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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, 2016
<br />Net change in fund balances - total governmental funds $ 5,290,869
<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 29,701,480
<br />Less current year loss on assets (692,679)
<br />Less current year depreciation (20,278,372) 8,730,429
<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 4,040,000
<br />Note principal payment 343,000
<br />Legal judgment (59,500)
<br />Medicaid settlement 158,086
<br />Pollution remediation costs 106,100 4,587,686
<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. 140,158
<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 />Deferred amount on refunding amortization expense (106,116)
<br />Accrued OPEB expense (179,910) (286,026)
<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. 2,575,663
<br />In the statement of activities, pension expense is recorded for the County's proportionate share
<br />of collective pension expense of the cost-sharing 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. (7,402,550)
<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. 4,970,740
<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. (3,238,398)
<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. 37,752
<br />Change in net position of governmental activities $ 15,406,323
<br />The accompanying notes are an integral part of the financial statements
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