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Indian River County, Florida Clerk of the Circuit Court and Comptroller Notes To Financial Statements Year Ended September 30, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued G. Compensated Absences The Clerk accrues a liability for employees' rights to receive compensation for future absences when certain conditions are met. The Clerk does not, nor is he legally required to, accumulate expendable available financial resources to liquidate this obligation. Accordingly, the liability for compensated absences is not reported in the Clerk financial statements. Additional information on the liability is reflected in subsequent Note 6. H. Transfer In The Clerk budgeted one transfer in the amount of $139,907 from the public records modernization fund to subsidize court technology expenses. At year end, this amount was not needed due to an unexpected receipt of prior years' reimbursements from the federal government. The non -court operations (finance function and board meeting recordings) were funded by the Board of County Commissioners in the amount of $972,818. I. Transfer Out In accordance with Florida Statutes, all non -court -related revenues in excess of expenditures as of year- end are owed to the Board of County Commissioners before November 1. On October 28, 2011, $309,737 was returned to the Board as "excess fees". This transfer is also reported as due to other governments on the balance sheet. With the change in fiscal year for court -related operations from September 30 to June 30, excess revenues over expenditures at June 30, in the amount of $181,021, were submitted to the CCOC through the Department of Revenue for deposit to the Clerk of Court Trust Fund. J. Fund Balance GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was implemented as of October 1, 2009. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Categories for fund balance are as follows: nonspendable, restricted, committed, assigned, and unassigned. For more information, see the County -wide Note on Fund Balance. Per 2009 Florida Senate Bills 1718 and 2108, excess fees for the court related function are determined on June 30 of each year to coincide with the State fiscal year. Court -related revenues in excess of expenditures from July 1, 2011 through September 30, 2011 were $82,146; this amount is presented as fund balance of the General Fund at September 30, 2011. 301