Financial- Standard and Poor's (1-2 Files)

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NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POlIC1ES ICONTINUEDI: Inventories Inveatories of materials and supplies are val~ed at average cost. InvenWries ar~e expeased as used. Deferted Revenue Deferned reveaue represeats the portion of the amounts ovved w tha County that ara masurable but not available until a.Lta date or ar+e not as yet earned. Fxed Assets Ge~erai fuced assets are stated at coat or estimsted historicat cat whm aduai oosta are not available. Aay donated fuced assets are ra:orded at the 5ir marku valua of such assets at the date of donation. Fucad aaeets purcbased by the ~ave~nmental funds are cbarged to acpeaditures as purchased and capitaliud ia the Ge~al Fi~[ed Assets ~-ooovnt Group. Routine remodeling aad reaovation costs, minor apiW expeaditures, md oeitaia itoma such as r~wds, curba, =uttars, streets, sidawallcs, drainage systems. lightia~ systems. and mainta~anx a~ re;~irs of a routina nad~ra ara ebar~ed to acpe~itures as incurred and are not capitalized. Tbe valua of parlc hnd aoquirad baa aot been de~c~c~ed and, aooordin~ly, is not included in Geaeral Fiued Assets Accouat Group. Tbe original oost of such pulc Imd is cAnsidered W be iasignificaat. Upon disposal of fixed assets, fuced asset accounta are reliaved of the relatod oe~. Deprociation is not computed on fixed aasets in the Geaerat Fixed Assets Accoant Gt~p. Fixed assets of the Eaterprise and Internal Service Funds are stated at coa, or eaimated ori~inal caat, na of accumulated depreciation. Depreciation is computed using the atraight-line method ov~ e,stimated usefullives as foUows: , Motor vehiclea - 3 to 15 years Equipmeat - 3 to 15 years Buildings aad impmvemeats - 45 years (or ehe life of the buildin~, wbichever is less) Depreciation is tak~ from and/or to the moath in which the asset is acquirad and/or retired. Normal maintawncx aad repairs are charged to operations as iaenrred. Expeaditures for major ~itions, improvemeatt and replaoemeats are capitalized. Gains or lossa from sales or retiremmts are included as na~-operatiag revenuee or pcpenses, as appropriste, ~Qntributed Ca~ital The following transactions are recorded as contributed capital in the propriW~ry fund types: • Cash transfers of equity from other funds. • Receipts from federal and state fwaacial assistance restriated to t6e acquisition of fued assets. • Fixod assets contributed from otber funds or the General Fixed Assets Aocount Grnup. • Contributions from customers for the acqnisitioa of fixed assets. Reserved Retained Earninas The reserved portion of the Enterprise Funds' retained earnings is in t6e Solid Waste Fund and is for payment of the aanual opentional cost of the mass burn facility. T'he r+eserved portion of the Iaternal Service Funds' retsined earnings ic in the lnsurance Fund aad ~is for t6e payment of insuranx claims. ' In August 1993, We GASB issued Statttt~ot No.18, "Accounting for Solid Waste Muaicipal Lwdfill Closuro and Post- Closure Care Costs," which requires that costs of closure and post-closure of landfills be allaxted w each period that the Iandfill is operated. T'his statement becomes effective for the County's fiscal year eading June 30, 1994, and the County is in the process of assessing the impact that this smtement will have on its financia) statenx.nts. :~~_