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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />B. Fund Financial Statements - Continued <br />Other Fund Types <br />Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and <br />Information Technology services provided to other departments of the Board on a cost reimbursement <br />basis. <br />Agency Fund — The Agency Fund is used to account for assets held in a custodial capacity by the Board <br />for other governmental units, other funds, individuals and businesses. Examples include payroll <br />deductions, self insurance premiums, and developer escrow funds. <br />Other Postemployment Benefits Trust Fund — The Other Postemployment Benefits Trust Fund accounts <br />for activities of the Trust, which accumulates resources for health insurance benefit payments for current <br />retirees and for current employees upon their retirement. Contributions are recorded when earned and <br />benefit payments and refunds when incurred within each year. <br />C. Cash and Cash Equivalents <br />Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety <br />days or less when purchased. The Board maintains a cash and investment pool that is available for use <br />by all funds. Earnings for the pooled investments are allocated to the respective funds based on <br />applicable cash participation by each fund. The investment pool is managed such that all participating <br />funds have the ability to deposit and withdraw cash as if they were demand deposit accounts. Therefore, <br />all balances representing participants' equity in the investment pools are classified as cash and cash <br />equivalents for financial statement purposes. In addition, longer-term investments are held by several of <br />the Board's funds and are, therefore, reported as current restricted cash and cash equivalents on these <br />statements. <br />D. Investments <br />Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, money market <br />funds, and the Florida Local Government Investment Trust Fund (FLGIT). Investments are reported at <br />fair value based upon the average price obtained from three brokers/dealers. The FLGIT Fund values are <br />based upon the fair market value per share of the underlying portfolio. Refer to Note 2-C, Investments, <br />for further information on individual investments. <br />E. Allowance for Doubtful Accounts <br />The Board provides an allowance for water and sewer and ambulance service accounts receivables that <br />may become uncollectable. At September 30, 2014, the allowance for water and sewer was $424,493 <br />and for ambulance services was $644,383. No other allowances for doubtful accounts are maintained <br />since other accounts receivable are considered collectable as reported at September 30, 2014. <br />251 <br />