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Indian River County , Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br /> Be Measurement Focus And Basis Of Accounting - Continued <br /> 2 . Fund Financial Statements - Continued <br /> Governmental Funds — Continued <br /> Non-current portions of special assessments due to governmental funds are reported on their balance <br /> sheets in spite of their spending measurement focus . Non- current portions of notes receivable and <br /> advances to other funds are offset by fund balance reserve accounts . <br /> Because of their spending measurement focus , expenditure recognition for governmental fund types <br /> exclude amounts represented by noncurrent liabilities . Since they do not affect net current assets , such <br /> long-term amounts are not recognized as governmental fund type expenditures or fund liabilities . <br /> Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were <br /> expended, rather than as fund assets . The proceeds of long-term debt are recorded as an other financing <br /> source rather than as a fund liability . However, debt service expenditures , as well as expenditures <br /> related to compensated absences and claims and judgments , are recorded only when payment is due . <br /> Proprietary Funds <br /> The County ' s enterprise funds and internal service funds are proprietary funds . In the fund financial <br /> statements , proprietary funds are presented using the accrual basis of accounting . Revenues are <br /> recognized when they are earned and expenses are recognized when the related goods or services are <br /> delivered . In the fund financial statements , proprietary funds are presented using the economic <br /> resources measurement focus . This means that all assets and all liabilities (whether current or <br /> noncurrent) associated with their activity are included on their balance sheets . Proprietary fund type ., <br /> operating statements present increases (revenues) and decreases (expenses) in total net assets . The <br /> Board applies all GASB pronouncements as well as all FASB Statements and Interpretations , APB <br /> Opinions and Accounting Research Bulletins , issued after November 30 , 1989 , which do not conflict <br /> with or contradict GASB pronouncements . <br /> Proprietary fund operating revenues result from exchange transactions associated with the principal <br /> activity of the fund . Exchange transactions are those in which each party receives and gives <br /> up <br /> essentially equal values . Non-operating revenues result from non- exchange transactions or ancillary <br /> activities . Operating expenses are costs incurred to provide services , whereas non- operating expenses <br /> are costs of debt financings , amortization of intangible assets and losses on the sale of assets . <br /> Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements , rather <br /> than reported as expenditures . Proceeds of long-term debt are recorded as a liability in the fund <br /> financial statements , rather than as an other financing source . Amounts paid to reduce long-term <br /> indebtedness are reported as a reduction of the related liabilities , rather than as an expense . <br /> 46 <br />