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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2012 <br />NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL <br />STATEMENTS <br />A. Explanation of Differences Between the Governmental Fund Balance Sheet and the <br />Government -wide Statement of Net Position <br />"Total fund balances" of the County's governmental funds, $183,843,142 differs from "net position" of <br />governmental activities, $706,789,908, reported in the statement of net position. This difference <br />primarily results from the long-term economic focus of the statement of net position versus the current <br />financial resources focus of the governmental funds balance sheet. <br />Capital related items <br />When capital assets (property, plant, equipment, intangibles) that are to be used in governmental <br />activities are purchased or constructed, the costs of those assets are reported as expenditures in <br />governmental funds. However, the statement of net position included those capital assets among the <br />assets of the County as a whole. <br />Cost of capital assets <br />Accumulated depreciation <br />Net Total <br />Long-term debt transactions <br />$ 782,367,173 <br />( 229,366,627) <br />$ 553,000,546 <br />Long-term liabilities applicable to the County's governmental activities are not due and payable in the <br />current period and accordingly are not reported as fund liabilities. All liabilities (both current and long- <br />term) are reported in the statement of net position. <br />Balances at September 30, 2012 were: <br />Bonds payable: <br />Limited General Obligation Bonds, Series 2006 $ (32,385,000) <br />Spring Training Facility Bonds, Series 2001 (11,075,000) <br />Bond premium payable: <br />Limited General Obligation Bonds, Series 2006 (815,714) <br />Medicaid settlement payable (790,434) <br />Pollution remediation payable (2,613,000) <br />Compensated absences (10,953,682) <br />Total $ (58,632,830) <br />Accrued interest <br />Accrued liabilities in the statement of net position differs from the amount reported in governmental <br />funds due to accrued interest on the Limited General Obligation Bonds, Series 2006. <br />$ (373,065) <br />55 <br />