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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2010 NOTE 11— DUE FROM OTHER GOVERNMENTS Governmental Funds On January 15, 2008, the Board entered into a locally funded agreement with the Florida Department of Transportation (FDOT) to advance the 6-laning of State Road 60 from 82nd Avenue to 66th Avenue (Segment One). The agreement originally obligated the Board to pay $34,669,601 to the FDOT. A subsequent amendment to the agreement reduced the cost to $23,833,362 which was then paid in three installments: $3,466,960 in February 2008, $13,867,840 in April 2008, and $6,498,562 in May 2008. Funding was from the following funds: $15,888,908 from the Secondary Roads Construction Fund and $7,944,454 from the Optional Sales Tax Fund. On November 18, 2008, the Board entered into another locally funded agreement with the Florida Department of Transportation (FDOT) to advance the 6-laning of State Road 60 from 82nd Avenue to I- 95 (Segment Two). The agreement obligated the Board to pay $14,429,754 to the FDOT. Payment was made in November 2008 to the FDOT. Funding was from the Optional Sales Tax Fund. Reimbursement by the FDOT for Segment One will be in eight quarterly installments over a two-year period that began in July 2009. Reimbursement by the FDOT for Segment Two will be in ten quarterly installments over a three-year period beginning no sooner than July 2011. Repayments to the Board will include principal and any accumulated interest earnings that have not been used for supplemental costs of the project. Secondary Roads Optional Sales Construction Fund Tax Fund Segment One Amount Advance Funded $ Segment Two Amount Advance Funded Less: Reimbursements received as of 9/30/2010 Balance Due from FDOT Balance Due from other governments Total Due from other governments 15,888,908 $ 7,944,454 (9,930,567) 5,958,341 436,461 $ 6,394,802 72 14,429,754 (4,965,284) 17,408,924 1,998,740 $ 19,407,664