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Indian River County, Florida <br />Property Appraiser <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 5 — RISK MANAGEMENT <br />Indian River County maintains a risk management program that provides for coverage of risks of loss <br />related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, <br />natural disasters, and medical and life insurance coverage for employees and their eligible dependents. <br />Various excess catastrophe insurance policies with a commercial carrier are also in force for claims <br />exceeding the amount chargeable against the Self-insurance Fund. The Property Appraiser participated <br />in the County's self-insurance program during fiscal year 2011 at an annual cost of approximately <br />$297,542. Further details on the self-insurance program are discussed in the County -wide financial <br />statements and County notes. <br />NOTE 6 — LONG-TERM LIABILITIES <br />Changes in Long -Term Liabilities <br />A summary of changes in long-term liabilities is as follows: <br />Beginning <br />Balance <br />10/01/10 <br />Accrued Compensated Absences 84 421 <br />Ending <br />Balance <br />Additions Deletions 09/30/11 <br />&!U,634 $114,266 115,789 <br />Of the $75,789 liability for accrued compensated absences, management estimates that $20,000 will be <br />due and payable within one year. The long-term liabilities are not reported in the financial statements of <br />the Property Appraiser since they are not payable from available spendable resources. They are reported <br />in the financial statements of the County. <br />NOTE 7 — COMMITMENTS AND CONTINGENCIES <br />Litigation <br />Various suits and claims are currently pending against the Property Appraiser. It is impossible for the <br />Property Appraiser to accurately quantify the exposure involved given the jury's latitude in assessing <br />compensatory and punitive damages, and the court's latitude in awarding attorney's fees. The Property <br />Appraiser intends to vigorously defend against these lawsuits and believes he has a good chance of <br />prevailing on their merits. In the opinion of management and based on the advice of legal counsel, the <br />ultimate disposition of these lawsuits will not have a material adverse effect on the financial position of <br />the Property Appraiser. <br />316 <br />