Laserfiche WebLink
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 - Continued <br /> B. Explanation of Differences Between Governmental Fund Operating Statements and the ` <br /> Statement of Activities - Continued <br /> Long-term debt transactions—Continued <br /> Some expenses reported in the statement of activities do not require the use of current financial <br /> resources; therefore, are not reported as expenditures in governmental funds. <br /> Net change in compensated absences $ (228,998) <br /> Special assessment revenues <br /> Revenues collected on special assessments are reported in the governmental funds. However, in the <br /> statement of activities,the assessment revenues are recognized when they are earned. 5 <br /> Special assessment revenues $2M,710 <br /> Internal service funds operating gain <br /> The assets and liabilities of the internal service funds are included in governmental activities in the <br /> statement of net position because they primarily serve governmental activities of the County. The net <br /> costs of the internal service funds are reported with governmental activities. <br /> Internal service funds operating gain 927 862 <br /> Accrued grant revenues I <br /> Some grant revenues are not recognized in the current period because the resources are not available; <br /> therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br /> and current year accrual. <br /> Net accrued grant revenues $ 262,891 <br /> i <br /> Accrued interest revenues <br /> Some interest revenues are not recognized in the current period because the resources are not available; <br /> therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br /> and current year accrual. <br /> Net accrued interest revenues $ (43,057) <br /> Reclassification and Eliminations <br /> The governmental funds recognize revenues in the amount of$3,562,046 for the general administrative <br /> charges to the general government, public safety, transportation, culture/recreation, and court related <br /> functions. These revenues and expenditures must be eliminated to avoid double counting. Transfers in <br /> and transfers out in the amount of$11,630,516 between governmental activities should be eliminated. <br /> Capital projects costs in the amount of $8,108,370 must be distributed to the related expenditure <br /> functions. <br /> 58 <br />