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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2010 NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS - Continued A. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government -wide Statement of Net Assets - Continued Unearned revenues Unearned revenues in the statement of net assets differ from the amount reported in governmental funds due to special assessments and FEMA receivables. Governmental fund financial statements report revenues, which are measurable but not available as unearned revenues. However, unearned revenues in governmental funds are susceptible to full accrual on government -wide financial statements. Unearned revenues Internal service funds Internal service funds are used by managemen activities, and GIS services to individual funds. are included in governmental activities in the governmental activities of the County. Internal service funds Accrued grant revenues 925 573 t to charge the costs of fleet management, insurance The assets and liabilities of the internal service funds statement of net assets because they primarily serve 24,112,503 Some grant revenues are not recognized in the current period because the resources are not available; therefore, these revenues are not reported in the fund. Accrued grant revenues 4.692,747 Accrued interest revenues Some interest revenues are not recognized in the current period because the resources are not available; therefore, these revenues are not reported in the fund. Accrued interest revenues Net OPEB Obligation 301 394 The net OPEB obligation asset resulting from contributions in excess of the annual required contribution is not a financial resource; therefore, it is not reported in the fund. OPEB asset 319 730 Elimination of interfund receivables/payables Interfiand receivables and payables in the amount of $1,457,540 between governmental funds must be eliminated for the statement of net assets. 56