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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />12. Fund Equity Deficit: <br />The following funds had deficits in fund balance or retained earnings at <br />September 30, 1988: <br />Fund <br />Deficit <br />Capital Projects Funds: <br />Golden Sands Park <br />$101,836 <br />Library Construction <br />239,276 <br />Jail - Phase III <br />227,976 <br />Enterprise Funds: <br />Golf Course <br />438,068 <br />1 carnal Service Fund: <br />Fleet Management <br />294,242 <br />The deficit fund balances in the Capital Project Funds will be eliminated by inter - <br />fund transfers and the issuance of debt in future periods. <br />The retained earnings deficit in the Fleet Management Internal Service Fund will oe <br />eliminated by anticipated operating income in future periods. <br />The Golf Course began operations during the fiscal year ended September 30, 1987. <br />The retained earnings deficit in the Golf Course Enterprise Fund will be eliminated <br />by anticipated operating income in future periods. <br />13. Commitments and Contingencies: <br />A. Litigation - The County is contingently liable with respect to lawsuits and <br />other claims incidental to the ordinary course of its operations. In the <br />opinion of management, based on the advice of legal counsel, the ultimate <br />disposition of lawsuits will not have a material adverse effect on the financial <br />Position of the County. <br />49. <br />