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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS A. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government -wide Statement of Net Assets "Total fund balances" of the County's governmental funds ($266,694,602) differs from "net assets" of governmental activities ($557,821,716) reported in the statement of net assets. This difference primarily results from the long-term economic focus of the statement of net assets versus the current financial resources focus of the governmental fund balance sheet. Capital related items When capital assets (property, plant, equipment) that are to be used in governmental activities are purchased or constructed, the cost of those assets are reported as expenditures in governmental funds. However, the statement of net assets included those capital assets among the assets of the County as a whole. Cost of capital assets $ 504,753,615 Accumulated depreciation (149 390,194) $ 355,363.421 Net Total Long-term debt transactions Long-term liabilities applicable to the County's governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long- term) are reported in the statement of net assets. Balances at September 30, 2006 were: Bonds Payable: General Obligation Bonds, Series 2001 $ (8,035,000) General Obligation Refunding Bonds, Series 2003 (4,620,000) Limited General Obligation Bonds, Series 2006 (48,600,000) Spring Training Facility Bonds, Series 2001 (14,520,000) Bond Premium Payable: Limited General Obligation Bonds, Series 2006 (1,375,060) Compensated absences (5,361,670) $ (82,511,730) Total D CI v 53