2008-085A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2007 Net change in fund balances - total governmental funds $ (43,760,013) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Expenditures for capital assets 107,776,962 Less current year loss on assets (1,501,635) Less current year depreciation (14,6869564) 91,588,763 Repayments of bond principal and capital lease principal are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets. Bond principal payment 4,61500 Bond premium payment 93,225 Capital lease principal payment 255,876 4,9643101 Changes in accrued compensated absences do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. (396,475) Governmental funds report interest expenditures based on when they are paid. The statement of activities reports interest expense as it is incurred. This is the net number of the prior year accrual and the current year accrual. Accrued bond interest expense 34,860 Some revenues reported in the governmental funds have been recognized as revenues in prior fiscal year in the statement of activities. (85,868) Internal service funds are used by management to charge the costs of insurance and fleet services to individual funds. The net costs of the internal service funds are reported with governmental activities. 3,973,053 Governmental funds reportnon-exchange transactions when the applicable eligibility requirements have been met and resources are available. However, in the statement of activities, non-exchange transactions are recognized when the eligibility requirements are met. This is the net number of prior year accrual and current year accrual. (4,7827638) Capital lease proceeds provide current financial resources to governmental funds, but the capital lease increases liabilities in the statement of net assets. (264,467) Some interest revenues reported in the statement of activities do not provide current financial resources, therefore, are not reported as revenues in governmental funds. This is the net number of prior year accrual and current year accrual. (628,307) Change in net assets of governmental activities $ 50,64309 The accompanying notes are an integral part of the financial statements. 24.