Laserfiche WebLink
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. <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. <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 />0 <br />48 IWO <br />