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a 0 Note Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 Page Note Page 1. Summary of Significant Accounting Policies..................................................42-52 Reporting Entity.................................42-43 Measurement Focus and Basis of Accounting ..................... 43-46 Basis of Presentation ..........................47-48 Assets, Liabilities and Net Assets or Equity .......... .. ..........................48-52 Cash and Cash Equivalents.............48 Investments.....................................49 Allowance for Doubtful Accounts ..49 Receivables and Payables ...............49 Inventories.......................................49 Prepaid Expenses ............................49 Restricted Assets .............................50 Intangible Assets .............................50 Captial Assets..................................50-51 Capitalization of Interest.................51 Unearned Revenues ........................51 Accrued Compensated Absences ....51 Obligation for Bond Arbitrage Rebate..........................................51 Landfill Closure Costs ....................52 Unamortized Bond Costs ................52 Unamortized Bond Discounts and Premiums...............................52 Captial Contributions ......................52 2. Reconciliation of Government -wide and Fund Financial Statements ..........53-61 3. Stewardship, Compliance and Accountability ........ ..........................62-63 Budget and Budgetary Accounting .62-63 4. Cash and Cash Equivalents ................... 63-66 Deposits...........................................63 Accrued Interest..............................64 Investments.....................................64-66 5. Property Tax Revenues .........................66 6. Capital Assets........................................67-68 7. Restricted Cash and Cash Equivalents and Investments.................................69 8. Payable from Restricted Assets ............69 41 9. Interfund Balances................................70 10. Interfund Transfers................................71 11. Receivable and Payable Balances .........72-73 12. Long-term Liabilities............................73-86 Business -type Activities ..................... 73-77 Recreational Revenue Refunding Bonds, Series 2003 ....................... 73-74 Water and Sewer Revenue Bonds, Series 1993A ....................74-75 Water and Sewer Revenue Bonds, Series 2005 .......................76 Annual Debt Service Payments — Business -type Activities...............77 Governmental Activities ....................77-81 Limited General Obligation Bonds.77-78 General Obligation Bonds...............78-79 Spring Training Facility Revenue Bonds...........................................79-81 Annual Debt Service Payments — Governmental Activities ..............81 Housing Authority Revenue Bonds ......82-83 Summary of Defeased Debt Outstanding........................................83 Captial Leases and Notes Payable ........84 Compensated Absences ........................84 Changes in Long-term Liabilities .........85 Conduit Debt Obligations .....................86 13. Provision for Closure Costs ..................86-87 14. Pension Plans........................................87-89 Florida Retirement System ................87-89 15. Operating Leases...................................89-90 16. Fund Equity...........................................90-91 17. Fund Equity Deficit...............................91 18. Risk Management.................................92-93 19. Commitments and Contingencies .........93-94 Litigation............................................93 Contracts and Other Commitments..................................94 Grants.................................................94 20. Subsequent Events................................94