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District Commissioner Term Expires November District 1 Wesley S. Davis 2008 District 2 Arthur R. Neuberger, Chairman 2006 District 3 Gary .C. Wheeler, Vice -Chairman 2008 District 4 Thomas S. Lowther 2006 District 5 Sandra L. Bowden 2008 Indian River County, on a whole, has a number of taxing authorities that can set ad valorem millage rates for various purposes. These consist of county, school, municipality, water management and independent authorities. However, as used throughout this document, Indian River County shall refer to only those county responsibilities under the Board of County Commissioners. Other elected officials, Constitutional Officers serving county -wide are a Property Appraiser, Tax Collector, Supervisor of Elections, Sheriff and Clerk of the Circuit Court who also serves as the Clerk to the Board of County Commissioners. COUNTY FINANCIAL MATTERS 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 ("Fiscal Year") of October 1 to September 30. Potential investors are encouraged to read Management's Discussion and Analysis (MD&A) contained in the Comprehensive Annual Financial Report ("CAFR") of the County. The MD&A provides basic financial information about the County and an overview of the County's activities. Internal accounting controls for the County are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets 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 judgments by management. 25