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INDIAN RIVER COUNTY, FLORIDA <br />NOTES To FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1992 <br />1. Summary of Significant AQQOuntina Policies - Continued: <br />B. Fund Accounting - The accounts of the County are organized on the basis of funds <br />and account groups, each of which is considered a separate accounting entity. <br />The operations of each fund are accounted for with a separate set of self - <br />balancing accounts that comprise its assets, liabilities, fund equity, revenues <br />and expenditures, or expenses, as appropriate. Government resources are allo- <br />cated to and accounted for in individual funds based upon the purposes for which <br />they are to be spent and the means by which spending activities are con- <br />trolled. The purpose of the County's various funds and account groups is as <br />follows: <br />Governmental Funds <br />General Fund - The General Fund is the general operating fund of the <br />County. It is used to account for all financial resources, except those <br />required to be accounted for in another fund. <br />Special Revenue Funds - Special Revenue Funds are used to account for the <br />proceeds of specific revenue sources (other than major capital projects) <br />that are legally restricted to expenditures for specified purposes. <br />Debt Service Funds - Debt Service Funds are used to account for the accu- <br />mulation of resources for, and the payment of, general long-term debt <br />principal, interest and related costs. <br />Capital Projects Funds - Capital Projects Funds are used to account for <br />financial resources to be used for the acquisition or construction of <br />major capital facilities (other than those financed by the proprietary <br />funds). <br />Proprietary Funds <br />Enterprise Funds - Enterprise Funds are used to account for operations <br />(a) that are financed and operated in a manner similar to private business <br />enterprises - where the intent of the governing body is that the costs <br />(expenses, including depreciation) of providing goods or services to the <br />general public on a continuing basis be financed or recovered primarily <br />through user charges; or (b) where the governing body has decided that <br />periodic determination of revenues earned, expenses incurred, and/or net <br />income is appropriate for capital maintenance, public policy, management <br />control, accountability or other purposes. <br />B-17 <br />