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Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2009 <br /> NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued <br /> D. Assets,Liabilities, and Net Assets or Equity- Continued <br /> 8. Capital Assets- Continued <br /> Property,plant, equipment, intangible, and infrastructure assets of the primary government, as well as <br /> the component units, are depreciated using the straight-line method over the following estimated useful <br /> lives: <br /> Assets Year <br /> Building and improvements 25 -50 <br /> Machinery and equipment 3 - 10 <br /> Utility distribution system 25-50 <br /> Road and bridge infrastructure 20-50 <br /> Fiberoptics 20 <br /> Software 3-5 <br /> Beach preservation infrastructure 7 <br /> Stormwater infrastructure 30 <br /> 9. Capitalization of Interest <br /> Interest costs related to bond issues are capitalized during the construction period. These costs are <br /> netted against applicable interest earnings on construction fund investments. During the current period, <br /> the County did not have'any capitalized interest. <br /> 10. Unearned Revenues <br /> In government-wide financial statements, unearned revenues are recognized as revenue in the fiscal <br /> year they are earned. In governmental fund financial statements (in accordance with the modified <br /> accrual basis of accounting), deferred revenues represent revenues, which are measurable but not <br /> available, or received and unearned. At September 30, 2009, the total amount of deferred revenues <br /> reported on the governmental funds balance sheet is $2,444,434; $1,296,158 is available, but unearned, <br /> and$1,148,276 is earned but not available. <br /> 11. Accrued Compensated Absences <br /> The County accrues accumulated unpaid vacation and sick leave when earned by the employee. The <br /> current portion is the amount estimated to be used in the following year. The non-current portion is the <br /> amount estimated to be used in subsequent fiscal years. Both the current and non-current estimated <br /> accrued compensated absences amounts for governmental funds are maintained separately and <br /> represent a reconciling item between the fund and government-wide presentations. <br /> 51 <br />