Cabarrus County Comprehensive Annual Financial Report

Home Browse Search

Required Components of Annual Financial Report (Figure 1) Management’sBasic Discussion and Financial Analysis Statements Government-wideFundNotes to the Financial Financial Financial StatementsStatementsStatements Summary Detail Basic Financial Statements Government-wide The first two statements (Exhibits 1 and 2) in the basic financial statements are the Financial Statements . They provide both short and long-term information about the County’s financial status. Fund Financial Statements The next statements (Exhibits 3 through 10) are. These statements focus on the activities of the individual parts of the County’s government. These statements provide more detail than the government-wide statements. There are four parts to the Fund Financial Statements: 1) the governmental funds statements; 2) the budgetary comparison statements; 3) the proprietary fund statements; and 4) the fiduciary fund statements. notes The next section of the basic financial statements is the . The notes to the financial statements supplemental explain in detail some of the data contained in those statements. After the notes, information is provided to show details about the County’s general fund, non-major governmental funds and internal service funds, all of which are added together in one column on the basic financial statements. Budgetary information required by the General Statutes also can be found in this part of the statements. Following the notes is the required supplemental information. This section contains funding information about the County’s pension plans and other post employment benefits. Government-wide Financial Statements The government-wide financial statements are designed to provide the reader with a broad overview of the County’s finances, similar in format to a financial statement of a private-sector business. The government-wide statements provide short and long-term information about the County’s financial status as a whole. The two government-wide statements report the County’s net assets and how they have changed. Net assets are the difference between the County’s total assets and total liabilities. Measuring net assets is one way to gauge the County’s financial condition. The government-wide statements are divided into three categories: 1) governmental activities; 2) business-type activities; and 3) component units. The governmental activities include most of the County’s basic services such as public safety, parks and recreation, and general administration. Property taxes and State and federal grant funds finance most of these activities. The business-type activities are those that the County charges customers to provide. The only business-type activity fund is the Landfill operations. Cabarrus Health Alliance was incorporated under the hospital authority act to provide public health care to the citizens and residents of the County. The Chairperson of the Board of Commissioners for Cabarrus County appoints the members of the board of the Health Alliance. 16