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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br />C. Basis of Presentation — Continued <br />4. Non-current Governmental Assets/Liabilities <br />GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non- <br />current governmental liabilities, such as general obligation bonds and capital leases, be reported in the <br />governmental activities column in the government -wide Statement of Net Position. <br />D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or Fund <br />Balances <br />1. Cash and Cash Equivalents <br />Cash and cash equivalents include deposits and all highly liquid investments with maturities of ninety <br />days or less when purchased. The County maintains a cash and investment pool that is available for use <br />by all funds. Earnings from the pooled investments are allocated to the respective funds based on <br />applicable cash participation by each fund. The investment pool is managed such that all participating <br />funds have the ability to deposit and withdraw cash as if they were demand deposit accounts. Therefore, <br />all balances representing participants' equity in the investment pools are classified as cash and cash <br />equivalents for financial statement purposes. <br />In addition, longer-term investments are held by several of the County's funds and are reported as <br />restricted cash on these statements. Cash and cash equivalents of the constitutional officers are <br />maintained in separate accounts, but have been combined with the Board's cash and cash equivalents <br />for financial statement purposes. <br />When restricted and unrestricted resources are available, expenses are paid first from restricted <br />resources. <br />2. Investments <br />Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, money market <br />funds, Florida PRIME Fund (formerly known as the Local Government Surplus Funds Trust Fund <br />Investment (SBA) Fund A), and the Florida Local Government Investment Trust Fund (FLGIT). <br />Investments are reported at fair value based upon the average price obtained from three brokers/dealers. <br />The SBA and FLGIT values are based upon the fair market value per share of the underlying portfolio. <br />Refer to Note 4-C, Investments, for further information on individual investments. <br />54 <br />