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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />B. Fund Financial Statements - Continued <br />Fiduciary Funds <br />The fiduciary financial statements include financial information for the agency fund and the other <br />postemployment benefits trust fund. The agency fund of the Board primarily represents assets held by <br />the Board in a custodial capacity for other individuals or governments. The Other Postemployment <br />Benefits Trust Fund (OPEB Trust) accounts for activities of the OPEB Trust, which accumulates <br />resources for health insurance benefit payments for current retirees and for current employees upon their <br />retirement. The agency and Trust fund statements are presented using the accrual basis of accounting. <br />Governmental Major Funds <br />General Fund — The General Fund is the general operating fund of the Board. It is used to account for <br />all financial resources, except those accounted for and reported in another fund. <br />Impact Fees Fund — The Impact Fees Fund accounts for the receipt of various impact fees. Funds are <br />used for the construction of roads and bridges, correctional, public safety, library, park, public building, <br />and solid waste facilities. Funds are also used for administrative expenditures of monitoring the <br />aforementioned activities. <br />Secondary Roads Construction Fund — The Secondary Roads Construction Fund accounts for the <br />expenditures of road and bridge construction, roadway, bridge and right of way maintenance and <br />drainage, and related administrative expenses. Financing is provided by collections of the local option <br />gas tax. <br />Transportation Fund — The Transportation Fund accounts for expenditures incurred for the maintenance <br />and repair of County roads. Financing is provided by the 5th and 6th cent gas tax, County gas tax and <br />transfers from the General Fund. <br />Emergency Services District Fund — The Emergency Services District Fund accounts for the <br />expenditures of providing fire protection and advanced life support to the County. Ad valorem taxes are <br />the primary source of revenue. <br />Optional Sales Tax Fund — The Optional Sales Tax Fund accounts for revenue generated by the local <br />option one -cent sales tax and some capital grants that use the local option one -cent sales tax as matching <br />funds. Monies are used for various capital projects. <br />264 <br />