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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2018 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued C. Basis of Presentation — Continued 4. Non-current Governmental Assets/Liabilities GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non- current governmental liabilities, such as general obligation bonds and capital leases, be reported in the governmental activities column in the government -wide Statement of Net Position. D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or Fund Balances 1. Cash and Investments Cash reported on the financial statements includes bank deposits, cash on hand, certificates of deposit, money market accounts, and all highly liquid investments with maturities of ninety days or less when purchased. Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, Florida PRIME Fund (formerly known as the Local Government Surplus Funds Trust Fund Investment (SBA) Fund A), the Florida Trust Day to Day Fund (Florida Trust), and the Florida Cooperative Liquid Assets Securities System (FLCLASS). Investments are reported at fair value based upon the average price obtained from three brokers/dealers. The FLCLASS and Florida Trust values are presented at Net Asset Value (NAV), which reflects fair value. The Florida PRIME is valued at amortized cost. Refer to Note 3C, Investments, for further information on individual investments. The County maintains a cash and investment pool that is available for use by all funds. Earnings from the pooled investments are allocated to the respective funds based on applicable cash participation by each fund. The investment pool is managed such that all participating funds have the ability to deposit and withdraw cash as if they were demand deposit accounts. Therefore, all balances representing participants' equity in the investment pools are classified as cash and investments for financial statement purposes. In addition, longer-term investments are held by several of the County's funds and are reported as restricted cash on these statements. Cash and investments of the constitutional officers are maintained in separate accounts, but have been combined with the Board's cash and investments for financial statement purposes. When restricted and unrestricted resources are available, expenses are paid first from restricted resources. 54