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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2003 <br /> NOTE 19 - COMMITMENTS AND CONTINGENCIES - Continued <br /> B . Contracts and Other Commitments <br /> The Board has various contracts and commitments outstanding at September 30, 2003 . In the General Fund, contracts <br /> are for the Courtroom Video Equipment Maintenance, Engineering Services for HVAC replacement at the County <br /> Administration Building, Sheriif's OFfice, Health Department and Douglas School, and the Administration Building <br /> Phone Sytem Upgrade and Maintenance . In the Special Revenue Funds , contracts are for the Beach Preservation <br /> Plan, Kings Highway Phase II Improvements and various road paving and drainage projects . In the Capital Projects <br /> Funds, contracts are for the Dodgertown Training Facility, New County Administration Building, Public Works Com- <br /> plex , Financial Software Implementation and various stormwater projects . In the Enterprise Funds, contracts are for <br /> the South County Reverse Osmosis Plant Clearwell Addition, Wetland Mitigation Site Maintenance, Hazardous Waste <br /> Collection and various other water and sewer projects . <br /> A summary of these projects at September 30, 2003 , is as follows : <br /> Special Capital <br /> General Revenue Proiects Enterprise Total <br /> Total contract price $ 395,506 $ 162955740 $ 30,542,547 $ 17,696,975 $ 64,930,768 <br /> Total paid as of x <br /> September 30, 2003 98,376 10,730,810 17,662,480 875289563 37,02049 t <br /> Remaining obligations at <br /> September 30, 2003 $ 297, 130 $ 59564,930 $ 1258803067 $ 91168,412 $ 27,9109539 <br /> C . Restatement of Prior Year Balances <br /> In previous years, the County calculated the depreciation of roads with a useful life of 50 years . The County should <br /> have used a useful life of 30 years . The following schedule reflects the restatement of the Capital Assets - net and <br /> the beginning net assets to reflect the correction of the error: <br /> Beginning Capital Assets as previously reported $ 2561439 , 898 <br /> Restatement : <br /> Correction of error concerning useful life 33 932 595 <br /> Beginning Capital Assets - net, as restated $ 22295079303 <br /> Beginning Net Assets, as previously reported $ 35599929467 <br /> Restatement : <br /> Correction of error concerning useful life 33 932 595 <br /> Beginning Net Assets, as restated $ 3221059, 872 <br /> 88 <br />