Laserfiche WebLink
Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 9 — DUE FROM OTHER GOVERNMENTS <br />Governmental Funds <br />On November 18, 2008, the Board entered into a locally funded agreement with the Florida Department <br />of Transportation (FDOT) to advance the six-laning of State Road 60 from 82nd Avenue to I-95 <br />(Segment Two). The agreement obligated the Board to pay $14,429,754 to the FDOT. Payment was <br />made in November 2008 to the FDOT. Funding was from the Optional Sales Tax Fund. <br />Reimbursement by the FDOT for Segment Two will be in ten quarterly installments over a three-year <br />period which began in July 2011. Repayments to the Board will include principal and any accumulated <br />interest earnings that have not been used for supplemental costs of the project. <br />Segment Two Amount Advance Funded <br />Less: Reimbursements received as of 9/30/2014 <br />Balance Due from FDOT SR60 Agreement <br />Additional Funds Due from other governments <br />Total Due from other governments <br />Optional Sales <br />Tax Fund <br />265 <br />$ 14,429,754 <br />(11,714,877) <br />2,714,877 <br />2,121,837 <br />$ 4,836,714 <br />