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COMPREHENSIVE ANNUAL FINANCIAL REPORT
ESCAMBIA COUNTY, FLORIDA 
NOTES TO COMBINED FINANCIAL STATEMENTS (CONTINUED) 
SEPTEMBER 30, 2011 
42 
Summary financial statements as of September 30, 2011 for the joint ventures are as follows: 
STATEMENTS OF NET ASSETS
SEPTEMBER 30, 2011
HRC
PEDC
Assets and other debits
$22,263
$11,921,671
Liabilities
7,033
11,585,844
Net assets
  Invested in capital assets
1,552
0
  Restricted
0
61,198
  Unrestricted
13,678
274,629
     Total net assets
$15,230
$335,827
STATEMENTS OF ACTIVITIES
FISCAL YEAR ENDED
SEPTEMBER 30, 2011
HRC
PEDC
Revenues
$270,287
$270,629
Expenses
(280,724)
(274,998)
Change in net assets
(10,437)
(4,369)
Net assets beginning
25,667
340,196
Net assets ending
$15,230
$335,827
B.
Basic Financial Statements – Government‐Wide and Fund Financial Statements  
The basic financial statements consist of the government‐wide (based on the County as a whole, including its 
component units) and fund financial statements.  Both sets of statements categorize primary activities as either 
governmental or business‐type activities. 
The government‐wide financial statements include a Statement of Net Assets and a Statement of Activities which 
report on the government as a whole and provide a consolidated financial picture of the government.  For the 
most part, interfund activities are eliminated to avoid distorted financial results.  The amounts reported as internal 
balances represent the residual amounts due between governmental and business‐type activities.  Fiduciary funds 
of the government are also eliminated from this presentation since these resources are not available for general 
government funding purposes.    
The Statement of Activities reports functional categories of programs provided by the County and demonstrates 
how and to what degree those programs are supported by specific revenue.  
Governmental activities
, which 
normally are supported by taxes and intergovernmental revenues, are reported separately from 
business‐type 
activities
, which rely to a significant extent on external fees and charges for support.  Likewise, the primary 
government is reported separately from certain legally separate component units for which the primary 
government is financially accountable. 
The statement of activities demonstrates the degree to which the direct expenses of a given program are 
supported by specific revenues.  
Direct expenses
 are those that are clearly identifiable with a specific program.  
Program revenues
 include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, 
services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted