Laserfiche WebLink
1 <br />Indian River County, Florida <br />I <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />1 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />1 C. Budgetary Requirements <br />State statutes require the Sheriff to submit a proposed budget to the Board of County Commissioners by <br />I <br />May 1 of each year. The budget reflects the estimated amounts of all proposed expenditures for <br />operating and equipping the Sheriff's office and jail. Capital improvements for these buildings are <br />funded by the Board. The budget is prepared on a basis consistent with generally accepted accounting <br />1 principles. After review and approval of the budget by the Board, the Sheriff is authorized to transfer <br />budgeted amounts between objects and departments as long as he does not exceed the total <br />appropriations approved by the Board. Increases in the total budget are subject to the review and <br />1 approval of the Board. The budgeted revenues and expenditures in the accompanying financial <br />statements reflect all amendments approved by the Board of County Commissioners. <br />1 D. Compensated Absences <br />The Sheriff accrues a liability for employees' rights to receive compensation for future absences when <br />1 certain conditions are met. The Sheriff does not, nor is he legally required to, accumulate expendable <br />available financial resources to liquidate this obligation. Accordingly, the liability for compensated <br />absences is not reported on the Sheriffs financial statements. Additional information on the liability is <br />1 reflected in subsequent Note 7. <br />E. Transfer Out <br />1 <br />In accordance with Florida Statutes, all general fund revenues in excess of expenditures as of year-end <br />1 are owed to the Board of County Commissioners. The September 30, 2014 amount totaled $155,148 and <br />was reported as a transfer to the Board of County Commissioners at year end. This transfer is also <br />included in the due to other governments amount reported on the balance sheet. <br />1 F. Fund Balance <br />I <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 />I 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 />1 <br />1 <br />1 <br />1 <br />337 <br />