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FEB 16 1988 BOOK 70 PAU:8:34 14. Restatements - Continued: (B) During the current fiscal year, the County implemented GASB Statement No. 6, "Accounting and Financial Reporting for Special Assessments". This statement eliminates the Special Assessment Fund type and requires such Funds to be reclassified based on certain criteria. The County maintained three Special Assessment Funds, the Petition Paving Program, the Route 60 Sewer Project and the Route 60 Water Project. The Route 60 Sewer and Water Projects had bonds payable at the beginning of the period totaling $6,015,575. These bonds have been included in the General Long -Term Debt Account Group (see Note 6B). The Petition Paving Program has been reclassified as a Special Revenue Fund and the Route 60 Sewer and Water Projects have been. reclassified as Debt Service Funds. (C) In the previous year, the County acquired certain land which contained a citrus grove. The citrus grove was set up as an Enterprise Fund pending a decision as to its disposition. It has,been determined that the citrus grove will be razed and the land will be converted into a retention pond. As the result, the Citrus Grove Enterprise Fund was eliminated and combined with the Water and Sewer System Enterprise Fund. (D) During the current fiscal year, the County changed its accounting policy for depreciation charged on certain contributed fixed assets. In conformity with generally accepted accounting principles, the County has elected to add back depreciation of fixed assets acquired by grants, entitlements and shared revenue to retained earnings. For these assets depreciated in previous years, the total cumulative amount added to retained earnings at the beginning of the year was $926,120. The total amount restated in the Water and Sewer System Fund was $926,575 which includes the amount discussed in (C) above for the elimination of the Citrus Grove Fund. Pages 52 and 53 contain a description of all of the Special Revenue Funds of the county and basically set out what the purpose is of each, and the pages following contain a balance sheet for each, etc. Page 75 contains a description of the various debt service funds, and this is where the Route 60 sewer assessment bonds and water assessment bonds have now been classified rather than special assessment funds, and there are then individual statements for each. Page 83 describes all the Capital Projects funds of the county - the Sheriff's Communication Center, the County Jail, the Boule- vard extension, etc. - and the pages following are the balance sheets and statement of revenues and expenditures for each. Page 93 contains a description of the Enterprise Funds, which now include the Housing Authority. 16