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MAR 241997Bao`� r1 i, PRESENTATION OF 1986 COMPREHENSIVE ANNUAL FINANCIAL REPORT Duke Landorf of Arthur Young & Co., reviewed the following Auditor's Report, highlights of which are set out in the following letter from Finance Director Ed Fry: FREDA WRIGHT .. CLERK, CIRCUIT COURT AND RECORDER INDIAN RIVER COUNTY 1308) 667.8000 P. O. BOX 1028 VERO BEACH • FLORIDA February 27, 1987 32961-1028 To the Honorable Board of County Commissioners Indian River County, Florida The Comprehensive Annual Financial Report of Indian River County, Florida, for the fiscal year ended September 30, 1986, is respectfully submitted. This report was prepared by the Finance Department under the supervision of the Clerk of the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Finance Department. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the County's financial activity have been included. The purpose of this letter is to narratively point out the highlights of the County's financial operations for the fiscal year. This report contains three major sections which are the Introductory, Financial and Statistical Sections. The Introductory Section is designed to give the reader of the financial report some basic background about the governmental unit as a whole. The Financial Section is divided into the general purpose financial statements by fund type and account group and combining statements by fund type. The Statistical Section reflects social and economic data, financial trends and the fiscal capacity of Indian River County. Overall, a wealth of information is presented in this report and we encourage your careful review to obtain a better understanding of the financial position of Indian River County. ACCOUNTING SYSTEM AND BUDGETARY CONTROL The County's accounting records for general governmental operations are maintained on a modified accrual basis, with the revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accountingrecords for the County's proprietary funds are maintained on the accrual bass. In developing and improving the County's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All. internal control evaluations occur within the above framework. We believe that the County's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. 37