It's the difference between a 23.976 frame rate and real time.
24 fps (23.976) video is always non-drop timecode. There is no standard for 24fps drop frame code. And within Premiere Pro, your are reading the total running time based on non-drop frame timecode - so it is giving a time readout duration based on frames - which does not match real time - since the frames are running slightly slower than real time (23.976 fps as opposed to true 24fps).
Over the period of 30 minutes, this slow frame playback is making the show length run longer in real time by about two seconds per 30 minutes of program length.
This why in NTSC 29.97 and 59.94 video there is drop and non-drop timecode. Drop frame timecode drops timecode numbers at specified intervals over time to compensate for this difference - that the video rate is slightly slower than real time. By dropping a timecode number, the duration amount displayed increases on each dropped timecode number.
In drop frame timecode, when you have a duration of 30 minutes, it coresponds to real time 30 minutes.
Here's the math:
If you had 30 minutes of footage running at true 24 fps - 24fps X 60 seconds = 1440 frames in a minute, 1440 x 30 minutes = 43200 frames in the 30 minute show. (So non-drop TC, which counts the frames without regard to the true playback rate, displays a duration of 30 minutes - 43200 total frames, divided by 24(fps) = 1800 seconds = 30 minutes).
But since the video, is, in fact, running slightly slower, at 23.976, those 43200 frames take longer to play out over time by .024 frame per second of real time. So 43200 (your total show amount of frames) divided by 23.976 (the playout per second frame rate) = 1801.801802 seconds, which is 30 minutes, 1.8 seconds.
Avid used to ( and maybe still does) come with a calculator to make this conversion and to help make the frame count = the desired running time. Both Premiere, and legacy FCP do not - I don't know if FCP-X does.
It should be noted that within commercial spot production, with durations of 30 or 60 seconds, this whole mess is less apparent. It only shows up when you work with program length material. This is why they drop frame timecode was invented.
It doesn't sound like you are aiming for a target show length, like a network time slot that require 28:30:00 on the frame, but if you were, a solution is to tighten up the edit by 1.8 seconds over 30 minutes
MtD