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Indian River County, Florida <br /> ' Board of County Commissioners <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <br /> ' NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br /> ' B . Fund Financial Statements - Continued <br /> Under the current financial resources measurement focus , only current assets and current liabilities are generally <br /> ' included on the balance sheet . The reported fund balance is considered to be a measure of "available spendable <br /> resources " . Governmental funds operating statements present increases (revenues and other financing sources) <br /> and decreases (expenditures and other financing uses) in net current assets . Accordingly, they are said to <br /> ' present a summary of sources and uses of "available spendable resources" during a period . <br /> Non-current portions of long-term receivables (special assessments) due to governmental funds are reported <br /> ' on their balance sheets in spite of their spending measurement focus . <br /> ' Non-current portions of other long-term receivables are offset by fund balance reserve accounts . <br /> Because of their spending measurement focus , expenditure recognition for governmental fund types excludes <br /> amounts represented by non-current liabilities . Since they do not affect net current assets , such long-term <br /> amounts are not recognized as governmental fund type expenditures or fund liabilities . <br /> Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, <br /> rather than as fund assets . The proceeds of long-term debt are recorded as an other financing source rather than <br /> as a fund liability. However, debt service expenditures , as well as expenditures related to compensated absences <br /> ' and claims and judgements , are recorded only when payment is due . <br /> Proprietary Funds <br /> The County ' s enterprise and internal service funds are proprietary funds . In the fund financial statements , <br /> proprietary funds are presented using the accrual basis of accounting . Revenues are recognized when they are <br /> ' earned and expenses are recognized when the related goods or services are delivered . In the fund financial <br /> statements , proprietary funds are presented using the economic resources measurement focus . This means that <br /> all assets and all liabilities (whether current or non-current) associated with their activity are included on their <br /> balance sheets . Proprietary fund type operating statements present increases (revenues) and decreases (expenses) <br /> in total net assets . The Board applies all GASB pronouncements as well as all FASB Statements and <br /> ' Interpretations , APB Opinions and Accounting Research Bulletins , issued on or before November 30 , 1989 , <br /> which do not conflict with or contradict GASB pronouncements . <br /> ' Proprietary fund operating revenues , such as charges for services , result from exchange transactions associated <br /> with the principal activity of the fund. Exchange transactions are those in which each party receives and gives <br /> up essentially equal values . Non-operating revenues , such as subsidies , taxes , and investment earnings result <br /> ' from nonexchange transactions or ancillary activities . <br /> Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements , rather than <br /> reported as an expenditure . Proceeds of long-term debt are recorded as a liability in the fund financial statements , <br /> rather than as an other financing source . Amounts paid to reduce long-term indebtedness are reported as a <br /> reduction of the related liabilities , rather than as an expense . <br /> ' 213 <br />