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Indian River County , Florida Notes To Financial Statements Year Ended September 30 , 2007 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued Be Measurement Focus and Basis of Accounting - Continued 1 . Government-wide Financial Statements Government-wide financial statements display information about the reporting government as a whole , except for its fiduciary activities . These statements include separate columns for the governmental and business -type activities of the primary government (including its blended component units) , as well as its discretely presented component unit . Governmental activities , which normally are supported by taxes and intergovernmental revenues , are reported separately from business-type activities , which rely, to a significant extent, on fees and charges for support . Likewise , the primary government is reported separately from the legally separate component unit for which the primary government is financially accountable . Government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting , as are the proprietary fund financial statements . Under the accrual basis of accounting , revenues , expenses , gains , losses , assets , and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place . Revenues , expenses , gains , losses , assets , and liabilities resulting from nonexchange transactions are recognized in Ask accordance with the requirements of GASB Statement 33 — Accounting and Financial Reporting for Nonexchange Transactions . Program revenues include charges for services , special assessments, and payments made by parties outside of the reporting government ' s citizenry if that money is restricted to a particular program . Program revenues are netted with program expenses in the statement of activities to present the net . expense of each program . Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements , rather than reported as expenditure . Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements , rather than as an other financing source . Amounts paid to reduce long -term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as expenditure . As a general rule , the effect of interfund activity has been eliminated from the government-wide financial statements . The County chooses to eliminate the indirect costs between governmental activities to avoid a " doubling up " effect . However, interfund services provided and used , such as the sale of gas and diesel from Fleet Management to the government, are not eliminated in the statement of activities . 44