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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 />9. Deferred Outflows/Inflows of Resources <br />In addition to assets, the statement of financial position will sometimes report a separate <br />section for deferred outflows of resources. Deferred outflows of resources represent a <br />consumption of net position that applies to a future period(s) and so will not be recognized <br />as an outflow of resources (expense/expenditure) until then. The County reports the <br />deferred charge on refundings in the amount of $239,957 in this category on the <br />government -wide Statement of Net Position. A deferred charge on refundings results from <br />the difference in the carrying value of refunded debt and its reacquisition price. This <br />amount is deferred and amortized over the shorter of the life of the refunded or refunding <br />debt. <br />In addition to liabilities, the statement of financial position may report a separate section <br />for deferred inflows of resources. Deferred inflows of resources represent an acquisition of <br />net position that applies to a future period(s) and so wilt not be recognized as an inflow of <br />resources (revenue) until that time. The County has one item, unavailable revenue, which <br />arises under the modified accrual basis of accounting and is reported on the governmental <br />funds balance sheet in the total amount of $27,666,061. The sources of the unavailable <br />revenue are a special assessment on road paving, ambulance service billings, state and <br />federal grants, and investment interest. These amounts are deferred and recognized as an <br />inflow of resources in the period that the amounts become available. <br />In addition to the above two deferred items, there are deferred outflows and inflows items <br />related to pensions as calculated in accordance with GASB Statement 68, Accounting and <br />Financial Reporting for Pensions. These deferred outflows and inflows will be recognized <br />as adjustments to pension expense in future reporting years. Also, there are deferred <br />outflows and inflows items related to OPEB as calculated in accordance with GASB <br />Statement 75, Accounting and Financial Reporting for Postemployment Benefits Other Than <br />Pensions. <br />Detail on the composition of the deferred inflows and outflows related to pensions and <br />OPEB are further discussed in Notes 13 and 14. <br />59 <br />