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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2006
<br />NOTE 11 - RECEIVABLE AND PAYABLE BALANCES
<br />Receivables
<br />Receivables at September 30, 2006, were as follows:
<br />Due from
<br />Governmental Activities:
<br />Accounts
<br />Other Governments
<br />Total
<br />General
<br />$ 563,436
<br />$ 2,346,150
<br />$ 2,909,586
<br />Impact Fees
<br />-
<br />331,330
<br />331,330
<br />Secondary Roads Construction
<br />76,300
<br />508,972
<br />585,272
<br />Transportation
<br />783
<br />1,654,254
<br />1,655,037
<br />Emergency Services
<br />-
<br />16,250
<br />16,250
<br />Land Acquisition
<br />-
<br />2,194,630
<br />2,194,630
<br />Federal/State Grants
<br />-
<br />780,702
<br />780,702
<br />Optional Sales Tax
<br />26,175
<br />1,329,885
<br />1,356,060
<br />Other governmental
<br />1,530,291
<br />2,848,826
<br />4,379,117
<br />Total Governmental Activities
<br />$ 2.196.985
<br />$ 12.010.999
<br />$ 14.207.984
<br />Business -Type Activities:
<br />Solid Waste
<br />$ 405,081
<br />$ 1,100,947
<br />$ 1,506,028
<br />Golf Course
<br />-
<br />10,500
<br />10,500
<br />Utilities
<br />3,177,064
<br />-
<br />3,177,064
<br />Other proprietary
<br />77
<br />-
<br />77
<br />Total Business -Type Activities
<br />$ 3.582.222
<br />$ 1.111.447
<br />$ 4.693.669
<br />On May 2, 2006, the Board approved an incentive loan agreement with Adrian Investments regarding
<br />their development of the Indian River Park of Commerce. This agreement resulted in a total $1.5
<br />million note receivable due to the Board and will be repaid by Adrian Investments in payments upon
<br />closing of the conveyance of each lot in the park. The total balance will be repaid over ten years.
<br />During fiscal year 2006, the Board loaned the initial $1.0 million on the above project. The remaining
<br />$500,000 will be paid to Adrian Investments upon final plat approval or issuance of a certificate of
<br />completion. Funding for the $1.0 million note receivable was from the following funds: $666,667 from
<br />the Secondary Roads Construction Fund and $333,333 from the Utilities Fund.
<br />11,
<br />72 U
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