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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 /> C . Basis of Presentation <br /> GASB Statement 34 sets forth minimum criteria (percentage of the assets , liabilities , revenues or <br /> expenditures/expenses of either fund category and the governmental and enterprise combined) for the <br /> determination of major funds . The County has used GASB 34 minimum criteria for major fund <br /> determination and has also electively disclosed funds that either had debt outstanding or specific <br /> .. community focus as major funds . The nonmajor funds are combined in a column in the fund financial <br /> statements and detailed in the combining section . <br /> 1 . Governmental Major Funds : <br /> General Fund — The General Fund is the general operating fund of the County . It is used to account for <br /> all financial resources , except those required to be accounted for in another fund . <br /> Impact Fees Fund — The Impact Fees Fund accounts for the receipt of various impact fees . Funds are <br /> used for the construction of roads and bridges , correctional , public safety, library , park, public building, <br /> and solid waste facilities . <br /> Secondary Roads Construction Fund — The Secondary Roads Construction Fund accounts for the <br /> expenditures of road and bridge construction . Financing is provided by collections of the local option <br /> gas tax . <br /> Transportation Fund — The Transportation Fund accounts for expenditures incurred for the maintenance <br /> and repair of County roads . Financing is provided by the 5th and 6th cent gas taxes , county gas tax and <br /> transfers from the General Fund . <br /> Emergency Services District Fund — The Emergency Services District Fund accounts for the <br /> expenditures of providing fire protection and advanced life support to the entire County . Financing is <br /> provided by ad valorem taxes . <br /> Land Acquisition Fund — The Land Acquisition Fund accounts for expenditures incurred in the <br /> purchase of environmentally sensitive land, preservation of water sources , historic sites and agricultural <br /> lands . Financing is provided by bond proceeds and state grants . <br /> SHIP Hurricane Housing Recovery Grant Fund — The SHIP Hurricane Housing Recovery Fund <br /> accounts for revenues and expenditures of the SHIP Hurricane Housing Recovery grant . <br /> Optional Sales Tax Fund — The Optional Sales Tax Fund accounts for revenues generated by the local <br /> option one-cent sales tax and some capital grants that use the local option one - cent sales <br /> tax as <br /> matching funds . Monies are used for various capital projects . <br /> 47 <br />