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L1 <br />Indian River County, Florida <br />n Notes To Financial Statements <br />lul Year Ended September 30, 2006 <br />NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL <br />nSTATEMENTS - Continued <br />B. Explanation of Differences Between Governmental Fund Operating Statements and the <br />Statement of Activities - Continued <br />Long -Term Debt Transactions — Continued <br />Governmental funds report interest expenditures based on when they are paid. The statement of <br />activities reports interest expense as it is incurred. This is the net number of the previous year accrual <br />and the current year accrual. <br />Interest payable: <br />Net accrued bond interest payable $(524,941) <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 />U Special assessment revenues $(35,89 <br />0 Internal service funds operating loss <br />The assets and liabilities of the internal service funds are included in governmental activities in the <br />n statement of net assets because they primarily serve governmental activities of the County. The net costs <br />I I of the internal service funds are reported with governmental activities. <br />Internal service funds operating gain $(738,788) <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 />nNet accrued grant revenues (1,214.724) <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 />aand current year accrual. <br />Net accrued interest revenues $937,590 <br />aReclassification and Eliminations <br />The general fund recognizes revenues in the amount of $2,767,560 for the general administrative <br />charges to the public safety and transportation functions. These revenues and expenditures must be <br />eliminated to avoid double counting. Transfers in and transfers out in the amount of $17,495,306 <br />between governmental activities should be eliminated. Capital projects costs in the amount of <br />$37,848,475 must be distributed to the related expenditure functions. <br />59 <br />