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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 />D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or <br />Fund Balances - Continued <br />. Cash and Investments - Continued <br />In addition, longer-term investments are held by several of the County's funds and are <br />reported as restricted cash on these statements. Cash and investments of the constitutional <br />officers are maintained in separate accounts, but have been combined with the Board's <br />cash and investments for financial statement purposes. When restricted and unrestricted <br />resources are available, expenses are paid first from restricted resources. <br />2. Allowance for Doubtful Accounts <br />The County provides an allowance for water and sewer and ambulance services accounts <br />receivables that may become uncollectible. At September 30, 2020, the allowance for <br />water and sewer services was $424,493 and the allowance for ambulance services was <br />$114,932. No other allowances for doubtful accounts are maintained since other accounts <br />receivable are considered collectible as reported at September 30, 2020. <br />3. Receivables and Payables <br />Activities between funds that are representative of lending/borrowing arrangements <br />outstanding at the end of the fiscal year are referred to as "due to/from other funds." Any <br />residual balances outstanding between the governmental activities and business -type <br />activities are reported in the government -wide financial statements as "internal balances." <br />All receivables are shown net of allowance for doubtful accounts. Water and sewer <br />receivables in excess of 120 days and ambulance services receivables in excess of 180 days <br />for self -pay accounts and 365 days for commercial insurance accounts comprise the trade <br />accounts receivable allowance for doubtful accounts. <br />4. Inventories <br />Inventories are valued at cost, which approximates market, using the "first -in, first -out" <br />method of accounting, with the exception of the Golf Course and Fleet Internal Service <br />Fund's inventories, which are valued using the average cost method of accounting. <br />Inventories of all funds are recorded as expenditures (expenses) when consumed rather <br />than when purchased. <br />56 <br />