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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL <br /> STATEMENTS <br /> A. Explanation of Differences Between the Governmental Fund Balance Sheet and the <br /> Government-wide Statement of Net Assets <br /> "Total fund balances " of the County ' s governmental funds ($ 222 , 934 , 589) differs from "net assets" of <br /> governmental activities ( $ 608 , 464 , 725 ) reported in the statement of net assets . This difference primarily <br /> results from the long-term economic focus of the statement of net assets versus the current financial <br /> resources focus of the governmental fund balance sheet. <br /> Capital related items <br /> When capital assets (property , plant, equipment) that are to be used in governmental activities are <br /> purchased or constructed , the cost of those assets are reported as expenditures in governmental funds . <br /> �. However, the statement of net assets included those capital assets among the assets of the County as a <br /> whole . <br /> Cost of capital assets $ 599 , 149 , 070 <br /> Accumulated depreciation X1521196 , 886) <br /> Net Total $ 446 . 952 , 184 <br /> Long-term debt transactions <br /> Long-term liabilities applicable to the County ' s governmental activities are not due and payable in the <br /> current period and accordingly are not reported as fund liabilities . All liabilities (both current and long- <br /> term) are reported in the statement of net assets . <br /> Balances at September 30 , 2007 were : <br /> Bonds Payable : <br /> General Obligation Bonds , Series 2001 $ (7 , 36500) <br /> General Obligation Refunding Bonds , Series 2003 (3 , 515 , 000) <br /> Limited General Obligation Bonds , Series 2006 (46 ,2805000) <br /> Spring Training Facility Bonds , Series 2001 ( 14 , 000 , 000) <br /> Bond Premium Payable : <br /> Limited General Obligation Bonds , Series 2006 ( 1 ,281 , 835 ) <br /> " Compensated absences ( 5 , 758 , 145 ) <br /> Capital leases (1591 ) <br /> Total (78 . 208 , 571 ) <br /> 53 <br />