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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 - Continued <br />B. Explanation of Differences Between Govermnental Fund Operating Statements and the <br />Statement of Activities - Continued <br />Long-term debt transactions — Continued <br />Some expenses reported in the statement of activities do not require the use of current financial <br />resources; therefore, are not reported as expenditures in governmental funds. <br />Net change in compensated absences $ (228,998) <br />Special assessment revenues <br />Revenues collected on special assessments are reported in the governmental funds. However, in the <br />statement of activities, the assessment revenues are recognized when they are earned. <br />Special assessment revenues $ 236,710 <br />Internal service funds operating gain <br />The assets and liabilities of the internal service funds are included in governmental activities in the <br />statement of net position because they primarily serve governmental activities of the County. The net <br />costs of the internal service funds are reported with governmental activities. <br />Internal service funds operating gain $ 927,862 <br />Accrued grant revenues <br />Some grant revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued grant revenues $ 262,891 <br />Accrued interest revenues <br />Some interest revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued interest revenues $ (43,057) <br />Reclassification and Eliminations <br />The governmental funds recognize revenues in the amount of $3,562,046 for the general administrative <br />charges to the general government, public safety, transportation, culture/recreation, and court related <br />functions. These revenues and expenditures must be eliminated to avoid double counting. Transfers in <br />and transfers out in the amount of $11,630,516 between governmental activities should be eliminated. <br />Capital projects costs in the amount of $8,108,370 must be distributed to the related expenditure <br />functions. <br />58 <br />