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Indian River County, Florida
<br /> Notes To Financial Statements
<br /> Year Ended September 30 , 2003
<br /> ' NOTE 18 - RISK MANAGEMENT
<br /> General Liability, Property and Worker 's Compensation-Continued
<br /> Current Year
<br /> Balance at Claims Balance
<br /> ' Fiscal Year and Changes Claim at Fiscal
<br /> Begirining in Estimates Payments Year End
<br /> ' 1989- 1990 $ 415 ,250 $ 866 ,250 $ ( 1679553 ) $ 191139947
<br /> 1990 - 1991 1 , 113 , 947 456825363 (35467 , 596) 2 ,3289714
<br /> 1991 - 1992 2 , 328 , 714 394265954 (394669903 ) 2 ,2889765
<br /> ' 1992 - 1993 292885765 45474 ,994 (49255 , 815 ) 295079944
<br /> 1993 - 1994 2 , 5079944 498259081 (4 , 398 , 521 ) 2 ,9349504
<br /> 1994- 1995 2 , 9349504 492489626 (4 , 8309926) 2 ,3525204
<br /> 19954996 25352 ,204 55201 ,050 (4 , 990 , 111 ) 2 ,563 , 143
<br /> 1996- 1997 2 , 5633143 55226 , 091 (594619151 ) 293289083
<br /> ' 1997- 1998 293289083 6 , 541 ,439 (55917 , 522) 29952 , 000
<br /> 19984999 2 , 952 ,000 69598 ,493 (695179493 ) 390339000
<br /> 1999- 2000 390339000 6 ,4019416 (6 ,407 ,416) 39027 , 000
<br /> 2000 - 2001 390279000 893229143 (7 , 660 , 143 ) 3 ,6895000
<br /> 2001 - 2002 3 , 689 ,000 99850 ,070 (99278 , 070) 492619000
<br /> ' 2002 - 2003 4 ,2619000 954409074 (99120 , 074) 495819000
<br /> Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially determined and at
<br /> September 30 , 2003 , unrestricted net assets of $2 , 852 ,491 has been designated for this purpose . The County has
<br /> elected to accrue the larger of the discounted liability or undiscounted liability. At September 30, 2003 , the undiscounted
<br /> liability was the greater of the two amounts . The discount rate used in the calculation was 2 . 5 percent.
<br /> ' NOTE 19 - COMMITMENTS AND CONTINGENCIES
<br /> A. Litigation
<br /> Various suits and claims are currently pending against the County . It is impossible for the County to accu-
<br /> rately quantify the exposure involved given the jury ' s latitude in assessing compensatory and punitive dam -
<br /> ages , and the court ' s latitude in awarding attorney ' s fees . The County intends to vigorously defend against
<br /> these lawsuits and believes it has a good chance of prevailing on their merits .
<br /> ' The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary course of
<br /> its operations . In the opinion of management and based on the advice of legal counsel , the ultimate disposition
<br /> of lawsuits will not have a material adverse effect on the financial position of the County .
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