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Indian River County, Florida <br />Clerk of the Circuit Court and Comptroller <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />G. Compensated Absences <br />The Clerk accrues a liability for employees' rights to receive compensation for future absences when <br />certain conditions are met. The Clerk does not, nor is legally required to, accumulate expendable, <br />available financial resources to liquidate this obligation. Accordingly, the liability for compensated <br />absences is not reported in the Clerk's financial statements. Additional information on the liability is <br />reflected in subsequent Note 6. <br />H. Transfer In <br />The non -court operations (finance function and board meeting recordings) were funded by the Board of <br />County Commissioners in the amount of $971,511. <br />I. Transfer Out <br />In accordance with Florida Statutes, all non -court -related revenues in excess of expenditures as of year- <br />end are owed to the Board of County Commissioners before November 1. A total of $58,409 of excess <br />fees was returned to the Board. This transfer is included in the amount reported as Due to Other <br />Governments on the balance sheet. <br />J. Fund Balance <br />GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was <br />implemented as of October 1, 2009. The Statement requires the fund balance for governmental funds to <br />be reported in classifications that comprise a hierarchy based primarily on the extent to which the <br />government is bound to honor constraints on the specific purposes for which amounts in those funds can <br />be spent. Categories for fund balance are as follows: nonspendable, restricted, committed, assigned, and <br />unassigned. For more information, see the County -wide note on fund balance. <br />330 <br />