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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2003 <br /> NOTE 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL 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 1 » <br /> g ($ 30,088 , 531 ) differs from net assets of governmental <br /> activities ($360,268 ,246) reported in the statement of net assets . This difference primarily results from the long-term <br /> economic focus of the statement of net assets versus the current financial resources focus of the governmental fund <br /> balance sheet. <br /> Capital related items <br /> When capital assets (property, plant, equipment) that are to be used in governmental activities are purchased or <br /> constructed, the cost of those assets are reported as expenditures in governmental funds . However, the state- <br /> ment of net assets included those capital assets among the assets of the County as a whole . <br /> Cost of capital assets $383 , 763 ,220 <br /> Accumulated depreciation ( 122 ,2525931 ) <br /> Total $261 , 510 ,289 <br /> LonjZ-term debt transactions <br /> Long-term liabilities applicable to the County 's governmental activities are not due and payable in the current period <br /> and accordingly are not reported as fund liabilities . All liabilities (both current and long-term) are reported in the <br /> statement of net assets . Balances at September 30, 2002 were : <br /> Bonds Payable : <br /> General Obligation Bonds, Series 2001 $ (9, 925 , 000) <br /> General Obligation Refunding Bonds, Series 2003 (7 , 8007000) <br /> Spring Training Facility Bonds, Series 2001 ( 1559909000) <br /> Capital leases (417, 518 ) <br /> Compensated absences (3 , 715 , 344) <br /> Total $(3758479862) <br /> Accrued interest <br /> Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds due to accrued <br /> interest on General Obligation Bonds, Series 2003 , General Obligation Bonds, Series 2001 , Spring Training Facility <br /> Bonds, Series 2001 , and capital leases . <br /> Bonds $ ( 1385889) <br /> Capital leases ( 109303 ) <br /> Total $ ( 149, 192) <br /> 48 <br />