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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2010 Note Page Note Page 1. Summary of Significant Accounting 10. Interfund Transfers .............................. 71 Policies..................................................44 11. Due from Other Governments .............. 72 Reporting Entity.................................44 12. Accounts Payable ................................. 73 Measurement Focus and 13. Long-term Liabilities ............................ 74 Basis of Accounting ..................... 45 Changes in Long-term Liabilities......... 74 Basis of Presentation ..........................49 Governmental Activities....................... 75 Assets, Liabilities and Net Assets Annual Debt Service Payments — or Equity.......................................50 Governmental Activities.............. 75 Cash and Cash Equivalents.............50 Limited General Obligation Bonds 76 Investments.....................................51 General Obligation Bonds .............. 76 Allowance for Doubtful Accounts ..51 Spring Training Facility Revenue Receivables and Payables ...............51 Bonds........................................... 77 Inventories.......................................51 Business -type Activities 80 Prepaid Items..................................51 Annual Debt Service Payments — Other Assets Held For Resale .........52 Business -type Activities .............. 80 Restricted Assets .............................52 Recreational Revenue Refunding Capital Assets..................................52 Bonds, Series 2003 ...................... 80 Capitalization of Interest.................53 Water and Sewer Revenue Unearned Revenues ........................53 Bonds, Series 1993A ................... 81 Accrued Compensated Absences .... 53 Water and Sewer Revenue Refunding Obligation for Bond Arbitrage Bonds, Series 2005 ...................... 83 Rebate..........................................54 Water and Sewer Revenue Refunding Landfill Closure Costs ....................54 Bonds, Series 2009...................... 84 Unamortized Bond Costs ................54 Summary of Defeased Debt Unamortized Bond Discounts Outstanding ....................................... 85 and Premiums...............................54 Compensated Absences 85 Capital Contributions ......................54 Conduit Debt Obligations..................... 85 New Accounting Pronouncements.. 54 14. Provision for Closure Costs .................. 86 2. Reconciliation of Government -wide 15. Pollution Remediation .......................... 87 and Fund Financial Statements ..........55 16. Pension Plans - 3. Stewardship, Compliance and Florida Retirement System ................ 88 Accountability....................................59 17. Other Postemployment Benefits Plan... 90 Budget and Budgetary Accounting.59 18. Operating Leases .................................. 93 4. Cash and Cash Equivalents ................... 60 19. Fund Balance ........................................ 94 Deposits...........................................60 20. Fund Balance Deficit............................ 95 Accrued Interest..............................60 21. Net Assets ............................................. 96 Investments.....................................60 22. Risk Management................................. 97 OPEB Trust Investments.................63 23. Commitments and Contingencies......... 98 5. Property Tax Revenues .........................64 Litigation ........................................... 98 6. Capital Assets........................................65 Contracts and Other Special Item....................................68 Commitments... ...... 98 7. Restricted Cash and Cash Equivalents Grants ................................................ 99 and Investments.................................68 24. Subsequent Events................................ 99 8. Payable from Restricted Assets ............69 9. Interfund Balances................................70 43