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1 <br />Indian River County, Florida <br />' Notes To Financial Statements <br />Year Ended September 30, 2014 <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 />I <br />"Total fund balances" of the County's governmental funds, $173,415,560 differs from "net position" of <br />governmental activities, $703,841,710, 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 />I <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 />1 governmental funds. However, the statement of net position included those capital assets among the <br />assets of the County as a whole. <br />1 Cost of capital assets $ 828,281,566 <br />Accumulated depreciation ( 279.562.524) <br />Net Total $ 548,719,042 <br />Long-term debt transactions <br />1 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, 2014 were: <br />1 Bonds payable: <br />Limited General Obligation Bonds, Series 2006 (26,010,000) <br />' Spring Training Facility Bonds, Series 2001 (7,700,000) <br />Bond premium payable: <br />Limited General Obligation Bonds, Series 2006 (629,265) <br />Medicaid settlement payable (474,260) <br />Pollution remediation payable (2,671,800) <br />Compensated absences (10,523,367) <br />Total $ (48,008,692) <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 />1 <br />Accrued interest $ (301,178) <br />' 59 <br />