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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <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 - Continued <br />Long-term debt transactions — Continued <br />Some expenses reported in the statement of activities do not require the use of current financial <br />resources; therefore, are not reported as expenditures in governmental funds. <br />Net change in compensated absences 103 824 <br />Special assessment revenues <br />Revenues collected on special assessments are reported in the governmental funds. However, in the <br />statement of activities, the assessment revenues are recognized when they are earned. <br />Special assessment revenues (78,84=2) <br />Internal service funds operating_gain <br />The assets and liabilities of the internal service funds are included in governmental activities in the <br />statement of net assets because they primarily serve governmental activities of the County. The net <br />costs of the internal service funds are reported with governmental activities. <br />Internal service funds operating gain $3,466,950 <br />Accrued grant revenues <br />Some grant revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued grant revenues (532,U6) <br />Accrued interest revenues <br />Some interest revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued interest revenues (228.635) <br />Reclassification and Eliminations <br />The governmental funds recognize revenues in the amount of $2,644,364 for the general administrative <br />charges to the general government, public safety, transportation, culture/recreation, and court related <br />functions. These revenues and expenditures must be eliminated to avoid double counting. Transfers in <br />and transfers out in the amount of $17,001,997 between governmental activities should be eliminated. <br />Capital projects costs in the amount of $7,487,068 must be distributed to the related expenditure <br />functions. <br />W. <br />