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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <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, certificates of deposit, Florida PRIME Fund (formerly known as the Local Government Surplus <br /> Funds Trust Fund Investment (SBA) Fund A), the Florida Trust Day to Day Fund, and the Florida <br /> Local Government Investment Trust Fund (FLGIT). Investments are reported at fair value based upon <br /> the average price obtained from three brokers/dealers. The SBA and FLGIT values are based upon the <br /> fair market value per share of the underlying portfolio. Refer to Note 4-C, Investments, for further <br /> information on individual investments. <br /> 56 <br />