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Last modified
5/13/2022 10:12:51 AM
Creation date
10/5/2015 9:09:20 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Report
Approved Date
03/22/2011
Control Number
2011-075
Agenda Item Number
8.B.
Entity Name
Indian River County
Subject
Comprehensive Annual Financial Report
Fiscal Year October 1, 2009 - September 30, 2010
Alternate Name
CAFR
Supplemental fields
SmeadsoftID
9332
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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />B. Measurement Focus and Basis of Accounting - Continued <br />2. Fund Financial Statements <br />The underlying accounting system of the County is organized and operated on the basis of separate <br />funds, each of which is considered to be a separate accounting entity. The operations of each fund are <br />accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund <br />equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to <br />and accounted for in individual funds based upon the purposes for which they are to be spent and the <br />means by which spending activities are controlled. <br />Fund financial statements for the primary government's governmental, proprietary, and fiduciary funds <br />are presented after the government -wide financial statements. These statements display information <br />about major funds individually and nomnajor funds in the aggregate for governmental and enterprise <br />funds. <br />Governmental Funds <br />Governmental fund financial statements are reported using the current financial resources measurement <br />focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both <br />measurable and available. Revenues are considered to be available when they are collected within the <br />current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the <br />County considers revenues to be available if they are collected within 45 days of the end of the current <br />fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual <br />accounting. Franchise fees, sales taxes, gas taxes, operating and capital grants, and interest associated <br />with the current fiscal period are all considered to be susceptible to accrual and so have been recognized <br />as revenues of the current fiscal period. All other revenue items are considered to be measurable only <br />when the County receives cash. <br />Under the current financial resources measurement focus, only current assets and current liabilities are <br />generally included on the balance sheet. The reported fund balance is considered to be a measure of <br />"available spendable resources". Governmental funds operating statements present increases (revenues <br />and other financing sources) and decreases (expenditures and other financing uses) in net current assets. <br />Accordingly, they are said to present a summary of sources and uses of "available spendable resources" <br />during a period. <br />Non-current portions of special assessments due to governmental funds are reported on their balance <br />sheets in spite of their spending measurement focus. Non-current portions of notes receivable and <br />advances to other funds are offset by fund balance reserve accounts. <br />Because of their spending measurement focus, expenditure recognition for governmental fund types <br />excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such <br />long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. <br />M <br />
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