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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 />17. Capital Contributions <br />The capital contributions accounted for in the proprietary fund types represent <br />contributions from other funds, developers, state and federal grant programs, and impact <br />fees charged to new customers for their anticipated burden on the existing system. The <br />contributions amount is reported after non-operating revenues and expenses on the <br />Statement of Revenues, Expenses, and Changes in Fund Net Position in accordance with <br />GASB Statement 33. Capital contributions for the governmental funds are reported on the <br />Statement of Activities in accordance with GASB Statement 34 and represent contributions <br />of capital assets from developers and state agencies. <br />NOTE 2 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY <br />Budgets and Budgetary Accounting <br />The County uses the following procedures in establishing the budgetary data reflected in <br />the financial statements: <br />(1) The constitutional officers submit, at various times, to the Board and to certain <br />divisions within the Florida Department of Revenue and the Florida Clerks of Court <br />Operations Corporation, a proposed operating budget for the following fiscal year. The <br />operating budget includes proposed expenditures and the means of financing them, as set <br />forth in Chapter 129 of the Florida Statutes. <br />(2) The Department of Revenue, State of Florida, has the final authority on the operating <br />budgets for the Tax Collector and the Property Appraiser included in the General Fund. <br />(3) Constitutional officers, all departments controlled by the Board, and outside state and <br />local agencies submit their proposed budgets to the Office of Management and Budget for <br />assistance, review and compilation. The County Administrator then reviews all County <br />departments, state agencies and nonprofit organization's budgets and makes his budget <br />recommendation to the Board. <br />62 <br />