Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 5 - CAPITAL ASSETS — Continued <br />A. Governmental Activities - Continued <br />Depreciation expense, which includes amortization expense on intangible assets, was charged to the <br />functions/programs of the primary government's governmental activities as follows: <br />General government $ <br />3,000,593 <br />Public safety <br />4,733,128 <br />Physical environment <br />633,479 <br />Transportation <br />7,547,225 <br />Human service <br />138,656 <br />Culture/recreation <br />6,673,891 <br />Court related <br />277,375 <br />Capital assets held by the government's internal service funds are <br />charged to the various functions based on their usage of the assets <br />181,434 <br />Total depreciation expense — governmental activities $ 23,185,781 <br />In accordance with GASB Statement 42 Accounting and Financial Reporting for Impairment of Capital <br />Assets and for Insurance Recoveries, the County wrote down the value of the Sector 3 Beach <br />Restoration asset in the amount of $1,715,853. This impairment was caused by Hurricane Matthew <br />erosion damage that occurred in October 2016. Subsequently, in September 2017, Hurricane Irma <br />caused additional damage resulting in a second asset impairment of $390,043. These impairment <br />amounts are included as a culture and recreation program expense on the Statement of Activities. <br />.: <br />