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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 />N. Landfill Closure Costs <br />Under the terms of current state and federal regulations, the Solid Waste Disposal District (SWDD) is <br />required to place a final cover on closed landfill areas, and to perform certain monitoring and <br />maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs <br />of closure and post -closure maintenance over the active life of each landfill area, based on landfill <br />capacity used during the period. Required obligations for closure and post -closure costs are recognized <br />in the Solid Waste Disposal District Enterprise Fund. <br />O. Unearned Revenues <br />In governmental fund financial statements (in accordance with the modified accrual basis of <br />accounting), unearned revenues represent revenues which are available but not earned. <br />P. Accrued Compensated Absences <br />The Board does not report compensated absences in the governmental fund statements since they are not <br />current liabilities payable from available spendable resources. They are reported in the government -wide <br />financial statements of the County. Proprietary fund types accrue compensated absences in the period <br />they are earned. <br />Q. Obligation for Bond Arbitrage Rebate <br />Pursuant to Section 148(f) of the U.S. Internal Revenue Code, the Board must rebate to the United States <br />Government the excess of interest earned from the investment of certain debt proceeds and pledged <br />revenues over the yield rate of the applicable debt. The Board has no arbitrage liability outstanding as <br />of September 30, 2017. <br />270 <br />