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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />52 <br />  <br /> <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <br /> <br />B. Measurement Focus and Basis of Accounting - Continued <br /> <br />2. Fund Financial Statements - Continued <br /> <br />Proprietary Funds - Continued <br /> <br />Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements, rather <br />than reported as expenditures. Issuance of long-term debt is recorded as a liability in the fund financial <br />statements, rather than as an other financing source. Amounts paid to reduce long-term indebtedness are <br />reported as a reduction of the related liabilities, rather than as an expense. <br /> <br />Fiduciary Funds <br /> <br />The fiduciary funds financial statements include financial information for the agency fund and the other <br />postemployment benefit trust fund. The agency fund of the County primarily represents assets held by <br />the County in a custodial capacity for other individuals or governments. The other postemployment <br />benefits trust fund (OPEB Trust) accounts for activities of the OPEB Trust, which accumulates <br />resources for health insurance benefit payments for current retirees and for current employees upon <br />their retirement. The agency and OPEB Trust fund statements are presented using the accrual basis of <br />accounting. <br /> <br />C. Basis of Presentation <br /> <br />GASB Statement 34, Basic Financial Statements - and Management's Discussion and Analysis - For <br />State and Local Governments sets forth minimum criteria (percentage of the assets, liabilities, deferred <br />outflows/inflows of resources, revenues or expenditures/expenses of either fund category and the <br />governmental and enterprise combined) for the determination of major funds. The County has used <br />GASB 34 minimum criteria for major fund determination and has also electively disclosed funds that <br />either had debt outstanding or specific community focus as major funds. The nonmajor funds are <br />combined in a column in the fund financial statements and detailed in the combining section. <br /> <br />1. Governmental Major Funds <br /> <br />General Fund – The General Fund is the general operating fund of the County. It is used to account for <br />all financial resources, except those accounted for and reported in another fund. <br /> <br />Impact Fees Fund – The Impact Fees Fund accounts for the receipt of various impact fees. Funds are <br />used for the construction of roads and bridges, correctional, public safety, library, park, public building, <br />and solid waste facilities. Funds are also used for administrative expenditures of monitoring the <br />aforementioned activities. <br /> <br />Secondary Roads Construction Fund – The Secondary Roads Construction Fund accounts for the <br />expenditures of road and bridge construction, roadway, bridge and right of way maintenance and <br />drainage, and related administrative costs. Financing is provided by collections of the local option gas <br />tax.