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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 21 - COMMITMENTS AND CONTINGENCIES
<br />A. Litigation
<br />Various suits and claims are currently pending against the Board. It is impossible for the Board to
<br />accurately quantify the exposure involved given the jury's latitude in assessing compensatory and
<br />punitive damages, and the court's latitude in awarding attorney's fees. The Board intends to vigorously
<br />defend against these lawsuits and believes it has a good chance of prevailing on their merits.
<br />The Board is contingently liable with respect to lawsuits and other claims incidental to the ordinary
<br />course of its operations. In the opinion of management and based on the advice of legal counsel, the
<br />ultimate disposition of lawsuits will not have a material adverse effect on the financial position of the
<br />Board.
<br />B. Contracts and Other Commitments
<br />The Board has various contracts and commitments outstanding at September 30, 2011. In the General
<br />Fund, contracts are for custodial services and external auditing services. In the Special Revenue Funds,
<br />contracts are for Sector 3 beach restoration, Old Dixie Highway bridge replacement, 43rd Avenue and
<br />66th Avenue roadway expansions as well as a variety of other road paving and drainage projects. In the
<br />Capital Projects Fund, contracts are for the expansion of the 800 Mhz radio system, Vero Beach Sports
<br />Village quadrangle softball fields, 53rd Street roadway improvements, and several sidewalk and road
<br />improvement projects throughout the County. In the Enterprise Funds, contracts are for the North
<br />County Reverse Osmosis 3.0 MG reuse storage tank and pumping facility, Spoonbill Marsh Wetlands,
<br />Utility software implementation and various other water and sewer projects.
<br />A summary of these projects at September 30, 2011, is as follows:
<br />General
<br />Special Revenue
<br />Capital Projects
<br />Enterprise
<br />Internal Service
<br />Total
<br />Total
<br />Contract Price
<br />$ 1,089,709 $
<br />38,297,381
<br />15,977,924
<br />7,031,103
<br />Remaining
<br />Total Paid as of Balance at
<br />September 30, 2011 September 30, 2011
<br />(908,091) $
<br />(25,545,251)
<br />(9,213,629)
<br />(4,985,823)
<br />109,200 (27,300)
<br />181,618
<br />12,752,130
<br />6,764,295
<br />2,045,280
<br />81.900
<br />$ 62,505,317 $ (40,680,094) $ 21,825,223
<br />287
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