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Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2009 <br /> NOTE 2 -RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL <br /> STATEMENTS <br /> A. Explanation of Differences Between the Governmental Fund Balance Sheet and the <br /> Government-wide Statement of Net Assets <br /> "Total fund balances" of the County's governmental funds, $200,469,234, differs from "net assets" of <br /> governmental activities, $675,930,619, reported in the statement of net assets. This difference primarily <br /> results from the long-term economic focus of the statement of net assets versus the current financial <br /> resources focus of the governmental fund balance sheet. <br /> Capital related items <br /> When capital assets (property, plant, equipment, intangibles) that are to be used in governmental <br /> activities are purchased or constructed, the costs of those assets are reported as expenditures in <br /> governmental funds. However, the statement of net assets included those capital assets among the assets <br /> of the County as a whole. <br /> Cost of capital assets $ 704,278,227 <br /> Accumulated depreciation (180,997,652 <br /> Net Total $ 523.280.575 <br /> Long-term debt transactions <br /> Long-term liabilities applicable to the County's governmental activities are not due and payable in the <br /> current period and accordingly are not reported as fund liabilities. All liabilities (both current and long- <br /> term) are reported in the statement of net assets. <br /> Balances at September 30, 2009 were: <br /> Bonds Payable: <br /> General Obligation Bonds, Series 2001 $ (5,955,000) <br /> General Obligation Refunding Bonds, Series 2003 (1,210,000) <br /> Limited General Obligation Bonds, Series 2006 (41,045,000) <br /> Spring Training Facility Bonds, Series 2001 (12,895,000) <br /> Bond Premium Payable: <br /> Limited General Obligation Bonds, Series 2006 (1,095,387) <br /> Pollution remediation payable (2,343,300) <br /> Compensated absences (10,255,400) <br /> Total $ (74.799.087) <br /> Accrued interest <br /> Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds <br /> due to accrued interest on General Obligation Refunding Bonds, Series 2003, General Obligation <br /> Bonds, Series 2001, and Limited General Obligation Bonds, Series 2006. <br /> (528M3) <br /> 53 <br />