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Indian River County, Florida <br />Tax Collector <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 6 — 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 Tax Collector participated in the <br />County's self-insurance program during fiscal year 2011 at an annual cost of approximately $271,469. <br />Further details of this self-insurance program are discussed in the risk management note in the County- <br />wide financial statements. <br />NOTE 7 — LONG-TERM LIABILITIES <br />Changes in Long -Term Liabilities <br />The following is a schedule of changes in long-term liabilities as of September 30, 2011: <br />Beginning <br />Balance <br />10/01/10 <br />Accrued Compensated Absences149 726 <br />Additions <br />27 236 <br />Deletions <br />$51,158 <br />Ending <br />Balance <br />09/30/11 <br />125,804 <br />Of the $125,804 liability for accrued compensated absences, management estimates that $21,737 will be <br />due and payable within one year. The long-term liabilities are not reported in the financial statements of <br />the Tax Collector since they are not payable from available spendable resources. They are reported in <br />the financial statements of the County. <br />NOTE 8 — OPERATING LEASES <br />The Tax Collector has entered into noncancelable operating leases as lessee for office space and office <br />equipment. Lease expenditures totaled $87,974 for the fiscal year ended September 30, 2011. <br />The following is a schedule by years of minimum future rentals to be paid by the Tax Collector for <br />noncancelable operating leases as of September 30, 2011: <br />Year <br />Amount <br />2012 <br />$ 90,596 <br />2013 <br />92,936 <br />2014 <br />59,516 <br />2015 <br />47,733 <br />Total future minimum lease payments <br />290 781 <br />365 <br />