1989-042 - Laserfiche WebLink

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INDIAN RIVER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1988 1. Summary of Significant Accounting Policies Continued: 0. Budgets and Budgetary Accounting - Continued (4) During September, public hearings are held pursuant to Section 200.065 of the Florida Statutes in order for the Board to receive public input on the tentative and final budget. Based on the public input received, the Board shall require such changes to be made as it shall deem necessary, provided the budget remains in balance and subject to the budget preparation and adoption procedures as defined in Section 129.03 of the Florida Statutes. (5) Prior to October 1, the budget is legally enacted through passage of an ordinance setting forth total revenues and total expenditures by fund. (6) It is unlawful to expend in any fiscal year more than the total amount budgeted in each fund's budget pursuant to Section 129.07 of the Florida Statutes. (7) Budgeted amounts as shown in the financial statements are as originally adopted, with the exception of the General Fund, which was increased $538,455 by resolutions adopted by the Board. (8) Formal budgetary integration is used as a measurement control device for all governmental funds of the County. The level on which expenditures may not legally exceed appropriations is the fund level. (9) Budgets for the governmental fund types are adopted on a basis consistent with generally accepted accounting principles. (10) Appropriations for the County lapse at the close of the fiscal year. R. Total Columns on Combined Statements - Overview - Total columns on the combined statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable in a consolidation. Interfund eliminations have not been made in the aggregation of these data. 2. Cash and Investments: The County maintains a cash and investment pool that is available for use by all funds except those whose cash and investments must be segregated due to bond cove- nants or other legal restrictions. Deoosits - At September 30, 1988, the carrying amount of the County's deposits was $5,778,518 and the bank balance was $4,115,923. These deposits were 100% collater- alized by federal depository insurance or by collateral pursuant to the Public Depository Security Act of the State of Florida. Various deposits were earning interest from 4.75-7.91. 21.