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1 <br />Indian River County, Florida <br />' Property Appraiser <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />1 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />D. Capital Assets <br />Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund <br />1 financial statements. Tangible personal property used by the Property Appraiser in operations is reported <br />in the financial statements of the County. Refer to the County -wide note on capital assets for <br />capitalization threshold, depreciation methodology and useful lives. <br />tE. Compensated Absences <br />The Property Appraiser accrues a liability for employees' rights to receive compensation for future <br />absences when certain conditions are met. The Property Appraiser does not, nor is he legally required to, <br />accumulate expendable available financial resources to liquidate this obligation. Accordingly, the <br />' liability for compensated absences is not reported on the Property Appraiser's financial statements. <br />Additional information on the liability is reflected in subsequent Note 6. <br />1 F. Transfer Out <br />In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to <br />1 the Board of County Commissioners and other governments. These "excess fees" totaled $32,939 at <br />September 30, 2014 and are included as due to other governments on the balance sheet. Of this amount, <br />$29,783 was owed to the Board of County Commissioners and is reported as Transfers to Board of <br />County Commissioners on the Statement of Revenues, Expenditures and Changes in Fund Balances. <br />G. Fund Balance <br />GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was <br />implemented as of October 1, 2009. This Statement requires the fund balance for governmental funds to <br />be reported in classifications that comprise a hierarchy based primarily on the extent to which the <br />government is bound to honor constraints on the specific purposes for which amounts in those funds can <br />be spent. Categories for fund balance are as follows: nonspendable, restricted, committed, assigned, and <br />unassigned. For more information, see the County -wide note on fund balance. <br />NOTE 2 - CASH <br />Deposits <br />At September 30, 2014, the carrying amount of the Property Appraiser's deposits was $55,073 and the <br />bank balance was $129,853. All deposits with financial institutions were 100% insured by federal <br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer in <br />accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits <br />Act. The Property Appraiser adopted the Board of County Commissioners' investment policy. This <br />policy requires the Property Appraiser's office to follow the above state law (governing custodial credit <br />risk) for cash deposits. Refer to the County -wide note on cash and cash equivalents for the definition of <br />111 custodial credit risk. Cash on hand at September 30, 2014 was $70. <br />321 <br />