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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 - SIGNIFICANT ACCOUNTING POLICIES - Continued <br /> B . Fund Financial Statements - Continued <br /> Other Fund Types <br /> Internal Service Funds - Internal Service Funds account for Fleet Management and Self Insurance services <br /> provided to other departments of the County on a cost reimbursement basis . <br /> ' Agency Fund - The Agency Fund is used to account for assets held in a custodial capacity on behalf of other <br /> p ty <br /> governments and individuals . <br /> C. Cash and Cash Equivalents <br /> The Board maintains a cash and investment pool that is available for use by all funds . Earnings from the pooled <br /> investments are allocated to the respective funds based on applicable cash participation by each fund . The <br /> ' investment pool is managed such that all participating funds have the ability to deposit and withdraw cash as if <br /> they were demand deposit accounts . Therefore all balances representing participants ' equity in the investment pools <br /> are classified as cash and cash equivalents for financial statement purposes . In addition, longer-term investments are <br /> ' held by several of the Board 's funds and are therefore reported as investments on these statements . <br /> D. Investments <br /> 1 Investments consist of U . S . Treasury Securities , U . S . Government Agency Securities , a guaranteed invest- <br /> ment contract, the Local Government Surplus Funds Trust Fund Investment Pool and the Florida Local Government <br /> Investment Trust Fund. Investments are reported at fair value in the balance sheet. <br /> ' E . Allowance for Doubtful Accounts <br /> The Board provides an allowance for water and sewer accounts receivable that may become uncollectable . At Sep- <br /> tember 30, 2002, this allowance was $256, 594 . No other allowances for doubtful accounts are maintained since other <br /> accounts receivable are considered collectible as reported at September 30 , 2002 . <br /> ' F. Inventories <br /> Inventories are valued at cost, which approximates market, using the "first-in, first-out" method of accounting . <br /> ' Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased . <br /> ' 215 <br />