2021-046A - Laserfiche WebLink

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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 16 - FUND BALANCE - Continued B. Fund Balance Policy - Continued The General Fund reserves are included in the unassigned fund balance on the balance sheet. The Transportation Fund reserves are included in the assigned fund balance and the Emergency Services District Fund reserves are included in the restricted fund balance on the balance sheet. Emergency/Disaster Relief and Budget Stabilization Reserve amounts may only be revised by the Board of County Commissioners. Minimum Fund Balance - The approved fund balance policy dictates the County's attempt to maintain a minimum fund balance in the General, Transportation, and Emergency Services District funds of 20% of budgeted annual operating expenditures. The minimum fund balance level may be revised by the County Administrator or his designee. C. Spending Hierarchy For all governmental funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances. D. Fund Balance Deficit The Metropolitan Planning Organization Fund, a nonmajor Governmental Fund, had a deficit in fund balance of $89,708 at September 30, 2020. This deficit will be eliminated by grant proceeds in fiscal year 2021. The Jackie Robinson Training Complex Reserve Fund, a nonmajor Governmental Fund, had a deficit in fund balance of $227,670 at September 30, 2020. This deficit will be eliminated by tourist tax collections in future fiscal years. NOTE 17 - NET POSITION A. Net Position Restricted by Enabling Legislation The government -wide statement of net position for the primary government reports $181,876,656 of restricted net position, of which $119,270,840 is restricted by enabling legislation. 108