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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEN ENTS - CONTINUED Year Ended September 30, 1992 1. SummarV of Significant Accountina Policies - Continued: N. Deferred Revenues - Deferred revenues reported in applicable Governmental Fund Types represent unearned revenues or revenues which are measurable but not available and, in accordance with the modified accrual basis of accounting, are reported as deferred revenues. The deferred revenues will be recognized as revenue in the fiscal year they are earned or become available. y records nsated absences in the O. Accrual Governmental Hund Types isated s as an expenditureences - The for he amount eaccrued during the year that would normally be liquidated with expendable available financial resources. The remainder of the liability is reported in the General Long -Term Debt Account Group. Proprietary Fund Types accrue compensated absences in the period they are earned. P. Obligation for Bond Arbitrate Rebate - Pursuant to Section 148(f) of the U.S. Internal Revenue Code, the County must rebate to the United States Government the excess of interest earned from the investment of certain debt proceeds and pledged revenues over the yield rate of the applicable debt. This payment is typically due five years after original issuance of the debt. Amounts reflected in the balance sheet represent the latest available calculations of the County's accumulated rebate liability as of the balance sheet date. Rebate liability associated with general government debt is reported in the General Long -Term Debt Account Group until the year in which it must be paid from current resources, at which time it is reflected as a fund liability. Rebate liability for enterprise debt is reported in the applicable enterprise fund. 0. Landfill Closure Costs - Under the terms of current state and federal regula- tions, the Solid Waste Disposal District (SWDD) is required to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs of closure and post -closure maintenance over the active life of each landfill area, based on landfill capacity used during the period. Required obligations for closure and post -closure costs are recognized in the Solid Waste Disposal District Enterprise Fund. R. Contributions - The contributions accounted for in the Proprietary Fund Types represent contributions from other funds, State and Federal Aid programs, and impact fees charged to new customers for their anticipated burden on the existing system. Depreciation expense on contributed fixed assets is reflected in the statement of revenues, expenses and changes in retained earnings. Depreciation on contributed fixed assets is transferrred to the related contribution accounts (reducing contributions) instead of retained earnings. B-22