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Indian River County, Florida <br />Tax Collector <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />I. Transfer Out <br />In accordance with Florida Statutes, all revenues in excess of expenditures as of year-end are owed to <br />the Board of County Commissioners and other governments. These "excess fees" totaled $2,732,504 at <br />September 30, 2017, and are included as due to other governments on the balance sheet. Of this amount, <br />$2,477,209 was owed to the Board of County Commissioners and is reported as Transfers to Board of <br />County Commissioners on the Statement of Revenues, Expenditures and Changes in Fund Balances. <br />J. Fund Balance <br />GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was <br />implemented as of October 1, 2009. This 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 />NOTE 2 - CASH AND INVESTMENTS <br />A. Deposits <br />All bank deposits and certificates of deposit with financial institutions were 100% insured by federal <br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer in <br />accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits <br />Act. At September 30, 2017, the carrying amount of the Tax Collector's deposits was $6,957,456 and <br />the bank balance was $7,080,662. <br />B. Investments <br />At September 30, 2017, the Tax Collector had investments with a balance of $291,712. The Florida <br />Prime had a balance of $101,593 and weighted average maturity of 52 days. The Florida Trust Day to <br />Day Fund had a balance of $126,135 and weighted average maturity of 45 days. The FL CLASS had a <br />balance of $63,984 and a weighted average maturity of 56 days. <br />401 <br />