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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />N. Deferred Revenues <br />In governmental fund financial statements (in accordance with the modified accrual basis of <br />accounting), deferred revenues represent revenues, which are measurable but not available, or received <br />and unearned. <br />O. Accrued Compensated Absences <br />The Board does not report compensated absences in the governmental fund statements since they are not <br />current liabilities payable from available spendable resources. They are reported in the financial <br />statements of the County. Proprietary fund types accrue compensated absences in the period they are <br />earned. <br />P. Obligation for Bond Arbitrage Rebate <br />Pursuant to Section 148(f) of the U.S. Internal Revenue Code, the Board must rebate to the United States <br />Government the excess of interest earned from the investment of certain debt proceeds and pledged <br />revenues over the yield rate of the applicable debt. The Board has no arbitrage liability outstanding as <br />of September 30, 2011. <br />Q. New Accounting Pronouncements <br />Effective October 1, 2010, the Board implemented the provisions of GASB Statement No. 61 The <br />Financial Reporting Entity: Omnibus and GASB Statement No. 62 Codification of Accounting and <br />Financial Reporting Guidance Contained in Pre -November 30, 1989 FASB and AICPA <br />pronouncements. <br />R. Budgets and Budgetary Accounting <br />The Board 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 the <br />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 the <br />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 agencies <br />submit their proposed budgets to the Office of Management and Budget for assistance, review, and <br />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 />252 <br />