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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 />C. Basis of Presentation - Continued <br />3. Other Fund Types - Continued <br />Other Postemployment Benefits Trust Fund - The Other Postemployment Benefits Trust <br />Fund (OPEB Trust) accounts for activities of the OPEB Trust, which accumulates resources <br />for health insurance benefit payments for current retirees and for current employees upon <br />their retirement. Contributions are recorded when earned and benefit payments and <br />refunds when incurred within each year. <br />4. Non-current Governmental Assets/Liabilities <br />GASB Statement 34 requires non-current governmental assets, such as land and buildings, <br />and non-current governmental liabilities, such as general obligation bonds and capital <br />leases, be reported in the governmental activities column in the government -wide <br />Statement of Net Position. <br />D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or <br />Fund Balances <br />. Cash and Investments <br />Cash reported on the financial statements includes bank deposits, cash on hand, <br />certificates of deposit, money market accounts, and all highly liquid investments with <br />maturities of ninety days or less when purchased. Investments consist of U.S. Treasury <br />Securities, U.S. Government Agency Securities, Florida PRIME Fund (formerly known as the <br />Local Government Surplus Funds Trust Fund Investment (SBA) Fund A), the Florida Trust Day <br />to Day Fund (Florida Trust), and the Florida Cooperative Liquid Assets Securities System <br />(FLCLASS). Investments are reported at market value based upon the custodian bank's <br />valuation. The FLCLASS and Florida Trust values are presented at Net Asset Value (NAV), <br />which reflects fair value. The Florida PRIME is valued at amortized cost. Refer to Note 3C, <br />Investments, for further information on individual investments. <br />The County maintains a cash and investment pool that is available for use by all funds. <br />Earnings from the pooled investments are allocated to the respective funds based on <br />applicable cash participation by each fund. The investment pool is managed such that all <br />participating funds have the ability to deposit and withdraw cash as if they were demand <br />deposit accounts. Therefore, all balances representing participants' equity in the <br />investment pools are classified as cash and investments for financial statement purposes. <br />55 <br />