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Indian River County, Florida <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 2 - CASH <br />Deposits <br />At September 30, 2014, the carrying amount of the Sheriff's deposits was $3,111,493, and the bank <br />balance was $4,450,360. 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. Cash on hand at September 30, 2014 was $675. <br />The Sheriff's office elected not to adopt a formal investment policy and selects the alternative <br />investment guidelines as provided by Florida Statutes 218.415, subsection 17. Refer to the County -wide <br />note on cash and cash equivalents for the definition of custodial credit risk. <br />NOTE 3 — CAPITAL ASSETS <br />Tangible personal property used by the Sheriff in operations is reported in the financial statements of the <br />County. State law requires the Sheriff to account for all tangible property used by the Sheriff. A <br />summary of changes in capital assets is as follows: <br />Beginning Ending <br />Balance Balance <br />10/01/13 Additions Deletions 09/30/14 <br />Tangible Personal Property $ 19,890,327 $ 1,980,675 $ 848,014 $ 21,022,988 <br />Refer to the County -wide note on capital assets for capitalization threshold, depreciation methodology <br />and useful lives. <br />NOTE 4 - INVENTORIES <br />Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of <br />accounting. The costs of inventory are recorded as an expenditure when consumed rather than when <br />purchased. Inventory of the Sheriff represents law enforcement gear, miscellaneous clothing and store <br />items. <br />338 <br />