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Indian River County, Florida <br /> Reconciliation of the Statement of Revenues , <br /> Expenditures, and Changes in Fund Balances of Governmental Funds <br /> to the Statement of Activities <br /> For the Year Ended September 30 , 2002 <br /> Net change in fund balances - total governmental funds $ 1110351866 <br /> Amounts reported for governmental activities in the statement of activities are different <br /> because : <br /> Governmental funds report capital outlay as expenditures . However, in the statement of <br /> activities, the cost of those assets is allocated over their estimated useful lives as <br /> depreciation expense . <br /> Expenditures for capital assets 302709897 <br /> Less current year depreciation (7,6555599) 22,615298 <br /> Governmental funds only report the disposal of assets to the extent proceeds are received <br /> from the sale . In the statement of activities, a gain or loss is reported for each disposal . <br /> Land grant to State ( 12459253) <br /> Gain on sale of fixed assets 78,620 <br /> Proceeds on sale of fixed assets (829,585) ( 11996218) <br /> Contributions reported in the statement of activities do not provide current financial <br /> resources , therefore, are not reported as revenues in governmental funds . 12207001 <br /> Debt and capital lease proceeds provide current financial resources to governmental funds, <br /> but debt and capital leases increase long-term liabilities in the statement of net assets . <br /> Bond proceeds ( 11 ,0005000) <br /> Capital lease proceeds (275,000) ( 11275,000) <br /> Repayments of bond principal and capital lease principal are expenditures in the govern- <br /> mental funds, but the repayment reduces long-term liabilities in the statement of net <br /> assets . <br /> Bond principal payment 1 ,7655000 <br /> Capital lease principal payment 464,201 2229201 <br /> Some expenses reported in the statement of activities do not require the use of current <br /> financial resources, therefore, are not reported as expenditures in governmental funds . <br /> Change in compensated absences (258,207) <br /> Accrued bond interest expense (86,567) <br /> Accrued capital lease interest expense (25660) (3475434) <br /> Some revenues reported in the governmental funds have been recognized as revenues in <br /> prior fiscal year in the statement of activities. ( 16274) <br /> Internal service funds are used by management to charge the costs of insurance and fleet <br /> services to individual funds . The net costs of the internal service funds are reported <br /> with governmental activities . (6665400) <br /> Governmental funds report non-exchange transactions when the applicable eligibility <br /> requirements have been met and resources are available . However, in the statement of <br /> activities, non-exchange transactions are recognized when the eligibility requirements <br /> are met. This is the net number of prior year accrual and current year accrual . (915610) <br /> Some interest revenues reported in the statement of activities do not provide current <br /> financial resources, therefore, are not reported as revenues in governmental funds . <br /> This is the net number of prior year accrual and current year accrual . (32,962) <br /> Change in net assets of governmental activities $ 223674,468 <br /> The accompanying notes are an integral part of the financial statements . <br /> 20 <br />