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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 />7. Capital Assets - Continued <br />Major outlays for capital assets and improvements are capitalized as projects are <br />constructed. Interest incurred during the construction phase of capital assets of <br />business -type activities is included as part of the capitalized value of the assets <br />constructed. <br />The Board holds legal title to the capital assets used in the operations of the Board, Clerk <br />of the Circuit Court and Comptroller, Property Appraiser, Supervisor of Elections and Tax <br />Collector, and is accountable for them under Florida Law. <br />The Sheriff is accountable for and thus maintains capital asset records pertaining only to <br />equipment used in his operations. These assets have been combined with the Board's <br />governmental activities capital assets in the statement of net position. <br />Property, plant, equipment, intangible, and infrastructure assets of the primary <br />government, as well as the component units, are depreciated using the straight-line <br />method over the following estimated useful lives: <br />Assets Years <br />Building and improvements 10 - 50 <br />Machinery and equipment 3 - 10 <br />Utility distribution system 25 - 50 <br />Road and bridge infrastructure 20 - 50 <br />Fiberoptics 20 <br />Software 3-5 <br />Beach preservation infrastructure 7 <br />Stormwater infrastructure 30 <br />8. Capitalization of Interest <br />Interest costs related to bond issues are capitalized during the construction period. These <br />costs are netted against applicable interest earnings on construction fund investments. <br />During the current period, the County did not have any capitalized interest. <br />58 <br />