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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 8 - INTERFUND TRANSFERS - Continued <br />Transfers are used for the following purposes: 1) use unrestricted general fund revenues to finance <br />transportation activities which must be accounted for in a special revenue fund, 2) use unrestricted <br />general fund revenues for beach restoration activities which must be accounted for in another fund, and <br />3) use unrestricted general fund revenues to offset a portion of salaries and benefits expenses for an <br />employee accounted for in the health insurance fund. <br />NOTE 9 — DUE FROM OTHER GOVERNMENTS <br />Governmental Funds <br />On November 18, 2008, the Board entered into a locally funded agreement with the Florida Department <br />of Transportation (FDOT) to advance the six-laning of State Road 60 from 82nd Avenue to I-95 <br />(Segment Two). The agreement obligated the Board to pay $14,429,754 to the FDOT. Payment was <br />made in November 2008 to the FDOT. Funding was from the Optional Sales Tax Fund. <br />Reimbursement by the FDOT for Segment Two will be in ten quarterly installments over a three-year <br />period which began in July 2011. Repayments to the Board will include principal and any accumulated <br />interest earnings that have not been used for supplemental costs of the project. <br />Segment Two Amount Advance Funded <br />Less: Reimbursements received as of 9/30/2011 <br />Balance Due from FDOT SR60 Agreement <br />Additional Funds Due from other governments <br />Total Due from other governments <br />Optional Sales <br />Tax Fund <br />$ 14,429,754 <br />(500,000) <br />13,929,754 <br />1,213,941 <br />$ 15,143,695 <br />261 <br />