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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 B. Explanation of Differences Between Governmental Fund Operating Statements and the Statement of Activities - Continued Long-term debt transactions — Continued Some expenses reported in the statement of activities do not require the use of current financial resources; therefore, are not reported as expenditures in governmental funds. Net change in compensated absences 573 108 Special assessment revenues Revenues collected on special assessments are reported in the governmental funds. However, in the statement of activities, the assessment revenues are recognized when they are earned. Special assessment revenues (21,72=6) Internal service funds operating gain 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. The net costs of the internal service funds are reported with governmental activities. Internal service funds operating gain $1,839,206 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. This number is a net number of prior year accrual and current year accrual. Net accrued grant revenues (4,563,078) 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. This number is a net number of prior year accrual and current year accrual. Net accrued interest revenues $(40,521) Reclassification and Eliminations The governmental funds recognize revenues in the amount of $2,178,791 for the general administrative charges to the general government, public safety, transportation, culture/recreation, and court related functions. These revenues and expenditures must be eliminated to avoid double counting. Transfers in and transfers out in the amount of $8,918,267 between governmental activities should be eliminated. Capital projects costs in the amount of $5,825,287 must be distributed to the related expenditure functions. W.