Laserfiche WebLink
Indian River <br /> 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 - Continued <br /> B. Explanation of Differences Between Governmental Fund Operating Statements and the <br /> Statement of Activities <br /> The "net change in fund balances" for governmental funds, $977,041, differs from the "change in net <br /> assets" for governmental activities, $14,689,431 reported in the statement of activities. The differences <br /> arise primarily from the long-term economic focus of the statement of activities versus the current <br /> financial resources focus of the governmental funds. The effect of the differences is illustrated below. <br /> Capital related items <br /> When capital assets that are to be used in governmental activities are purchased or constructed, the <br /> resources expended for those assets are reported as expenditures in governmental funds. However, in <br /> the statement of activities, the costs of those assets are allocated over their estimated useful lives and <br /> reported as depreciation expense. As a result, fund balances decrease by the amount of financial <br /> resources expended, whereas net assets decrease by the amount of depreciation expense charged for the <br /> year. <br /> Capital outlay $ 35,470,998 <br /> Depreciation expense (20,415,341) <br /> Transfers to business-type activities (7,452,905) <br /> Capital contributions 5,708,460 <br /> Loss on assets (2,350,155) <br /> Difference $ 10.961.057 <br /> Long-term debt transactions <br /> Payments of bond principal and pollution remediation costs are reported as an expenditure in the <br /> governmental funds and, thus, have the effect of reducing fund balance because current fmancial <br /> resources have been used. However, the payments reduce the liabilities in the statement of net assets <br /> and do not result in an expense in the statement of activities. <br /> Bond principal payments made $ 5,120,000 <br /> Bond premium payments made 93,224 <br /> Pollution remediation payments made 157,348 <br /> Total S 5.370.572 <br /> Governmental funds report interest and OPEB expenditures based on when they are paid. The statement <br /> of 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 /> Net accrued OPEB expense $ 9,786 <br /> Net accrued bond interest payable 41,956 <br /> Total S 51,742 <br /> 55 <br />