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Indian River County, Florida Sheriff Notes To Financial Statements Year Ended September 30, 2011 NOTE 6 — RISK MANAGEMENT Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical and life insurance coverage for employees and their eligible dependents. Various excess catastrophe insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self-insurance Fund. The Sheriff participated in the County's self-insurance program during fiscal year 2011 at an annual cost of approximately $3,484,153. Further details on this self-insurance program are disclosed in the County -wide financial statements and County notes. NOTE 7 — LONG-TERM LIABILITIES Changes in Long -Term Liabilities The following is a schedule of changes in long-term liabilities as of September 30, 2011: Beginning Ending Balance Balance 10/01/10 Additions Deletions 09/30/11 Accrued Compensated Absences5.112.867 $4,510,527 $3,568,978 $6,054,416 Of the $6,054,416 liability for accrued compensated absences, management estimates that $3,600,000 will be due and payable within one year. The long-term liabilities are not reported in the financial statements of the Sheriff since they are not payable from available spendable resources. They are reported in the financial statements of the County. NOTE 8 — OPERATING LEASES The Sheriff has entered into noncancelable operating leases as lessee. Lease expenditures totaled $92,159 for the year ended September 30, 2011. The following is a schedule by years of minimum future rentals to be paid by the Sheriff for noncancelable operating leases as of September 30: Year Amount 2012 $ 100,584 2013 74,528 2014 23,873 2015 5,086 Total Future Minimum Lease Payments &204,,07 1 331