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1 <br />Indian River County, Florida <br />1 Supervisor of Elections <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />1 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />1 The Supervisor of Elections is a County agency and a local governmental entity pursuant to Article VIII, <br />Section 1(d) of the Constitution of the State of Florida. For financial statement and reporting purposes, <br />the Supervisor of Elections does not meet the definition of a legally separate organization and is not <br />considered to be a component unit. The Supervisor of Elections is considered to be a part of the primary <br />government of Indian River County. The financial statements contained herein represent the financial <br />transactions of the Supervisor of Elections only. The format of the Supervisor of Elections' statements <br />has been prepared in accordance with the presentation requirements of GASB 34 for fund financial <br />statements. <br />1 The following is a summary of the significant accounting principles and policies used in the preparation <br />of the accompanying financial statements. <br />1 A. Description of Funds <br />The accounting records are organized for reporting purposes on the basis of governmental funds. <br />1 Governmental Funds <br />General Fund — The General Fund, which is a governmental fund, is used to account for all revenues and <br />1 expenditures applicable to the general operations of the Supervisor of Elections. All financial resources, <br />which are not accounted for and reported in another fund, are recorded in the General Fund. The <br />1 governmental fund measurement focus is based upon determination of financial position and changes in <br />financial position (sources, uses and balances of financial resources) rather than upon net income <br />determination. <br />1 Special Revenue Fund — The Special Revenue Fund accounts for the grant proceeds from the State and <br />matching funds from the County. These funds are legally restricted for voter education and poll worker <br />1 recruitment and training. <br />B. Basis of Accounting, Measurement Focus and Presentation <br />1 The accounts of the governmental funds are maintained on the modified accrual basis. Under the <br />modified accrual basis, expenditures are recorded at the time liabilities are incurred. Revenues are <br />1 recorded when received in cash or when they are considered both measurable and available. Revenues <br />collected in excess of expenditures are not considered earned and are reflected as liabilities. <br />C. Budgetary Requirements <br />State statutes require the Supervisor of Elections to submit a proposed budget to the Board of County <br />' Commissioners by May 1 of each year. After review and approval of the budget by the Board, the <br />Supervisor or Elections is authorized to transfer budgeted amounts between objects and departments as <br />long as she does not exceed the total appropriations approved by the Board. Increases in the total budget <br />' are subject to the review and approval of the Board. The budgeted revenues and expenditures in the <br />accompanying financial statements reflect all amendments approved by the Board of County <br />Commissioners. The budget is prepared on a basis consistent with generally accepted accounting <br />1 principles. <br />355 <br />