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2011-075
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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 />D. Assets, Liabilities, and Net Assets or Equity - Continued <br />9. Capital Assets - Continued <br />The Sheriff is accountable for and thus maintains capital asset records pertaining only to equipment <br />used in his operations. These assets have been combined with the Board's governmental activities <br />capital assets in the statement of net assets. <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 Years <br />Building and improvements 10-50 <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 />10. 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 />11. 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, 2010, the total amount of deferred revenues <br />reported on the governmental funds balance sheet is $1,422,426; $592,445 is available, but unearned, <br />and $829,981 is earned but not available. <br />12. 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 />53 <br />
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