Laserfiche WebLink
Indian River County, Florida <br />Supervisor of Elections <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />D. Prepaid Items <br />Deposits in the governmental funds represent prepayments for services that will be used in future <br />periods. The Supervisor of Election's policy is to record the expenditure for the services when they are <br />used rather than when the cash is disbursed. <br />E. Capital Assets <br />Acquisitions of equipment are recorded as expenditures at the time of purchase for governmental fund <br />financial statements. Tangible personal property used by the Supervisor of Elections in operations is <br />reported in the financial statements of the County. Refer to the County -wide note on capital assets for <br />the capitalization threshold, depreciation methodology and useful lives. <br />F. Unearned Revenues <br />Unearned revenues reported on the Supervisor of Election's balance sheet represent revenues which are <br />available but not earned. <br />G. Compensated Absences <br />The Supervisor of Elections accrues a liability for employees' rights to receive compensation for future <br />absences when certain conditions are met. The Supervisor of Elections does not, nor is she legally <br />required to, accumulate expendable available financial resources to liquidate this obligation. <br />Accordingly, the liability for compensated absences is not reported on the Supervisor of Elections' <br />financial statements. Additional information on the liability is reflected in subsequent Note 6. <br />H. Transfer Out <br />In accordance with Florida Statutes, all general fund revenues in excess of expenditures as of year-end <br />are owed to the Board of County Commissioners and other governments. This unspent budget totaled <br />$5,257 and was reported as transfers out. These transfers are also reflected as due to other governments <br />on the balance sheet. <br />I. Fund Balance <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 />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 />356 <br />