2003-058 - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements ' Year Ended September 30 , 2002 NOTE 18 - RISK MANAGEMENT - Continued General Liability, Property and Worker' s Compensation - Continued Changes in the fund ' s claims liability amount during the current and prior fiscal years are as follows : Current Year ' Balance at Claims Balance Fiscal Year and Changes Claim at Fiscal ' Beginning - in Estimates Payments Year End 1988 - 1989 $ $ 504 , 167 $ ( 889917 ) $ 4159250 1989 - 1990 4159250 866 , 250 ( 1679553 ) 191135947 ' 1990 - 1991 191139947 496829363 (394675596 ) 29328 , 714 1991 - 1992 293289714 394269954 (354665903 ) 2 , 2889765 1992 - 1993 29288 , 765 4 , 4749994 (492555815 ) 295079944 ' 1993 - 1994 295079944 498259081 (493989521 ) 2 , 934 , 504 1994 - 1995 29934 , 504 412489626 (498305926 ) 293529204 1995 - 1996 2 , 3529204 5 , 201 , 050 (459909111 ) 2 , 5639143 ' 1996 - 1997 295639143 592269091 ( 5 , 461 , 151 ) 2 , 3289083 1997 - 1998 2 , 3289083 695419439 (55917 , 522 ) 2 , 952 , 000 1998 - 1999 299529000 6 , 5989493 (695175493 ) 39033 , 000 1999 - 2000 390339000 6 , 4019416 (6 , 4079416 ) 390279000 2000 - 2001 350279000 893225143 ( 7 , 6609143 ) 3 , 6899000 2001 - 2002 396899000 998509070 (992785070 ) 41261 , 000 Included in the charges to other funds is an amount to fund future catastrophic losses not actuarially deter- mined and at September 30 , 2002 , retained earnings of $2,251 , 192 has been designated for this purpose . The County has elected to accrue the larger of the discounted liability or undiscounted liability. At September 30 , 2002 , the ' undiscounted liability was the greater of the two amounts . The discount rate used in the calculation was four percent. ' NOTE 19 - COMMITMENTS AND CONTINGENCIES A. Litigation ' Various suits and claims are currently pending against the County. It is impossible for the County to accu- rately quantify the exposure involved given the jury ' s latitude in assessing compensatory and punitive dam - ages , and the court ' s latitude in awarding attorney ' s fees . The County intends to vigorously defend against these lawsuits and believes it has a good chance of prevailing on their merits . The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary course of its operations . In the opinion of management and based on the advice of legal counsel , the ultimate disposition of lawsuits will not have a material adverse effect on the financial position of the County . i83