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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 />C. Basis of Presentation — Continued <br />2. Proprietary Major Funds — Continued <br />County Building Fund — The County Building Fund accounts for revenues, expenses, assets and <br />liabilities associated with the County building permit and inspection program. <br />3. Other Fund Types: <br />Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and <br />Geographic Information Systems services provided to other departments of the County on a cost <br />reimbursement basis. <br />Agency Fund - The Agency Fund is used to account for assets held in a custodial capacity by the <br />County for other governmental units, other funds, individuals and businesses. Examples include payroll <br />deductions, self insurance premiums, and developer escrow funds. <br />Other Postemployment Benefits Trust Fund — The Other Postemployment Benefits Trust Fund accounts <br />for activities of the Trust, which accumulates resources for health insurance benefit payments for <br />current retirees and for current employees upon their retirement. Contributions are recorded when <br />earned and benefit payments and refunds when incurred within each year. <br />4. Non-current Governmental Assets/Liabilities: <br />GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non- <br />current governmental liabilities, such as general obligation bonds and capital leases, be reported in the <br />governmental activities column in the government -wide statement of net assets. <br />D. Assets, Liabilities, and Net Assets or Equity <br />1. Cash and Cash Equivalents <br />Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety <br />days or less when purchased. The County maintains a cash and investment pool that is available for use <br />by all funds. Earnings from the pooled investments are allocated to the respective funds based on <br />applicable cash participation by each fund. The investment pool is managed such that all participating <br />funds have the ability to deposit and withdraw cash as if they were demand deposit accounts. Therefore, <br />all balances representing participants' equity in the investment pools are classified as cash and cash <br />equivalents for financial statement purposes. <br />In addition, longer-term investments are held by several of the County's funds and are reported as <br />restricted cash on these statements. Cash and cash equivalents of the constitutional officers are <br />maintained in separate accounts, but have been combined with the Board's cash and cash equivalents <br />for financial statement purposes. <br />50 <br />
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