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Indian River County, Florida <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 7 — 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 Sheriff participated in the <br />County's self-insurance program during fiscal year 2014 at an annual cost of approximately $3,688,506. <br />Further details on this self-insurance program are disclosed in the County -wide financial statements and <br />County notes. <br />NOTE 8 — LONG-TERM LIABILITIES <br />Changes in Long -Term Liabilities <br />The following is a schedule of changes in long-term liabilities as of September 30, 2014: <br />Beginning Ending <br />Balance Balance <br />10/01/13 Additions Deletions 09/30/14 <br />Accrued Compensated Absences $ 6,606,399 $ 2,822,313 $ 3,494,997 $ 5,933,715 <br />Of the $5,933,715 liability for accrued compensated absences, management estimates that $3,301,137 <br />will be due and payable within one year. The long-term liabilities are not reported in the financial <br />statements of the Sheriff since they are not payable from available spendable resources. They are <br />reported in the County -wide financial statements and County notes. <br />NOTE 9 — OPERATING LEASES <br />The Sheriff has entered into noncancelable operating leases as lessee of a building, hangar, mail <br />machine, and copiers. Lease expenditures totaled $105,404 for the year ended September 30, 2014. <br />The following is a schedule by years of minimum future rentals to be paid by the Sheriff for <br />noncancelable operating leases as of September 30: <br />Year Amount <br />2015 $ 84,943 <br />2016 78,412 <br />2017 75,421 <br />2018 2,861 <br />Total Future Minimum Lease Payments $ 241,637 <br />340 <br />