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Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2012 <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, $183,843,142 differs from"net position" of <br /> governmental activities, $706,789,908, 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 /> j 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 $ 782,367,173 <br /> Accumulated depreciation (229,366,627) <br /> Net Total $ 553,000,546 <br /> Long-term debt transactions <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 /> J Balances at September 30, 2012 were: <br /> I <br /> Bonds payable: <br /> Limited General Obligation Bonds, Series 2006 $ (32,385,000) <br /> Spring Training Facility Bonds, Series 2001 (11,075,000) <br /> Bond premium payable: <br /> Limited General Obligation Bonds, Series 2006 (815,714) <br /> Medicaid settlement payable (790,434) <br /> Pollution remediation payable (2,613,000) <br /> Compensated absences (10,953,682 <br /> Total $(58,632,8301 <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 /> (373,065) <br /> 55 <br />