1991-151 - Laserfiche WebLink

Home Browse Search

INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1990 1. Summary of Significant Accounting Policies - Continued: Proprietary Funds - Continued Internal Service Funds - The Fleet Management and Self Insurance Internal Service Funds are used to account for the financing of goods and services provided to other departments or agencies of the County, on a cost - reimbursement basis. Fiduciary Funds Trust and Agency Funds - Trust and Agency Funds are used to account for assets held by the County in a trustee capacity or as an agent for indi- viduals, private organizations, other governments, and/or other funds. These include Agency Funds and an Expendable Trust Fund. Account Groups General Fixed Assets - To account for all fixed assets of the County, except fixed assets of proprietary funds. General Long -Term Debt - To account for all the outstanding principal balances of general and special obligation bonds, notes, capital leases and compensated absences of the County, except long-term obligations of proprietary funds. C. Measurement Focus Governmental Fund Types - General, Special Revenue, Debt Service and Capital Projects Funds are accounted for on a "spending" or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on the balance sheets. Accordingly, the reported unreserved fund balance (net current assets) is considered a measure of available, spend- able or appropriable resources. Governmental Fund Type operating statements present increases (revenues and other financing sources) and decreases (expendi- tures and other financing uses) in net current assets. Proprietary Fund Types - The Enterprise and Internal Service Funds are accounted for on an "income determination" measurement focus. Accordingly, all assets and liabilities are included on the balance sheet, and the reported fund equity (total reported assets less total reported liabilities) provides an indication of the economic net worth of the fund. Operating statements for the Proprietary Fund Types report increases (revenues) and decreases (expenses) in total eco- nomc net worth. Fiduciary Fund Types - The Expendable Trust Fund is accounted for in the same manner as Governmental Funds. The Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. 16