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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 /> D . Assets , Liabilities , and Net Assets or Equity - Continued <br /> 2 . Investments <br /> Investments consist of U . S . Treasury Securities , U . S . Government Agency Securities , a guaranteed <br /> investment contract, the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the <br /> Florida Local Government Investment Trust Fund (Trust) . Except for the Pool and the Trust, <br /> investments are reported at their fair value based on the average price obtained from three <br /> AIN brokers/dealers . Fair value of the Pool and the Trust are based on the fair value per share <br /> of the <br /> underlying portfolio . <br /> 3 . Allowance for Doubtful Accounts <br /> The County provides an allowance for water and sewer accounts receivables that may become <br /> uncollectible . At September 30 , 2007 , this allowance was $ 326 , 832 . No other allowances for doubtful <br /> accounts are maintained since other accounts receivable are considered collectible as reported at <br /> September 30 , 2007 . <br /> 4 . Receivables and Payables <br /> Activities between funds that are representative of lending/borrowing arrangements outstanding at the <br /> end of the fiscal year are referred to as " due to/from other funds " . Any residual balances outstanding <br /> between the governmental activities and business-type activities are reported in the government-wide <br /> financial statements as " internal balances" . All receivables are shown net of allowance for doubtful <br /> accounts . Receivables in excess of 120 days comprise the trade accounts receivable allowance for <br /> doubtful accounts . <br /> 5 . Inventories <br /> Inventories are valued at cost, which approximates market, using the "first- in, first- out" method of <br /> accounting . Inventories of governmental funds are recorded as expenditures when consumed rather than <br /> when purchased. <br /> 6 . Prepaid Expenses <br /> Prepaid expenses in the governmental funds represent prepayments for services that will be used in <br /> future periods . The County ' s policy is to record the expenditure for the services when they are used <br /> rather than when the cash is disbursed . <br /> AID 49 <br />