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Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2012 <br /> NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued <br /> D. Assets,Liabilities,Deferred Outflows/Inflows of Resources and Net Position or Fund <br /> j Balances - Continued <br /> 10. Capitalization of Interest <br /> t <br /> i <br /> Interest costs related to bond issues are capitalized during the construction period. These costs are <br /> netted against applicable interest earnings on construction fund investments. During the current period, <br /> the County did not have any capitalized interest. <br /> 11. Deferred Outflows/Inflows of Resources <br /> In addition to assets, the statement of financial position will sometimes report a separate section for <br /> deferred outflows of resources. Deferred outflows of resources represent a consumption of net position <br /> that applies to a future period(s) and so will not be recognized as an outflow of resources <br /> (expense/expenditure) until then. The County reports the deferred charge on refundings in the amount <br /> of$2,875,239 in this category on the government-wide statement of net position. A deferred charge on <br /> 1 refundings results from the difference in the carrying value of refunded debt and its reacquisition price. <br /> This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. <br /> In addition to liabilities, the statement of financial position may report a separate section for deferred <br /> inflows of resources. Deferred inflows of resources represent an acquisition of net position that applies <br /> to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. <br /> The County only has one item, unavailable revenue, which arises under the modified accrual basis of <br /> accounting and is reported on the governmental funds balance sheet. The source of the unavailable <br /> revenue is a special assessment on road paving. This amount is deferred and recognized as an inflow of <br /> resources in the period that the amounts become available. <br /> 12. Unearned Revenues <br /> Unearned revenues represent revenues, which are available but unearned. At September 30, 2012, the <br /> total amount of unearned revenues reported on the statement of net position for the governmental <br /> activities is $189,294 and for the business-type activities is $29,652. <br /> 13. Accrued Compensated Absences <br /> I <br /> The County accrues accumulated unpaid vacation and sick leave when earned by the employee. The <br /> current portion is the amount estimated to be used in the following year. The non-current portion is the <br /> amount estimated to be used in subsequent fiscal years. Both the current and non-current estimated <br /> accrued compensated absences amounts for governmental funds are maintained separately and <br /> represent a reconciling item between the fund and government-wide presentations. <br /> 53 <br />