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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2011 NOTE 10 - INTERFUND TRANSFERS Interfund transfers for the year ended September 30, 2011, consisted of the following: Transfers Out: General Fund Emergency Services District Fund Nonmajor Governmental Funds Transfers In: Nonmajor General Transportation Governmental Internal Service Fund Fund Funds Fund Total $ - $ 7,953,026 $ 118,809 $ 55,298 $ 8,127,133 402,837 - - - 402,837 317,632 - 70,665 - 388,297 Total $ 720,469 $ 7,953,026 $ 189,474 $ 55,298 $ 8,918,267 Transfers are used for the following purposes: 1) use unrestricted general fund revenues to finance transportation activities which must be accounted for in a special revenue fund, 2) use unrestricted general fund revenues for beach restoration activities which must be accounted for in another fund, 3) provide matching funds for grants, 4) move revenues from the fund that state law requires to collect them to the fund that state law requires to expend them, and 5) use unrestricted general fund revenues to offset a portion of salaries and benefits expenses for an employee accounted for in the health insurance fund. NOTE 11 — DUE FROM OTHER GOVERNMENTS Governmental Funds On November 18, 2008, the Board entered into a locally funded agreement with the Florida Department of Transportation (FDOT) to advance the six-laning of State Road 60 from 82nd Avenue to I-95 (Segment Two). The agreement obligated the Board to pay $14,429,754 to the FDOT. Payment was made in November 2008 to the FDOT. Funding was from the Optional Sales Tax Fund. Reimbursement by the FDOT for Segment Two will be in ten quarterly installments over a three-year period which began in July 2011. Repayments to the Board will include principal and any accumulated interest earnings that have not been used for supplemental costs of the project. 71