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Indian River County , Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30 , 2007
<br /> NOTE 18 - RISK MANAGEMENT —Continued
<br /> General Liability, Property , Worker' s Compensation and Medical — Continued
<br /> Changes in the fund ' s claim liability amount during the current and prior three fiscal years are
<br /> as
<br /> ANN
<br /> follows :
<br /> Balance at Claims Balance
<br /> Fiscal Year and Changes Claim at Fiscal
<br /> Beginning in Estimates Payments Year End
<br /> 2003 -2004 $ 45581 , 000 $ 11 , 597 , 947 $ ( 10 , 847 , 947) $ 5533100
<br /> 2004 -2005 5 , 331 , 000 10 , 657 , 797 ( 10 , 658 , 797) 5 , 330 , 000
<br /> 2005 -2006 55330 , 000 13 , 026 , 906 ( 125490 , 906) 50600
<br /> 2006-2007 5 , 8665000 14 ,282 , 793 ( 13 , 5895793 ) 6 , 559 , 000
<br /> Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially
<br /> determined and at September 30 , 2007 , unreserved net assets of $ 12 , 340 , 578 have been designated for
<br /> this purpose . The County has elected to accrue the larger of the discounted liability or undiscounted
<br /> liability . At September 30 , 2007 , the undiscounted liability was the greater of the two amounts . The
<br /> discount rate used in the calculation was 2 . 5 percent .
<br /> NOTE 19 - COMMITMENTS AND CONTINGENCIES
<br /> A. Litigation
<br /> Various suits and claims are currently pending against the County . It is impossible for the County to
<br /> accurately quantify the exposure involved given the jury ' s latitude in assessing compensatory and
<br /> punitive damages , and the court ' s latitude in awarding attorney ' s fees . The County intends
<br /> to
<br /> vigorously defend against these lawsuits and believes it has a good chance of prevailing on their merits .
<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 /> County .
<br /> Be Contracts and Other Commitments
<br /> The County has various contracts and commitments outstanding at September 30 , 2007 . In the General
<br /> Fund, contracts are for the Custodial Services , the 800 Mhz Radio Maintenance , GIS Needs
<br /> Assessment, and various other general services . In the Special Revenue Funds , contracts are for Beach
<br /> Renourishment Projects , renovation and construction of Fire/EMS stations , numerous environmental
<br /> protection services and a variety of road paving and drainage projects . In the Capital Projects Funds ,
<br /> ' contracts are for the Main Relief Canal Pollution Control System, the New County Administration
<br /> Complex , IRC Jail Expansion and several storm water projects throughout the county . In the Enterprise
<br /> Funds , contracts are for the Rockridge Vacuum Sewer Replacement, North County R/O Plant
<br /> - Expansion, the West Wastewater Transmission System, and various other water and sewer projects .
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