1996-042 - Laserfiche WebLink

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Indian River County, Florida NOTES TO FINANCIAL STATEMENTS-- Continued Year Ended September 30, 1995 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued Q. Landfill Closure Costs Under the terns of current state and federal regulations, the Solid Waste Disposal District (SWDD) is required to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs of closure and post -closure maintenance over the active life of each landfill area, based on landfill capacity used during the period. Required obligations for closure and post -closure costs are recognized in the Solid Waste Disposal District Enterprise Fund. R. Contributions The contributions accounted for in the Proprietary Fund Types represent contributions from other funds, developers, state and federal capital grant programs, and impact fees charged to new customers for their anticipated burden on the existing system. Depreciation expense on contributed fixed assets is reflected in the statement of revenues, expenses and changes in retained earnings. Depreciation on contributed fixed assets is transferred to the related contribution accounts (reducing contributions) instead of retained earnings. S. Budgets and Budgetary Accounting The County uses the following procedures in establishing the budgetary data reflected in the financial statements: (1) The Constitutional Officers submit, at various times, to the Board and to certain divisions within the Department of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them. (2) The Department of Revenue, State of Florida, has the final authority on the operating budgets for the Tax Collector and the Property Appraiser included in the General Fund. 25