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GLOSSARY OF TERMS <br />Assets <br />What is owned by the County. Includes such items as <br />pooled cash and investments, receivables, inventories, <br />deposits with others, and prepaid items. <br />Capital Assets <br />Includes such items as County land, construction in <br />progress, equipment, infrastructure and buildings, and <br />improvements net of depreciation. <br />Capital Grants/Contributions <br />State, federal, other government and private <br />contributions to fund capital projects. <br />Deferred Outflow of Resources <br />A consumption of net position by the government that <br />applicable to a future reporting period. <br />Deferred Inflow of Resources <br />An acquisition of net position by the government that <br />applicable to a future reporting period. <br />Liabilities <br />Debts and obligations of the County. <br />Long-term Liabilities <br />Includes such items as bonds, notes, compensated <br />absences, and other County obligations. <br />Net Investment in Capital Assets <br />Represents amounts invested in capital assets less <br />accumulated depreciation and any outstanding debt <br />used to acquire these assets. <br />Net Position <br />Net worth of the County calculated as the difference <br />between total assets plus deferred outflows of resources, <br />is less liabilities and deferred inflows of resources. <br />Operating Grants/Contributions <br />State, federal, other government <br />is contributions to fund specific programs. <br />Fund Balance <br />The difference between assets plus deferred outflows of <br />resources, less liabilities and deferred inflows of <br />resources reported in the balance sheet of a <br />governmental fund. <br />General Revenues <br />All of the revenues that are not required to be reported <br />as program revenues in the government -wide statement <br />of activities. General revenues include property taxes, <br />sales and use taxes, state -shared revenues, as well as <br />other County—levied taxes, investment income, rents, <br />and the sale of surplus property. <br />20 <br />Per Capita <br />Amount per County resident. <br />and private <br />Program Revenues <br />Term used in the statement of activities, which includes <br />charges for services, operating grants, and capital <br />grants. <br />Refunding <br />New bonds or notes issued to retire previously issued <br />bonds on their maturity or callable date. <br />Restricted <br />Funds set aside for a specific purpose due to legal or <br />external requirements. <br />Unrestricted <br />Funds available for the County to use for operations. <br />From March through October each year, the beaches of Indian <br />River County are home to the nests of three different species of <br />sea turtle - Loggerheads, Leatherbacks, and Green Turtles. <br />Turtle photos by Joe Rimkus, Jr. <br />and courtesy of Indian River County Public Works <br />Back cover photo: The Atlantic Ocean <br />Photo courtesy of the Indian River County Chamber of Commerce <br />