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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />B. Measurement Focus and Basis of Accounting - Continued <br />Fiduciary Funds <br />The fiduciary funds financial statements include financial information for the agency fund <br />and the other postemployment benefit trust fund. The agency fund of the County primarily <br />represents assets held by the County in a custodial capacity for other individuals or <br />governments. The other postemployment benefits trust fund (OPEB Trust) accounts for <br />activities of the OPEB Trust, which accumulates resources for health insurance benefit <br />payments for current retirees and for current employees upon their retirement. The <br />agency and OPEB Trust fund statements are presented using the accrual basis of <br />accounting. <br />C. Basis of Presentation <br />GASB Statement 34, Basic Financial Statements - and Management's Discussion and Analysis <br />- For State and Local Governments sets forth minimum criteria (percentage of the assets, <br />liabilities, deferred outflows/inflows of resources, revenues or expenditures/expenses of <br />either fund category and the governmental and enterprise combined) for the determination <br />of major funds. The County has used GASB 34 minimum criteria for major fund <br />determination and has also electively disclosed funds that either had debt outstanding or <br />specific community focus as major funds. The nonmajor funds are combined in a column in <br />the fund financial statements and detailed in the combining section. <br />. Governmental Major Funds <br />General Fund - The General Fund is the general operating fund of the County. It is used to <br />account for all financial resources, except those accounted for and reported in another <br />fund. <br />Impact Fees Fund - The Impact Fees Fund accounts for the receipt of various impact fees. <br />Funds are used for the construction of roads and bridges, correctional, public safety, <br />library, park, public building, and solid waste facilities. Funds are also used for <br />administrative expenditures of monitoring the aforementioned activities. <br />Transportation Fund - The Transportation Fund accounts for expenditures incurred for the <br />maintenance and repair of County roads. Financing is provided by the 5th and 6th cent gas <br />taxes, county gas tax and transfers from the General Fund. <br />53 <br />