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Indian River County , Florida Management ' s Discussion and Analysis For the Year Ended September 30 , 2007 The statement of activities presents information showing how the government ' s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs , regardless of the timing of related cash flows . Thus , revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e . g . , uncollected taxes and earned, but unused, vacation leave) . Both of the government-wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business -type activities) . The governmental activities of the County include general government, public safety , physical environment, transportation, economic environment, human services , culture and recreation, and court related . The major business -type activities of the County include a water and sewer utility, a solid waste disposal district and a golf course . The government-wide financial statements include not only the Board of County Commissioners , but also the Clerk of the Circuit Court, Tax Collector, Property Appraiser, Sheriff and Supervisor of Elections . In addition, financial information is reported in a separate column for the Indian River County Housing Authority (the Authority) . The Authority is not part of the primary government of Indian River County . The government -wide financial statements can be found on pages 17 - 19 of this report . Fund financial statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives . The County , like other state and local governments , uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements . All of the funds of the County can be divided into three categories : governmental funds , proprietary funds , and fiduciary funds . Governmental funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements . However, unlike the government-wide financial statements , governmental fund financial statements focus on near-term inflows and outflows of spendable resources , as well as on balances of spendable resources available at the end of the fiscal year . Such information may be useful in evaluating a government ' s near-term financial requirements . Because the focus of governmental funds is narrower than that of the government-wide financial statements , it is useful to compare the information presented for governmental funds with similar , information presented for governmental activities in the government-wide financial statements . By doing so , readers may better understand the long -term impact of the government ' s near-term financial decisions . Both the governmental fund balance sheet and the governmental fund statement of revenues , , expenditures , and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities . The County maintains 39 individual governmental funds . Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues , expenditures , and changes in fund balances for the general fund, six special revenue funds , and the optional (one - cent) sales tax funds . All are considered to be major funds . Data from the other 31 governmental funds are 4