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 /> D . Assets , Liabilities , and Net Assets or Equity - Continued <br /> ANA 9 . Capital Assets - Continued <br /> Property, plant, and equipment of the primary government, as well as the component units , are <br /> depreciated using the straight- line method over the following estimated useful lives : <br /> Assets Year <br /> 40 Building and improvements 25 - 50 <br /> Machinery and equipment 3 - 10 <br /> Utility distribution system 25 - 50 <br /> Road and bridge infrastructure 20 - 50 <br /> Fiberoptics 20 <br /> Beach preservation infrastructure 7 <br /> VO <br /> 10 . Capitalization of Interest <br /> ..W Interest costs related to bond issues are capitalized during the construction period . These costs are <br /> netted against applicable interest earnings on construction fund investments . During the current period, <br /> the County did not have any capitalized interest. <br /> 4. <br /> 11 . Unearned Revenues <br /> Unearned revenues reported in government-wide financial statements would be recognized as revenue <br /> in the fiscal year they are earned. In accordance with the modified accrual basis of accounting, deferred <br /> revenues reported in governmental fund financial statements represent revenues , which are measurable <br /> 0 but not available , and are reported as assets with a corresponding liability . <br /> 12 . Accrued Compensated Absences <br /> The County accrues accumulated unpaid vacation and sick leave when earned by the employee . The <br /> current portion is the amount estimated to be used in the following year. The non- current portion is the <br /> amount estimated to be used in subsequent fiscal years . Both the current and non- current estimated <br /> accrued compensated absences amounts for governmental funds are maintained separately and <br /> represent a reconciling item between the fund and government-wide presentations . <br /> 13 . Obligation for Bond Arbitrage Rebate <br /> Pursuant to Section 148 (f) of the U . S . Internal Revenue Code , the County must rebate to the United <br /> States Government the excess of interest earned from the investment of certain debt proceeds and <br /> pledged revenues over the yield rate of the applicable debt. The County uses the "revenue reduction" <br /> approach in accounting for rebatable arbitrage . This approach treats excess earnings as a reduction of <br /> revenue . The County has no arbitrage liability outstanding as of September 30 , 2007 . <br /> 51 <br />