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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 11 - LONG-TERM LIABILITIES
<br />A. Governmental Long -Term Debt
<br />Changes in Long -Term Liabilities
<br />Accrued Compensated Absences:
<br />Bonds Payable:
<br />Limited General Obligation
<br />Bonds - 2006 Series
<br />General Obligation
<br />Bonds - 2001 Series
<br />Spring Training Facility
<br />Revenue Bonds - 2001 Series
<br />Total Bonds Payable
<br />Grand Total
<br />Balance
<br />October 1,
<br />7.(11(1 Additinnc
<br />Balance
<br />September 30,
<br />Deletions 2011
<br />$ 4,520,819 $ 2,494,479 $ 2,851,540
<br />38,270,000 - 2,885,000
<br />5,210,000
<br />- 780,000
<br />$ 4,163,758
<br />35,385,000
<br />4,430,000
<br />12,310,000 -
<br />605,000
<br />11,705,000
<br />55,790,000 -
<br />4,270,000
<br />51,520,000
<br />$ 60,310,819 $ 2,494,479
<br />$ 7,121,540
<br />$ 55,683,758
<br />Of the $4,163,758 liability for accrued compensated absences, management estimates that $2,000,000
<br />will be due and payable within one year. The long-term liabilities are not reported in the financial
<br />statements of the Board since they are not payable from available spendable resources. They are
<br />reported in the financial statements of the County by the fund which normally pays the personnel service
<br />costs of the employee.
<br />The General Obligation Bonds and Spring Training Facility Revenue Bonds are not reported in the
<br />governmental fund statements since they are not current liabilities payable from available spendable
<br />resources. They are reported in the government -wide financial statements of the County. Payments on
<br />the above general obligation and revenue bonds are made by debt service funds (refer to the Table of
<br />Contents for these debt service funds under the category, Combining Balance Sheet and Combining
<br />Statement of Revenues, Expenditures and Changes in Fund Balance of Nonmajor Governmental Funds).
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