1991-151 - Laserfiche WebLink

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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1990 1. Summary of Significant Accounting Policies - Continued: F. Investments - Investments consist of Repurchase Agreements, U.S. Treasury Securities, U.S. Government Agency Securities, and the Local Government Surplus Funds Trust Fund that are recorded at cost, which approximates market value. Investments held in the deferred compensation plan are recorded at market value. G. Allowance for Doubtful Accounts - The County provides an allowance for water and sewer accounts receivable that may become uncollectible. At September 30, 1990, this allowance was $4,000. The Housing Authority provides an allowance for rents receivable which may become uncollectible which amounted to 511,884 at September 30, 1990. No other allowances for uncollectible accounts are main- tained since other fund accounts receivable are considered collectible as reported at September 30, 1990. H. Inventories - Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of accounting. The costs of General Fund and Expendable Trust Fund inventories are recorded as expenditures when consumed rather than when purchased. inventory of the Clerk of the Circuit Court, included in the Combined Agency Funds, represents documentary stamps on consign- ment from the State of Florida. Stamps are carried at cost, which is their face value. I. Property, Plant and Equipment (1) Property, plant and equipment purchased in the Governmental Fund Types are recorded as capital outlay expenditures at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets Account Group, except for certain improvements other than buildings ("infrastructure") such as roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems. Donated and confiscated assets are recorded in the general fixed assets at their fair market value at the time received. No depreciation has been provided on general fixed assets. The Board holds legal title for the general fixed assets used in the operations of the Board, Property Appraiser, Tax Collector, Supervisor of Elections, and Clerk of the Circuit Court and is accountable for them under Florida law. The Sheriff i* aviceuntab1e for and thus maintains ganata1 fixed asses records pertaining only to equipment used in his operations. These assets have been combined with the Board's general fixed assets in the General Fixed Assets Account Group. 18