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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2010
<br />NOTE 6 - CAPITAL ASSETS — Continued
<br />C. Special Item
<br />In fiscal year 2010, the Utilities proprietary fund constructed a new sludge facility. The County's
<br />existing sludge facility was not fully depreciated at the completion of the new facility, and County staff
<br />determined that a portion of the facility would continue to be utilized for other County needs. The
<br />portion that was abandoned resulted in the calculation of an impairment loss in accordance with GASB
<br />Statement 42 Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance
<br />Recoveries. This loss resulted in a write down in value of $665,460 of the existing asset and is
<br />presented as a special item on the Statement of Revenues, Expenses, and Changes in Fund Net Assets
<br />for the Proprietary Funds.
<br />NOTE 7 - RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS
<br />Various bond covenants, resolutions, and state regulations require that the County restrict cash and cash
<br />equivalents and investments within the business -type activities. Restricted cash and cash equivalents
<br />and investments are as follows:
<br />Primary Government
<br />Solid Waste
<br />Cash totaling $14,006,587 is reported as restricted on the Statement of Net Assets for governmental
<br />activities. Of that amount, $6,006,587 is restricted for current liabilities such as retainage payable,
<br />accrued interest payable, and the current year portion of bonds payable. The remaining $8,000,000 is
<br />restricted for future payments to a local aircraft manufacturer as part of an incentive agreement to retain
<br />the company in Vero Beach.
<br />•:
<br />Disposal
<br />Golf
<br />County
<br />District
<br />Course
<br />Utilities
<br />Total
<br />Sinking funds $
<br />- $
<br />470,822 $
<br />6,130,700 $
<br />6,601,522
<br />Renewal and replacement
<br />3,347,112
<br />-
<br />3,485,928
<br />6,833,040
<br />Customer deposits
<br />139,426
<br />-
<br />2,449,707
<br />2,589,133
<br />Capital construction
<br />-
<br />-
<br />18,025,963
<br />18,025,963
<br />Closure and maintenance costs
<br />9,518,736
<br />-
<br />-
<br />9,518,736
<br />Total $
<br />13,005,274 $
<br />470,822 $
<br />30,092,298 $
<br />43,568,394
<br />Cash totaling $14,006,587 is reported as restricted on the Statement of Net Assets for governmental
<br />activities. Of that amount, $6,006,587 is restricted for current liabilities such as retainage payable,
<br />accrued interest payable, and the current year portion of bonds payable. The remaining $8,000,000 is
<br />restricted for future payments to a local aircraft manufacturer as part of an incentive agreement to retain
<br />the company in Vero Beach.
<br />•:
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