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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 - Continued <br />Governmental Funds — Continued <br />Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were <br />expended, rather than as fund assets. The issuance of long-term debt is recorded as an other financing <br />source rather than as a fund liability. However, debt service expenditures, as well as expenditures <br />related to compensated absences and claims and judgments, are recorded only when payment is due. <br />Proprietary Funds <br />The County's enterprise funds and internal service funds are proprietary funds. In the fund financial <br />statements, proprietary funds are presented using the accrual basis of accounting. Revenues are <br />recognized when they are earned and expenses are recognized when the related goods or services are <br />delivered. In the fund financial statements, proprietary funds are presented using the economic <br />resources measurement focus. This means that all assets and all liabilities (whether current or <br />noncurrent) associated with their activity are included on their balance sheets. Proprietary fund type <br />operating statements present increases (revenues) and decreases (expenses) in total net assets. The <br />County applies all GASB pronouncements as well as all FASB Statements and Interpretations, APB <br />Opinions and Accounting Research Bulletins, issued after November 30, 1989, which do not conflict <br />with or contradict GASB pronouncements. <br />Proprietary fund operating revenues result from exchange transactions associated with the principal <br />activity of the fund. Exchange transactions are those in which each party receives and gives up <br />essentially equal values. Non-operating revenues result from non-exchange transactions or ancillary <br />activities. Operating expenses are costs incurred to provide services, whereas non-operating expenses <br />are costs of debt financings, amortization of intangible assets and losses on the sale of assets. <br />Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements, rather <br />than reported as expenditures. Issuance of long-term debt is recorded as a liability in the fund financial <br />statements, rather than as an other financing source. Amounts paid to reduce long-term indebtedness are <br />reported as a reduction of the related liabilities, rather than as an expense. <br />Fiduciary Funds <br />The fiduciary financial statements include financial information for the agency fund and the other <br />postemployment benefit trust fund. The agency fund of the County primarily represents assets held by <br />the County in a custodial capacity for other individuals or governments. The other postemployment <br />benefits trust fund (Trust) accounts for activities of the Trust, which accumulates resources for health <br />insurance benefit payments for current retirees and for current employees upon their retirement. The <br />agency and Trust fund statements are presented using the accrual basis of accounting. <br />W. <br />
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