|
INDIAN RIVER COUNTY, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS - CONTINUED
<br />Year Ended September 30, 1988
<br />13. Commitments and Contingencies - Continued:
<br />B. Construction Commitments - The County has various construction contracts out-
<br />standing at September 30, 1988. In the Capital Projects Funds projects are for
<br />Golden Sands Park and various road projects. In the Enterprise Funds, the
<br />landfill expansion and various water and sewer projects are under construc-
<br />tion. A summary of these projects at September 30, 1988 is as follows:
<br />Capital
<br />C. Grants - Amounts received or receivable from grantor agencies are subject to
<br />audit and adjustment by grantor agencies. If any expenditures are disallowed as
<br />a result of these audits, the claims for reimbursement to the grantor agency
<br />would become a liability of the County. In the opinion of management, any Such
<br />adjustments would not be significant.
<br />14. Change in Accounting Estimate:
<br />During the current fiscal year, the County issued the Solid Waste Disposal System
<br />Revenue Bonds, which are in part to fund the costs of closure of Segment I of the
<br />Solid Waste Disposal District Landfill. The additional funding is necessary due to
<br />certain recent regulatory requirements which have escalated the costs of closure.
<br />Based on an engineering report made available in the current year, the County
<br />estimates the total costs of closure to be $1,658,000 of which $1,519,850 has been
<br />considered current and has been accrued in the current year in the Solid Waste
<br />Disposal District Enterprise Fund.
<br />15. Subsequent Events:
<br />Water and Sewer System - On December 1, 1988, the County issued $3,900,000 in 6 7,88
<br />Water Revenue Bond, Series 1988, Anticipation Notes. The notes were issued in
<br />anticipation of the receipt by the County of the proceeds from the future sale of
<br />its $4,000,000 Water Revenue Bonds, Series 1988. The County currently expects that
<br />the Series 1988 Bonds will be sold at public or private sale pursuant to the laws of
<br />the State of Florida and Resolution No. 88-44 duly adopted by the County ;,n
<br />August 2, 1988.
<br />50.
<br />Projects
<br />Enterprise
<br />Total
<br />Total contract price
<br />S 447,057
<br />$9,336,560
<br />S 9,783,617
<br />Total paid as of
<br />September 30, 1988
<br />28,760
<br />51576,600
<br />51605,360
<br />Remaining commitment at
<br />September 30, 1988
<br />S 418.297
<br />53,759,960
<br />S 4,178,257
<br />C. Grants - Amounts received or receivable from grantor agencies are subject to
<br />audit and adjustment by grantor agencies. If any expenditures are disallowed as
<br />a result of these audits, the claims for reimbursement to the grantor agency
<br />would become a liability of the County. In the opinion of management, any Such
<br />adjustments would not be significant.
<br />14. Change in Accounting Estimate:
<br />During the current fiscal year, the County issued the Solid Waste Disposal System
<br />Revenue Bonds, which are in part to fund the costs of closure of Segment I of the
<br />Solid Waste Disposal District Landfill. The additional funding is necessary due to
<br />certain recent regulatory requirements which have escalated the costs of closure.
<br />Based on an engineering report made available in the current year, the County
<br />estimates the total costs of closure to be $1,658,000 of which $1,519,850 has been
<br />considered current and has been accrued in the current year in the Solid Waste
<br />Disposal District Enterprise Fund.
<br />15. Subsequent Events:
<br />Water and Sewer System - On December 1, 1988, the County issued $3,900,000 in 6 7,88
<br />Water Revenue Bond, Series 1988, Anticipation Notes. The notes were issued in
<br />anticipation of the receipt by the County of the proceeds from the future sale of
<br />its $4,000,000 Water Revenue Bonds, Series 1988. The County currently expects that
<br />the Series 1988 Bonds will be sold at public or private sale pursuant to the laws of
<br />the State of Florida and Resolution No. 88-44 duly adopted by the County ;,n
<br />August 2, 1988.
<br />50.
<br />
|