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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 /> ANN <br /> Long-Term Debt Transactions — Continued <br /> Governmental funds report interest expenditures based on when they are paid . The statement of <br /> activities reports interest expense as it is incurred . This is the net number of the previous year accrual <br /> and the current year accrual . <br /> Interest payable : <br /> Net accrued bond interest payable 34 860 <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 85 868 <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 /> 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 /> 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 /> amount of $ 42 ,489 , 997 must be distributed to the related expenditure functions . <br /> 59 <br />