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Note 1 2. 3 3 5. 6. 7. Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2011 Summary of Significant Accounting Page Note Policies..................................................44 71 Reporting Entity.................................44 71 Measurement Focus and 72 Basis of Accounting ..................... 45 Basis of Presentation ..........................48 73 Assets, Liabilities and Net Assets 74 orEquity.......................................50 Cash and Cash Equivalents.............50 74 Investments.....................................51 75 Allowance for Doubtful Accounts ..51 75 Receivables and Payables ...............51 Inventories.......................................51 76 Prepaid Items..................................51 79 Other Assets Held For Resale .........52 Restricted Assets .............................52 79 Capital Assets..................................52 Capitalization of Interest.................53 Unearned Revenues ........................53 Accrued Compensated Absences .... 53 Obligation for Bond Arbitrage Rebate..........................................54 82 Landfill Closure Costs ....................54 Unamortized Bond Costs ................54 83 Unamortized Bond Discounts 83 and Premiums...............................54 83 Capital Contributions ......................54 83 New Accounting Pronouncements.. 54 Reconciliation of Government -wide and Fund Financial Statements ..........55 86 Stewardship, Compliance and 88 Accountability....................................59 91 Budget and Budgetary Accounting.59 92 Cash and Cash Equivalents ...................60 94 Deposits...........................................60 94 Accrued Interest..............................60 95 Investments.....................................60 96 OPEB Trust Investments.................64 96 Property Tax Revenues .........................65 Capital Assets........................................66 96 Restricted Cash and Cash Equivalents 97 and Investments.................................69 97 Payable from Restricted Assets ............69 Interfund Balances................................70 43 Page 10. Interfund Transfers .............................. 71 11. Due from Other Governments .............. 71 12. Accounts Payable ................................. 72 13. Long-term Liabilities ............................ 73 Changes in Long-term Liabilities......... 73 Governmental Activities ....................... 74 Annual Debt Service Payments — Governmental Activities .............. 74 Limited General Obligation Bonds 75 General Obligation Bonds .............. 75 Spring Training Facility Revenue Bonds........................................... 76 Business -type Activities 79 Annual Debt Service Payments — Business -type Activities .............. 79 Recreational Revenue Refunding Bonds, Series 2003 ......................79 Water and Sewer Revenue Refunding Bonds, Series 2005 ...................... 81 Water and Sewer Revenue Refunding Bonds, Series 2009 ...................... 82 Summary of Defeased Debt Outstanding ....................................... 83 Compensated Absences ........................ 83 Conduit Debt Obligations ..................... 83 14. Provision for Closure Costs .................. 83 15. Pollution Remediation .......................... 84 16. Pension Plans - Florida Retirement System ................ 86 17. Other Postemployment Benefits Plan... 88 18. Operating Leases .................................. 91 19. Fund Balance ........................................ 92 20. Fund Balance Deficit ............................ 94 21. Net Assets ............................................. 94 22. Risk Management ................................. 95 23. Commitments and Contingencies......... 96 Litigation ........................................... 96 Contracts and Other Commitments .......................... 96 Grants................................................ 97 24. Subsequent Events ................................ 97