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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 />13. Accrued Compensated Absences <br />The County accrues accumulated unpaid vacation and sick leave when earned by the <br />employee. The current portion is the amount estimated to be used in the following year. <br />The non-current portion is the amount estimated to be used in subsequent fiscal years. <br />Both the current and non-current estimated accrued compensated absences amounts for <br />governmental funds are maintained separately and represent a reconciling item between <br />the fund and government -wide presentations. <br />14. Obligation for Bond Arbitrage Rebate <br />Pursuant to Section 148(f) of the U. S. Internal Revenue Code, the County must rebate to <br />the United States Government the excess of interest earned from the investment of certain <br />debt proceeds and pledged revenues over the yield rate of the applicable debt. The County <br />uses the "revenue reduction" approach in accounting for rebatable arbitrage. This <br />approach treats excess earnings as a reduction of revenue. The County has no arbitrage <br />liability outstanding as of September 30, 2020. <br />15. Landfill Closure Costs <br />Under the terms of current state and federal regulations, the Solid Waste Disposal District <br />(SWDD) is required to place a final cover on closed landfill areas, and to perform certain <br />monitoring and maintenance functions for a period of up to thirty years after closure. The <br />SWDD recognizes these costs of closure and post -closure maintenance over the active life of <br />each landfill area, based on landfill capacity used during the period. Required obligations <br />for closure and post -closure costs are recognized in the Solid Waste Disposal District <br />Enterprise Fund. <br />16. Unamortized Bond Discounts and Premiums <br />Bond discounts and premiums associated with the issuance of proprietary fund revenue <br />bonds are amortized according to the straight-line method over the remaining life of the <br />bonds. For financial reporting, unamortized bond discounts and premiums are netted <br />against the applicable long-term debt. <br />61 <br />