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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2006
<br />NOTE 19 - COMMITMENTS AND CONTINGENCIES — Continued
<br />B. Contracts and Other Commitments — Continued
<br />In the Enterprise Funds, contracts are for the North County Reverse Osmosis Plant Expansion, Central
<br />Regional Wastewater Treatment Facility Capacity Enhancement, South County Reverse Osmosis
<br />Clearwell Addition, Utility Services Operations Center, Biosolids Collection and Dewatering Facility
<br />and various other water and sewer projects.
<br />A summary of these projects at September 30, 2006, is as follows:
<br />C. Grants
<br />Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
<br />agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to
<br />the grantor agency would become a liability of the County. In the opinion of management, any such
<br />adjustments would not be significant.
<br />NOTE 20 - SUBSEQUENT EVENTS
<br />In December 2006 and February 2007 the County received their final settlements of insurance recoveries
<br />from Hurricanes Frances and Jeanne totaling $1.1 million.
<br />Plans for moving into the new administration complex are scheduled for June 2007. Both buildings
<br />encompass 170,000 square feet and will house the Property Appraiser and Tax Collector, as well as the
<br />Board of County Commissioners departments. The Supervisor of Elections, Animal Control, Facilities
<br />Management and Coastal Engineering departments moved into their new 30,000 square foot complex on
<br />43`d Avenue in November 2006. Both complexes were funded by the one -cent local option sales tax.
<br />In January 2007, a major developer filed a lawsuit against the County. The developer is requesting a
<br />reservation of road capacity for their development and not a monetary award. At this time, the outcome
<br />is undeterminable.
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<br />94 D
<br />Special
<br />Capital
<br />General
<br />Revenue
<br />Projects
<br />Enterprise
<br />Total
<br />Total contact price
<br />$ 1,053,907
<br />$ 62,589,652
<br />$ 74,227,529
<br />$ 32,916,619
<br />$ 170,787,707
<br />Total paid as of
<br />September 30, 2006
<br />(867,197)
<br />(28,856,945)
<br />(33,334,116)
<br />(25,677,438)
<br />(88,735,696)
<br />Remaining Balance at
<br />September 30, 2006
<br />186 710
<br />33,732,707
<br />40,893,413
<br />$IaL9,181
<br />$ 82,052,011
<br />C. Grants
<br />Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
<br />agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to
<br />the grantor agency would become a liability of the County. In the opinion of management, any such
<br />adjustments would not be significant.
<br />NOTE 20 - SUBSEQUENT EVENTS
<br />In December 2006 and February 2007 the County received their final settlements of insurance recoveries
<br />from Hurricanes Frances and Jeanne totaling $1.1 million.
<br />Plans for moving into the new administration complex are scheduled for June 2007. Both buildings
<br />encompass 170,000 square feet and will house the Property Appraiser and Tax Collector, as well as the
<br />Board of County Commissioners departments. The Supervisor of Elections, Animal Control, Facilities
<br />Management and Coastal Engineering departments moved into their new 30,000 square foot complex on
<br />43`d Avenue in November 2006. Both complexes were funded by the one -cent local option sales tax.
<br />In January 2007, a major developer filed a lawsuit against the County. The developer is requesting a
<br />reservation of road capacity for their development and not a monetary award. At this time, the outcome
<br />is undeterminable.
<br />t
<br />94 D
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