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The Board has elected to capitalize its operating costs for the first <br />year. Since revenues will be incidental during this period, capitalizing <br />these costs will lead to a proper matching of these costs with the <br />,revenues they were intended to produce. <br />4. General Long -Tem. Debt. There was no general long -tem debt during the fiscal <br />year ended September 30,-1977. <br />5.. Employee Annual and Sick Leave. A contingent liability exists for accrued <br />annual sick leave which will be taken by employees, and accrued <br />annual leave which will become payable upon termination of employment. <br />This liability will be paid in future years as part of the normal <br />operations of the Board. <br />6. Retirement System. Members and employees of the Board participate in the <br />Florida Retirement System which is administered by the Division <br />of Retirement, Department of Administration, State of Florida. <br />DEC 211977 <br />BOUK 33 KE 61 <br />EXHIBITI <br />INDIAN RIVER COUNTY <br />BOARD OF COUNTY COMMISSIONERS <br />NOTES TO FINANCIAL STATEMENTS_ <br />SEPTEMBER 30, 1977 <br />1. Cash.. Cash <br />on the balance sheets include passbook and <br />other time deposits. <br />2. Inventory. <br />Inventory is priced at cost and accounted for on the first -in <br />first <br />-out basis of accouning. <br />3. Capitalized <br />First Year Operating Cost (Sanitary Landfill <br />Enterprise Fund.) <br />The Board has elected to capitalize its operating costs for the first <br />year. Since revenues will be incidental during this period, capitalizing <br />these costs will lead to a proper matching of these costs with the <br />,revenues they were intended to produce. <br />4. General Long -Tem. Debt. There was no general long -tem debt during the fiscal <br />year ended September 30,-1977. <br />5.. Employee Annual and Sick Leave. A contingent liability exists for accrued <br />annual sick leave which will be taken by employees, and accrued <br />annual leave which will become payable upon termination of employment. <br />This liability will be paid in future years as part of the normal <br />operations of the Board. <br />6. Retirement System. Members and employees of the Board participate in the <br />Florida Retirement System which is administered by the Division <br />of Retirement, Department of Administration, State of Florida. <br />DEC 211977 <br />BOUK 33 KE 61 <br />