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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 3 - PROPERTY TAX REVENUES
<br />Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal
<br />year starting October 1. Priroperty tax revenues recognized for the 2016-2017 fiscal year were levied in
<br />October 2016. All taxes are due and payable on November 1 or as soon as the assessments roll is
<br />certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in
<br />November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without
<br />discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via
<br />the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at
<br />fiscal year end.
<br />NOTE 4 — CAPITAL ASSETS
<br />A. Governmental Fund Type Capital Assets
<br />A summary of changes in the Governmental fund type capital assets is as follows:
<br />Buildings
<br />And
<br />Improvements Eauipment
<br />$ 229,878,528 $
<br />Land
<br />Balance 10/1/2016 $
<br />133,776,879
<br />Additions
<br />1,265,673
<br />Deletions
<br />(550,924)
<br />Balance 9/30/2017 $
<br />134,491,628
<br />Buildings
<br />And
<br />Improvements Eauipment
<br />$ 229,878,528 $
<br />41,561,707
<br />10,955,285
<br />4,950,107
<br />(938,503)
<br />(2,163,335)
<br />$ 239,895,310 $
<br />44,348,479
<br />Intaneibles Infrastructure
<br />$ 4,339,153 $
<br />415,800,423
<br />345,004
<br />1,578,780
<br />(300,877)
<br />(86,065)
<br />$ 4,383,280 $
<br />417,293,138
<br />Construction
<br />In Progress
<br />Total
<br />$ 23,708,410
<br />$ 849,065,100
<br />20,137, 881
<br />39,232,730
<br />(13,387,600)
<br />(17,427,304)
<br />$ 30,458,691
<br />$ 870,870,526
<br />Depreciation expense, which includes amortization expense on intangible assets, for governmental fund
<br />type capital assets is not reported in the financial statements of the Board. Depreciation expense is
<br />reported in the financial statements of the County. Please refer to the County Notes for a more detailed
<br />explanation of the County's policy on depreciation.
<br />In accordance with GASB Statement 42 Accounting and Financial Reporting for Impairment of Capital
<br />Assets and for Insurance Recoveries, the Board wrote down the value of the Sector 3 Beach Restoration
<br />asset in the amount of $1,715,853. This impairment was caused by Hurricane Matthew erosion damage
<br />that occurred in October 2016. Subsequently, in September 2017, Hurricane Irma caused additional
<br />damage resulting in a second asset impairment of $390,043. These impairment amounts are included as
<br />a culture and recreation program expense on the Statement of Activities.
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