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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2002 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued C . Basis of Presentation - Continued 4. Non-current Governmental Assets/Liabilities : GASB Statement 34 requires non-current governmental assets , such as land and buildings , and non-current governmental liabilities, such as general obligation bonds and capital leases , be reported in the governmental activities column in the government-wide statement of net assets . D. Assets, Liabilities , and Net Assets or Equity 1 . Cash and Cash Equivalents The County maintains a cash and investment pool that is available for use by all funds . Earnings from the pooled investments are allocated to the respective funds based on applicable cash participation by each fund . The investment pool is managed such that all participating funds have the ability to deposit and withdraw cash as if they were demand deposit accounts . Therefore , all balances representing participants ' equity in the investment pools are classified as cash and cash equivalents for financial statement purposes . In addition, longer-term investments are held by several of the County ' s funds and are reported as investments on these statements . Cash and cash equivalents of the constitutional officers are maintained in separate accounts , but have been combined with the Board ' s cash and cash equivalents for financial statement purposes . 2 . Investments Investments consist of U . S . Treasury Securities, U . S . Government Agency Securities , a guaranteed investment contract, the Local Government Surplus Funds Trust Fund Investment Pool (Pool) and the Florida Local Government Investment Trust Fund (Trust) . Except for the Pool and the Trust, investments are reported at their fair value based on the average price obtained from three brokers/dealers . Fair value of the Pool and the Trust are based on the fair value per share of the underlying portfolio . 3 . Allowance for Doubtful Accounts The County provides an allowance for water and sewer accounts receivable that may become uncollectable . At September 30, 2002, this allowance was $256 , 594 . No other allowances for doubtful accounts are maintained since other fund accounts receivable are considered collectable as reported at September 30, 2002 . 4 . Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as " due to/from other funds". Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances" . 40