Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />53 <br />  <br /> <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <br /> <br />C. Basis of Presentation - Continued <br /> <br />1. Governmental Major Funds - Continued <br /> <br />Transportation Fund – The Transportation Fund accounts for expenditures incurred for the maintenance <br />and repair of County roads. Financing is provided by the 5th and 6th cent gas taxes, county gas tax and <br />transfers from the General Fund. <br /> <br />Emergency Services District Fund – The Emergency Services District Fund accounts for the <br />expenditures of providing fire protection and advanced life support to the County. Financing is <br />provided by ad valorem taxes. <br /> <br />Optional Sales Tax Fund – The Optional Sales Tax Fund, a capital projects fund, accounts for revenues <br />generated by the local option one-cent sales tax and some capital grants that use the local option one- <br />cent sales tax as matching funds. <br /> <br />2. Proprietary Major Funds <br /> <br />Solid Waste Disposal District Fund – The Solid Waste Disposal District Fund accounts for the <br />revenues, expenses, assets and liabilities associated with the County landfill. <br /> <br />Golf Course Fund – The Golf Course Fund accounts for the revenues, expenses, assets and liabilities <br />associated with the Golf Course. <br /> <br />County Utilities Fund – The County Utilities Fund accounts for the revenues, expenses, assets and <br />liabilities associated with the County water and sewer system. <br /> <br />County Building Fund – The County Building Fund accounts for revenues, expenses, assets and <br />liabilities associated with the County building permit and inspection program. <br /> <br />3. Other Fund Types <br /> <br />Internal Service Funds – Internal Service Funds account for Fleet Management, Self Insurance and <br />Information Technology services provided to other departments of the County on a cost reimbursement <br />basis. <br /> <br />Agency Fund - The Agency Fund is used to account for assets held in a custodial capacity by the <br />County for other governmental units, other funds, individuals and businesses. Examples include payroll <br />deductions, self insurance premiums, and developer escrow funds. <br /> <br />Other Postemployment Benefits Trust Fund – The Other Postemployment Benefits Trust Fund (OPEB <br />Trust) accounts for activities of the OPEB Trust, which accumulates resources for health insurance <br />benefit payments for current retirees and for current employees upon their retirement. Contributions are <br />recorded when earned and benefit payments and refunds when incurred within each year.