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Indian River County, Florida <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />C. Budgetary Requirements <br />State statutes require the Sheriff to submit a proposed budget to the Board of County Commissioners by <br />May 1 of each year. The budget reflects the estimated amounts of all proposed expenditures for <br />operating and equipping the Sheriff's office and jail. Capital improvements for these buildings are <br />funded by the Board. The budget is prepared on a basis consistent with generally accepted accounting <br />principles. After review and approval of the budget by the Board, the Sheriff is authorized to transfer <br />budgeted amounts between objects and departments as long as he does not exceed the total <br />appropriations approved by the Board. Increases in the total budget are subject to the review and <br />approval of the Board. The budgeted revenues and expenditures in the accompanying financial <br />statements reflect all amendments approved by the Board of County Commissioners. <br />D. Compensated Absences <br />The Sheriff accrues a liability for employees' rights to receive compensation for future absences when <br />certain conditions are met. The Sheriff does not, nor is he legally required to, accumulate expendable <br />available financial resources to liquidate this obligation. Accordingly, the liability for compensated <br />absences is not reported on the Sheriff's financial statements. Additional information on the liability is <br />reflected in subsequent Note 7. <br />E. Transfer Out <br />In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to <br />the Board of County Commissioners. These "excess fees" totaled $5,334 and are reported as a transfer to <br />the Board of County Commissioners at year end. <br />F. Fund Balance <br />GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was <br />implemented as of October 1, 2009. This Statement requires the fund balance for governmental funds to <br />be reported in classifications that comprise a hierarchy based primarily on the extent to which the <br />government is bound to honor constraints on the specific purposes for which amounts in those funds can <br />be spent. Categories for fund balance are as follows: nonspendable, restricted, committed, assigned, and <br />unassigned. For more information, see the County -wide Note on Fund Balance. <br />328 <br />