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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 />Proprietary Major Funds <br />Solid Waste Disposal District — The Solid Waste Disposal District Fund accounts for the revenues, <br />expenses, assets and liabilities associated with the County landfill. <br />Golf Course Fund — The Golf Course Fund accounts for the revenues, expenses, assets and liabilities <br />associated with the County golf course. <br />County Utilities Fund — The County Utilities Fund accounts for the revenues, expenses, assets and <br />liabilities associated with the County water and sewer system. <br />County Building Fund — The County Building Fund accounts for revenues, expenses, assets, and <br />liabilities associated with the County building permit and inspection program. <br />Other Fund Types <br />Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and <br />Information Technology services provided to other departments of the Board on a cost reimbursement <br />basis. <br />Agency Fund — The Agency Fund is used to account for assets held in a custodial capacity by the Board <br />for other governmental units, other funds, individuals and businesses. Examples include payroll <br />deductions, self insurance premiums, and developer escrow funds. <br />Other Postemployment Benefits Trust Fund — The Other Postemployment Benefits Trust Fund (OPEB <br />Trust) accounts for activities of the OPEB Trust, which accumulates resources for health insurance <br />benefit payments for current retirees and for current employees upon their retirement. Contributions are <br />recorded when earned and benefit payments and refunds when incurred within each year. <br />C. Cash and Investments <br />Cash reported on the financial statements includes bank deposits, cash on hand, certificates of deposit, <br />money market accounts, and all highly liquid investments with maturities of ninety days or less when <br />purchased. Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, and <br />the Florida Local Government Investment Trust Funds (Florida Trust). Investments are reported at fair <br />value based upon the average price obtained from three brokers/dealers. The Florida Trust values are <br />based upon the fair market value per share of the underlying portfolio. Refer to Note 2C, Investments, <br />for further information on individual investments. <br />265 <br />