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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 3 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY <br />Budgets and Budgetary Accounting <br />The County uses the following procedures in establishing the budgetary data reflected in the financial <br />statements: <br />(1) The constitutional officers submit, at various times, to the Board and to certain divisions within <br />the Department of Revenue, State of Florida, a proposed operating budget for the fiscal year <br />commencing the following October 1. The operating budget includes proposed expenditures and the <br />means of financing them, as set forth in Chapter 129 of the Florida Statutes. <br />(2) The Department of Revenue, State of Florida, has the final authority on the operating budgets for <br />the Tax Collector and the Property Appraiser included in the General Fund. <br />(3) Constitutional officers, all departments controlled by the Board, and outside state and local <br />agencies submit their proposed budgets to the Office of Management and Budget for assistance, review <br />and compilation. The County Administrator then reviews all County departments, state agencies and <br />nonprofit organization's budgets and makes his budget recommendation to the Board. <br />(4) On or before July 15 of each year, the County Administrator and the Director of the Office of <br />Management and Budget, as the Board's designated budget officer, submit to the Board a tentative <br />budget for the ensuing fiscal year. The tentative budget includes proposed expenditures and the means <br />of financing them. The Board then holds workshops to review the tentative budget by fund on a <br />departmental level. <br />(5) During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in <br />order for the Board to receive public input on the tentative budget. At the end of the last public hearing, <br />the Board enacts ordinances to legally adopt the budgets at the fund level for all but one nonmajor <br />governmental fund, the Supervisor of Elections Special Revenue Fund. The budgets legally adopted by <br />the Board set forth the anticipated revenues by source and the appropriations by function. <br />(6) Formal budgetary integration on an object level is used as a management control device for the <br />governmental and proprietary funds of the County. Management is authorized to transfer budgeted <br />amounts between objects and departments in any fund as long as management does not exceed the total <br />appropriations of a fund. Board approval to amend the budget is only required when unanticipated <br />revenues are received that management wishes to have appropriated, thereby increasing the total <br />appropriations of a fund. <br />(7) Budgets for the governmental and proprietary fund types are adopted on a basis consistent with <br />generally accepted accounting principles. <br />(8) Appropriations for the County lapse at the close of the fiscal year. <br />59 <br />
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