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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 20 - FUND BALANCE DEFICIT <br />The following funds had a deficit in fund balance at September 30, 2011: <br />Fund <br />Deficit <br />Nonmajor Governmental Funds: <br />Metropolitan Planning Organization Fund $ 107,412 <br />Federal/State Grants Fund 229,275 <br />CDBG Neighborhood Stabilization Program 3 Grant Fund 11,108 <br />Total Deficit $ 347,795 <br />The deficits for these three funds will be eliminated by grant proceeds in fiscal year 2012. <br />NOTE 21— NET ASSETS <br />A. Restricted Net Assets <br />The County has established certain restrictions within the net assets section of the proprietary funds. <br />Restricted net assets at September 30, 2011 consist of the following: <br />Restricted for Debt Service: <br />Golf Course Fund $ 44,583 <br />County Utilities Fund 253,750 <br />Total $ 298,333 <br />Restricted for Capital Projects: <br />County Utilities Fund $ 23,931,768 <br />B. Net Assets Restricted by Enabling Legislation <br />The government -wide statement of net assets for the primary government reports $149,682,617 of <br />restricted net assets, of which $78,874,091 is restricted by enabling legislation. <br />C. Restatement of Beginning Net Assets <br />In accordance with the requirements of GASB Statement 49, Accounting and Financial Reporting for <br />Pollution Remediation Obligations, beginning net assets for the Utilities Fund was restated. Due to the <br />addition of the Old Savannah Lift Station and based on the consultant's report, the Utilities Fund's <br />portion of the estimated liability at October 1, 2010 was $35,281; therefore, beginning net assets was <br />reduced by that amount. For more information on the County's pollution remediation obligation, please <br />see Note 15. <br />f.i <br />