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Exhibit 1
<br />Cabarrus County, North Carolina
<br />Statement of Net Assets
<br /> June 30, 2012
<br />Primary Government
<br />Governmental Business-TypeComponent
<br />ActivitiesActivitiesTotalUnit
<br />Assets
<br />Cash and cash equivalents$ 89,786,515$ 3,533,388$ 93,319,903$ 4,824,173
<br />Receivables (net of allowance for
<br /> uncollectibles):
<br />Accounts receivable 3,999,878 1,684 4,001,562 3,274,388
<br />Customers 1,634,021 45,991 1,680,012 494,795
<br />Interest 259,536 3,065 262,601 -
<br />Property taxes 4,737,092 - 4,737,092 -
<br />Due from other governments 7,263,931 65,164 7,329,095 423,115
<br />Inventories 129,431 - 129,431 -
<br />Prepaid items 187,921 - 187,921 70,326
<br />Restricted cash and cash equivalents 18,598,820 - 18,598,820 -
<br />Deferred charges 8,282,188 - 8,282,188 -
<br />Notes Receivable 720,000 - 720,000 -
<br />Capital Assets not being depreciated:
<br /> Land 24,009,781 490,447 24,500,228 -
<br /> Construction in Progress 60,310,004 352,677 60,662,681 -
<br />Capital Assets net of accumulated
<br /> depreciation:
<br /> Land Improvements 4,018,409 766,482 4,784,891 298,132
<br /> Buildings and Building Improvements 99,654,584 1,096,087 100,750,671 -
<br /> Reservoir 21,395,482 - 21,395,482 -
<br /> Furniture and Fixtures 58,358 - 58,358 224,660
<br /> Equipment 4,543,432 19,820 4,563,252 616,802
<br /> Vehicles and Motorized Equip 3,068,280 876,130 3,944,410 12,780
<br />Total assets 352,657,663 7,250,935 359,908,598 10,239,171
<br />Liabilities
<br />Accounts payable and other
<br /> current liabilities10,679,650 94,725 10,774,375 1,364,996
<br />Unearned revenues410,997 - 410,997 -
<br />Accrued interest payable5,185,862 - 5,185,862 -
<br />Retainage payable201,972 - 201,972 -
<br />Long-term liabilities:
<br />Due within one year28,620,201 194,816 28,815,017 510,214
<br />Due in more than one year372,652,226 3,314,716 375,966,942 546,461
<br /> Total long-term liabilities401,272,427 3,509,532 404,781,959 1,056,675
<br />Total liabilities417,750,908 3,604,257 421,355,165 2,421,671
<br />Net Assets
<br /> Invested in Capital Assets,
<br /> (net of related debt)123,980,302 3,601,643 127,581,945 1,152,374
<br /> Restricted for :
<br /> Stabilization by State Statute13,326,761 - 13,326,761 3,757,601
<br /> General Government212,608 - 212,608 -
<br /> Public Safety2,445,968 - 2,445,968 -
<br /> Human Services- - - 320,000
<br /> Education16,513,134 - 16,513,134 -
<br /> Culture & Recreation3,886 - 3,886 -
<br /> Unrestricted (221,575,904) 45,035 (221,530,869) 2,587,525
<br />Total net assets(65,093,245)$ 3,646,678$ (61,446,567)$ 7,817,500$
<br />The notes to the financial statements are an integral part of this statement.
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