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Indian River County, Florida
<br />NOTES TO FINANCIAL STA Ili NTR - Continued
<br />Year Ended September 30, 1995
<br />NOTE 16 - RISK MANAGEMENT - Continued
<br />Current Year
<br />Included in the charges to other funds is an amount to fund future catastrophic losses and at September
<br />30,1995, the retained earnings balance of $ 2,785,114 has been designated for this purpose. The County
<br />has elected to accrue the larger of the discounted liability or undiscounted liability. At September 30,
<br />1995, the undiscounted liability was the greater of the two amounts. The discount rate used in the
<br />calculation was four percent.
<br />NOTE 17 - COMMITMENTS AND CONTINGENCIES
<br />A. Litigation
<br />The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary
<br />course of its operations. In the opinion of management and based on the advice of legal counsel, the
<br />ultimate disposition of lawsuits will not have a material adverse effect on the financial position of the
<br />Country.
<br />B. Construction Commitments
<br />The County has various construction contracts outstanding at September 30, 1995. In the General Fund,
<br />Projects are for various parks and recreation improvements. In the Special Revenue Funds, projects are
<br />for the Prefabricated Erosion Prevention Reef, and various road and drainage improvements. In the
<br />Capital Projects Funds, projects are for Indian River Boulevard North, an additional fire station and
<br />other road construction. In the Enterprise Funds, the landfill expansion, golf course improvements and
<br />various water and sewer projects are under construction. A summary of these projects at September 30,
<br />1995, is as follows:
<br />59
<br />Balance at
<br />Claims
<br />Balance
<br />Fiscal Year
<br />Beginning
<br />and Changes
<br />in c
<br />Claim
<br />PamentS
<br />at Fiscal
<br />Year Find
<br />1988-1989
<br />$ -
<br />.ctimat
<br />$504,167
<br />$(88,917)
<br />$415,250
<br />1989-1990
<br />415,250
<br />866,250
<br />(167,553)
<br />1,113,947
<br />1990-1991
<br />1,113,947
<br />1,144,583
<br />(188,081)
<br />2,070,449
<br />1991-1992
<br />2,070,449
<br />(426,841)
<br />(425,351)
<br />1,218,257
<br />1992-1993
<br />1,218,257
<br />529,720
<br />(531,187)
<br />1,216,790
<br />1993-1994
<br />1,216,790
<br />648,498
<br />(559,600)
<br />1,305,688
<br />1994-1995
<br />1,305,688
<br />721,789
<br />(621,477)
<br />1,406,000
<br />Included in the charges to other funds is an amount to fund future catastrophic losses and at September
<br />30,1995, the retained earnings balance of $ 2,785,114 has been designated for this purpose. The County
<br />has elected to accrue the larger of the discounted liability or undiscounted liability. At September 30,
<br />1995, the undiscounted liability was the greater of the two amounts. The discount rate used in the
<br />calculation was four percent.
<br />NOTE 17 - COMMITMENTS AND CONTINGENCIES
<br />A. Litigation
<br />The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary
<br />course of its operations. In the opinion of management and based on the advice of legal counsel, the
<br />ultimate disposition of lawsuits will not have a material adverse effect on the financial position of the
<br />Country.
<br />B. Construction Commitments
<br />The County has various construction contracts outstanding at September 30, 1995. In the General Fund,
<br />Projects are for various parks and recreation improvements. In the Special Revenue Funds, projects are
<br />for the Prefabricated Erosion Prevention Reef, and various road and drainage improvements. In the
<br />Capital Projects Funds, projects are for Indian River Boulevard North, an additional fire station and
<br />other road construction. In the Enterprise Funds, the landfill expansion, golf course improvements and
<br />various water and sewer projects are under construction. A summary of these projects at September 30,
<br />1995, is as follows:
<br />59
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