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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 />C. Cash and Investments - Continued <br />The Board maintains a cash and investment pool that is available for use by all funds. Earnings for the <br />pooled investments are allocated to the respective funds based on applicable cash participation by each <br />fund. The investment pool is managed such that all participating funds have the ability to deposit and <br />withdraw cash as if they were demand deposit accounts. Therefore, all balances representing <br />participants' equity in the investment pools are classified as cash and investments for financial statement <br />purposes. In addition, longer-term investments are held by several of the Board's funds and are, <br />therefore, reported as current restricted cash and investments on these statements. When restricted and <br />unrestricted resources are available, expenses are paid first from restricted resources. <br />D. Allowance for Doubtful Accounts <br />The Board provides an allowance for water and sewer and ambulance service accounts receivables that <br />may become uncollectable. At September 30, 2017, the allowance for water and sewer was $424,493 <br />and for ambulance services was $1,010,796. No other allowances for doubtful accounts are maintained <br />since other accounts receivable are considered collectable as reported at September 30, 2017. <br />E. Due from Other Governments <br />This account represents funds due from state and federal agencies for monthly revenue shares and grant <br />reimbursements. It also includes excess fees due from the County's constitutional officers at September <br />30, 2017. <br />F. Inventories <br />Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of <br />accounting, with the exception of the Golf Course and Fleet Internal Service Fund's inventories which <br />are valued using the average cost method of accounting. Inventories of all funds are recorded as <br />expenditures (expenses) when consumed rather than when purchased. <br />G. Prepaids and Other Assets <br />This account represents prepayments for services that will be used in future periods. The Board's policy <br />is to record the expenditure for the services when they are used rather than when the cash is disbursed. <br />On the Statement of Fund Net Position for the Proprietary Funds, of the $9,574,807 reported as prepaids <br />and other assets in the Governmental Activities Internal Service Funds column, $8,513,836 is the net <br />other post employment benefit asset. See Note 13 for further information. <br />266 <br />