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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <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 462 116 <br /> Internal service funds operating loss <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 loss S (2,059,9151 <br /> Accrued revenues <br /> Some revenues are not recognized in the current period because the resources are not available, or they <br /> have been reported in a prior period; therefore, these revenues are not reported in the fund. This number <br /> is a net number of prior year accrual and current year accrual. <br /> Net accrued revenues $ 3,772,053 <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 21 856 <br /> Pension and Retirement Contribution Expense <br /> Governmental funds report contributions in defined benefit plans as expenditures. However, in the <br /> Statement of Activities, this amount reduces future net pension liabilities and is recorded as a deferred <br /> outflow of resources. In addition, the County's share of pension expense is required to be amortized in <br /> accordance with GASB Statement No. 68 <br /> Net pension and retirement contribution expense 4 327 433 <br /> Reclassification and Eliminations <br /> The governmental funds recognize revenues in the amount of$2,806,485 for the general administrative <br /> charges to the general government, public safety, transportation, economic environment, human <br /> services, culture/recreation, and court related functions. These revenues and expenditures must be <br /> eliminated to avoid double counting. Transfers in and transfers out in the amount of $11,141,023 <br /> between governmental activities should be eliminated. Capital projects costs in the amount of <br /> $5,309,597 must be distributed to the related expenditure functions. <br /> 65 <br />