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Indian River County, Florida Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2012 Net change in fund balances - total governmental funds $ (13,182,985) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Expenditures for capital assets Less current year loss on assets Less current year depreciation 27,751,553 (948,213) (20,004,763) 6,798,577 Governmental funds do not report capital assets contributed from outside the entity. However, those assets are recognized in the statement of net position and the capital contribution is recognized in the statement of activities. 1,918,753 Assets transferred from governmental funds to proprietary funds must be recognized as a transfer out on the statement of activities. (40,489) Payments of bond principal, pollution remediation, and medicaid settlement costs are expenditures in the governmental funds, but the payment reduces long-term liabilities in the statement of net position. Bond principal payment Bond premium payment Medicaid settlement Pollution remediation costs Changes in accrued compensated absences do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. 8,060,000 93,225 (790,434) 83,300 7,446,091 (228,998) Governmental funds report interest and OPEB expenditures based on when they are paid. The statement of activities reports these expenses as they are incurred. This is the net number of the prior year and current year accrual. Accrued bond interest expense 75,842 Accrued OPEB expense 132,097 207,939 Some revenues reported in the governmental funds have been recognized as revenues in the prior fiscal year in the statement of activities. 236,710 Internal service funds are used by management to charge the costs of insurance, fleet and geographic information systems services to individual funds. The net costs of the internal service funds are reported in governmental activities. Governmental funds report non-exchange transactions when the applicable eligibility requirements have been met and resources are available. However, in the statement of activities, non-exchange transactions are recognized when the eligibility requirements are met. This is the net number of the prior year and current year accrual. Some interest revenues reported in the statement of activities do not provide current financial resources, therefore, are not reported as revenues in governmental funds. This is the net number of the prior year and current year accrual. Change in net position of governmental activities The accompanying notes are an integral part of the financial statements. 26 927,862 262,891 (43,057) $ 4,303,294