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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2011 NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS - Continued A. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government -wide Statement of Net Assets - Continued Unearned revenues Unearned revenues in the statement of net assets differ from the amount reported in governmental funds due to special assessments. Governmental fund financial statements report revenues, which are measurable but not available as unearned revenues. However, unearned revenues in governmental funds are susceptible to full accrual on government -wide financial statements. Unearned revenues 73 796 Internal service funds Internal service funds are used by management to charge the costs of fleet management, insurance activities, and GIS services to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets because they primarily serve governmental activities of the County. Internal service funds 25.951.709 Accrued grant revenues Some grant revenues are not recognized in the current period because the resources are not available; therefore, these revenues are not reported in the fund. Accrued grant revenues959.650 Accrued interest revenues Some interest revenues are not recognized in the current period because the resources are not available; therefore, these revenues are not reported in the fund. Accrued interest revenues 260 873 Net OPEB Obli a tion The net OPEB obligation asset resulting from contributions in excess of the annual required contribution is not a financial resource; therefore, it is not reported in the fund. OPEB asset 189 584 Elimination of interfund receivables/payables Interfund receivables and payables in the amount of $898,202 between governmental funds must be eliminated for the statement of net assets. 56