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2016-082B
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Last modified
10/9/2016 1:29:35 AM
Creation date
7/7/2016 9:34:59 AM
Metadata
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Template:
Official Documents
Official Document Type
Report
Approved Date
06/07/2016
Control Number
2016-082B
Agenda Item Number
8.C.
Entity Name
CAFR
Subject
Comprehensive Annual Financial Report 2014-2015
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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 /> D. Assets, Liabilities,Deferred Outflows/Inflows of Resources and Net Position or Fund <br /> Balances - Continued <br /> 9. Capitalization of Interest <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 /> 10. 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$1,974,749 in this category on the government-wide statement of net position. A deferred charge on <br /> 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 has one item, unavailable revenue, which arises under the modified accrual basis of <br /> accounting and is reported on the governmental funds balance sheet in the total amount of$6,896,862. <br /> The sources of the unavailable revenue are a special assessment on road paving, ambulance service <br /> billings, and state and federal grants. These amounts are deferred and recognized as an inflow of <br /> resources in the period that the amounts become available. <br /> In addition to the above two deferred items, there are deferred outflows and inflows items related to <br /> pensions as calculated in accordance with GASB Statement 68, Accounting and Financial Reporting <br /> for Pensions. These deferred outflows and inflows will be recognized as adjustments to pension <br /> expense in future reporting years. <br /> Detail on the composition of the deferred inflows and outflows related to pensions are further discussed <br /> in Note 15. <br /> 59 <br />
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