Laserfiche WebLink
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 (1521196,886) <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 />n <br />53 <br />