
Be Proprietary Fund Type Capital Assets
A summaryof changes in the proprietary fund
g p p Lary type capital assets is as follows :
Buildings Total
and
Construction Capital
Land Improvements Equipment In Progress Assets
Balance at
October 1 , 2002 $ 15, 8892360 $ 224,3492474 $ 12,490,497 $ 1593669148 $ 26890959479
Additions 5199581 8,630,563 1 ,439, 158 107193,619 209782,921
Deletions - - (510,287) (47528,708) (550389995)
16,4082941 23299809037 139419,368 21 ,0319059 283,8392405
Less
Accumulated
depreciation - (839746, 840) (995489281 ) - (9392959121 )
Balance at
September 30, 2003 $ 16408,941 $ 149,233, 197 $ 3,8719087 $ 21 ,031 ,059 $ 19075449284
230
Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 5 - RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS
Various bond covenants, resolutions and state regulations require that the Board restrict cash and cash equivalents and
' investments within the Enterprise Funds . Restricted cash and cash equivalents and investments are as follows :
Solid Waste Other
Disposal Golf County Fnterprise
District Course Utilities Funds Total
Sinking Funds $ - $ 583,790 $ 41470,310 $ $ 5,0549100
' Renewal and -
Replacement 393479112 3,060,594 69407,706
Customer Deposits 649700 - 230479458 210,440 29322,598
' Capital Construction - - 24,370, 154 24,370, 154
Closure and Mainte-
nance Costs 7,2111362 - - - 7,211 ,362
' Total $ 10 $ 583,790 $ 33,948,516 $ 210,440 $ 4593659920
NOTE 6 - PAYABLE FROM RESTRICTED ASSETS
' Liabilities payable from the Board' s Enterprise Funds restricted assets listed above are as follows :
' Solid Waste Other
Disposal Golf County Enterprise
District Course Utilities Funds Total
Accounts payable $ - $ - $ 887,555 $ - $ 8879555
' Retainage payable - 168,388 - 1687388
Accrued interest
payable - 28,398 3289002 - 3569400
' Bonds payable - -
(current portion) 395,000 198559000 29250,000
Closure & maintenance
' costs payable 792119362 - - 79211 ,362
Customer deposits 649700 290779421 2109440 2,3529561
' Total $ 79276,062 $ 4239398 $ 59316,366 $ 2109440 $ 13 ,2269266
' 231
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 7 - INTERFUND BALANCES
Interfund balances at September 30, 2003 , consisted of the following:
Due to General Fund from :
Nonmajor governmental funds :
Federal/State Grants $ 5 ,000
Community Development Block Grant 13 ,000
Total $ 18 ,000
Due to Secondary Roads Construction Fund from :
Metropolitan Planning Organization Fund $ 160 000
Homeless Assistance Center 135 ,000
Total $ 295 ,000
Amounts due from the above funds represent short term cash loans that will be repaid within the next twelve months .
NOTE 8 - INTERFUND TRANSFERS
Interf ind transfers for the year ended September 30, 2003 , consisted of the following :
Transfers to Transportation Fund from :
General Fund $ 7,413 ,988
Transfers to Nonmajor Funds from :
General Fund 200,370
Optional Sales Tax Fund 800 000
Total transfers $ 8 ,414,358
Transfers are used to 1 ) provide matching funds for grants , 2) use unrestricted general fund revenues to finance
transportation activities which must be accounted for in another fund, 3 ) use optional sales tax revenues for
beach restoration activities which must be accounted for in another fund, and 4) use unrestricted general fund
revenues to subsidize a business activity, the Shooting Range.
232
' Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 9 - RECEIVABLE AND PAYABLE BALANCES
Receivables
' Receivables at September 30, 2003 , were as follows :
Due from
' Accounts Other Governments Total
Governmental Activities :
Gane $ 4529824 $ 49971 ,723 $ 5,424,547
' Road Improvement 0 215250 21 ,250
Secondary Roads Construction 0 539,012 539,012
Transportation 42843 210, 191 2159034
Emergency Services 17,014 202, 882 219, 896
' Optional Sales Tax 0 117215911 11721 ,911
Other governmental 715317 484,593 555,910
Total Governmental Activities 545,998 8, 1512562 8,6972560
Business-type activities :
Solid Waste $ 233,770 $ 782509 $ 312,279
Golf Course 574 9,000 91574
Utilities 22060,026 0 2,060,026
Other proprietary 309, 160 0 3099160
Total Business -type activities $ 2,6037530 $ 87,509 $ 216919039
Payables
' Payables at September 30 , 2003 , were as follows :
Salaries and Total
Governmental Activities : Vendors Benefits Retainage Payables
General $ 892,342 $ 135, 512 $ 4,474 $ 13032,328
Road Improvement 4052149 0 482294 4535443
Secondary Roads Construction 544,902 2,383 4522172 999,457
Transportation 299,629 799653 2,325 3817607
Emergency Services 124,990 163,492 0 288,482
' Optional Sales Tax 1 ,7381646 1 ,019 502,657 2,2429322
Land Acquisition 1 ,807 0 0 1 ,807
Other governmental 9525023 0 779583 11029,606
' Total Governmental Activities $ 4,959,488 $ 382,059 $ 1 ,0875505 $ 6,429,052
� a
Business-Type Activities (payable from current assests):
' Solid Waste $ 486,580 $ 272193 $ 0 $ 513,773
Golf Course 67, 110 7,987 0 759097
Utilites 445,969 722584 0 518,553
' Other 2979522 0 0 297,522
Business-Type Activities (payable from restricted assests):
Utilites 887,555 0 1 %388 19055,943
' Total-Business Type Activites $ 2, 184,736 $ 1075764 $ 1689388 $ 2,460,888
' 233
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 10 - LONG-TERM LIABILITIES
A. Enterprise Fund Bonds Payable
P y
Recreational (Golf Course) Revenue Refunding Bonds Series 1993
Purpose - The Series 1993 bonds were issued to legally defease all of the Board ' s outstanding Recreational
Revenue Bonds , Series 1985 and Series 1991 .
Pledge of Revenues - The revenue bonds are collateralized by a lien on the net revenues derived from the
operations of the project and racetrack and jai alai fronton funds accruing annually to the Board .
Bonds Issued - At September 30, 2002, the revenue bonds consisted of the following :
t
Interest Outstanding at
Rates and Original September 30 ,
Descrition
P Date Maturit Issue 2003
1993 Recreational Revenue 2 . 80-5 . 25 % 9/ 1 / 16 $ 9 , 8755000 $ 6 ,735, 000
Refunding Bonds 3/ 1 and 9/ 1
Less : Current portion 395 ,000
Unamortized bond discount 1915641
Long-Term Portion $ 65148 , 359
Mandatory Redemption - The Series 1993 term bonds due September 1 , 2016, are subject to mandatory re-
demption by . lot, prior to maturity, at par plus accrued interest to date of redemption, based on the following I
schedule :
Date _Principal Amount g
September 1 , 2009 $ 500, 000
September 1 , 2010 530, 000
September 1 , 2011 555 , 000
September 1 , 2012 5805000 IF
September 1 , 2013 610,000
September 1 , 2014 6455000
September 1 , 2015 675 , 000
September 1 , 2016 470, 000 $'
Optional Redemption - The revenue bonds , maturing on or after September 1 , 2004, (except the Series 1993
term bonds maturing on September 1 , 2016) are subject to redemption prior to maturity, at the option of the
County on and after September 1 , 2003 , in whole or in part, at any time, on any interest payment date at par
plus accrued interest and plus a premium ranging between 0% and 2% depending on the year of redemption .
234
' Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable - Continued
' Water and Sewer Revenue Bonds , Series 1993A
Purpose - The Series 1993 bonds were issued to legally defease all of the County 's outstanding Water and Sewer
Revenue and Refunding Bonds, Series 1986 and 1986A, Series 1989, Series 1991 , and Special Assessment Rev-
enue Bonds, Series 1989 and Series 1990, and to provide funds to make certain capital improvements to the utility
system.
' Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from the
operation of the system, and certain surcharges and special assessments .
' Bonds Issued - At September 30, 2003 the revenue bonds consisted of the following:
Interest Outstanding at
' Rates and Original September 30,
Description Date MLtun�V Issue 2003
Water and Sewer 2 . 60- 6 . 50%
' Revenue Bonds, 3 / 1 and 9/ 1 2024 $ 45 ,4755000 $ 3855705000
Series 1993A
' Less : Current portion 150559000
Unamortized bond
discount 1 ,229,234
Long-Term Portion $ 36 ,285 , 766
Mandatory Redemption - The Series 1993A term bonds are subject to mandatory redemption by lot, prior to
' maturity, at par plus accrued interest to date of redemption, based on the following schedule :
Term Bonds due September 1 , 2008
' Date Principal Amount
September 1 , 2007 $ 152305000
September 1 , 2008 1 ,310, 000
Term Bonds due September 1 , 2011
' Date Principal Amount
September 1 , 2009 $ 1 ,3955000
September 1 , 2010 1 ,4755000
September 1 , 2011 15555 , 000
' 235
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable - Continued
Water and Sewer Revenue Bonds Series 1993A - Continued
Term Bonds due September 1 , 2015
Date Principal Amount
September 1 , 2012 $ 1 640 000
September 1 , 2013 11730,000
September 1 , 2014 1 825 000
September 1 , 2015 1 925 000
Term Bonds due September 1 , 2018
Date _Principal Amount
September 1 , 2016 $ 25 030 000
September 1 , 2017 2135000
September 1 , 2018 2 250 000 F
Term Bonds due September 1 , 2020
Date Principal Amount
September 1 , 2019 $ 2 370 000
September 1 , 2020 2 490 000
Term Bonds due September 1 , 2024
Date Principal Amount
September 1 , 2021 $ 2 625 000
September 1 , 2022 257605000
September 1 , 2023 2 905 000
September 1 , 2024 15585 ,000
Optional Redemption - The revenue bonds , Series 1993A, maturing on or after September 1 , 2009, are subject
to redemption prior to maturity, at the option of the County on and after September 1 , 2008 , in whole or in part,
at any time , on any interest payment date at par plus accrued interest and plus a premium ranging between 0%
and 2% depending on the year of redemption .
Water and Sewer Revenue Bonds Series 1996
Purpose - The Series 1996 bonds were issued to provide funds to make certain capital improvements to the
utility system, and to reimburse the County for the purchase of a utility system from the City of Sebastian,
Florida.
Pledge of Revenues - The revenue bonds are collateralized by a pledge of all net revenues derived from the
operation of the system and certain surcharges and special assessments .
236
Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable - Continued
Water and Sewer Revenue Bonds Series 1996 - Continued
' Bonds Issued - At September 30, 2003 , the revenue bonds consisted ofthe following :
' Interest Outstanding at
Rates and Original September 30,
Description Date Maturi Issue 2003
' Water and Sewer 3 . 80- 5 . 45 %
Revenue Bonds, 3/ 1 and 9/ 1 2026 $ 38 , 900 , 000 $ 34, 1905000
Series 1996
' Less: Current portion 8005000
Unamortized bond
discount 9039039
Long-Tenn Portion $ 32 ,4869961
Mandatory Redemption - The Series 1996 term bonds are subject to mandatory redemption prior to maturity,
' in part (including portions of bonds) at par plus accrued interest, according to the following schedule :
' Term Bonds due September 1 , 2016
Date PnncinalAmount
September 1 , 2011 $ 191259000
' September 1 , 2012 1 , 1859000
September 1 , 2013 1 ,255 , 000
September 1 , 2014 1 , 320, 000
' September 1 , 2015 193953000
September 1 , 2016 15470, 000
Term Bonds due September 1 , 2019
' Date Principal Amount
September 1 , 2017 $ 195505000
September 1 , 2018 19635 ,000
' September 1 , 2019 1 , 725 , 000
Term Bonds due September 1 , 2026
' Date Principal Amount
September 1 , 2020 $ 198205000
September 1 , 2021 199205000
September 1 , 2022 2 ,025 , 000
September 1 , 2023 2 , 140, 000
September 1 , 2024 252559000
September 1 , 2025 2, 3805000
September 1 , 2026 295105000
237
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
A. Enterprise Fund Bonds Payable -
y Continued
Annual Debt Service Pavments - Enterprise Fund Bonds Payable
The annual debt service payments for bonds outstanding at September 30, 2003 , are as follows :
Fiscal Year Recreational Revenue Water and Sewer Refunding Water and Sewer Revenue
Ending Refunding Bonds , Series 1993 Revenue Bonds , Series 1993 Bonds , Series 1996
September 30, Principal Interest Principal Interest Principal Interest
2004 $ 3959000 $ 340, 775 $ 11055 ,000 $ 210839985 $ 800,000 $ 15852,034
2005 410,000 3219420 1 , 110,000 2,0309180 835,000 1 ,8139634
2006 4309000 300,920 1 , 170,000 199723460 8752000 1 ,7723719
2007 455 ,000 2789990 11230,000 19910,450 920,000 1 ,7281969
2008 480,000 255,785 193109000 1 ,830, 500 965,000 1 ,682,969
2009-2013 2 ,775 ,000 881 , 150 717955000 7, 9151225 5,650,000 7,596,962
2014-2018 19790,000 1709250 10, 165,000 51538,762 7,3701000 528729350
2019-2023 - - 1371509000 2,5577536 9,6301000 3,610,750
2024-2026 - - 1 ,5859000 83 ,212 72145,000 799,975
Total $ 637359000 $ 215499290 $ 38, 570,000 25,922,310 $ 34, 1909000 $ 26, 730,362
Less :
Current Portion 395,000 1 ,0552000 800,000
Unamortized
bond discount 1919641 19229,234 903,039
Total $ 6, 148,359 $ 2,5491290 $ 36,2859766 $ 259922,310 $ 32,486,961 $ 26,7309362
238
' Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
B . Changes in Governmetal Long-term Liabilities
' Balance Balance
October 1 , September 30,
' 2002 Additions Deletions 2003
Accrued Compensated Absences : $ 27319,703 $ 5152619 $ $ 298359322
Capital Leases : 4719188 2779146 194,042
Bonds Payable:
' Spring Training Facility 1694509000 460,000 15,9909000
Revenue Bonds - 2001 Series
General Obligation
' Revenue Bonds - 1995 Series 99290,000 992902000
General Obligation
Bonds - 2001 Series 1095209000 595,000 999259000
General Obligation
Refunding Bonds - 2003 Series 7 800 000 71800,000
Total Bonds Payable 36,2605000 71800,000 1093459000 3397159000
' Total $ 39,050,891 $ 893159619 $ 10,622, 146 $ 36,7449364
MWMW�' Of the $2, 835 ,322 liability for accrued compensated absences, management estimates that $200,000 will
be due and
payable within one year. The long term liabilities are not reported in the financial statements of the Board since they are
not payable from available spendable resources . They are reported in the financial statements of the County.
C. Governmental Long- Term Debt
rGeneral . Obligation Bonds
' Purpose - On November 29, 200 1 , the Board issued the additional $ 11 ,000,000 of General Obligation Bonds, Series
2001 . The issuance of the Series 1995 bonds and the Series 2001 bonds were approved by a majority of votes cast
in a bond referendum held on November 2, 1992, by the qualified electors of the County. The referendum authorized
a total of $26,000,000 aggregate principal amount of general obligation bonds , in one or more series, of which the
Series 1995 bonds are the first and the Series 2001 bonds are the second. The proceeds of this issue will provide
funds to acquire by purchase , interest in environmentally sensitive lands, together with the necessary restoration,
' remediation and reclamation activities to preserve and enhance such property and customary and necessary costs
incurred in the acquisition. On July 1 , 2003 , the Board issued $7,800,000 of general Obligation Refunding Bonds,
Series 2003 . The bonds were issued to provide funds, which together with other funds of the County, were used to
refund and redeem on the date of closing of the Bonds , all of the outstanding principal amount of the County's
$ 15,000, 000 General Obligation Bonds Series 1995 . Proceeds of the Bonds will also be used to pay cost of issuance
' ofthe Bonds, including to premiums for guaranty insurance .
Pledge of Revenues The principal and interest on the bonds are payable from ad valorem taxes levied by the
Board upon the taxable real and personal property of the Board.
t239
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
C. Governmental Long-Term Debt - Continued
General Obligation Bonds - Continued
Bonds Issued - At September 30, 2003 , General Obligation Bonds consisted of the following :
Outstanding at
Interest Original September 30,
Description Rates and Date Mature Issue 2003
General Obligation 2 . 50%-4 . 30%
2001 Series 1 / 1 and 7/ 1 2016 $ 11 ,000,000 $ 919259000
General Obligation 1 . 50%-3 . 00%
Refunding 2003 Series 1 / 1 and 7/ 1 2010 $ 7, 800 , 000 $ 72800,000
Optional Redemption - The General Obligation Bonds, Series 2001 , maturing on or after July 1 , 2013 , are subject to
redemption prior to maturity, at the option of the Board on and after July 1 , 2012, in whole or in part, at any time, on
any date at par plus accrued interest and plus a premium ranging between 0% to 2% depending on the year of
redemption . The General Obligation Refunding Bonds , Series 2003 , are not subject to redemption prior to their
maturities.
Snrina Traning Facility Revenue Bonds `
Purpose - On August 15 , 2001 , the Board issued $ 16, 810, 000 of Spring Training Facility Revenue Bonds ,
Series 2001 . The Series 2001 bonds are being issued by the County to provide funds , together with other
available funds , to ( 1 ) finance a portion of the cost of acquisition and expansion of a spring training facility
known as "Dodgertown"; (2) pay a premium for a municipal bond insurance policy and a debt service reserve
account surety bond, and (3 ) pay certain costs and expenses incurred in connection with the issuance
of the Series 2001 bonds .
Pledge of Revenues - The principal and interest on the Series 2001 bonds will be payable from and secured by
a first lien upon and pledge of the following, together with any investment income realized on any funds held
under the Resolution, except the Cost of Issuance Account and the Rebate Fund :
( 1 ) Payments received by the County from the State of Florida pursuant to Section 212 .20, Florida Statutes ; and
(2) the Fourth Cent Tourist Development Tax levied by the County in Ordinance No . 2000-029, enacted pursuant to
Section 125 . 0104(3)( 1 ), Florida Statutes; and
(3 ) Eighty-six percent (86%) of the Local Government Half-Cent Sales Tax distributed to the County, pursuant to
Chapter 218 , part VI, Florida Statutes .
240
' Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 10 - LONG-TERM LIABILITIES = Continued
C. Governmental Long-Term Debt = Continued
S rTraning Facifily Re
venue Bonds - Continued
The foregoing are collectively referred to herein as the "pledged revenues".
The Fourth Cent Tourist Development Tax and the Local Government Half-Cent Sales Tax pledged to the payment of
debt service on the Series 2001 bonds are automatically released as a pledged revenue for the Series 2001 bonds
immediately following the April 1 , 2021 principal payment on the Series 2001 bonds .
Bonds Issued - At September 30, 2003 , Spring Training Facility Revenue Bonds consisted of the following :
g
' Outstanding at
Interest Original September 30,
Description Rates and Date Maturity Issue 2003
Spring Training 3 . 30%-5 . 25 %
' Facility 4/ 1 and 10/ 1 2031 $ 16 , 810, 000 $ 15 , 990, 000
Optional Redemption - The Series 2001 bonds maturing on or afterApril 1 , 2012, are subject to redemption at the
' option of the County in whole or in part, onApril 1 , 2011 , or on any date thereafter at par plus accrued interest and plus
a premium ranging between 0% to 1 % depending on the year of the redemption.
Mandatory Redemption - The Series 2001 term bonds are subject to mandatory redemption prior to maturity,
by lot, at par plus accrued interest, according to the following schedule :
Term Bonds due April 1 , 2015
Date Principal Amount
April 1 , 2014 $ 6859000
April 1 , 2015 725 ,000
Term Bonds due April 1 , 2017
Date Principal Amount
April 1 , 2016 $ 7605000
April 1 , 2017 795 ,000
' Term Bonds due April 15 2021
Date Principal Amount
April 1 , 2018 $ 8409000
' April 1 , 2019 8905000
April 1 , 2020 9305000
April 1 , 2021 980,000
' 241
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
C. Governmental Lon -
g Term Debt - Continued
Spring Traning Facility Revenue Bonds - Continued
Term Bonds due April 1 , 2027 -
Date PrincipalAmount
April 1 , 2022 $ 305 , 000
April 1 , 2023 3203000
April 1 , 2024 340, 000
April 13 2025 355 ,000
April 1 , 2026 375 , 000
April 1 , 2027 390,000
Term Bonds due April 1 , 2031
Date Principal Amount
April 1 , 2028 $ 410, 000
April 1 , 2029 4303000
April 1 , 2030 455 , 000
April 1 , 2031 4355000
Annual Debt Service Payments - Governmental Long Term Debt
The annual debt service payments for bonds outstanding at September 30, 2003 , are as follows :
Fiscal Year General Obligation Refunding General Obligation Bonds Spring Training Facility Bonds
Ending Bonds 2003 Series 2001 Series
2001 Series
September 30 Principal Interest Principal Interest Principal Interest
2004 $ 15035 , 000 $ 186, 438 $ 6109000 $ 369, 118 $ 4752000 $ 754, 028
2005 1 , 065, 000 1659737 6303000 3503817 490, 000 737,402
2006 1 , 0809000 146,238 6509000 3315918 5052000 7215233
2007 1 , 105, 000 1249637 6709000 3129417 520, 000 704, 062
2008 1 , 135 , 000 99, 775 6909000 2909643 545 , 000 685, 343
2009-2013 21380, 000 107, 700 3 , 900, 000 190553218 3 , 0351000 31085,453
2014-2018 - - 22775 , 000 240,280 39805 , 000 2, 307, 988
2019-2023 _
2024-2028
3 , 425 , 000 11237,225
_
2029-2031
19870, 000 619, 250
_
1 , 320, 000 1327250
Total $ 71800, 000 $ 830, 525 $ 9, 9259000 $ 2, 9502411 $ 1539909000 $ 1029849234
242
tIndian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 10 - LONG-TERM LIABILITIES - Continued
C. Governmental Long-Term Debt - Continued
The General Obligation Bonds and Spring
g p g Training Facility Bonds are not reported in the governmental fund statements
since they are not current liabilities payable from available spendable resources . They are reported in the financial
r statements ofthe County.
' D . Summary of Defeased Debt Outstanding
The following outstanding revenue bonds are legally defeased. Since governmental obligations are held in escrow for
the payment of principal and interest, the bonds are not liabilities of the Board.
Outstanding Retired Outstanding
' at During at
September 30, Fiscal Year September 30,
' Capital Improvement Revenue 2002 2003 2003
Bonds : Series 1980 $ 215209000 $ 1905000 $ 2 ,330, 000
' Refunding Revenue Bonds :
Series 1992 $ 2 ,215 , 000 $ 695 000 $ 1 , 520, 000
' E. Capital Leases and Notes Payable
Governmental Capital Leases
The Board has entered into several lease-purchase agreements to purchase various types
of equipment and
furniture with lease terms varying from 24-60 months .
' 243
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 10 - LONG-TERM LIABILITIES - Continued
E. Capital Leases
p and Notes Payable - Continued
The following is a schedule of future minimum lease payments under capital leases , together with the present
value ofthe net minimum lease payments, as of September 30, 2003 :
Year Ending
September 30 , 2004 Amount
Total Minimum Lease Payment $ 203 535
Less : Amounts representing interest 9 ,493
Present Value ofNet Minimum Lease Payments $ 194 042
The following is an analysis of the leased property under capital leases : s.
Type of Property Capitalized Cost
Firetrucks $ 1 , 3109055
The equipment listed above is reported in the financial statements of the County. Annual payments for the firetruck
leases are made by the Emergency Services District Fund,
F. Conduit Debt Obligations
From 1986 until 1999, Indian River County issued Industrial Revenue Bonds to provide financial assistance to private-
sector entities for the acquisition, construction and equipping of industrial and commercial facilities deemed to be in the
public interest. These facilities included a nursing home, an expanded processing facility, a manufacturing facility, and an
educational facility, for a total of four series of Industrial Revenue Bonds . The bonds are secured by the property
financed and are payable solely from payments received on the underlying mortgage loans . Upon repayment of the
bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance. Neither
the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the
bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
244
rIndian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 10 - LONG-TERM LIABILITIES - Continued
F. Conduit Debt Obligations - Continued
Original Principal
Bond Issue Outstanding Year Bonds and Project Description
$ 185000,000 $ 17,600,000 1999 St. Edward 's School, Inc . — Upper School educational
facilities
69025,000 4,4403763 1997 Hetra Computer & Communications Industries , Inc .
(XL Vision, Inc . )
62, 000 sq . ft. manufacturing facility
4,800,000 156009000 1986 Florida Convalescent Centers , Inc . — 91 -bed skilled and
intermediate care nursing home
4,0803000 2,4009000 1997 Ocean Spray Cranberries, Inc . — expansion of 23 , 000 sq . ft.
processing facility
Total $ 2650405763
NOTE 11 = PROVISION FOR CLOSURE COSTS
Current regulations of the U. S . Environmental Protection Agency (EPA) and the Florida Department of Envi-
ronmental Protection (FDEP) require the Solid Waste Disposal District (SWDD) to place a final cover on
closed landfill areas, and to maintain those areas for up to thirty years after closure . The SWDD recognizes the
expenses associated with the final closure and post-closure maintenance of the landfill areas over the active life
of those areas . These costs are recognized in each operating period based on the amount of capacity used
' during that period, regardless of when cash disbursements are made for these costs .
The SWDD annually obtains updated and revised estimates of total future closure and post-closure costs from
its consulting engineers . The provision for closure costs reported in the financial statements as operating ex-
pense represents the portion of these estimated future outlays which are allocable to the current year based on
' the amount of capacity used .
' The total unrecognized closure and post-closure costs attributable to the currently active landfill areas (Seg-
ment II, C & D) are approximately $3 .23 million. These costs will be recognized in future periods as the remaining
capacity is filled. This landfill area is expected to close in three phases . The first phase was closed in 1998 , the second
phase is scheduled in the year 2006 , and the third phase in the year 2008 . To date; 68% of the landfill capacity has
been filled.
' 245
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 11 - PROVISION FOR CLOSURE COSTS - Continued
orm and
All amounts recognized are based on what it would
current dollars . Actual costs may be different due to inflat one h geslinlosure technology,post-closure functions in
regulations . The SWDD is required by FDEP to annually show proof of ability to iinance closure and po to
closure costs , and has done so by fulfilling the requirements of the financial test provision of the regulation. At
the same time, the SWDD is making annual deposits to a closure and post closure cost account to provide for
the financing of future closure-related expenditures . The balance in the account for inactive and active landfill
areas as of September 30, 2003 was $ 7,211 , 362 .
NOTE 12 - DEFINED BENEFIT PENSION PLANS
A. Florida Retirement System
Plan Description : The Board ' s employees , except certain firefighters, participate in the Florida Retirement
System (FRS) , a cost-sharing multiple-employer public employee retirement system , administered by the Florida
Department of Administration. The FRS is noncontributory for all members ; all contributions are made by the
employer. The FRS provides for vesting of benefits after six years of creditable service . Normal retirement
benefits are available to employees who retire at or after age 62 with six or more years of service .
Early
retirement is available after six years of service with a five percent reduction in benefits for each year prior to
the normal retirement age . Retirement benefits are based on age , average compensation, and years-of-service
credit where average compensation is computed as the average of an individual 's five highest years of earnings . For
further information concerning the Florida Retirement System and contribution rates, please read the County-wide
note on the Florida Retirement System .
Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 10. 67% of the annual covered
payroll. Contributions to the FRS for the fiscal years ended September 30, 20019 2002, and 2003 , were $3 ,424, 831 ,
$3 ,236, 178 and $39195 , 972 respectively, which are equal to 100% of the required contribution for each year.
B . Firefighters Defined Benefit Pension Plan
In October 1981 , the South Indian River County Fire District took over the operations of the City of Vero Beach,
Florida 's Fire Department. Full-time firefighters were given the option of joining
or remaining the Florida Retirement System (FRS)
ining in the City's plan. Twenty full-time firefighters and all of the volunteers elected to remain in the City's plan.
Those who j oined the FRS received refunds of their contributions from the City's plan. The Board of County Commis-
sioners contributes to the City's plan, on behalf of eligible firefighters, which is a single-employer defined benefit
pension plan. The City administers the plan, and by statute, retains fiduciary responsibility for this plan.
The City accounts for the plan in a pension trust fund. The City's Comprehensive Annual Financial Report (CAFR)
includes the required financial statements and required supplementary information for the plan. A copy of the City's
CAFR may be obtained from the Finance Department of the City of Vero Beach, 1053 20th Place, Vero Beach, FL
32960 .
246
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
' NOTE 12 - DEFINED BENEFIT PENSION PLANS = Continued
Be Firefighters Defined Benefit Pension Plan - Continued
'
Funding Policy and AnnualPension Cost: The City establishes and may amend the contribution requirements of
plan members and the City in accordance with Florida Statutes . The Board 's annual pension cost for the most recent
actuarial valuation report, as of 2003 , and related information for the plan is as follows :
Contribution rates :
Employee 7% of Compensation
State Premium Tax Refund
Employer None Required
Annual Pension Cost $ 202 , 874
' Contributions made $ 292 , 799
Actuarial valuation date October 1 , 2003
Actuarial cost method Aggregate
' Amortization method N/A
Remaining amortization period 10 years
Asset valuation method 5 year smoothed market
' Actuarial assumptions :
Investment rate of return 8 %
Projected salary increases 6%
Inflation rate 4%
Post retirement benefit increases N/A
' Cost of living increase 2%
Funding Progress :
Actuarial
Actuarial - Accrued UAAL As %
Actuarial Value of Liability (AAL) Unfunded Funded Covered of Covered
Valuation Assets Frozen Entry Age AAL (URAL) Ratio Payroll Payroll
' Date (a) (b) (b-a) (a/b)
(c) (b-a)/c
10/01 /01 $ 793125430 $ 798769933 $ 5645503 92 . 8% $ 869791 650 . 4%
10/01 /02 $ 6,993 , 181 $ 79982,786 $ 989,605 87 . 6% $ 635483155809%
' 10/01 /03 $ 69823 , 162 $ 89014,048 $ 191909886 85 . 1 % $ 62,357 1909 . 8%
i
' 247
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 12 - DEFINED BENEFIT PENSION PLANS — Continued
B. Firefighters Defined Benefit
Pension Plan — Continued
Annual Pension CostAnd Net Pension Obligation
Fiscal Year Ending September 30 : 2003 2002 2001
A . Annual Required Contribution (ARC) * $ 164,943 $ 242, 148 $ 234,915
B . Interest on Net Pension Obligation (NPO) ( 169463 ) (23 , 103) (38 216
C . Adjustment to ARC 54,394 )
(
D . Annual Pension Cost (A+B-C) ) ( 110,535) (229, 101 ) I
202,874 329,380 4259800
E . Actual Contributions 292,799 2465373 236, 893
R NPO at beginning of year (205,783) (288,790) (477 697
a Increase (decrease) in NPO (D-E) (89,925) 83,007 188, 907
H . NPO at end of year (F+G)
(2955708) (205, 783) (288 , 790)
* Includes expected State contribution.
Three-Year Trend Information :
Percentage
Annual Pension Cost of APC Net Pension
Year E APC Contributed Obligation
September 30, 2001 $425,800 56% $(288 , 790)
September 30, 2002 $3299380 75 % $(2053783 )
September 30, 2003 $202874 144% $(2959708)
NOTE 13 - OPERATING LEASES
The Board has entered into noncancelable operating leases, both as lessor and lessee . Lease terms vary from 2 to 30
years . Lease revenues totaled $236,028 and lease expenditures totaled $ 145 , 869 for the year ended September 30,
2003 . The Board also leases other equipment and office facilities as both lessor and lessee on a month-to-month basis .
248
Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
Note 13 - Operating Leases - Continued
A. Future Minimum Lease Receipts
Year Amount
2004 $ 2129248
2005 1589176
2006 66 , 750
2007 45 ,200
2008 45 ,200
2009 - 2013 1549750
2014 - 2018 15000
2019 - 2023 800
Total future minimum lease receipts : $ 684 , 124
The property being leased is reported in the financial statements ofthe County and has a carrying value of $7,670, 895 .
For fiscal year 2003 , total depreciation expense for depreciable property being leased is $431 ,264 .
B . Future Minimum Lease Payments
The following is a schedule, by years, of minimum future rentals to be paid by the Board for noncancelable operating
leases as of September 30 :
' Year
Amount
' 2004 $ 1189352
2005 111 ,265
2006 46 , 380
2007 20, 505
2008 20, 505
2009 - 2013 102 , 525
2014 - 2018 1029525
2019 - 2023 19500
' Remaining 89100
Total future minimum lease payments : $ 5319-657
249
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30, 2003
NOTE 14 - FUND EQUITY
Reserved Fund Balances
The Board has established certain reserves within the fund equity section of the governmental funds . Reserved
fund balances at September 30, 2003 , consist of the following:
Debt Service Funds :
Reserved for Debt Service :
LandAcquisition Bonds $ 684, 016
Spring Training Facility Revenue
Bonds 494,232
Total $ 191782248
z
Capital Projects Funds :
Reserved for Capital Projects :
Optional Sales Tax $ 329228 , 832
Dodgertown Capital Reserve 2 , 052 , 302
Gifford Road Construction 3 ,435 , 895
Shooting Range 114 612
Dodgertown Facility 912,493
Homeless Assistance Center 63 , 589
Fellsmere Old School 265060
Total $ 38 , 833 , 783
Special Revenue Funds :
Reserved for Advances to Other Funds :
Secondary Roads Construction $ _ 655 . 000
NOTE 15 - FUND EQUITY DEFICIT
The following funds had a deficit in fund balance at September 30, 2003 :
Fund Deficit
Metropolitan Planning Organization $ 249,202
Federal/State Grants 319703
Community Development Block Grant 15 , 800
Total Deficit 296, 705
The deficits for all three funds will be eliminated by grant proceeds in the fiscal year 2004.
250
Indian River County, Florida
Board of County Commissioners
' Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 16 - RESTRICTED NETASSETS
' The Board has established certain restrictions within the net assets section of the proprietary funds . Restricted net
assets at September 30, 2003 , consist of the following :
Restricted for debt service :
Golf Course Fund $ 32 , 917
' County Utilities Fund 154 , 583
Total $ 1879500
Restricted for capital projects :
County Utilities Fund $ 42 783 , 994
NOTE 17 - RISK MANAGEMENT
A. General Liability, Property and Worker 's Compensation
p ahon
The Board is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets, errors or
omissions, injuries to employees, and natural disasters. During a previous fiscal year, the Board established a fund to
account for risk management called the Self Insurance Fund (an internal service fund). The risk management program
began on November 1 , 1988 , and has provided coverage for the Board as follows :
11 /1 /88 - 10/ 1 /89- 10/ 1 /92 - 10/1 /94- 10/ 1 /02-
10/1 /89 10/ 1 /92 10/ 1 /94 10/1 /02 Present
Worker's Compensation $ 10000 $ 10000 $ 1505000 $ 150, 000 $ 350, 000
' General Liability 100,000 5005000 2005000 200,000 2003000
Auto Liability 1005000 500, 000 100, 000 200, 000 2005000
Property Damage 10000 107000 500-255000 500- 2500 500- 253000
' Errors or Omissions 259000 259000 2005000 200, 000 200, 000
Annual Aggregate 6007000 1 , 000, 000 150007000 1 , 000, 000 1 , 000, 000
The Board purchases commercial insurance for claims in excess of coverage provided by the fund and for all other
risks of loss . The Board has not incurred any settlements in excess of the insurance coverage in the past three fiscal
years . All departments of the Board participate in the program . Payments are made by various funds to the Self
Insurance Fund based on past experience and actual estimates of the amounts needed to pay current year claims .
The Board is also self insured for medical claims covering employees and their eligible dependents . As re-
quired by Section 112 . 081 , Florida Statutes, retirees and their eligible dependents are provided the same health
care coverage as is offered to active employees , however, the retirees are responsible for payment of the
premiums . Medical claims are paid from premiums contributed by employees , retirees and by the Board .
Premiums and contributions are determined by projected claims based on historical and actuarial experience .
The self insurance plan assumes all risk for claims up to $ 125 ,000 per individual, per year, and has purchased a
reinsurance policy to cover claims in excess of this amount. There were no claims in excess of this limit for the 2001 ,
2002, and 2003 fiscal years .
251
Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
NOTE 17 - RISK MANAGEMENT - Continued
A. General Liability, Property and Worker 's Compensation - Continued
The claims liability of$4,581 ,000 reported at September 30, 2003 , is based on the requirements of generally accepted
governmental accounting standards, which require that a liability for claims be reported if information prior to the
issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the
financial statements, and the amount of the loss can be reasonably estimated. Estimates for claims incurred but not
reported are actuarially determined and recorded. Changes in the fund's claims liability amount during the current and
prior fiscal years are as follows :
Current Year
Balance at Claims Balance
Fiscal Year and Changes Claim at Fiscal
- Beginning in Estimates Payments Year End
1989- 1990 $ 4159250 $ 8669250 $ ( 167, 553 ) $ 15113 , 947
1990- 1991 1 , 1135947 496829363 (39467, 596) 213285714
1991 - 1992 2, 3281714 3 ,426,954 (3 ,4669903) 29288, 765 ,
1992- 1993 2,288 , 765 4,474,994 (49255 , 815 ) 295079944
1993 - 1994 21507, 944 498259081 (41398 , 521 ) 2, 9349504
1994- 1995 21934, 504 4,2489626 (49830, 926) 2,352,204
1995- 1996 2, 3525204 5 ,2019050 (4,990, 111 ) 2, 5639143
1996- 1997 2, 5631143 5 ,226,091 (59461 , 151 ) 293289083
1997- 1998 29328,083 695419439 (599177522) 29952, 000
1998- 1999 21952, 000 695989493 (61517,493 ) 390339000
1999-2000 3 , 0339000 69401 ,416 (6,407,416) 33027, 000
2000- 2001 390279000 8, 3229143 (7, 660, 143) 316899000
2001 -2002 396899000 99850,070 (91278,070) 452619000
2002-2003 492619000 99440, 074 (9, 120,074) 4, 5819000
Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially determined and at
September 30 , 2003 , unreserved net assets of $2 , 852,491 have been designated for this purpose . The Board has
elected to accrue the larger of the discounted liability or undiscounted liability. At September 30, 2003 , the undiscounted
liability was the greater of the two amounts . The discount rate used in the calculation was 2 . 5 percent.
NOTE 18 - COMMITMENTS AND CONTINGENCIES
A. Litigation
Various suits and claims are currently pending against the Board. It is impossible for the Board to accurately
quantify the exposure involved given the jury ' s latitude in assessing compensatory and punitive damages, and
the court ' s latitude in awarding attorney' s fees . The Board intends to vigorously defend against these lawsuits
and believes it has a good chance of prevailing on their merits .
252
' Indian River County, Florida
Board of County Commissioners
Notes To Financial Statements
Year Ended September 30 , 2003
' NOTE 18 - COMMITMENTS AND CONTINGENCIES - Continued
A. Litigation - Continued
' The Board is contingently liable with respect to lawsuits and other claims incidental to the ordinary ary course of its
operations. In the opinion of management and based on the advice of legal counsel, the ultimate disposition of lawsuits
will not have a material adverse effect on the financial position of the Board.
' B . Contracts and Other Commitments
The Board has various contracts and commitments outstanding at September 30, 2003 . In the General Fund, contracts
' are for the Courtroom Video Equipment Maintenance, Engineering Services for HVAC replacement at the County
Administration Building, Sheriff's Office, Health Department and Douglas School, and the Administration Building
Phone System Upgrade and Maintenance . In the Special Revenue Funds , contracts are for the Beach Preservation
Plan, Kings Highway Phase II Improvements and various road paving and drainage projects . In the Capital Projects
Funds, contracts are for the Dodgertown Training Facility, New CountyAdmimstration Building, Public Works Com-
plex, Financial Software Implementation and various stormwater projects . In the Enterprise Funds, contracts are for
the South County Reverse Osmosis Plant Clearwell Addition, Wetland Mitigation Site Maintenance, Hazardous Waste
Collection and various other water and sewer projects .
A summary of these projects at September 30, 2003 , is as follows :
Special Capital
General Revenue Proiects Enterprise Total
Total contract price $ 395 ,506 $ 16,2951740 $ 30,5429547 $ 1796969975 $ 649930,768
Total paid as of
September 30, 2003 989376 1097309810 17,6629480 8 ,528 ,563 379020,229
Remaining obligations at
September 30, 2003 $ 297, 130 $ 57564,930 $ 12,880,067 $ 9, 168 ,412 $ 27,9101539
C . Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies .
If any expenditures are disallowed as a result of these audits , the claims for reimbursement to the grantor
agency would become a liability of the Board . In the opinion of management, any such adjustments would not
be significant
NOTE 19 - SUBSEQUENT EVENTS
1 On October 15 , 2003 , the Board issued $6,445 , 000 of Recreational Revenue Refunding Bonds, Series 2003 . The
issuance of the Series 2003 Bonds is authorized by Ordinance No . 95 - 16 of the County, as amended, and other
' provisions of law, (collectively the "Act"), and Indian River County Resolution 2003 -075 , adopted by the Board on
July 8 , 2003 , as amended and supplemented by resolution 2003 -080, adopted July 22 , 2003 , as amended and
supplemented by Resolution 2003 -081 , adopted onAugust 5 , 2003 . The proceeds ofthe bonds, together with other
funds of the County, will be used to refund and redeem all outstanding Recreational Revenue Refunding Bonds, Series
1993 , which are currently outstanding in the principal amount of $6,735 ,000 .
253
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Board of County Commissioners, as of and for the year ended September 30, 2003 , and issued our
report thereon dated January 30, 2004 . We conducted our audit in accordance with auditing standards generally
accepted in the United States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States ,
Compliance
As part of obtaining reasonable assurance about whether the Board of County Commissioner' s fund financial
statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations and contracts, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts . However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Board of County Commissioner ' s internal control over _
financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the
fund financial statements and not to provide assurance on the internal control over financial reporting .
Our
consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal
control over financial reporting that might be material weaknesses . A material weakness is a condition in which the
design or operation of one or more of the internal control components does not reduce to a relatively low level the
risk that misstatements in amounts that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal course of performing their assigned
functions . We noted no matters involving the internal control over financial reporting and its operation that we
consider to be material weaknesses .
This report is intended for the information of management, the Board of County Commissioners, and the Auditor
General of the State of Florida. However, this report is a matter of public record and its distribution is not limited.
}ltttitd�, COdtn1+ 8 QI)w , f�/!.I
e14 �u6af1C Ql�Ilirt> ><s �h&n +!<�rd
Vero Beach, Florida
January 30, 2004
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
254
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants • Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Phone 772-234.8484
Fax 772.234-8488
Management Comments
' The Honorable Board of County Commissioners
Indian River County, Florida
We have audited the basic financial statements of Indian River County , Florida, including the individual fund
financial statements of the Board of County Commissioners , as of and for the year ended September 30 , 2003 ,
and have issued our report thereon dated January 30 , 2004 . We conducted our audit in accordance with United
States generally accepted auditing standards ; the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States ; and OMB Circular A -
133, Audits of States, Local Governments, and Non-Profit Organizations . We have issued our Independent
Auditor ' s Report on Compliance and Internal Control over Financial Reporting , Independent Auditor ' s Report
on Compliance and Internal Control over Compliance Applicable to each Major Federal Program and State
Project, and Schedule of Findings and Questioned Costs . Disclosures in those reports and schedule , which are
dated January 30 , 2004, should be considered in conjunction with this management letter.
Additionally , our audit was conducted in accordance . with Chapter 10 . 550 , Rules of the Auditor General . The
Rules of the Auditor General ( Section 10 . 554( 1 )(g) l . a) require disclosure in the management letter of
the
following matters if not already addressed in the auditor ' s reports on compliance and internal controls
or
schedule of findings and questioned costs : ( 1 ) violations of laws , rules , regulations, and contractual provisions
1 that have occurred, or are likely to have occurred ; (2) improper or illegal expenditures ;
(3 ) improper or
inadequate accounting procedures ; (4 ) failures to properly record financial transactions ; and ( 5 ) other
inaccuracies , shortages, defalcations, and instances of fraud discovered by , or that come to the attention of, the
' auditor. There were no such matters noted during the current year .
In addition , we are submitting for your consideration the following recommendations designed to help the Board
1 of County Commissioners improve the internal control structure and achieve operational efficiencies .
We have also tested your operations for compliance with applicable laws and have provided additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida
' FINDINGS AND RECOMMENDATIONS TO IMPROVE THE ORGANIZATION ' S INTERNAL
CONTROL AND OPERATING PROCEDURES
DISPOSITION OF PRIOR YEAR FINDINGS AND RECOMMENDATIONS :
' In accordance with the Rules of the Auditor General ( Section 10 . 554( 1 )(g) l . b) we have noted that all findings
and recommendations made in the preceding annual financial , audit have been corrected .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice Section
255
Harris , Cotherman,
Jones , Price 6i Associates
Certified Public Accountants - Chartered
The Honorable County Commissioners
Indian River County, Florida
Management Comments
Page Two
CURRENT YEAR FINDINGS AND RECOMMENDATIONS :
General :
Information Technology and Internal Control
With the new Munis Software application it appears that certain access and authorization levels areas
established that should be reassessed to ensure only necessary levels of access are allowed especially
for Super Users .
x
COMMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL OF THE STATE OF
FLORIDA
Determination of Financial Emergency - F. S . Section 218 . 503 ( 1 )
Nothing came to our attention which indicated that the Board of County Commissioners is, or during the
year ended September 30, 2003 , was in a state of financial emergency as a consequence of conditions
described in Section 218 . 503 ( 1 ) of the Florida Statutes ,
Florida Department of Banking and Finance Financial Report
The annual financial report required to be filed with the Florida Department of Banking and Finance
pursuant to Section 218 . 32 of the Florida Statutes has been completed . We compared this report with the
financial audit report and noted no exceptions for the fiscal year ended September 30, 2003 .
256
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable County Commissioners
Indian River County , Florida
Management Comments
Page Three
' Compliance With Section 218 .415
' As required by the Rules of the Auditor General ( Section 10 . 554 ( 1 )(g)2 . ), the scope of our audit included a
review of the provisions of Section 218 . 415 , Florida Statutes, regarding the investment of public funds . In
connection with our audit, we determined that the Board of County Commissioners complied with Section
218 .415 , Florida Statutes .
This report is intended for the information of management, the Board of County Commissioners, and the
Auditor General of the State of Florida, and is not intended to be and should not be used by anyone other
than these specified parties .
C� fubl� e QC�nvc�t s L'h" 41&d
Vero Beach, Florida
January 30 , 2004
' 257
BOARD OF COUNTY COMMISSIONERS
1840 25th Street, Vero Beach, Florida 32960-3365
Office of Management & Budget G'
Telephone: (772 ) 567-8000
March 9 , 2004
�ORIO�'
Harris , Cotherman , Jones , Price & Associates
5070 North AIA , Suite 250
Vero Beach , FL 32963
Dear Harris , Cotherman , Jones , Price & Associates :
Please find below our response to the management comments resulting from the audit of
the general purpose financial statements of Indian River County for the fiscal year ended
September 30 , 2003 .
s
Information Technology and Internal Control
During the implementation of the new Munis software applications , it was necessary
for some super users to have access and authorization levels beyond what is necessary for
ongoing operation of the system . We are conducting a review and assessment of the
authorization levels and access of all super users on the Munis software system .
Based upon this review, Computer Services will remove any system permissions
that are not necessary for the user's job function , or that may result in a weakness in the
organization ' s system of internal controls . Prior to the addition of any access and
authorization levels in the future , Computer Services and financial staff will review such
access for its impact on internal controls .
We wish to commend your firm on the thoroughness and professionalism displayed
throughout the audit . Thank you for identifying this area of concern .
Sincerely,
Jaso E . rown
Bud anager
cc : Joseph A . Baird , Asst. County Administrator
Edwin M . Fry, Finance Director
Basil Dancy, Computer Network Support Specialist
' CLERK OF THE CIRCUIT COURT
1
1
i
1
i
1
1
1
' 259
,
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance With a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
The Honorable Jeffrey K. Barton
Clerk of the Circuit Court
Indian River County, Florida `
We have audited the accompanying fund financial statements of Indian River County, Florida, Clerk of
the Circuit Court as of and for the fiscal year ended September 30, 2003 , as listed in the table of contents .
These financial statements are the responsibility of the Clerk of the Circuit Court ' s management. Our
responsibility is to express an opinion on the financial statements based on our audit .
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the . Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement . An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Clerk of the Circuit Court at September 30, 2003 , and the
results of
operations for the year then ended in conformity with generally accepted accounting principles .
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Clerk of the Circuit Court as of September 30, 2003 , and the results of operations
for the year then ended in conformity with generally accepted accounting principles .
In accordance with Government Auditing Standards we have also issued a report dated January 30, 2004
on our consideration of the Clerk of the Circuit Court ' s internal control over financial reporting and on
our tests of compliance with certain provisions of laws, regulations, contracts, and grants .
This report is intended solely for the information and use of management, the Clerk of the Circuit Court,
the Auditor General and applicable Federal and State agencies, and is not intended to be and should not
be used by anyone other than these specified parties .
ltsttd�, COV {tGtrYlM1, Ow , pa4I
Vero Beach , Florida
January 30, 2004
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Finn Member FICPA
Private Companies Practice Section
260
rIndian River County, Florida
Clerk of the Circuit Court
' Balance Sheet
Governmental Funds
September 30, 2003
r
Public Records Total
Modernization Governmental
ASSETS General Fund Funds
Cash and cash equivalents $ 839 ,032 $ 857 , 821 $ 1 ,696, 853
Accounts receivable 28 , 114 9 289123
Prepaid expenses 36 , 926 36 , 926
Due from other governments 39, 854 - 399854
Total assets $ 943 , 926 $ 857 , 830 $ 1 , 801 , 756
LIABILITIES AND
FUND EQUITY
Liabilities :
Accounts payable $ 200, 676 $ 420 , 560 $ 621 ,236
Due to other governments 743 ,250 - 7439250
Total liabilities 943 , 926 420 , 560 1 , 364 ,486
Fund Equity :
Fund balances :
Unreserved = 4379270 437 ,270
Total fund equity 4379270 4379270
Total liabilities and fund equity $ 9435926 $ 857 , 830 $ 1 , 801 , 756
r
r
r
r
r
r
The accompanying notes are an integral part of the financial statements .
261
Indian River County, Florida
Clerk of the Circuit Court
Statement of Revenues , Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended September 30 , 2003
Public Record Total
Modernization Governmental
General Fund Funds
REVENUES
Intergovernmental $ 266 , 928 $ - $ 266 ,928
Charges for services 2 ,610,319 181 ,263 2, 791 , 582
Interest 21 , 335 13 , 531 34 , 866
Total revenues 29898 ,582 194 , 794 3 ,093 , 376
EXPENDITURES
General government 1 , 872, 184 603 , 664 23475 , 848 t
Court related 2,9899470 - 25989,470
Total expenditures 4, 8615654 60304 5 ,465 , 318
Excess ofrevenues over
(under) expenditures ( 199639072) (408 , 870) (2, 3719942)
OTHER FINANCING SOURCES (USES)
Transfers from Board of County Commissioners 2, 706 , 322 - 2 , 706 ,322
Transfers to Board of County Commissioners (743 ,250) - (7435250)
Total other financing sources (uses) 1 ,963 ,072 - 11963 , 072
Net change in fund balances - (408 , 870) (408 , 870)
Fund balances at beginning of year - 846 , 140 846, 140
Fund balances at end of year $ - $ 437 ,270 $ 4379270
The accompanying notes are an integral part of the financial statements .
262
Indian River County, Florida
Clerk of the Circuit Court
Statement of Revenues , Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2003
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Intergovernmental $ 220 , 000 $ 2209000 $ 2665928 $ 465928
Charges for services 2 , 082,900 2 , 147, 510 23610 , 319 462 , 809
Interest 775100 779100 21 , 335 (55 , 765 )
Total revenues 25380 , 000 294449610 298989582 4539972
EXPENDITURES
General government 250295591 25029 , 591 1 , 8729184 1575407
Court related 3 ,0565731 3 , 121 , 341 29989 ,470 131 , 871
Total expenditures 550869322 55150 , 932 4 , 8619654 2899278
Excess of revenues over
(under) expenditures (2, 7065322) (297065322) ( 159639072) 743 ,250
' OTHER FINANCING SOURCES (USES)
Transfers from Board
of County Commissioners 297069322 25706 , 322 2, 7065322 -
Transfers to Board
of County Commissioners - - (7435250) (743 ,250)
Total other financing sources (uses) 257069322 2 , 706 , 322 19963 , 072 (743 ,250)
' Net change in fund balances
Fund balances at beginning of year _
' Fund balances at end of year $ _
rThe accompanying notes are an integral part of the financial statements .
' 263
Indian River County, Florida
Clerk of the Circuit Court
Statement of Fiduciary Net Assets
Agency Fund
September 30, 2003
ASSETS
Cash and cash equivalents $ 2 , 116 ,246
Accounts receivable - net 5 , 556
Total assets $ 2, 121 , 802
LIABILITIES
Due to other governments $ L0707583
583
Escrow deposits 1 ,051 ,219
Total liabilities $ 291219802
The accompanying notes are an integral part of the financial statements .
264
Indian River County, Florida
Clerk of the Circuit Court
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 1 = SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Clerk of the Circuit Court is a County agency and a local governmental entity pursuant to Article 8 , Section 1 (d),
of the Constitution of the State of Florida. For financial statement and reporting purposes, the Clerk of the Circuit
Court does not meet the definition of a legally separate organization and is not considered to be a component unit. The
Clerk of the Circuit Court is considered to be a part of the primary government of Indian River County. The financial
statements contained herein represent the financial transactions of the Clerk of the Circuit Court only. The format of the
Clerk of the Circuit Court's statements has been prepared in accordance with the presentation requirements of GASB
' 34 for fund financial statements.
The following is a summary of the significant accounting principles and policies used in the preparation of the
accompanying financial statements .
A. Description of Funds
The accounting records are organized for reporting purposes on the basis of governmental funds and a fiduciary fund.
1 Governmental Funds
General Fund - The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Clerk of the Circuit Court which are not accounted for
in another fund . All general operating revenues which are not restricted or designated as to use by outside
sources are recorded in the General Fund. The governmental fund measurement focus is upon determination of
financial position and changes in financial position (sources, uses and balances of financial resources) rather than upon
net income determination.
Public Records Modernization Fund - The Public Records Modernization Fund accounts for the proceeds from
recording fees to be used for modernizing the Clerk ofthe Circuit Court's public records systems .
Fiduciary Fund
Agency Fund — The Agency Fund is used to account for assets held by the Clerk of the Circuit Court in a trustee
capacity or as an agent.
' B . Basis of Accounting, Measurement Focus and Presentation
rThe accounts of the governmental funds are maintained on the modified accrual basis . Under the modified accrual
basis, expenditures are recorded at the time liabilities are incurred and revenues are recorded when received in cash or
when they are considered both measurable and available and as such, are susceptible to accrual . To the extent that
' revenues exceed expenditures they are not considered earned and are reflected as liabilities . The fiduciary fund is
accounted for on the accrual basis .
265
Indian River County, Florida
Clerk of the Circuit Court
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Clerk to prepare his budget in two parts , the budget relating to the state court system ,
including recording; and the budget relating to the requirements of the Clerk as clerk to the Board of County Commis-
sioners, County auditor, and custodian of all County funds and other County-related duties . The budget relating to the
state court system, including recording, is prepared and adopted by the Clerk prior to September 1 . The budget
relating to the requirements of the Clerk as clerk to the Board of County Commissioners is prepared prior to May 1
and is reviewed by the Board, modified as required by the Board, and approved by the Board.
f
The budget legally adopted by the Clerk must be balanced; that is, the total of estimated receipts , including funding
from the Board, shall equal the total estimated expenditures . Management is authorized to transfer budgeted amounts
between objects and departments in any fund as long as management does not exceed the total appropriations of a
fund. Clerk approval is only required when unanticipated revenues are received that management wishes to have y
appropriated, thereby increasing the total appropriations of a fund.
D. Cash and Cash Equivalents
Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety days or less when
purchased.
E . Prepaid Expenses
Deposits in the governmental funds represent prepayments for services that will be used in fixture periods. The Board 's
policy is to record the expenditure for the services when they are used rather than when the cash is disbursed.
F. Capital Assets
Tangible personal property used by the Clerk of the Circuit Court in operations is reported in the financial statements
of the County.
G. Compensated Absences
The Clerk of the Circuit Court accrues a liability for employees ' rights to receive compensation for future
absences when certain conditions are met. The Clerk of the Circuit Court does not, nor is he legally required to,
accumulate expendable available financial resources to liquidate this obligation. Accordingly, the liability for
compensated absences is not reported in the governmental funds.
H. Transfer Out
In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to the Board
of County Commissioners . These "excess fees" are reported as a transfer out and were $743 ,250 at year-end .
266
' Indian River County, Florida
Clerk of the Circuit Court
' Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 2 - CASH AND INVESTMENTS
A. Deposits
At September 30 , 2003 , the carrying amount of the Clerk 's deposits was $2 333 095 and the e bank balance was
$2,465 , 577. All deposits with financial institutions were 100% insured by federal depository insurance or by collateral
Mprovided by qualified public depositories to the State Treasurer pursuant to the Public Depository Security Act of the
State of Florida. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple financial
institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member fails .
B . Investments
Florida Statutes authorize investments in certificates of deposit, savings accounts, the Local Government Surplus
Funds Trust Fund administered by the Florida State Board ofAdministration, Securities and Exchange Commission
registered money market funds with the highest credit quality rating from a nationally recognized rating agency, and
direct obligations ofthe U. S . Treasury.
The Clerk had $ 1 ,480,004 in investments with the Local Government Surplus Funds Trust Fund as of September 30,
2003 . These investments are not categorized for custodial credit risk since they are not evidenced by securities that
exist in physical or book entry form . Please read the County-wide note for additional information concerning the Local
1 Government Surplus Funds Trust Fund.
1 NOTE 3 - DEFINED BENEFIT PLAN
Florida Retirement System
Plan Description : The Clerk's employees participate in the Florida Retirement System (FRS), a cost-sharing multiple-
employer public employee retirement system, administered by the Florida Department of Administration. The FRS is
noncontributory for all members ; all contributions are made by the employer. The FRS provides for vesting of benefits
after six years of creditable service. Normal retirement benefits are available to employees who retire at or after age 62
with six or more years of service . Early retirement is available after six years of service with a five percent reduction in
benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation,
and years-of-service credit where average compensation is computed as the average of an individual 's five highest
years of earnings. For further information concerning the Florida Retirement System and contribution rates, please
' read the County-wide note on the Florida Retirement System .
Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 6 . 55 % of the annual covered
payroll . Contributions to the FRS for the fiscal years ended September 30, 2001 , 2002and 2003 were $234 , 385 ,
$209, 871 , and $204,208 respectively, which is equal to 100% of the required contribution for each year.
267
Indian River County, Florida
Clerk of the Circuit Court
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 4 - RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts,
theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical
and fife insurance coverage for employees and their eligible dependents . Various excess catastrophe insurance policies
with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self-insurance Fund,
The Clerk of the Circuit Court participated in the County's self-insurance program during fiscal year 2003 at an annual
cost of approximately $533 ,695 .
NOTE 5 - LONG-TERM LIABILITIES
Changes in Long-Term Liabilities
The following is a schedule of changes in long-term liabilities as of September 30, 2003 :
Beginning Ending
Balance Balance
10/01 /02 Additions Deletions 9/30/03
Accrued Compensated Absences $ 160 ,976 $ 19,266 $ - $ 1805242
Of the $ 180,242 liability for accrued compensated absences, management estimates that $25 ,000 will be due and
payable within one year. The longterm liabilities are not reported in the financial statements of the Clerk since they are
not payable from available spendable resources. They are reported in the financial statements of the County.
268
Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Compliance and on Internal Control over Financial
' Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable Jeffery K. Barton
Clerk of the Circuit Court
' Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Clerk of the Circuit Court, as of and for the year ended September 30 , 2003 , and issued our report
thereon dated January 30 , 2004 . We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States .
Compliance
As part of obtaining reasonable assurance about whether the Clerk of the Circuit Court ' s financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of laws , regulations and
contracts, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts . However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion . The results of our tests disclosed no instances
of
noncompliance that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Clerk of the Circuit Court' s internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial
statements and not to provide assurance on the internal control over financial reporting . Our consideration of the
internal control over financial reporting would not necessarily disclose all matters in the internal control
over
financial reporting that might be material weaknesses . A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of performing their assigned functions .
We noted no matters involving the internal control financial reporting and its operation that we consider to be
a
material weakness .
This report is intended for the information of management, the Clerk of the Circuit Court, and the Auditor General
of the State of Florida. However, this report is a matter of public record and its distribution is not limited .
iCi d �ubl� � QC�nvxfw is 0hfA +k&d
Vero Beach , Florida
January 30 , 2004 «providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice Section
269
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Management Comments
The Honorable Jeffrey K . Barton
Clerk of the Circuit Court
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the
individual fund financial statements of the Clerk of the Circuit Court, as of and for the year
ended September 30 , 2003 , and have issued our report thereon dated January 30 , 2004 . We
conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards issued by the Comptroller General of the United States . Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements referred to above are free of material misstatement .
In planning and performing our audit of the fund financial statements of the Indian River County
Clerk of the Circuit Court for the year ended September 30, 2003 , we considered the Clerk of the
Circuit Court ' s internal control structure in order to determine our auditing procedures for the
purpose of expressing our opinion on the fund financial statements and not to provide assurance
on the internal control structure . As a result, no weaknesses in procedures and controls which are
required to be reported came to our attention.
Also , we have tested your operations for compliance with applicable laws and have no additional
comments required to be included by reason of the Rules of the Auditor General of the State of
Florida.
Disposition of Prior Year FindinLys and Recommendations :
Comments noted in the prior year have been sufficiently implemented or otherwise resolved
to our satisfaction.
The following comments are required by the Auditor General of the State of Florida :
Florida Department of Banking and Finance Financial Report:
The financial report required to be filed with the Florida Department of Banking and
Finance pursuant to Section 218 . 32( 1 )(b) of the Florida Statutes has been completed . We
compared the report with the financial audit report and noted no exceptions .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
270
Harris, Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable Jeffrey K . Barton
' Clerk of the Circuit Court
Indian River County, Florida
Page Two
Determination of Financial Emergency - F. S . Section 218 . 503 ( 1 ) :
' Nothing came to our attention which indicates that the Indian River County Clerk of the
Circuit Court is or, during the year ended September 30 , 2003 , was in a state of financial
emergency as a consequence of conditions described in Section 218 . 503 ( 1 ) , Florida Statutes ,
' under the Rules of the Auditor General of the State of Florida.
Determination of Public Records Modernization Trust Fund - F. S . Section
1 28 .24 ( 15) (d) :
The fund financial statements of the Clerk of the Circuit Court may be found at pages 260
through 264 . Based on the audit procedures performed, nothing come to our attention which
indicates that the Indian River County Clerk of the Circuit Court has not complied with
Section 28 . 24 ( 15 ) (d) , Florida Statutes , regarding the collection and use of Public Records
Modernization Trust Fund monies .
CURRENT YEAR COMMENTS ,
DISBURSEMENTS .
During audit testing , we noted client paid an invoice from a facsimile copy that resulted in a
duplicate payment . The amount of the payment was immaterial to the financial statements . We
' recommend that the client implement procedures that ensure that payments, made from facsimile
copies, are not duplicate payments .
1 AUTO ALLOWANCE ,
During compliance testing, we noted that the annual statement did not appear to comply with
F . S . 112 . 061 (7) (f) . The places and mileages noted on the statements did not appear to be at least
equal to the amount, allowed under Section 112 . 061 (7) (d) . The statement showed mileages to
the various places the traveler went to however; it did not specify how often the traveler made
these trips . The allowance payments were immaterial to the financial statements . We recommend
that the client amend the form to comply with Section 112 . 061 (7) (f) of the Florida Statutes .
i
' 271
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered 1
The Honorable Jeffrey K . Barton
Clerk of the Circuit Court
Indian River County , Florida
Page Three
This report is intended for the information of management, the Clerk of the Circuit Court, and
the Auditor General of the State of Florida. However, this report is a matter of public record ,
and its distribution is not limited .
p4at,*4 , CMc WA4 , Qnw , AU j ase # WkW
C ' ' a aaiuirk $ C'hA4 * d
Vero Beach, Florida
January 30 , 2004
272
ER c
JEFFREY K . BARTON z �2
Clerk of Circuit Court
P. O. Box 1028
Vero Beach , Florida 32961 - 1028 ��ORIOP►
Telephone: (772 ) 770-5185
March 10 , 2004
Harris , Cotherman & Associates
3150 Cardinal Drive
Vero Beach, FL 32963
' Gentlemen :
The following are my responses to the management comments for the 2002 -2003 fiscal
year.
Disbursements :
' Policies have been implemented to prevent the duplicate payment of invoices .
Auto Allowance :
A review of the Clerk ' s travel policy, including the annual statement for an automobile
allowance , is currently underway. Once this review is complete , a travel policy will be
adopted that will address this issue .
I would like to thank your audit staff for their professional assistance and comments .
Sincerely,
Jeffrey K. Barton
Clerk of the Circuit Court
1
Q�
1
1
1
1
1
1
1
' PROPERTY APPRAISER
275
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772.234-8488
Report on Special Purpose Financial Statements P P P to ements Prepared in Compliance With a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
The Honorable David C . Nolte
Property Appraiser
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida Property
Appraiser as of and for the fiscal year ended September 30, 2003 , as listed in the table of contents . These
financial statements are the responsibility of the Property Appraiser' s management . Our responsibility is
to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Property Appraiser at September 30, 2003 , and the results of operations for
the year then ended in conformity with generally accepted accounting principles .
In our opinion , the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Property Appraiser as of September 30, 2003 , and the results of operations for the
year then ended in conformity with generally accepted accounting principles .
In accordance with Government Auditing Standards we have also issued a report dated January 30 , 2004
on our consideration of the Property Appraiser ' s internal control over financial reporting and on our tests
of compliance with certain provisions of laws, regulations , contracts, and grants .
This report is intended solely for the information and use of management, the Property Appraiser, the
Auditor General and applicable Federal and State agencies, and is not intended to be and should not be
used by anyone other than these specified parties .
��w4�t CD'J'ktsrrt�tt �INu , f��.! � Q.adet�/�t{CrcJ
e.4,ts 4AW h6hlo? 61amox 5 - e17A4 *&d
Vero Beach , Florida
January 30 , 2004 "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Funis Member FICPA
Private Companies Practice Section
276
Indian River County, Florida
Property Appraiser
Balance Sheet
General Fund
September 30 , 2003
' ASSETS
Cash $ 53 ,382
Accounts receivable 348
Total assets $ 53 , 730
LIABILITIES AND FUND EQUITY
Liabilities :
Accounts payable $ 49 , 947
Due to other governments 19330
Deposits 2 .453
Total liabilities 53 , 730
' Fund Equity:
Fund balance _
' Total fund equity _
Total liabilities and fund equity $ 53 , 730
' The accompanying notes are an integral part of the financial statements .
' 277
Indian River County, Florida
Property Appraiser
Statement of Revenues , Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For The Year Ended September 30, 2003
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Charges for services $ 2 ,936 ,281 $ 2 , 9975166 $ 2, 997, 166 $
Interest
Miscellaneous 991 991 l
Total revenues 259365281 2,9971166 299989157 991
EXPENDITURES
General government 2 , 936 ,281 2,997, 166 2,996, 827
339
Total expenditures 259365281 2 , 997 , 166 2 , 996 , 827 339
Excess ofrevenues over expenditures - - 15330 15330
OTHER FINANCING USES
Excess fees to Board of
County Commissioners - - ( 1 ,223) ( 1 ,223 )
Excess fees to other governments _ - ( 107) ( 107)
Total other financing uses - - 1 ,330 1 , 330
Net change in fund balances
Fund balance at beginning of year _
Fund balance at end of year $ _
The accompanying notes are an integral part of the financial statements .
278
rIndian River County, Florida
Property Appraiser
' Notes to Financial Statements
Year Ended September 30 , 2003
' NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES
The Property Appraiser is a County agency and a local governmental entity pursuant to Article 8 , Section 1 (d) ,
of the Constitution of the State of Florida. For financial statement and reporting purposes, the Property Appraiser
does not meet the definition of a legally separate organization and is not considered to be a component unit.
The Property Appraiser is considered to be apart of the primary government of Indian River County. The financial
1 statements contained herein represent the financial transactions of the Property Appraiser only. The format of the
Property Appraiser 's statements has been prepared in accordance with the presentation requirements of GASB 34 for
' fund financial statements .
The following is a summary of the significant accounting principles and policies used in the preparation of the
accompanying financial statements .
A. Description of Fund
' The accounting records are organized for reporting purposes on the basis of a governmental fund .
Governmental Fund
General Fund - The General Fund, which is a governmental fund, is used to account for all revenues and
' expenditures applicable to the general operations of the Property Appraiser. All general operating revenues
which are not restricted or designated as to use by outside sources are recorded in the General Fund . The
governmental fund measurement focus is upon determination of financial position and changes in financial
' position (sources, uses and balances of financial resources) rather than upon net income determination.
B . Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental fund are maintained on the modified accrual basis . Under the modified
accrual basis , expenditures are recorded at the time liabilities are incurred and revenues are recorded when
received in cash or when they are considered both measurable and available and as such, are susceptible to
accrual . To the extent that revenues exceed expenditures, they are not considered earned and are reflected as
liabilities .
C. Budgetary Requirements
' State statutes require the Property Appraiser to prepare an annual budget which clearly reflects the revenues
available to his office and the functions for which money is to be expended . The budgeted revenues and
expenditures are subject to the review and approval of the Department of Revenue . Management is authorized
to transfer budgeted amounts between objects and departments as long as management does not exceed the
total appropriations of a fund . Department of Revenue approval is only required when unanticipated revenues
are received that management wishes to have appropriated, thereby increasing the total appropriations . The
budget is prepared on a basis consistent with generally accepted accounting principles .
' 279
Indian River County, Florida
Property Appraiser
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D . Capital Assets
Tangible personal property used by the Property Appraiser in operations is reported in the financial statements
of the County.
E . Compensated Absences
The Property Appraiser accrues a liability for employees ' rights to receive compensation for future absences
when certain conditions are met. The Property Appraiser does not, nor is he legally required to, accumulate
expendable available financial resources to liquidate this obligation. Accordingly, the liability for compensated
absences is not reported in the governmental fund .
q
F. Transfer Out
In accordance with Florida Statutes all revenues in excess of expenditures as of year-end are owed to the Board
of County Commissioners and other governments . These "excess fees" are reported as transfers out and were $ 1 ,330
at year-end .
NOTE 2 - CASH
Deposits
At September 30, 2003 , the carrying amount of the Property Appraiser 's deposits was $ 53 ,382, and the bank
balance was $88 , 124. All deposits with financial institutions were 100% insured by federal depository insurance or by
collateral provided by qualified public depositories to the State Treasurer pursuant to the Public Depository Security
Act of the State of Florida. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple
financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member
fails.
NOTE 3 - DEFINED BENEFIT PLAN
Florida Retirement System
Plan Description : The Property Appraiser' s employees participate in the Florida Retirement System (FRS), a
cost-sharing multiple-employer public employee retirement system, administered by the Florida Department
of Administration. The FRS is noncontributory for all members ; all contributions are made by the employer.
The FRS provides for vesting of benefits after six years of creditable service . Normal retirement benefits are
available to employees who retire at or after age 62 with six or more years of service . Early retirement is
available after six years of service with a five percent reduction in benefits for each year prior to the normal
retirement age.
280
rIndian River County, Florida
Property Appraiser
Notes to Financial Statements
Year Ended September 30 , 2003
' NOTE 3 - DEFINED BENEFIT PLAN - Continued
Florida Retirement System - Continued
Retirement benefits are based on age , average compensation, and years -of- service
credit where average
compensation is computed as the average of an individual 's five highest years of earnings . For further information
concerning the Florida Retirement System and contribution rates , please read the County-wide note on the Florida
Retirement System.
Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 6 . 71 % of the annual covered
payroll . Contributions to the FRS for the fiscal years ended September 30 , 2001 , 2002 , and 2003 were $ 160 ,357,
' $ 164,050, and $ 135 ,321 respectively, which is equal to 100% of the required contribution for each year.
NOTE 4 - RISK MANAGEMENT
' Indian River County maintains a risk management program that provides for coverage of risks of loss related
to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees , natural disasters ,
and medical and life insurance coverage for employees and their eligible dependents . Various excess catastrophe
insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable
against the Self-insurance Fund. The Property Appraiser participated in the County's self-insurance program during
fiscal year 2003 at an annual cost of approximately $270,606 .
NOTE 5 - LONG-TERM LIABILITIES
A summary o fchanges in long-term liabilities is as follows :
' Beginning Ending .
Balance Balance
10/01 /02 Additions Deletions 09/30/03
Accrued Compensated Absences $ 66 ,279 $ 16,475 $ - $ 82 , 754
Of the $ 82 , 754 liability for accrued compensated absences , management estimates that $ 10 , 000 will be due and
payable within one year. The long term liabilities are not reported in the financial statements of the Property Appraiser
' since they are not payable from available spendable resources . They are reported in the financial statements of the
county.
' 281
Indian River County, Florida
Property Appraiser
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 6 - COMMITMENTS AND CONTINGENCIES
Litigation
Various suits and claims are currently pending against the PropertyAppraiser. It is impossible for the PropertyAppraiser
to accurately quantify the exposure involved given the jury's latitude in assessing compensatory and punitive damages,
and the court's latitude in awarding attorney's fees. The PropertyAppraiser intends to vigorously defend against these
lawsuits and believes he has a good chance of prevailing on their merits. In the opinion of management and based on the
advice of legal counsel, the ultimate disposition of these lawsuits will not have a material adverse effect on the financial
position ofthe PropertyAppraiser.
282
Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
' Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable David C . Nolte
Property Appraiser
Indian River County, Florida
We have audited the bask financial statements of Indian River County, Florida including the fund financial statements of the
Property Appraiser, as of and for the year ended September 30, 2003 , and issued our report thereon dated January 30 , 2004
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States .
' Compliance
As part of obtaining reasonable assurance about whether the Property Appraiser' s financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws , regulations and contracts, noncompliance
with which could have a direct and material effect on the determination of financial statement amounts . However, providing
an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such
an opinion . The results of our tests disclosed no instances of noncompliance that are required to be
reported under
' Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Property Appraiser' s internal control over financial reporting
in
order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to
provide assurance on the internal control over financial reporting . Our consideration of the internal control over financial
reporting would not necessarily disclose all matters in the internal control over financial reporting that might be
material
weaknesses . A material weakness is a condition in which the design or operation of one or more of the internal
control
components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation
to the financial statements being audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions . We noted no matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses .
This report is intended for the information of management, the Property Appraiser, and the Auditor General of the State of
1 Florida. However, this report is a matter of public record and its distribution is not limited .
111"", 6&"P444, 41 0 , tPo"i i Qddew{6rCJ
Pugh * 61 &M%t94r45w 0/7" *JUd
Vero Beach, Florida
January 30 , 2004 "providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice Section
283
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway A1A, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Management Comments
The Honorable David C . Nolte
Property Appraiser
Indian River County, Florida
a
We have audited the basic financial statements Indian River County, Florida, including the individual
fund financial statements of the Property Appraiser, as of and for the year ended September 30 , 2003 ,
and have issued our report thereon dated January 30 , 2004 .
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards issued by the Comptroller General of the United States . Those standards require that
we plan and perform • the audit to obtain reasonable assurance about whether the financial: statements
referred to above are free of material misstatement .
In planning and performing our audit of the fund financial statements of the Indian River County
Property Appraiser for the year ended September 30, 2003 , we considered the Property Appraiser ' s
internal control structure in order to determine our auditing procedures for the purpose of expressing our
opinion on the fund financial statements and not to provide assurance on the internal control structure .
As a result, no weaknesses in procedures and controls which are required to be reported came to our
attention .
Also, we have tested your operations for compliance with applicable laws and have no additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida.
No comments were made in the prior year.
The following comments are required by the Auditor General of the State of Florida :
Florida Department of Banking and Finance Financial Report :
The financial report required to be filed with the Florida Department of Banking and Finance
pursuant to Section 218 . 32 ( 1 )(b) of the Florida Statutes has been completed . We compared the
report with the financial audit report and noted no exceptions .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Fnms
Member FICPA
Private Companies practice Section
284
Harris, Cotherman,
Jones, Price & Associates
Certified Public Accountants , Chartered
' The Honorable David C . Nolte
Property Appraiser
Indian River County, Florida
Page Two
Determination of Financial Emergency - F. S . Section 218 . 503 ( 1 ) :
Nothing came to our attention which indicates that the Indian River County Property Appraiser is
or, during the year ended September 30 , 2003 , was in a state of financial emergency as
a
consequence of conditions described in Section 218 . 503 ( 1 ), Florida Statutes , under the Rules of the
Auditor General of the State of Florida .
This report is intended for the information of management, the Property Appraiser, and the Auditor
General of the State of Florida. However, this report is a matter of public record, and its distribution is
not limited .
' �f tust�t CD�ldcGt»1�1, L�/kt.. , f�iult � Q+tGael�t�L!-�
e. P 761je 6l & nwk&44S _ C'h A *&d
Vero Beach, Florida
January 30 , 2004
285
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' 287
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered ~
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance With a
Regulatory Provision That Results In an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida, Sheriff as
of and for the fiscal year ended September 30, 2003 , as listed in the table of contents . These financial
statements are the responsibility of the Sheriff' s management. Our responsibility is to express an opinion
on the financial statements based on our audit .
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Sheriff at September 30 , 2003 , and the results of operations for the year then
ended in conformity with generally accepted accounting principles .
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Sheriff as of September 30, 2003 , and the results of operations for the year then
ended in conformity with generally accepted accounting principles .
In accordance with Government Auditing Standards we have also issued a report dated January 30, 2004
on our consideration of the Sheriff' s internal control over financial reporting and on our
tests of
compliance with certain provisions of laws, regulations, contracts, and grants .
This report is intended solely for the information and use of management, the Sheriff, the Auditor General
and applicable Federal and State agencies, and is not intended to be and should not be used by anyone
other than these specified parties .
� ► 60v3ctrM", 404 , pw , + QW pasik4)
C � ,► �icbl,� asw ia** s - e171A *&d
Vero Beach, Florida
January 30, 2004 "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
288
Indian River County, Florida
Sheriff
' Balance Sheet
Governmental Funds
September 30 , 2003
Total
Special Governmental
General Revenue Funds
' ASSETS
Cash $ 25735 , 337 $ 15462 ,488 $ 451975825
Accounts receivable - net 166 .297 22 335 188 . 632
Total assets $ 2 , 901 ,634 $ 12484 , 823 $ 4 , 386 ,457
LIABILITIES AND
' FUND EQUITY
Liabilities:
Accounts payable $ 1 , 374 ,269 $ 14 , 343 $ 1 , 388 , 612
Due to other governments 1 , 527, 365
Deferred revenue - 1 , 527, 365
' Total liabilities 5 , 875 5 , 875
2 , 901 , 634 205218 2 , 921 , 852
Fund Equity:
' Fund balance - 1 ,464 , 605 1 ,464, 605
Total fund equity - 1 ,464 , 605 15464 , 605
' Total liabilities and fund equity $ 2 ,901 , 634 $ 1 ,484 , 823 $ 4 , 386,457
' The accompanying notes are an integral part of the financial statements .
' 289
Indian River County, Florida
Sheriff
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
I
For the Year Ended September 30, 2003
Total
Special Governmental
General Revenue Funds
REVENUES
Intergovernmental $ _ $ 97,206 $ 97,206
Charges for services 470, 906 470, 906
Fines and forfeitures
318 , 185 318 , 185
Miscellaneous - 17, 136 175136
Total revenues - 903 ,433 903 ,433
EXPENDITURES
Public safety 26, 644,440 567,273 27,211 , 713
Court related
Debt service : 1 , 726 , 073 - 1 , 726, 073
Principal _
Interest -
Total expenditures 28 , 370, 513 567,273 28 , 937, 786
Excess ofRevenues Over (Under)
Expenditures (28 , 370, 513) 336, 160 (283034,353 )
OTHER FINANCING
SOURCES (USES)
Transfers from Board of County
Commissioners 283891 , 153 47, 134 28 , 938 ,287
Transfers to Board of County
Commissioners (5209640) ( 14,312) (534,952)
Total other financing sources 2823707513 322822 289403 , 335
Net change in fund balances - 368 ,982 3683982
Fund balances at beginning ofyear - 1 ,095 ,623 1 , 095 ,623
Fund balances at end of year $ - $ 1 ,464,605 $ 1 ,464,605
The accompanying notes are an integral part of the financial statements .
290
Indian River County, Florida
Sheriff
Budgetary Comparison Statement
General Fund
For the Year Ended September 30 , 2003
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES $
Total revenues
EXPENDITURES
Public safety 269277,200 27, 137, 766 26,644 ,440 4939326
Court related 1 , 753 ,387 1 , 753 , 387 1 , 726, 073 27 , 314
Total expenditures 28 , 030, 587 289891 , 153 281370, 513 520 , 640
Excess of revenues over (under)
expenditures (281030, 587) (28 , 891 , 153 ) (2853709513 ) 5209640
OTHER FINANCING
' SOURCES (USES)
Transfers from Board of County
Commissioners 2890309587 289891 , 153 289891 , 153
Transfers to Board of County - _
Commissioners (520, 640) (520 640)
Total other financing sources 289030, 587 289891 , 153 28 , 370, 513 (520,640)
Net change in fund balances
Fund balances at beginning of year _
Fund balances at end of year $ _
r
' The accompanying notes are an integral part of the financial statements .
291
Indian River County, Florida
Sheriff x
Statement of Fiduciary Net Assets
Agency Fund
September 30, 2003
ASSETS
Cash and cash equivalents $ 120, 824
Total assets $ 120 , 824
LIABILITIES
Due to others $ 16, 838
Escrow deposits 103 , 986
Total liabilities $ _ 120, 824
Jp
The accompanying notes are an integral part of the financial statements .
292
Indian River County, Florida
Sheriff
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Sheriff is a County agency and a local governmental entity pursuant to Article 8 , section 1 (d) , of the
1 Constitution of the State of Florida. For financial statement and reporting purposes , the Sheriff does not meet
the definition of a legally separate organization and is not considered to be a component unit. The Sheriff is
considered to be a part of the primary government of Indian River County. The financial statements contained
herein represent the financial transactions ofthe Sheriffonly. The format ofthe Sheriff's statements has beenre ared
in accordance with the presentation requirements of GASB 34 for fund financial statements . p p
The following is a summary of the significant accounting principles and policies used in there ar
accompanying financial statements , p p anon of the
A. Description of Funds and Account Groups
The accounting records are organized for reporting purposes on the basis of governmental funds and a fiduciary
fund .
Governmental Funds
General Fund - The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Sheriff which are not accounted for in another fund . All
general operating revenues which are not restricted or designated as to use by outside sources are recorded in
the General Fund . The governmental fund measurement focus is upon determination of financial position and
changes in financial position (sources, uses and balances of financial resources), rather than upon net income determination.
Special Revenue Fund - The Special Revenue Fund accounts for the proceeds of specific revenue sources that
are legally restricted or committed to expenditures for specified purposes . This fund accounts
for police education and law enforcement equipment. for expenditures
Fiduciary Fund
Agency Fund - The Agency Fund is used to account for assets held by the Sheriff as an agent. The Agency fund
is custodial in nature and does not involve measurement of results of operations .
B . Basis of Accounting, Measurement Focus and Presentation
The accounts ofthe governmental funds and the fiduciary fund are maintained on the modified accrual basis. Under the
modified accrual basis, expenditures are recorded at the time liabilities are incurred, and revenues are recorded when
received in cash or when they are considered both measurable and available and as such, are susceptible to accrual .
To the extent that revenues exceed expenditures, they are not considered earned and are reflected as liabilities .
293
Indian River County, Florida
Sheriff
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Sheriff to submit a proposed budget to the Board of County Commissioners , by May 1 of
each year, which shall show the estimated amounts of all proposed expenditures for operating and equipping the
Sheriff's office and jail other than capital improvements of County buildings . The budget is prepared on a basis consistent
with generally accepted accounting principles . After review and approval of the budget by the Board, the Sheriff is
authorized to transfer budgeted amounts between objects and departments as long as he does not exceed the total
appropriations approved by the Board . Increases in the total budget are subject to the review and approval of the
Board. The budgeted revenues and expenditures in the accompanying financial statements reflect all amendments
approved by the Board of County Commissioners .
°t
D . Compensated Absences i
The Sheriff accrues a liability for employees ' rights to receive compensation for future absences when certain
conditions are met. The Sheriff does not, nor is he legally required to, accumulate expendable available financial
resources to liquidate this obligation . Accordingly, the liability for compensated absences is not reported in the
governmental funds .
E . Transfer Out
In accordance with Florida Statutes all revenues in excess of expenditures as of year-end are owed to the Board
of County Commissioners . These "excess fees" are reported as a transfer out and were $534, 952 at year-end. 1
NOTE 2 - CASH
Deposits
At September 30, 2003 , the carrying amount of the Sheriff's deposits was $4,318 ,649, and the bank balance was
$4, 831 ,500. All deposits with financial institutions were 100% insured by federal depository insurance or by collateral
provided by qualified public depositories to the State Treasurer pursuant to the Public Depository Security Act of the
State of Florida. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple financial
institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member fails.
294
Indian River County, Florida
Sheriff
Notes to Financial Statements
Year Ended September 30, 2003
' NOTE 3 - CAPITALASSETS
Tangible personal property used by the Sheriffin operations is reported in the financial statements of the County. State
law requires the Sheriffto account for all tangible property used by the Sheriff. A summary of changes in Capital Assets
is as follows :
' Beginning Ending
Balance Balance
10/01 /02 Additions Deletions 09/30/03
Tangible Personal Property $ 9, 386 , 350 $ 1 ,206,008 $ 581 ,468 $ 10, 010, 890
NOTE 4 - DEFINED BENEFIT PLAN
Florida Retirement System
Plan Description : The Sheriff's employees participate in the Florida Retirement System (FRS), a cost-sharing
multiple-employer public employee retirement system , administered by the Florida Department of Administration.
The FRS is noncontributory for all members ; all contributions are made by the employer. The FRS provides for
vesting of benefits after six years of creditable service. Normal retirement benefits are available to employees who
retire at or after age 62 with six or more years of service . Early retirement is available after six years of service with a
five percent reduction in benefits for each year prior to the normal retirement age . Retirement benefits are based on
age, average compensation, and years-of-service credit where average compensation is computed as the average of
an individual 's five highest years of earnings . For further information concerning the Florida Retirement System and
contribution rates, please read the County-wide note on the Florida Retirement System .
Contributions to the FRS for the fiscal year ended September 30, 2003 , were equal to 13 . 68 % of the annual covered
payroll . Contributions to the FRS for the fiscal years ended September 30, 200 1 , 2002, and 2003 were $2,441 , 515 ,
$2 ,332,434, and $292969902 respectively, which is equal to 100% ofthe required contribution for each year.
NOTE 5 - RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts,
theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters and medical
and life insurance coverage for employees and their eligible dependents. Various excess catastrophe insurance policies
with a commercial carrier are also in force for claims exceeding the amount chargeable
The Sheriffparticipated in the County's self-insurance program g ��t the Self-insurance Fund.
$2,212 ,257. p during fiscal year 2003 at an annual cost of approximately
295
Indian River County, Florida
Sheriff
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 6 - LONG-TERM LIABILITIES
A summary of changes in Long-Term Liabilities is as follows :
Beginning Ending
Balance Balance
10/01 /02 Additions Deletions 09/30/03
Accrued Compensated Absences $ 966 , 362 $ 129, 597
Of the $ 1 ,095 ,959 liability for accrued compensated absences, management estimates that $ 135,000 will be due and
payable within one year. The long term liabilities are not reported in the financial statements of the Sheriffsince they are
not payable from available spendable resources . They are reported in the financial statements of the County.
NOTE 7 — OPERATING LEASES
t
The Sheriffhas entered into noncancelable operating leases as lessee. Lease expenditures totaled $48,373 for the year
ended September 30, 2003 .
The following is a schedule by years of minimum future rentals to be paid by the Sheriff for noncancelable
operating leases as of September 30 :
Year Amount
2004 $ 94, 683
2005 91 , 521
2006 61 , 503
2007 15 , 807
2008 2 ,319
Total Future Minimum Lease Payments $ 265 833
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Litigation
Various suits and claims are currently pending against the Sheriff It is impossible for the Sheriffto accurately quantify
the exposure involved given the jury's latitude in assessing compensatory and punitive damages, and the court's latitude
in awarding attorney's fees. The Sheriffintends to vigorously defend against these lawsuits and believes he has a good
chance of prevailing on their merits .
296
Harris , Cotherman
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Phone 772-234.8484
Fax 772-234-8488
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida including the fund financial
statements of the Sheriff, as of and for the year ended September 30, 2003 , and issued our report thereon dated
January 30, 2004 . We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government Auditing Standards,
' issued by the Comptroller General of the United States .
Compliance
As part of obtaining reasonable assurance about whether the Sheriff' s financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws , regulations and contracts,
noncompliance with which could have a direct and material effect on the determination of financial statement
amounts . However, providing an opinion on compliance with those provisions was not an objective of our audit
1 and, accordingly, we do not express such an opinion .
The results of our tests disclosed no instances of noncompliance that are required to be reported
under
Government Auditing Standards .
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Sheriff' s internal control over financial reporting in order
to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not
to provide assurance on the internal control over financial reporting . Our consideration of the internal control
over financial reporting would not necessarily disclose all matters in the internal control over financial reporting
that might be material weaknesses . A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduced to a relatively low level the risk that misstatements in
amounts that would be material in relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their assigned functions . We noted no
matters involving the internal control over financial reporting and its operation that we consider to be material
weakness .
This report is intended for the information of management, the Sheriff, and the Auditor General of the State of
Florida. However, this report is a matter of public record and its distribution is not limited .
�l4tud�r �o+Nctt»t�t, Q/7rte , �i�a/ � Qaeaatcftu
CetJc rid ?cblra aaixwlurls - 191744pjd
Vero Beach , Florida
January 30, 2004
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms
Member FICPA
' Private Companies practice Section
297
3
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772.234.8484
Fax 772-234-8488
Management Comments
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the individual
fund financial statements of the Sheriff, as of and for the year ended September 30 , 2003 , and have
issued our report thereon dated January 30, 2004 . We conducted our audit in accordance with generally
accepted auditing standards and Government Auditing Standards issued by the Comptroller General of
the United States . Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements referred to above are free of material misstatement.
In planning and performing our audit of the fund financial statements of the Indian River County Sheriff
for the year ended September 30, 2003 , we considered the Sheriff' s internal control structure in order to
determine our auditing procedures for the purpose of expressing our opinion on the fund financial
statements and not to provide assurance on the internal control structure . As a result, no weaknesses in
procedures and controls which are required to be reported came to our attention.
Also , we have tested your operations for compliance with applicable laws and have no additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida.
Status of Prior Year Comments $
No comments were made in the prior year.
The following comments are required by the Auditor General of the State of Florida:
Florida Department of Banking and Finance Financial Report :
The financial report required to be filed with the Florida Department of Banking and Finance
pursuant to Section 218 . 32( 1 )(b) of the Florida Statues has been completed. We compared the
report with the financial audit report and noted no exceptions .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
298
Harris , Cotherman
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable Roy Raymond
Sheriff
Indian River County, Florida
Page Two
Determination of Financial Emergency - F. S . Section 218 .503 ( 1 ) :
Nothing came to our attention which indicates that the Indian River County Sheriff is or, during the
year ended September 30 , 2003 , was in a state of financial emergency as a consequence
of
conditions described in Section 218 . 503 ( 1 ) , Florida Statutes , under the Rules of the Auditor General
of the State of Florida .
CURRENT YEAR COMMENTS :
DISBURSEMENTS :
During our control testing of disbursements from the Sheriffs " Individual "
account we noted that the
procedures for secondary approval and review of disbursement documentation were not being
performed . All disbursements tested did appear to have proper support . Overall disbursements from this
account are not material to the Sheriffs operating statements . We recommend that the client conduct the
same disbursement procedures for this account as are applicable to all other Sheriff Department
disbursements .
1 This report is intended for the information of management, the Sheriff, and the Auditor General of the
State of Florida. However, this report is a matter of public record and its distribution is not limited .
C'..e 4yma tWjid 0hsA *&d
Vero Beach, Florida
January 30 , 2004
1
299
fp\ FF L °fie
g \ M RIY C
ertff
ROY RAYMOND • INDIAN RIVER COUNTY
MEMBER FLORIDA SHERIFFS ' ASSOCIATION
MEMBER OF NATIONAL SHERIFFS ' ASSOCIATION
4055 41st AVENUE VERO BEACH , FLORIDA 32960- 1808
PHONE (772) 569-6700
March 5 , 2004
Harris, Cotherman & Associates
5070 N. AIA, Suite 250
Vero Beach, FL 32963
Gentleman :
The following is our response to the management comment for the 2002 -2003 financial 1
statements .
Disbursements:
We are currently conducting secondary approval and/or review of disbursement documentation
for the "Individual " account and will ensure that this procedure continues to be performed.
We would like to thank the audit staff of Harris, Cotherman and Associates for their constructive
comment and assistance .
i
Sincerely,
Roy Raymond, Sheriff
RR:hh
The 173rd Internationally Accredited Law Enforcement Agency i� ts.A�- si �s
Accredited by the Commission on Accreditation for Law Enforcement Agencies, Incorporated
SUPERVISOR OF ELECTIONS
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t
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234.8488
s
Report on Special Purpose Financial Statements Prepared in Compliance With a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
The Honorable Kay Clem
Supervisor of Elections ,
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida, Supervisor
of Elections as of and for the fiscal year ended September 30 , 2003 , as listed in the table of contents
.
These financial statements are the responsibility of the Supervisor of Elections ' management. Our
responsibility is to express an opinion on the financial statements based on our audit .
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. ' An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Supervisor of Elections at September 30, 2003 , and the results of operations
for the year then ended in conformity with generally accepted accounting principles .
In our opinion , the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Supervisor of Elections as of September 30, 2003 , and the results of operations
for the year then ended in conformity with generally accepted accounting principles .
In accordance with Government Auditing Standards we have also issued a report dated January 30, 2004
on our consideration of the Supervisor of Elections ' internal control over financial reporting and on our
tests of compliance with certain provisions of laws, regulations , contracts , and grants .
This report is intended solely for the information and use of management, the Supervisor of Elections, the
Auditor General and applicable Federal and State agencies, and is not intended to be and should not be
used by anyone other than these specified parties .
u j 4444 14"
C�wt Puhh * aamid�s - 017sA *,e d
Vero Beach , Florida
January 30, 2004 "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
302
Indian River County, Florida
Supervisor of Elections
Balance Sheet
General Fund
September 30 , 2003
ASSETS
Cash $ 163 , 318
Accounts receivable 1 ,059
Deposits 319302
Total assets $ 195 ,679
LIABILITIES AND FUND EQUITY
Liabilities :
Accounts payable $ 29,675
Due to other governments 1669004
Total liabilities 1959679
Fund Equity :
Fund balance _
Total fund equity _
' Total liabilities and fund equity $ 195 , 679
i
1
1
1
1
' The accompanying notes are an integral part of the financial statements .
303
Indian River County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For The Year Ended September 30, 2003
Variance with
Final Budget -
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Charges for services $ - $ - $ 119,279 $ 1197279
Interest - - 2 , 161 2 , 161
Total revenues - - 121 ,440 121 ,440
EXPENDITURES
General government 821 , 507 969, 507 924,943 44 , 564
Total expenditures 821 , 507 969, 507 924, 943 44, 564 _
Excess ofrevenues -
over (under) expenditures (821 , 507) (969, 507) (803 , 503 ) 166 , 004
OTHER FINANCING SOURCES (USES)
Transfer from Board of
County Commissioners 821 , 507 969, 507 969, 507 -
Transfer to Board of
County Commissioners - - ( 166, 004) ( 166,004)
Total other financing sources (uses) 821 , 507 969, 507 803 , 503 1665004
Net change in fund balances
Fund balance at beginning of year _
Fund balance at end of year $ _
The accompanying notes are an integral part of the financial statements .
304
rIndian River County, Florida
Supervisor of Elections
' Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 1 = SUMMARY OF SIGNIFICANTACCOUNTING POLICIES
The Supervisor of Elections is a County agency and a local governmental entity pursuant to Article 8 , Section
1 (d) , of the Constitution of the State of Florida. For financial statement and reporting purposes , the Supervisor
of Elections does not meet the definition of a legally separate organization and is not considered to be a component
unit. The Supervisor of Elections is considered to be part of the primary government of Indian River County. The
financial statements contained herein represent the financial transactions of the Supervisor of Elections only. The format
of the Supervisor of Elections ' statements have been prepared in accordance with the presentation requirements of
GASB 34 for fund financial statements.
The following is a summary of the significant accounting principles and policies used in the preparation of the
' accompanying financial statements .
A. Description of Fund
The accounting records are organized for reporting purposes on the basis of a governmental fund.
Governmental Fund
General Fund - The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Supervisor of Elections . All general operating revenues
which are not restricted or designated as to use by outside sources are recorded in the General Fund. The
governmental fund measurement focus is upon determination of financial position and changes in financial
' position (sources , uses and balances of financial resources) rather than upon net income determination.
B . Basis of Accounting, Measurement Focus and Presentation
The accounts of the Governmental Fund are maintained on the modified accrual basis . Under the modified accrual
basis, expenditures are recorded at the time liabilities are incurred and revenues are recorded when received in cash or
when they are considered both measurable and available and as such, are susceptible to accrual . To the extent that
revenues exceed expenditures, they are not considered earned and are reflected as liabilities .
C. Budgetary Requirements
State statutes require the Supervisor of Elections to submit a proposed budget to the Board of County Commissioners
by May 1 of each year. After review and approval of the budget by the Board, the Supervisor of Elections is authorized
to transfer budgeted amounts between objects as long as she does not exceed the total appropriations approved by the
Board. Increases in the total budget are subject to the review and approval of the Board. The budgeted revenues and
expenditures in the accompanying financial statements reflect all amendments approved by the Board of County
Commissioners . The budget is prepared on a basis consistent with generally accepted accounting principles .
305
Indian River County, Florida
Supervisor of Elections
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
D. Deposits
Deposits in the governmental funds represent prepayments for services that will be used in future periods . The Board 's
policy is to record the expenditure for the services when they are used rather than when the cash is disbursed.
E. Capital Assets
Tangible personal property used by the Supervisor of Elections in operations is reported in the financial statements of
the County .
F. Compensated Absences
The Supervisor of Elections accrues a liability for employees ' rights to receive compensation for future absences
when certain conditions are met. The Supervisor of Elections does not, nor is she legally required to , accumulate
expendable available financial resources to liquidate this obligation. Accordingly, the liability for compensated
absences is not reported in the governmental fund.
G. Transfer Out
In accordance with Florida Statutes all revenues in excess of expenditures as of year-end are owed to the Board
of County Commissioners . These "excess fees" are reported as transfers out and were $ 166,004 at year-end.
NOTE 2 - CASH
Deposits
At September 30, 2003 , the carrying amount of the Supervisor of Elections ' deposits was $ 163 , 318 , and the bank
balance was $ 170,037 . All deposits with financial institutions were 100% insured by federal depository insurance or
by collateral provided by qualified public depositories to the State Treasurer pursuant to the Public Depository Security
Act of the State of Florida. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple
financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member
fails.
NOTE 3 - DEFINED BENEFIT PLAN
Florida Retirement System
Plan Description : The Supervisor of Elections ' employees participate in the Florida Retirement System (FRS ), a
cost-sharing multiple-employer public employee retirement system, administered by the Florida Department of
Administration. The FRS is noncontributory for all members ; all contributions are made by the employer. The FRS
provides for vesting of benefits after six years of creditable service . Normal retirement benefits are available to
employees who retire at or after age 62 with six or more years of service . Early retirement is available after six years of
service with a five percent reduction in benefits for each year prior to the normal retirement age. Retirement benefits are
306
' Indian River County, Florida
Supervisor of Elections
Notes to Financial Statements
Year Ended September 30, 2003
' NOTE 3 - DEFINED BENEFIT PLAN
Florida Retirement System
based on age, average compensation, and years-of-service credit where computed average compensation is as the
P
average of an individual 's five highest years of earnings . For further information concerning the Florida Retirement
' System and contribution rates, please read the County-wide note on the Florida Retirement System .
Contributions to the FRS for the fiscal year ended September 30 , 2003 , were equal to 7 . 78 % of the annual covered
payroll . Contributions to the FRS for the fiscal years ended September 30 , 2001 , 2002 and 2003 were $ 34 , 532 ,
$31 ,218 , and $28 ,485 respectively, which is equal to 100% of the required contribution for each year.
' NOTE 4 - RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss related to
torts , theft of, damage to and destruction of assets , errors or omissions , injuries to employees , natural disasters ,
and medical and life insurance coverage for employees and their eligible dependents . Various excess catastrophe
insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable
against the Self-insurance fund. The Supervisor of Elections participated in the County's self-insurance program during
fiscal year 2003 at an annual cost of approximately $60,227 .
NOTE 5 - CHANGES IN LONG-TERM LIABILITIES
A summary of changes in long-term liabilities is as follows :
Beginning Ending
Balance Balance
10/01 /02 Additions Deletions 09/30/03
Accrued Compensated Absences $ 119705 $ 797 $ - $ 125502
Of the $ 12 ,502 liability for accrued compensated absences, management estimates that $3 ,000 will be due and
payable within one year. The liability for accrued compensated absences is not reported in the financial statements of
the Supervisor of Elections since it is not payable from available spendable resources . The liability is reported in the
financial statements ofthe County.
NOTE 6 - OPERATING LEASES
The Supervisor of Elections has entered into a noncancelable operating lease as lessee for a mail machine .
Lease expenditures totaled $6, 186 for the year ended September 30, 2003 .
307
Indian River County, Florida
Supervisor of Elections
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 6 - OPERATING LEASES - Continued
>{3
ti
The following is a schedule by years of minimum future rentals to be paid by the Supervisor of Elections for the
noncancelable operating lease as of September 30 :
Year Amount
2004 $ 5 900
2005 5 , 900
2006 983
Total Future Minimum Lease Payments $ 12 , 783
308
Harris , Cotherman,
■ Jones , Price & Associates
■ Certified Public Accountants • Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable Kay Clem
Supervisor of Elections
Indian River County , Florida
We have audited the basic financial statements of Indian River County , Florida including the fund financial statements of the
Supervisor of Elections, as of and for the year ended September 30, 2003 , and issued our report thereon dated January 30,
2004 . We conducted our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General
of the United States .
' Compliance
As part of obtaining reasonable assurance about whether the Supervisor of Elections ' financial statements are free of material
1 misstatement, we performed tests of its compliance with certain provisions of laws, regulations and contracts, noncompliance
with which could have a direct and material effect on the determination of financial statement amounts . However, providing
an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such
an opinion . The results of our tests disclosed no instances of noncompliance that are required to be reported
under
Government Auditing Standards.
Internal Control Over Financial Reporting
' In planning and performing our audit, we considered the Supervisor of Elections ' internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to
provide assurance on the internal control over financial reporting . Our consideration of the internal control over financial
reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material
weaknesses . A material weakness is a condition in which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation
to the financial statements being audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions . We noted no matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses .
This report is intended for the information of management, the Supervisor of Elections, and the Auditor General of the State
of Florida. However, this report is a matter of public record and its distribution is not limited .
41,w Ra �4d OW�{L,tJ
e� X10 61d1' pu 494tt 5 w �hNlJeleld
Vero Beach , Florida
January 30, 2004
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice section
309
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
s
5070 North Highway AlA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Management Comments
The Honorable Kay Clem
Supervisor of Elections
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the individual
fund financial statements of the Supervisor of Elections , as of and for the year ended September 30 ,
2003 , and have issued our report thereon dated January 30 , 2004 . We conducted our audit in accordance
with generally accepted auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States . Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements referred to above are -free of material
misstatement.
In planning and performing our audit of the fund financial statements of the Indian River County
Supervisor of Elections for the year ended September 30, 2003 , we considered the Supervisor
of
Elections ' internal control structure in order to determine our auditing procedures for the purpose of
expressing our opinion on the fund financial statements and not to provide assurance on the internal
control structure . As a result, no weaknesses in procedures and controls which are required to
be
reported came to our attention .
Also , we have tested your operations for compliance with applicable laws and have no additional
comments required to be included by reason of the Rules of the Auditor General of the State of Florida.
No comments were made in the prior year.
The following comments are required by the Auditor General of the State of Florida :
Florida Department of Banking and Finance Financial Report :
The financial report required to be filed with the Florida Department of Banking and Finance
pursuant to Section 218 . 32 ( 1 )(b) of the Florida Statutes has been completed . We compared the
report with the financial audit report and noted no exceptions .
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
310
Harris, Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
The Honorable Kay Clem
Supervisor of Elections
Indian River County, Florida
Page Two
Determination of Financial Emergency - F . S . Section 218 . 503 ( 1 ) :
' Nothingcame to our attention which indicates that the Indian River Count Supervisor of Elections
Y p
is or, during the year ended September 30 , 2003 , was in a state of financial emergency
as a
consequence of conditions described in Section 218 . 503 ( 1 ) , Florida Statutes , under the Rules of the
Auditor General of the State of Florida.
' Status of Prior Year Comments :
All comments noted in the prior year have been resolved .
' This report is intended for the information of management, the Supervisor of Elections , and the Auditor
General of the State of Florida. However, this report is a matter of public record and its distribution is
' not limited .
�usua , Covkam�.+r, qnw , �'x�u � I.�aD �u�i�c�u
� w u'o1 W hd aam+xf s 017" *nerd
Vero Beach, Florida
January 30, 2004
311
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TAX COLLECTOR
' 313
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Report on Special Purpose Financial Statements Prepared in Compliance With a
Regulatory Provision That Results in an Incomplete Presentation But One That is
Otherwise in Conformity With Generally Accepted Accounting Principles
The Honorable Charles W . Sembler
Tax Collector
Indian River County, Florida
We have audited the accompanying fund financial statements of Indian River County, Florida, Tax
Collector as of and for the fiscal year ended September 30 , 2003 , as listed in the table of contents . These
financial statements are the responsibility of the Tax Collector ' s management . Our responsibility is to
express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States . Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the fund financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fund
financial statements . An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation . We
believe that our audit provides a reasonable basis for our opinion .
As described in Note 1 , the accompanying fund financial statements referred to above present fairly only
the financial position of the Tax Collector at September 30 , 2003 , and the results of operations for the
year then ended in conformity with generally accepted accounting principles .
In our opinion, the fund financial statements referred to above present fairly, in all material respects, the
financial position of the Tax Collector as of September 30, 2003 , and the results of operations for the year
then ended in conformity with generally accepted accounting principles .
In accordance with Government Auditing Standards we have also issued a report dated January 30, 2004
on our consideration of the Tax Collector ' s internal control over financial reporting and on our tests of
compliance with certain provisions of laws, regulations, contracts, and grants .
This report is intended solely for the information and use of management, the Tax Collector, the Auditor
General and applicable Federal and State agencies, and is not intended to be and should not be used by
anyone other than these specified parties .
�i'ttRt�4�, CtNkLtMMtt Qjkte , �atll.I � Qe4 ♦���
� etJ� id ?ubti' � Qdnycftv {s 017A4 *&d
Vero Beach, Florida
January 30, 2004 "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
314
Indian River County, Florida
Tax Collector
Balance Sheet
General Fund
September 30, 2003
ASSETS
Cash and cash equivalents $ 212075275
' Accounts receivable 41 , 783
Inventories 471
Total assets $ 29249 , 529
LIABILITIES AND FUND EQUITY
' Liabilities :
Accounts payable $ 338 , 628
Due to other governments 1 ,9105584
' Deposits 317
Total liabilities 2 ,249 , 529
' Fund Equity : _
Fund balance
' Total liabilities and fund equity $ 2,249 , 529
' The accompanying notes are an integral part of the financial statements .
' 315
Indian River County, Florida
Tax Collector
Statement of Revenues, Expenditures , and
Changes in Fund Balances In Budget and Actual
General Fund
It
For the Year Ended September 30 , 2003
Variance with
Final budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Charges for services $ 3 ,9551370 $ 39955 ,370 $ 49286, 040 $ 330,670
Interest 40 , 000 4000 515663 11 ,663
Total revenues 3 ,995 ,370 33995 ,370 4, 3373703 342 , 333 1
EXPENDITURES
General government 29363 , 877 2 ,363 , 877 2 , 3565533 7,344
Debt service : s`
Principal 59, 345 59 , 345 595345 -
Interest 11 ,241 119241 119241 -
Total expenditures 2 ,4341463 2 ,4345463 2 ,4279119 7, 344
Excess of revenues
over expenditures 1 , 560 , 907 19560,907 1 ,9109584 349,677
OTHER FINANCING SOURCES (USES)
Excess fees to Board
of County Commissioners ( 1 ,371 ,919) ( 1 , 371 ,919) ( 176429750) (270, 831 )
Excess fees to Other
Governments ( 188 ,988) ( 1889988) (267, 834) (785846)
. Total other financing sources (uses) ( 1 , 560 , 907) ( 1 ,560, 907) ( 1 , 9101584) (349,677)
Net change in fund balances
Fund balances at beginning of year _
Fund balances at end of year $ _
The accompanying notes are an integral part of the financial statements .
316
' Indian River County, Florida
Tax Collector
' Statement of Fiduciary Net Assets
Agency Fund
September 30 , 2003
' ASSETS
Cash and cash equivalents $ 3 , 189, 103
Total assets $ 3 , 1899103
LIABILITIES
Due to other governments $ 3 , 189 , 103
' Total liabilities $ 3 , 189 , 103
The accompanying notes are an integral part of the financial statements .
317
Indian River County, Florida
Tax Collector
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Tax Collector is a County agency and a local governmental entity pursuant to Article 8 , Section 1 (d) , of the
Constitution of the State of Florida. For financial statement and reporting purposes , the Tax Collector does not
meet the definition of a legally separate organization and is not considered to be a component unit. The Tax
Collector is considered to be a part of the primary government of Indian River County. The financial statements
contained herein represent the financial transactions of the Tax Collector only. The format of the Tax Collector 's
statements has been prepared in accordance with the presentation requirements of GASB 34 for fund financial statements.
The following is a summary of the significant accounting principles and
!m g p p policies used m the preparation of the
accompanying financial statements .
r
A. Description of Funds
The accounting records are organized for reporting purposes on the basis of a governmental fund and a fiduciary
fund .
Governmental Fund
General Fund - The General Fund, which is a governmental fund, is used to account for all revenues and
expenditures applicable to the general operations of the Tax Collector. All general operating revenues which
are not restricted or designated as to use by outside sources are recorded in the General Fund. The governmental
fund measurement focus is upon determination of financial position and changes in financial position (sources ,
uses and balances of financial resources) rather than upon net income determination.
Fiduciary Fund
Fiduciary Fund - The Fiduciary Fund of the Tax Collector is the Agency Fund, which is used to account for assets held
by the Tax Collector as an agent. The Agency Fund is custodial in nature and does not involve measurement of results
of operations .
B . Basis of Accounting, Measurement Focus and Presentation
The accounts of the governmental fund and fiduciary fund are maintained on the modified accrual basis . Under the
modified accrual basis, expenditures are recorded at the time liabilities are incurred and revenues are recorded when
received in cash or when they are considered both measurable and available and as such, are susceptible to accrual .
To the extent that revenues exceed expenditures, they are not considered earned and are reflected as liabilities .
318
Indian River County, Florida
Tax Collector
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C. Budgetary Requirements
State statutes require the Tax Collector to prepare an annual budget which clearly reflects the revenues available to his
office and the functions for which money is to be expended. The budgeted revenues and expenditures are subject to the
review and approval of the Department of Revenue . Management is authorized to transfer budgeted amounts between
objects and departments as long as management does not exceed the total appropriations of a fund. Department of
Revenue approval is only required when unanticipated revenues are received that management wishes to have
appropriated, thereby increasing the total appropriations. The budget is prepared on a basis consistent with generally
accepted accounting principles.
D. Cash and Cash Equivalents
Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety days or
less when purchased .
E . Capital Assets
Tangible personal property used by the Tax Collector in operations is reported in the financial statements of the
' County .
F. Compensated Absences
The Tax Collector accrues a liability for employees '
rights to receive compensation for future absences when
' certain conditions are met. The Tax Collector does not, nor is he legally required to , accumulate expendable
available financial resources to liquidate this obligation. Accordingly, the liability for compensated absences is
not reported in the governmental fund .
' G Transfer Out
In accordance with Florida Statutes all revenues in excess of expenditures as of year-end are owed to the Board
of County Commissioners and other governments . These "excess fees" are reported as transfers out and were
$ 1 ,910, 584 at year-end .
' NOTE 2 - CASH AND INVESTMENTS
A. Deposits
At September 30, 2003 , the carrying amount of the Tax Collector 's deposits was $ 1 ,428 ,043 , and the bank balance
' was $ 1 ,480, 700. All deposits with financial institutions were 100% insured by federal depository insurance or by
collateral provided by qualified public depositories to the State Treasurer pursuant to the Public Depository Security
Act of the State of Florida. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple
financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member
fails.
' 319
Indian River County, Florida
Tax Collector
Notes to Financial Statements
Year Ended September 30, 2003
NOTE 2 - CASH AND INVESTMENTS - Continued
B . Investments
Florida Statutes authorize investments in certificates of deposit, savings accounts , the Local Government Surplus
Funds Trust Fund administered by the Florida State Board ofAchnnustration, Securities and Exchange Commission
registered money market funds with the highest credit quality rating from a nationally recognized rating agency,
and direct obligations of the U . S . Treasury.
The Tax Collector had $3 ,968 , 335 with the Local Government Surplus Funds Trust Fund as of September 30, 2003 .
This investment is not categorized for custodial risk since it is not evidenced by securities that exist in physical or book
entry form. Please read the County-wide note for additional information concerning the Local Government Surplus
Funds Trust Fund.
NOTE 3 - INVENTORIES
Inventories are valued at cost, which approximates market, using the "first-in, first-out" method of accounting .
The costs of general fund inventory are recorded as an expenditure when consumed rather than when purchased .
Inventory of the Tax Collector, included in the general fund, represents postage .
NOTE 4 - DEFINED BENEFIT PLAN
Florida Retirement System
Plan Description : The Tax Collector 's employees participate in the Florida Retirement System (FRS ) , a cost-
sharing multiple-employer public employee retirement system , administered by the Florida Department of
Administration. The FRS is noncontributory for all members ; all contributions are made by the employer. The
FRS provides for vesting of benefits after six years of creditable service . Normal retirement benefits are available
to employees who retire at or after age 62 with six or more years of service . Early retirement is available after
six years of service with a five percent reduction in benefits for each year prior to the normal retirement age .
Retirement benefits are based on age , average compensation, and years-of-service credit where average
compensation is computed as the average of an individual 's five highest years of earnings . For further information
concerning the Florida Retirement System and contribution rates, please read the County-wide note on the Florida
retirement System .
Contributions to the FRS for the fiscal year ended September 30 , 2003 , were equal to 6 . 84% of the annual covered
payroll . Contributions to the FRS for the fiscal years ended September 30, 2001 , 2002 , and 2003 were $95 , 846,
$94,786, and $78 ,844 respectively, which is equal to 100% of the required contribution for each year.
320
Indian River County, Florida
Tax Collector
Notes to Financial Statements
Year Ended September 30, 2003
' NOTE 5 - RISK MANAGEMENT
Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts,
theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical
and life insurance coverage for employees and their eligible dependents . Various excess catastrophe insurance policies
with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self-insurance Fund.
The Tax Collector participated in the County's self-insurance program during fiscal year 2002 at an annual cost of
approximately $242,093 .
' NOTE 6 - LONG-TERM LIABILITIES
A. Capital Leases
The following is a schedule of future minimum lease payments under capital leases, together with the present value of
the net minimum lease payments, as of September 30, 2003 :
Fiscal year ending Amount
2004 $ 52 ,244
2005 52 ,244
2006 52 ,244
2007 525244
2008 39, 183
Total minimum lease payments 2485159
Less : Amount representing interest 24 , 683
Present value of net minimum
' lease payments $ 2239476
The following is an analysis of the leased property under capital leases :
Type of Property Capitalized Cost
Computer equipment $ 5135961
' The equipment listed above is reported in the financial statements of the County. Monthly payments for the computer
equipment leases are made by the General Fund.
' B . Changes in Long-Term Liabilities
Beginning Ending
Balance Balance
10/01 /02 Additions Deletions 09/30/03
Accrued Compensated Absences $ 53 , 853 $ 2 ,004 $ - $ 559857
Capital Leases 282 , 821 - 59,345 223 ,476
$ 336 ,674 $ 2 ,004 $ 59 ,345 $ 279, 333
321
Indian River County, Florida
Tax Collector
Notes to Financial Statements
Year Ended September 30 , 2003
NOTE 6 - LONG-TERM LIABILITIES - Continued
B. Changes in Long-Term Liabilities - Continued
Of the $55 , 857 liability for accrued compensated absences , management estimates that $ 5 ,000 will be due and
payable within one year. The long term liabilities are not reported in the financial statements of the Tax Collector since
they are not payable from available spendable resources . They are reported in the financial statements of the County.
NOTE 7 - OPERATING LEASES
The Tax Collector has entered into noncancelable operating lease
p g s as lessee for office space and office equipment.
Lease expenditures totaled $ 195 , 522 for the year ended September 30, 2003 .
The following is a schedule by years of minimum future rentals to be paid by the Tax Collector for noncancelable
operating leases as of September 30 :
Year Amount
2004 $ 130, 560
2005 131 ,936
2006 133 , 313
2007 111 ,500
2008 112 ,250
Thereafter 426,250
Total Future Minimum Lease Payments $ 1 ,045 , 809
322
Harris , Cotherman,
' Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
' Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
' The Honorable Charles W . Sembler
Tax Collector
' Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund financial
statements of the Tax Collector, as of and for the year ended September 30, 2003 , and issued our report thereon
dated January 30, 2004 . We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in Government Auditing
Standards , issued by the Comptroller General of the United States .
' Compliance
As part of obtaining reasonable assurance about whether the Tax Collector ' s financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations and
' contracts , noncompliance with which could have a direct and material effect on the determination of financial
statement amounts . However, providing an opinion on compliance with those provisions was not an objective of
our audit and, accordingly, we do not express such an opinion . The results of our tests disclosed no instances
of
noncompliance that are required to be reported under Government Auditing Standards .
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Tax Collector ' s internal control over financial reporting
in order to determine our auditing procedures for the purpose of expressing our opinion on the
financial
statements and not to provide assurance on the internal control over financial reporting . Our consideration of the
internal control over financial reporting would not necessarily disclose all matters in the internal control over
financial reporting that might be material weaknesses . A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to a relatively low level the risk that
' misstatements in amounts that would be material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal course of performing their assigned
functions . We noted no matters involving the internal control over financial reporting and its operation that we
consider to be material weaknesses .
This report is intended for the information of management, the Tax Collector, and the Auditor General of the
State of Florida . However, this report is a matter of public record and its distribution is not limited .
Vero Beach , Florida
January 30 , 2004
' "Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
' Private Companies Practice Section
323
Harris , Cotherman,
Jones , Price & Associates
Certified Public Accountants - Chartered
5070 North Highway AIA, Suite 250
Vero Beach, FL 32963
Phone 772-234-8484
Fax 772-234-8488
Management Comments
`r
The Honorable Charles W. Sembler
Tax Collector
Indian River County, Florida
We have audited the basic financial statements of Indian River County, Florida, including the fund
financial statements of the Tax Collector, as of and for the year ended September 30 , 2003 , and have
issued our report thereon dated January 30 , 2004 . We conducted our audit in accordance with generally
accepted auditing standards and Government Auditing Standards issued by the Comptroller General of
the United States . Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements referred to above are free of material misstatement .
In planning and performing our audit of the fund financial statements of the Indian River County Tax
Collector for the year ended September 30 , 2003 , we considered the Tax Collector ' s internal control
structure in order to determine our auditing procedures for the purpose of expressing our opinion on the
fund financial statements and not to provide assurance on the internal control structure . As a result, we
have issued a report dated January 30, 2004 on our consideration of the Tax Collector' s internal control
structure and its compliance with laws and regulations and have noted reportable conditions in that
report .
G,
The following comments are required by the Auditor General of the State of Florida :
Florida Department of Banking and Finance Financial Report ,
The financial report required to be filed with the Florida Department of Banking and Finance
pursuant to Section 218 . 32( 1 )(b) of the Florida Statutes has been completed . We compared the
report with the financial audit report and noted no exceptions .
Determination of Financial Emergency - F. S. Section 218 . 503 ( 1 ) :
Nothing came to our attention which indicates that the Indian River County Tax Collector is , or
during the year ended September 30, 2003 was , in a state of financial emergency as a consequence
of conditions described in Section 218 . 503 ( 1 ), Florida Statutes, under the Rules of the Auditor
General of the State of Florida.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
324
Harris, Cotherman,
' Jones, Price & Associates
Certified Public Accountants • Chartered
The Honorable Charles W. Sembler
Tax Collector
Indian River County , Florida
Page Two
t
STATUS OF PRIOR YEAR COMMENTS :
No comments noted .
CURRENT YEAR COMMENTS :
No comments noted .
This report is intended for the information of management, the Tax Collector, and the Auditor General
of the State of Florida. However, this report is a matter of public record and its distribution is
not
limited .
� � C:OV'�t.Gtl9'I�t•1f , Q/7W , �P�l.! � Qad bf�R1�C1
Vero Beach, Florida
January 30, 2004
' 325
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