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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2003 NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES - Continued C. Basis of Presentation - Continued 4. Non -current Governmental Assets/Liabilities : GASB Statement 34 requires non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as general obligation bonds and capital leases, be reported in the governmental activities column in the government-wide statement of net assets . D. Assets , Liabilities, and Net Assets or Equity 1 . Cash and Cash Equivalents The County maintains a cash and investment pool that is available for use by all funds . Earnings from the pooled investments are allocated to the respective funds based on applicable cash participation by each fund. The investment pool is managed such that all participating funds have the ability to deposit and withdraw cash as if they were demand deposit accounts . Therefore, all balances representing participants ' equity in the investment pools are classified as cash and cash equivalents for financial statement purposes . In addition, longer-term investments are held by several of the County ' s funds and are reported as investments on these statements . Cash and cash equivalents of the constitutional officers are maintained in separate accounts , but have been combined with the Board ' s cash and cash equivalents for financial statement purposes . 2 . Investments Investments consist of U . S . Treasury Securities , U . S . Government Agency Securities , a guaranteed investment contract, the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local Government Investment Trust Fund (Trust) . Except for the Pool and the Trust, investments are reported at their fair value based on the average price obtained from three brokers/dealers . Fair value of the Pool and the Trust are based on the fair value per share of the underlying portfolio . 3 . Allowance for Doubtful Accounts The County provides an allowance for water and sewer accounts receivable that may become uncollectable . At September 30 , 2003 , this allowance was $274, 988 . No other allowances for doubtful accounts are maintained since other fund accounts receivable are considered collectable as reported at September 30, 2003 , 4 . Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as " due to/from other funds". Any residual balances outstanding between the governmental activities and business-type activities are reported in the govemment-wide financial statements as "internal balances" . All receivables are shown net of an allowance for doubtful accounts . Receivables in excess of 180 days comprise the trade accounts receivable allowance for doubtful accounts . 44