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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30 , 2002 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued A. Reporting Entity - Continued Emergency Services District (EMS) - Created pursuant to County Ordinance 90-25 , the Board of County Commissioners serves as the Board for the EMS and sets the millage rate for ' the EMS . Although legally separate , the EMS is appropriately blended as a governmental fund type (special revenue) component unit into the primary government . B . Fund Financial Statements The underlying accounting system of the Board is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities , fund equity, revenues and expenditures or expenses, as appropriate . Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements for the Board's governmental, proprietary, and fiduciary funds are presented. Governmental accounting standards set forth minimum criteria (percentage of the assets, liabilities, revenues or expenditures/expenses of either fund category and the governmental and enterprise combined) for the determination of major funds . These statements display information about major funds individually and nonmajor funds in the aggregate for governmental and enterprise funds . The Statement of Fiduciary Net Assets presents assets held by the Board in a custodial capacity for other individuals or organizations . When both restricted and unrestricted resources are combined in a fund, expenses are considered to be paid first from restricted resources , and then from unrestricted resources . Governmental Funds Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting . Revenues are recognized as soon as they are both measurable and available . Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period . For this purpose, the Board considers revenues to be available if they are collected within 40 days after the end of the current fiscal period . Expenditures generally are recorded when a liability is incurred, as under accrual accounting . Franchise fees , licenses , sales taxes , gas taxes, operating and capital grants, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable only when cash is received by the Board . 212