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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2020
<br />NOTE 7 - INTERFUND BALANCES - Continued
<br />Amounts due from the General. Fund represent excess fees and payments of the
<br />constitutional officers remitted to various funds subsequent to September 30, 2020. In
<br />September 2017, the General Fund loaned $1,100,000 to the Golf Course Fund for a new
<br />irrigation system at an interest rate of 1.5%. In January 2020, the General Fund loaned
<br />$316,900 to the Golf Course Enterprise Fund to purchase new golf carts at an interest rate
<br />of 3%. The amount reported as due from the Golf Course Enterprise Fund is the current
<br />portion of the scheduled payments due to the General Fund in fiscal year 2021. The
<br />amounts due from the nonmajor governmental funds represent short-term cash loans that
<br />are expected to be repaid within the next twelve months. The remaining amount due from
<br />the Golf Course Fund is reported as an interfund advance.
<br />Interfund advances at September 30, 2020, consisted of the following:
<br />Receivable Fund Payable Fund Amount
<br />General Fund Golf Course Enterprise Fund $ 183,568
<br />This amount is considered a long-term advance between major funds expected to be paid in
<br />fiscal years 2022 and 2023. This amount has been presented as nonspendable on the
<br />General Fund balance sheet.
<br />NOTE 8 - INTERFUND TRANSFERS
<br />Interfund transfers for the year ended September 30, 2020, consisted of the following:
<br />Transfers In:
<br />Transfers Out:
<br />General Fund
<br />Transportation
<br />Fund
<br />Emergency Services
<br />District Fund
<br />Optional Sales Tax
<br />Fund
<br />Beach Nonmajor County Internal
<br />General Restoration Transportation Governmental Utilities Service
<br />Fund Fund Fund Funds Fund Funds
<br />Total
<br />$ - $ 193,933 $ 11,692,691 $ 1,139,589 $ $ 266,317 $ 13,292,530
<br />77,319 77,319
<br />802,755 - - 802,755
<br />1,311,278 150,000 30,197 - 1,491,475
<br />Nonmajor
<br />Governmental
<br />Funds 2,012,053 346,472 757,138 3,115,663
<br />Solid Waste Disposal
<br />District Fund 777,875 777,875
<br />Internal Service
<br />Funds 90,000 31,460 - 121,460
<br />Total $ 4,216,086 $ 193,933 $ 11,724,151 $ 1,636,061 $ 885,391 $ 1,023,455 $ 19,679,077
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