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Indian River County, Florida <br />Reconciliation of the Statement of Revenues, <br />Expenditures, and Changes in Fund Balances of Governmental Funds <br />to the Statement of Activities <br />For the Year Ended September 30, 2006 <br />Net change in fund balances -total governmental funds <br />Lj <br />$ 70,461,726 <br />Amounts reported for governmental activities in the statement of activities are different because: <br />Governmental funds report capital outlay as expenditures. However, in the statement of <br />activities, the cost of those assets is allocated over their estimated useful lives as <br />depreciation expense. <br />Expenditures for capital assets <br />74,904,612 <br />Less current year loss on assets <br />(33,732) <br />Less current year depreciation <br />(13,111,435) 61,759,445 <br />The issuance of debt provides current financial resources to governmental funds, <br />but debt increases liabilities in the statement of net assets. <br />(49,996,735) <br />Repayments of bond principal and capital lease principal are expenditures in the <br />governmental funds, but the repayment reduces long-term liabilities in the statement of <br />net assets. <br />Bond principal payment <br />2,235,000 <br />Bond premium payment <br />21,675 <br />Capital lease principal payment <br />380,275 2,636,950 <br />Changes in accrued compensated absences do not require the use of current financial <br />resources and, therefore, are not reported as expenditures in governmental funds. <br />(413,997) <br />Governmental funds report interest expenditures based on when they are paid. The <br />statement of activities reports interest expense as it is incurred. This is the net number <br />of the previous year accrual and the current year accrual. <br />0 <br />Accrued bond interest expense <br />(524,941) <br />Some revenues reported in the governmental funds have been recognized as revenues in <br />prior fiscal year in the statement of activities. <br />(35,893) <br />Internal service funds are used by management to charge the costs of insurance and <br />fleet services to individual funds. The net costs of the internal service funds are <br />reported with governmental activities. <br />(738,788) <br />Governmental funds report non-exchange transactions when the applicable eligibility <br />requirements have been met and resources are available. However, in the statement <br />of activities, non-exchange transactions are recognized when the eligibility requirements <br />are met. This is the net number of prior year accrual and current year accrual. <br />(1,214,724) a <br />Some interest revenues reported in the statement of activities do not provide current <br />financial resources, therefore, are not reported as revenues in governmental funds. <br />This is the net number of prior year accrual and current year accrual. <br />937,590 <br />Change in net assets of governmental activities <br />$ 82,870,633 <br />11 <br />The accompanying notes are an integral part of the financial statements. a <br />24 <br />