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Indian River County , Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued <br /> Co Basis of Presentation - Continued <br /> 2 . Proprietary Major Funds . <br /> Solid Waste Disposal District Fund — The Solid Waste Disposal District Fund accounts for the <br /> revenues , expenses , assets and liabilities associated with the County landfill . <br /> Golf Course Fund — The Golf Course Fund accounts for the revenues , expenses , assets and liabilities <br /> associated with the Golf Course . <br /> County Utilities Fund — The County Utilities Fund accounts for the revenues , expenses , assets and <br /> liabilities associated with the County water and sewer system . UAW <br /> 3 . Other Fund Types : <br /> Internal Service Funds — Internal Service Funds account for Fleet Management, Self Insurance and GIS <br /> services provided to other departments of the County on a cost reimbursement basis . <br /> The Agency Fund - The County uses the Agency Fund to account for the collection and disbursement <br /> of monies on behalf of other governments and individuals for such purposes as cash bonds , traffic fines , <br /> child support payments and ad valorem taxes . dw <br /> 4 . Non-current Governmental Assets/Liabilities . <br /> GASB Statement 34 requires non- current governmental assets , such as land and buildings , and non- <br /> current governmental liabilities , such as general obligation bonds and capital leases , be reported in the <br /> governmental activities column in the government-wide statement of net assets . <br /> D . Assets , Liabilities , and Net Assets or Equity <br /> 1 . Cash and Cash Equivalents <br /> The County maintains a cash and investment pool that is available for use by all funds . Earnings from <br /> the pooled investments are allocated to the respective funds based on applicable cash participation by <br /> each fund . The investment pool is managed such that all participating funds have the ability to deposit <br /> and withdraw cash as if they were demand deposit accounts . Therefore , all balances representing <br /> participants ' equity in the investment pools are classified as cash and cash equivalents for financial <br /> statement purposes . In addition, longer-term investments are held by several of the County ' s funds and <br /> are reported as investments on these statements . Cash and cash equivalents of the constitutional officers <br /> are maintained in separate accounts , but have been combined with the Board ' s cash and cash <br /> equivalents for financial statement purposes . <br /> 48 IWO <br />