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 />14. Landfill Closure Costs <br />Under the terms of current state and federal regulations, the Solid Waste Disposal District (SWDD) is <br />required to place a final cover on closed landfill areas, and to perform certain monitoring and <br />maintenance functions for a period of up to thirty years after closure. The SWDD recognizes these costs <br />of closure and post -closure maintenance over the active life of each landfill area, based on landfill <br />capacity used during the period. Required obligations for closure and post -closure costs are recognized <br />in the Solid Waste Disposal District Enterprise Fund. <br />15. Unamortized Bond Costs <br />Bond issuance costs and legal fees associated with the issuance of Proprietary Fund revenue bonds are <br />amortized over the life of the bonds using the straight-line method of accounting. <br />16. Unamortized Bond Discounts and Premiums <br />1", <br />Ow <br />Bond discounts and premiums associated with the issuance of Proprietary Fund revenue bonds are <br />amortized according to the straight-line method. For financial reporting, unamortized bond discounts <br />and premiums are netted against the applicable long-term debt. so <br />17. Capital Contributions <br />The capital contributions accounted for in the proprietary fund types represent contributions from other <br />funds, developers, state and federal grant programs, and impact fees charged to new customers for their <br />anticipated burden on the existing system. The contributions amount is reported after non-operating <br />revenues and expenses on the statement of revenues, expenses, and changes in fund assets in <br />accordance with GASB Statement 33. <br />52 <br />