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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL <br />STATEMENTS <br />A. Explanation of Differences Between the Governmental Fund Balance Sheet and the <br />Government -wide Statement of Net Assets <br />"Total fund balances" of the County's governmental funds, $197,026,127 differs from "net assets" of <br />governmental activities, $702,613,714, reported in the statement of net assets. This difference primarily <br />results from the long-term economic focus of the statement of net assets versus the current financial <br />resources focus of the governmental fund balance sheet. <br />Capital related items <br />When capital assets (property, plant, equipment, intangibles) that are to be used in governmental <br />activities are purchased or constructed, the costs of those assets are reported as expenditures in <br />governmental funds. However, the statement of net assets included those capital assets among the assets <br />of the County as a whole. <br />Cost of capital assets $ 756,686,926 <br />Accumulated depreciation (212,363,221) <br />Net Total 544.323.705 <br />Long-term debt transactions <br />Long-term liabilities applicable to the County's governmental activities are not due and payable in the <br />current period and accordingly are not reported as fund liabilities. All liabilities (both current and long- <br />term) are reported in the statement of net assets. <br />Balances at September 30, 2011 were: <br />Bonds payable: <br />General Obligation Bonds, Series 2001 $ (4,430,000) <br />Limited General Obligation Bonds, Series 2006 (35,385,000) <br />Spring Training Facility Bonds, Series 2001 (11,705,000) <br />Bond premium payable: <br />Limited General Obligation Bonds, Series 2006 (908,939) <br />Pollution remediation payable (2,569,200) <br />Compensated absences (10,724,684) <br />Total (65.722.8231 <br />Accrued interest <br />Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds <br />due to accrued interest on General Obligation Bonds, Series 2001, and Limited General Obligation <br />Bonds, Series 2006. <br />448 907 <br />55 <br />