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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1991 1. Summary of Significant Accounting Policies - Continued: 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. O. Accrued Compensated Absences - The County records compensated absences in the Governmental Fund Types as an expenditure for the amount accrued 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 Arbitrage Rebate - Pursuant to Section 198(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. As of September 30, 1991, the entire arbitrage rebate liability of the County was related to general government debt. Since these amounts are not due to be paid until 1993, this liability is reported in the General Long -Term Debt Account Group. Landfill Closure Costs - Under the terms of Florida Department of Environmental Regulation and the Environmental Protection Agency requirements, the County is required to provide long-term care for landfill operations for up to thirty years after final closure. Required obligations for closure costs are recog- nized in the Solid Waste Disposal District 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. 8-20