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INDIAN RIVER COUNTY EXHIBIT - H BOARD OF.COUNTY COMMISSIONERS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES "i SEPTEMBER 30, 1977 The significant accounting policies followed by the Board of County Commissioners, Indian River County, Florida, are described below to enhance usefulness of the financial statements to the reader.Other significant accounting policies are shown In the accompanying "Notes to Financial Statements." REPORTING ENTITY Indian River County is a political subdivision of the State of Florida. It is governed by an elected Board of County Commissioners which is governed by State statutes and regulations. Pursuant to Section 125.17, Florida Statutes, the Clerk of the Circuit Court for the county is clerk and accountant for the Board of County Commissioners. The Clerk maintains the Board's accounts in accordance with uniform classification of.accounts as prescribed by the Department of Banking and Finance, State of Florida. FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the Board, the financial records and accounts of the r Board are kept'in accordance with the principals of "fund accounting." This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with the activities or objectives specified.. Separate accounts were kept for each fund; however, in some of the accompanying financial statements, funds which have similar characteristics have been combinedinto fund groups. Accordingly, all financial transactions have been recorded and reported by fund and fund group. The funds used are classified as follows: GBneral Fdnd. This fund is used to account for resources available to meet the general financial requirements of the Board of County Commissioners. Special Revenue Funds. These funds are used to account for the proceeds of specific revenue sources kother than special assessments) or to finance specified activities as required by law. Enterprise Fund. The Board of County Commissioners has organized a Sanitary Landfill Enterprise to be operated in a manner similar to a private enterprise. The accounts•and records are therefore kept in accordance with generally accepted accounting principles applicable to the private sector of economic activity. Trust And Agency. These funds are used to account for assets held by a governmental unit as trustee or agent for individuals, private organizations, and other governmental units. General Fixed Assets. This self -balancing group of accounts is used to provide a record of fixed assets owned by the Board of County Commissioners which are available for the general operation of county government. Interest income derived from time deposits and investments were accounted for In the fund which owned such assets. Basis Of Accounting These funds are maintai-ned on the modified accrual basis of accounting. DEC 211977 BOOK33 PAGE 6U