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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2013 <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 Position <br />"Total fund balances" of the County's governmental funds, $172,561,446 differs from "net position" of <br />governmental activities, $707,407,895, reported in the statement of net position. This difference <br />primarily results from the long-term economic focus of the statement of net position versus the current <br />financial resources focus of the governmental funds balance sheet. <br />Capital related items <br />When capital assets (property, plant, equipment, intangibles) that are to be used in governmental <br />activities are purchased or constructed, the costs of those assets are reported as expenditures in <br />governmental funds. However, the statement of net position included those capital assets among the <br />assets of the County as a whole. <br />Cost of capital assets <br />Accumulated depreciation <br />Net Total <br />Long-term debt transactions <br />$ 804,336,031 <br />( 248,161,222) <br />$ 556,174,809 <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 position. <br />Balances at September 30, 2013 were: <br />Bonds payable: <br />Limited General Obligation Bonds, Series 2006 $ (29,265,000) <br />Spring Training Facility Bonds, Series 2001 (8,145,000) <br />Bond premium payable: <br />Limited General Obligation Bonds, Series 2006 (722,489) <br />Medicaid settlement payable (632,342) <br />Pollution remediation payable (2,727,400) <br />Compensated absences (11,250,922) <br />Total $ (52,743,153) <br />Accrued interest <br />Accrued liabilities in the statement of net position differs from the amount reported in governmental <br />funds due to accrued interest on the Limited General Obligation Bonds, Series 2006. <br />$ (341,565) <br />57 <br />