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Indian River County, Florida <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 2 - CASH <br />Deposits <br />At September 30, 2011, the carrying amount of the Sheriff's deposits was $3,536,885, and the bank <br />balance was $4,947,317. All deposits with financial institutions were 100% insured by federal <br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer in <br />accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits <br />Act. <br />The Sheriff's office elected not to adopt a formal investment policy and selects the alternative <br />investment guidelines as provided by Florida Statutes subsection 17, 218.415. Refer to the County -wide <br />Note 4, Cash and Cash Equivalents, for the definition of custodial credit risk. <br />NOTE 3 — CAPITAL ASSETS <br />Tangible personal property used by the Sheriff in operations is reported in the financial statements of the <br />County. State law requires the Sheriff to account for all tangible property used by the Sheriff. A <br />summary of changes in capital assets is as follows: <br />Beginning Ending <br />Balance Balance <br />10/01/10 Additions Deletions 09/30/11 <br />Tangible Personal Property 17,918,288 1,658,135 $555,003 19.021,420 <br />Refer to the County -wide Note on Capital Assets for capitalization threshold, depreciation methodology <br />and useful lives. <br />329 <br />