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Indian Rrver County, Florida Notes To Financial Statements Year Ended September 30, 2003 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued D . Assets , Liabilities , and Net Assets or Equity - Continued ' 13 . Deferred Revenues ' Deferred revenues reported in government-wide financial statements represent unearned revenues . The deferred revenues will be recognized as revenue in the fiscal year they are earned in accordance with the accrual basis of accounting . Deferred revenues reported in governmental fund financial statements represent unearned revenues or revenues which are measurable but not available and, in accordance with the modified accrual basis of accounting, are reported as deferred revenues . ' 14. Accrued Compensated Absences The County accrues accummulated unpaid vacation and sick leave when earned by the employee . The current ' portion is the amount estimated to be used in the following year. The non-current portion is the amount estimated to be used in subsequent fiscal years . Both the current and non-current estimated accrued compensated absences amounts for governmental funds are maintained separately and represent a reconciling item between the fund ' and government-wide presentations . 15. Obligation for Bond Arbitrage Rebate Pursuant to Section 148 (f) of the U . S . Internal Revenue Code , the County must rebate to the United States ' Government the excess of interest earned from the investment of certain debt proceeds and pledged revenues over the yield rate of the applicable debt. The County uses the "revenue reduction" approach in accounting for rebatable arbitrage . This approach treats excess earnings as a reduction of revenue . The County has no arbitrage ' liability outstanding as of September 30, 2003 . 16 . Landfill Closure Costs ' Under the terms of current state and federal regulations, the Solid Waste Disposal District (S WDD) is required to place a final cover on closed landfill areas , and to perform certain monitoring and maintenance functions for a period of up to thirty years after closure . The S WDD recognizes these costs of closure and post-closure maintenance over the active life of each landfill area, based on landfill capacity used during the period . Required ' obligations for closure and post-closure costs are recognized in the Solid Waste Disposal District Enterprise Fund . 17. Capital Contributions The capital contributions accounted for in the proprietary fund types represent contributions from other funds , developers , state and federal grant programs , and impact fees charged to new customers for their anticipated burden on the existing system . The contributions amount is reported after nonoperating revenues and expenses on the statement of revenues , expenses , and changes in fund assets in accordance with GASB Statement 33 . 47