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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 5 — 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 Property Appraiser participated <br />in the County's self-insurance program during fiscal year 2014 at an annual cost of approximately <br />1 $266,282. Further details on the self-insurance program are discussed in the County -wide financial <br />statements and County notes. <br />1 <br />Beginning Ending <br />g n g <br />NOTE 6 — LONG-TERM LIABILITIES <br />Changes in Long -Term Liabilities <br />A summary of changes in long-term liabilities is as follows: <br />Balance Balance <br />1 10/01/13 Additions Deletions 09/30/14 <br />IAccrued Compensated Absences $ 21,366 $ 115,372 $ 115,555 $ 21,183 <br />Of the $21,183 liability for accrued compensated absences, management estimates that $10,000 will be <br />I due and payable within one year. The lona-term liabilities are not reported in the financial statements of <br />the Property Appraiser since they are not payable from available spendable resources. They are reported <br />in the financial statements of the County. <br />NOTE 7 — COMMITMENTS AND CONTINGENCIES <br />1 Litigation <br />' Various suits and claims are currently pending against the Property Appraiser. It is impossible for the <br />Property Appraiser to accurately quantify the exposure involved given the jury's latitude in assessing <br />compensatory and punitive damages, and the court's latitude in awarding attorney's fees. The Property <br />' Appraiser intends to vigorously defend against these lawsuits and believes he has a good chance of <br />prevailing on their merits. In the opinion of management and based on the advice of legal counsel, the <br />ultimate disposition of these lawsuits will not have a material adverse effect on the financial position of <br />1 the Property Appraiser. <br />1 <br />1 <br />323 <br />