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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 />H. Capital Assets - Continued <br />Property, plant, equipment, intangible, and infrastructure assets of the primary government, as well as <br />the component units, are depreciated, or amortized as in the case of intangible assets, using the straight- <br />line method over the following estimated useful lives: <br />Assets Years <br />Building and improvements 10 — 50 <br />Machinery and equipment 3 — 10 <br />Utility distribution systems 25 — 50 <br />Road and bridge infrastructure 20 — 50 <br />Fiberoptics 20 <br />Software 3-5 <br />Beach preservation infrastructure 7 <br />Stormwater infrastructure 30 <br />I. Capitalization of Interest <br />Interest costs related to bond issues are capitalized during the construction period. These costs are netted <br />against applicable interest earnings on construction fund investments. During the current period, the <br />Board did not have any capitalized interest. <br />J. Deferred Outflows/Inflows of Resources <br />Deferred outflows of resources represent a consumption of net position/fund balance that applies to a <br />future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until <br />then. The Board only has one item that qualifies for reporting in this category. It is the deferred charge <br />on refunding reported on the Statement of Fund Net Position for the Proprietary funds. A deferred <br />charge on refunding results from the difference in the carrying value of refunded debt and its <br />reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunding <br />debt. <br />Deferred inflows of resources represent an acquisition of net position/fund balance that applies to a <br />future period(s) and so will not be recognized as an inflow of resources (revenue) until then. The Board <br />has only one type of item, which arises under a modified accrual basis of accounting, which qualifies for <br />reporting in this category. Unavailable revenue is reported only in the governmental funds balance <br />sheet. The source of the unavailable revenue is a special assessment on road paving, ambulance service <br />billings, and state and federal grant revenues. These amounts are deferred and recognized as an inflow <br />of resources in the period the amounts become available. <br />253 <br />