|
Indian River County , Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30 , 2007
<br /> NOTE 19 - COMMITMENTS AND CONTINGENCIES - Continued
<br /> Be Contracts and Other Commitments - Continued
<br /> A summary of these projects at September 30 , 2007 , is as follows :
<br /> Special Capital
<br /> General Revenue Projects Enterprise Total
<br /> Total contact price $ 15582 , 573 $ 93 , 841 , 320 $ 853444 , 103 $ 82 , 6263672 $ 263 , 494 , 668
<br /> Total paid as of Vie
<br /> September 30 , 2007 ( 1 ,458 ,408 ) ( 57 , 845 , 753 ) (73 , 181 , 838 ) (44 , 156 , 682) ( 176 , 642 , 681 )
<br /> Remaining Balance at
<br /> September 30 , 2007 $ 124 , 165 $ 35 , 995 , 567 $ 12 ,262 , 265 $ 38 ,469 , 990 $ 86 , 851 , 987
<br /> C . Grants
<br /> Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
<br /> agencies . If any expenditures are disallowed as a result of these audits , the claims for reimbursement to
<br /> the grantor agency would become a liability of the County . In the opinion of management, any such
<br /> adjustments would not be significant .
<br /> u
<br /> NOTE 20 - SUBSEQUENT EVENTS
<br /> A. State Board of Administration
<br /> As discussed in Note 4 , at September 30 , 2007 , the County had $ 81 , 151 ,491 invested in the State Board
<br /> of Administration' s ( SBA) Local Government Surplus Funds Trust Fund Investment Pool (Pool) . Of
<br /> that amount, $ 74 , 513 , 549 belonged to the Board of County Commissioners , $ 5 , 442 , 758 belonged to the
<br /> Tax Collector, and $ 1 , 195 , 184 belonged to the Clerk of the Circuit Court .
<br /> Prior to November 29 , 2007 , when the State Board of Administration implemented a temporary freeze
<br /> on the assets held in the Pool , the Board of County Commissioners withdrew all those funds from the
<br /> Pool . The freeze was implemented by the SBA due to an unprecedented amount of withdrawals from
<br /> the Pool coupled with the absence of market liquidity for certain securities within the Pool . The
<br /> significant amount of withdrawals followed reports that the Pool held asset-backed commercial W
<br /> paper that was subject to sub prime mortgage risk.
<br /> On December 4 , 2007 , based on recommendations from an outside financial advisor, the State Board of
<br /> Administration restructured the Pool into two separate Pools . Pool A consisted of all money market
<br /> appropriate assets , which was approximately $ 12 billion or 86 % of Pool assets . Pool B consisted of
<br /> assets that either defaulted on a payment , paid more slowly than expected, and/or had any significant . ,
<br /> credit and liquidity risk, which was approximately $ 2 billion or 14% of Pool assets . At the time of the
<br /> restructuring , all current Pool participants had their existing balances proportionately allocated into
<br /> Pool A and Pool B .
<br /> 94
<br />
|