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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <br /> NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br /> B . Measurement Focus And Basis Of Accounting - Continued <br /> t2 . Fund Financial Statements <br /> The underlying accounting system of the County is organized and operated on the basis of separate funds , each <br /> of which is considered to be a separate accounting entity . The operations of each fund are accounted for with a <br /> separate set of self-balancing accounts that comprise its assets , liabilities , fund equity, revenues and expenditures <br /> or expenses , as appropriate . Governmental resources are allocated to and accounted for in individual funds <br /> based upon the purposes for which they are to be spent and the means by which spending activities are controlled . <br /> Fund financial statements for the primary government ' s governmental , proprietary, and fiduciary funds are <br /> presented after the government-wide financial statements . These statements display information about major <br /> funds individually and nonmajor funds in the aggregate for governmental and enterprise funds . The fiduciary <br /> statement includes financial information for the agency fund. The agency fund of the County primarily represents <br /> assets held by the County in a custodial capacity for other individuals or governments . <br /> Governmental Funds <br /> Governmental fund financial statements are reported using the current financial resources measurement focus <br /> and the modified accrual basis of accounting . Revenues are recognized as soon as they are both measurable <br /> and available . Revenues are considered to be available when they are collected within the current period or <br /> soon enough thereafter to pay liabilities of the current period . For this purpose , the County considers revenues <br /> to be available if they are collected within 40 days of the end of the current fiscal period. Expenditures generally <br /> are recorded when a liability is incurred , as under accrual accounting . Franchise fees , licenses , sales taxes , gas <br /> taxes , operating and capital grants , and interest associated with the current fiscal period are all considered to be <br /> susceptible to accrual and so have been recognized as revenues of the current fiscal period . All other revenue <br /> items are considered to be measurable only when cash is received by the County. <br /> Under the current financial resources measurement focus , onlycurrent assets and current liabilities are generally <br /> g Y <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 on their <br /> 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 /> i <br /> 37 <br />