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Indian River County, Florida <br />NOTES TO FINANCIAL STATEMENTS - Continued <br />Year Ended September 30, 1995 <br />NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />Fiduci= Funds <br />The Expendable Trust Fund and the Agency Funds are accounted for on the modified accrual basis. <br />If.. Cash and Investments <br />The County maintains a cash and investment pool that is available for use by all funds. This pool has <br />deposits and all highly liquid investments (including restricted assets) with maturities of ninety days or <br />less when purchased. In addition, longer -tern investments are held by several of the County's funds. <br />Pooled cash is classified as "Cash and Cash Equivalents", and pooled investments are combined with <br />other separate investments and classified as "Investments" in the financial statements. Cash and cash <br />equivalents and investments of Constitutional Officers are maintained in separate accounts, but have <br />been combined with the Board's cash and cash equivalents and investments for financial statement <br />purposes. <br />F. Investments <br />Investments consist of money market funds, U.S. Treasury Securities, U.S. Government Agency <br />Securities, various mortgage-backed securities such as collateralized mortgage obligations and <br />adjustable rate mortgage pools, the Local Government Surplus Funds Trust Fund and the Florida <br />Counties Investment Trust Fund. Investments are recorded at cost, or amortized cost, in the balance <br />sheet, except for investments held in the deferred compensation plan, which are reported at market. <br />G. Allowance for Doubtful Accounts <br />The County provides an allowance for water and sewer accounts receivable that may become <br />uncollectible. At September 30, 1995, this allowance was $393,551. The Housing Authority provides <br />an allowance for rents receivable which may become uncollectible which amounted to $16,064 at <br />September 30, 1995. No other allowances for uncollectible accounts are maintained since other fund <br />accounts receivable are considered collectible as reported at September 30, 1995. <br />H. Inventories <br />Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of <br />accounting. The costs of General Fund and Expendable Trust Fund inventories are recorded as <br />expenditures when consumed rather than when purchased. Inventory of the Clerk of the Circuit Court, <br />included in the Combined Agency Funds, represents documentary stamps on consignment from the State <br />of Florida. Stamps are carried at cost, which is their face value. <br />22 <br />