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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <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 />Cash and Investments <br />Cash reported on the financial statements includes bank deposits, cash on hand, certificates of deposit, <br />money market accounts, and all highly liquid investments with maturities of ninety days or less when <br />purchased. Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, <br />money market funds, certificates of deposit, Florida PRIME Fund (formerly known as the Local <br />Government Surplus Funds Trust Fund Investment (SBA) Fund A), the Florida Trust Day to Day Fund, <br />and the Florida Local Government Investment Trust Fund (FLGIT). Investments are reported at fair <br />value based upon the average price obtained from three brokers/dealers. The SBA and FLGIT values <br />are based upon the fair market value per share of the underlying portfolio. Refer to Note 3-C, <br />Investments, for further information on individual investments. <br />The County maintains a cash and investment pool that is available for use by all funds. Earnings from <br />the pooled investments are allocated to the respective funds based on applicable cash participation by <br />each fund. The investment pool is managed such that all participating funds have the ability to deposit <br />and withdraw cash as if they were demand deposit accounts. Therefore, all balances representing <br />participants' equity in the investment pools are classified as cash and investments for financial <br />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 investments of the constitutional officers are maintained <br />in separate accounts, but have been combined with the Board's cash and investments for financial <br />statement purposes. <br />When restricted and unrestricted resources are available, expenses are paid first from restricted <br />resources. <br />54 <br />