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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 - Continued <br />Be Explanation of Differences Between Governmental Fund Operating Statements and the <br />Statement of Activities - Continued <br />Long -Term Debt Transactions — Continued <br />Governmental funds report interest expenditures <br />activities reports interest expense as it is incurred. <br />and the current year accrual, <br />Interest payable: <br />Net accrued bond interest payable <br />based on when they are paid. The statement of <br />This is the net number of the previous year accrual <br />Special assessment revenues <br />Revenues collected on special assessments are reported in the governmental funds. However, in the <br />statement of activities, the assessment revenues are recognized when they are earned. <br />Special assessment revenues <br />Internal service funds operating loss <br />The assets and liabilities of the internal service funds are included in governmental activities in the <br />statement of net assets because they primarily serve governmental activities of the County. The net <br />costs of the internal service funds are reported with governmental activities. <br />ob Internal service funds operating gain 3.973,053 <br />Accrued grant revenues <br />Some grant revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued grant revenues (4.782,638) <br />Accrued interest revenues <br />Some interest revenues are not recognized in the current period because the resources are not available; <br />therefore, these revenues are not reported in the fund. This number is a net number of prior year accrual <br />and current year accrual. <br />Net accrued interest revenues (628.307) <br />Reclassification and Eliminations <br />The general fund recognizes revenues in the amount of $3,198,281 for the general administrative <br />AN charges to the general government, public safety, and transportation functions. These revenues and <br />expenditures must be eliminated to avoid double counting. Transfers in and transfers out in the amount <br />of $19,511,293 between governmental activities should be eliminated. Capital projects costs in the <br />Ab amount of $42,489,997 must be distributed to the related expenditure functions. <br />59 <br />