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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 D . Assets , Liabilities , and Net Assets or Equity - Continued 12 . Deferred Revenues Deferred revenues reported in government-wide financial statements represent unearned revenues . The deferred revenues will be recognized as revenue in the fiscal year they are earned in accordance with the accrual basis of accounting . Deferred revenues reported in governmental fund financial statements represent unearned revenues or revenues which are measurable but not available and, in accordance with the modified accrual basis of accounting , are reported as deferred revenues . 13 . Accrued Compensated Absences The County accrues accummulated unpaid vacation and sick leave when earned by the employee . The current portion is the amount estimated to be used in the following year. The non-current portion is the amount estimated to be used in subsequent fiscal years . Both the current and non-current estimated accrued compensated absences amounts for governmental funds are maintained separately and represent a reconciling item between the fund and government-wide presentations . 14. Obligation for Bond Arbitrage Rebate Pursuant to Section 148 (f) of the U . S . Internal Revenue Code , the County must rebate to the United States 1 Government the excess of interest earned from the investment of certain debt proceeds and pledged revenues over the yield rate of the applicable debt . The County uses the "revenue reduction" approach in accounting for rebatable arbitrage . This approach treats excess earnings as a reduction of revenue . The County has no arbitrage liability outstanding as of September 30, 2002 . 15. Landfill Closure Costs Under the terms of current state and federal regulations , the Solid Waste Disposal District ( SWDD) is required to place a final cover on closed landfill areas , and to perform certain monitoring and maintenance functions for ' a period of up to thirty years after closure . The SWDD recognizes these costs of closure and post-closure maintenance over the active life of each landfill area, based on landfill capacity used during the period . Required obligations for closure and post-closure costs are recognized in the Solid Waste Disposal District Enterprise Fund . 16 . Capital Contributions The capital contributions accounted for in the proprietary fund types represent contributions from other funds , developers , state and federal grant programs , and impact fees charged to new customers for their anticipated burden on the existing system . The contributions amount is reported after nonoperating revenues and expenses on the statement of revenues , expenses , and changes in fund assets in accordance with GASB Statement 33 . 43