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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2006 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />C. Basis of Presentation <br />GASB Statement 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues or <br />expenditures/expenses of either fund category and the governmental and enterprise combined) for the <br />determination of major funds. The County has used GASB 34 minimum criteria for major fund <br />determination and has also electively disclosed funds that either had debt outstanding or specific <br />community focus as major funds. The non -major funds are combined in a column in the fund financial <br />statements and detailed in the combining section. <br />1. Governmental Major Funds: <br />aGeneral Fund — The General Fund is the general operating fund of the County. It is used to account for <br />all financial resources, except those required to be accounted for in another fund. <br />Impact Fees Fund — The Impact Fees Fund accounts for the receipt of various impact fees. Funds are <br />used for the construction of roads and bridges, correctional, public safety, library, park, public building, <br />and solid waste facilities. <br />Secondary Roads Construction Fund — The Secondary Roads Construction Fund accounts for the <br />expenditures of road and bridge construction. Financing is provided by collections of the local option <br />gas tax. <br />Transportation Fund — The Transportation Fund accounts for expenditures incurred for the maintenance <br />and repair of County roads. Financing is provided by the 5th and 6th cent gas taxes, county gas tax and <br />transfers from the General Fund. <br />Emergency Services District Fund — The Emergency Services District Fund accounts for the <br />expenditures of providing fire protection and advanced life support to the entire County. Financing is <br />provided by ad valorem taxes. <br />Land Acquisition Fund — To account for expenditures incurred in the purchase of environmentally <br />sensitive land, preservation of water sources, historic sites and agricultural lands. Financing is provided <br />by bond proceeds and state grants. <br />Federal/State Grants Fund — To account for revenues and expenditures of various grants from Federal <br />and State agencies, including those grants designated for disaster recovery. <br />aOptional Sales Tax Fund — The Optional Sales Tax Fund accounts for revenues generated by the local <br />option one -cent sales tax and some capital grants that use the local option one -cent sales tax as matching <br />funds. Monies are used for various capital projects. <br />a47 <br />