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: 0. Accrued Compensated Absences - The County records compensated absences in the Governmental Fund Types as an expenditure for the amount accrued during the year that would normally be liquidated with expendable available financial resources. The remainder of the liability is reported in the General Long -Term Debt Account Group. Proprietary Fund Types accrue compensated absences in the period they are earned. P. Contributions - The contributions accounted for in the Proprietary Fund Types represent contributions from other funds, State and Federal Aid programs, and impact fees charged to new customers for their anticipated burden on the existing system. Depreciation expense on contributed fixed assets is reflected in the statement of revenues, expenses and changes in retained earnings. Depreciation on contributed fixed assets is transferrred to the related contribution accounts (reducing contributions) instead of retained earnings. 0. Budgets and Budgetary Accounting - The County uses the following procedures in establishing the budgetary data reflected in the financial statements: (1) The Constitutional Officers submit, at various times, to the Board and to certain divisions within the Department of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them. (2) The Department of Revenue, State of Florida, has the final authority on the operating budgets for the Tax Collector and Property Appraiser included in the General Fund. (3) On or before July 15 of each year, the Director of the Office of Management and Budget, as the Board's designated budget officer, submits to the Board a tentative budget for the ensuing fiscal year. The tenta- tive budget includes proposed expenditures and the means of financing them. The Board then holds workshops to review the tentative budget by Fund on an object level. (4) During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in order for the Board to receive public input on the tentative budget. At the end of the last public hearing, the Board enacts ordinances to legally adopt the budgets for all governmental fund types. The budgets legally adopted by the Board set forth the anticipated revenues by source and the appropriations by function. (5) Formal budgetary integration of an object level is used as a management control device for the governmental funds of the County. Management is authorized to transfer budgeted amounts between objects and departments in any fund as long as management does not exceed the total appropriations of a fund. Board approval to amend the budget is only required when unanticipated revenues are received that management wishes to have appropriated thereby increasing the total appropriations of a fund. 20 i' 11