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Indian River County,Florida
<br /> Reconciliation of the Statement of Revenues,
<br /> Expenditures,and Changes in Fund Balances of Governmental Funds
<br /> to the Statement of Activities
<br /> For the Year Ended September 30,2015
<br /> Net change in fund balances-total governmental funds $ 5,669,165
<br /> Amounts reported for governmental activities in the statement of activities are different because:
<br /> Governmental funds report capital outlay as expenditures. However,in the statement of
<br /> activities,the cost of those assets is allocated over their estimated useful lives as
<br /> depreciation expense.
<br /> Expenditures for capital assets 22,533,416
<br /> Less current year loss on assets (302,864)
<br /> Less current year depreciation 2 0,914,,,788) 1,315,764
<br /> Payments of bond principal,pollution remediation,and medicaid settlement costs are
<br /> expenditures in the governmental funds,but the payment reduces long-term liabilities
<br /> in the statement of net position.
<br /> Bond principal payment 4,180,000
<br /> Bond refunding proceeds and payment to escrow agent (20,369,000)
<br /> Payment to refunded escrow agent 20,340,959
<br /> Medicaid settlement 158,087
<br /> Pollution remediation costs 120,600 4,430,646
<br /> Changes in accrued compensated absences do not require the use of current financial
<br /> resources and,therefore,are not reported as expenditures in governmental funds. (462,116)
<br /> Governmental funds report interest and OPEB expenditures based on when they are paid.
<br /> The statement of activities reports these expenses as they are incurred. This is the
<br /> net number of the prior year and current year accrual.
<br /> Accrued bond interest/deferred amount on refunding amortization expense 252,543
<br /> Accrued OPEB expense 119,542 372,085
<br /> Governmental funds report contributions in defined benefit pension plans as expenditures.
<br /> However,in the statement of activities,the amount contributed to defined benefit pension plans
<br /> reduces future net pension liabilities and is reported as part of deferred outflows of resources. 2,080,801
<br /> In the statement of activities,pension expense is recorded for the County's proportionate share
<br /> of collective pension expense of the cost-sbaring defined benefit plans in which the County
<br /> participates. Also included in pension expense are amounts required to be amortized in
<br /> accordance with GASB Statement No.68. 2,246,632
<br /> Internal service funds are used by management to charge the costs of insurance,fleet and
<br /> information technology services to individual funds. The net costs of the
<br /> internal service funds are reported in governmental activities. (2,059,915)
<br /> Governmental funds report non-exchange transactions when the applicable eligibility
<br /> requirements have been met and resources are available. However,in the statement
<br /> of activities,non-exchange transactions are recognized when the eligibility requirements
<br /> are met. This is the net number of the prior year and current year accrual. 3,772,053
<br /> Some interest revenues reported in the statement of activities do not provide current
<br /> financial resources,therefore,are not reported as revenues in governmental funds.
<br /> This is the net number of the prior year and current year accrual. 21,856
<br /> Change in net position of governmental activities $ 17,386,971
<br /> The accompanying notes are an integral part of the financial statements.
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