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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />13. Risk Management - Continued: <br />All departments of the County participate in the program. Payments are made by <br />various funds to the Self Insurance Fund based on past experience and actuarial <br />estimates of the amounts needed to pay current year claims. The claims liability of <br />$1,113,947 reported in the Fund at September 30, 1990 is based on the requirements <br />of Governmental Accounting Standards Board Statement No. 10, which requires that a <br />liability for claims be reported if information prior to the issuance of the finan- <br />cial statements indicates that it is probable that a liability has been incurred at <br />the date of the financial statements and the amount of the loss can be reasonably <br />estimated: Estimates for claims incurred but not reported are actuarially deter- <br />mined and recorded. Changes in the Fund's claims liability amount during the <br />current and prior fiscal years are as follows: <br />Beginning -of - <br />Fiscal -Year -Liability <br />1988-1989 $ -0- <br />1989-1990 415,250 <br />Current Year <br />Claims <br />and Charges <br />in Estimates <br />$504,167 <br />866,250 <br />Balance <br />Claim at Fiscal <br />Payments Year End <br />$ 88,917 $ 415,250 <br />167,553 1,113,947 <br />14. Commitments and Contingencies: <br />A. Litigation - The County is contingently liable with respect to lawsuits and <br />other claims incidental to the ordinary course of its operations. In the <br />opinion of management, based on the advice of legal counsel, the ultimate <br />disposition of lawsuits will not have a material adverse effect on the financial <br />position of the County. <br />B. Construction Commitments - The County has various construction contracts out- <br />standing at September 30, 1990. In the Capital Projects Funds projects are for <br />Indian River Boulevard North, Treasure Shores Park, New North County and Main <br />Libraries, Phase III of the Jail, and New Health Department Building. In the <br />Enterprise Funds, the landfill expansion, Golf Course expansion, North County <br />Sewer Line, and various water and sewer projects are under construction. A <br />summary of these projects at September 30, 1990 is as follows: <br />Capital <br />Projects Enterprise Total <br />Total contract price 512,945,180 $12,975,998 S25,921,178 <br />Total paid as of <br />September 30, 1990 9,418,166 7,641,243 17,059,409 <br />Remaining commitment at <br />September 30, 1990 S 3.527.014, S 5.334.755 S 8.86L769 <br />51 <br />L <br />