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I Indian River County,Florida Notes To Financial Statements Year Ended September 30, 2012 ( NOTE 20 -FUND BALANCE DEFICIT fThe following funds had a deficit in fund balance at September 30, 2012: I Fund Deficit Nonmajor Governmental Funds: Metropolitan Planning Organization Fund $ 190,688 Federal/State Grants Fund 5,083 Total Deficit $ 195,771 The deficits for these two funds will be eliminated by grant proceeds in fiscal year 2013. NOTE 21—NET POSITION A. Restricted Net Position The County has established a restriction within the net position section of the proprietary funds for capital projects. Restricted net position at September 30, 2012 consist of the following: Restricted for Capital Projects: County Utilities Fund $ 17,941,773 B. Net Position Restricted by g g Enabling Legislation The government-wide statement of net position for the primary government reports $139,131,001 of restricted net position, of which$82,688,060 is restricted by enabling legislation. C. Restatement of Beginning Net Position In accordance with the requirements of GASB Statement 49, Accounting and Financial Reporting for Pollution Remediation Obligations, beginning net position for governmental activities was restated. Due to the addition of the Shadowbrook Estates site and based on the consultant's report, the } governmental activities' portion of the estimated liability at October 1, 2011 was $127,100; therefore, beginning net position was reduced by that amount. For more information on the County's pollution remediation obligation,please see Note 15. In accordance with the requirements of GASB Statement 65, Items Previously Reported as Assets and Liabilities, beginning net position for the Golf Course and Utilities Funds was restated. The Statement f required the expensing of any outstanding bond issuance costs, which had previously been reported as f an asset and amortized over the life of the bond issue. At October 1, 2011, this results in the reduction of the Golf Course Fund's beginning net position by $49,523 and the reduction of the Utilities Fund's net position by$477,430. 95