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11 <br />INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />12. Fund Equity Deficit: <br />The following funds had deficits in fund balance or retained earnings at <br />September 30, 1990: <br />Fund Deficit <br />Special Revenue Fund: <br />Petition Paving <br />Enterprise Fund: <br />Golf Course <br />Internal Service Fund: <br />Fleet Management <br />$453,755 <br />378,120 <br />329,885 <br />The deficit fund balances in the Petition Paving Special Revenue Fund will be <br />eliminated by interfund transfers and special assessments in future periods. <br />The retained earnings deficit in the Fleet Management Internal Service Fund will be <br />eliminated by anticipated operating income in future periods. <br />The Golf Course began operations during the fiscal year ended September 30, 1987. <br />The retained earnings deficit in the Golf Course Enterprise Fund will be eliminated <br />by anticipated operating income in future periods. <br />13. Risk Management: <br />The County is exposed to various risks of loss related to torts; theft of, damage to <br />and destruction of assets; errors and omissions; injuries to employees; and natural <br />disasters. During the previous fiscal year, the County established a fund to <br />account for risk management called the Self Insurance Fund (an internal service <br />fund). The risk management program began on November 1, 1988. Under this program, <br />the Self Insurance Fund provides coverage for up to a maximum of $100,000 for each <br />worker's compensation claim, $100,000 for each general or auto liability claim, <br />$100,000 for each property damage claim, and $25,000 for each errors or omissions <br />claim. In addition, an aggregate loss fund was established of $600,000. As of <br />October 1, 1989, the County's risk retention amounts were increased to $175,000 for <br />each worker's compensation claim and 5500,000 for each general or auto liability <br />claim. Risk retention was decreased to 510.000 for each property damage claim and <br />stayed the same for errors or omissions. The aggregate loss fund was increased to <br />$1,000,000. The County purchases commercial insurance for claims in excess of <br />coverage provided by the Fund and for all other risks of loss. <br />50 <br />