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Exhibit 3
<br />Cabarrus County, North Carolina
<br />Balance Sheet
<br />Governmental Funds
<br />June 30, 2012
<br />MajorNon-Major
<br />OtherTotal
<br />Certificates ofQualified SchoolGovernmental Governmental
<br />GeneralParticipation 2009Construction BondsFundsFunds
<br />Assets
<br />Cash and cash equivalents$69,111,179$ -$ 16,558,360-$ $ 85,669,539
<br />Restricted cash 192 7,900,906 10,597,664 100,058 18,598,820
<br />Receivables (net of allowance for uncollectibles)
<br />Accounts receivable 3,441,301 - - 556,837 3,998,138
<br />Customers 1,634,021 - - 1,634,021-
<br />Property taxes 4,737,092 - - 4,737,092-
<br />Interest 75,350 - - 7,232 82,582
<br />Due from other funds 1,910,110 1,910,110-
<br />Due from other governments 7,263,931 - - 7,263,931-
<br />Prepaid items 69,378 - - 200 69,578
<br />Notes receivable - - - 720,000 720,000
<br />Inventories 129,431 - - - 129,431
<br />Total assets $88,371,985$ 7,900,906$ 10,597,664$ 17,942,687$ 124,813,242
<br />Liabilities and Fund Balances
<br />Liabilities:
<br />Accounts payable and accrued
<br /> liabilities5,554,924$ 50,856$ 1,661,978$ 1,441,963$ 8,709,721$
<br />Contract retainages1,716 50,000 106,571 43,685 201,972
<br />Due to other funds- 1,890,742 - 19,368 1,910,110
<br />Deferred revenue6,371,113 - - - 6,371,113
<br />Unearned revenue410,997 - - - 410,997
<br />Total liabilities12,338,750 1,991,598 1,768,549 1,505,016 17,603,913
<br />Fund Balances:
<br />Nonspendable:
<br /> Inventories129,431 - - - 129,431
<br /> Prepaid items69,378 - - 200 69,578
<br /> Notes receivable- - - 648,000 648,000
<br />Restricted:
<br /> Stabilization by State Statute12,690,692 - - 636,069 13,326,761
<br /> General government- - - 212,608 212,608
<br /> Public safety- - - 2,445,968 2,445,968
<br /> Education- 5,909,308 8,829,115 1,774,711 16,513,134
<br /> Culture & recreation- - - 3,886 3,886
<br />Committed:
<br /> General government6,606 - - 1,550,117 1,556,723
<br /> Public safety- - - 2,353,670 2,353,670
<br /> Economic & physical development- - - 591,236 591,236
<br /> Environmental protection - - - 34,955 34,955
<br /> Human services - - - 1,223,834 1,223,834
<br /> Education - - - 280,043 280,043
<br /> Culture & recreation - - - 4,424,643 4,424,643
<br />Assigned:
<br /> General government 4,215,814 - - 4,215,814-
<br /> Public safety 611,494 - - 66,418 677,912
<br /> Economic & physical development 2,014,800 - - 2,014,800-
<br /> Environmental protection 1,383,315 - - 1,383,315-
<br /> Human services 754,804 - - - 754,804
<br /> Education 8,169,011 - - 8,169,011-
<br /> Culture & recreation 287,337 - - 483,337 770,674
<br />Unassigned 45,700,553 - - (292,024) 45,408,529
<br />Total fund balances 76,033,235 5,909,308 8,829,115 16,437,671 107,209,329
<br />Total liabilities and fund balances$88,371,985$ 7,900,906$ 10,597,664$ 17,942,687
<br />Amounts reported for governmental activities in the statement of net assets are different because:
<br />Capital assets used in governmental activities are not financial resources and,
<br /> therefore, are not reported in the funds
<br /> Government capital assets 262,870,637
<br /> Less accumulated depreciation (45,812,307) 217,058,330
<br />Other assets used in governmental activities are not financial resources and,
<br /> therefore are not reported in the governmental funds
<br /> Deferred Revenue 6,371,113
<br /> Debt Issuance Costs9,610,224
<br /> Current Year Amortization (1,328,036) 8,282,188
<br /> Premium on Debt Issuance (14,921,286)
<br /> Current Year Amortization 2,221,746 (12,699,540)
<br />Internal service funds are used by management to charge the costs of workers' compensation
<br /> and self-insured hospitalization to individual departments. 2,269,491
<br />Long-term liabilities, including bonds payable and other postemployment benefits, are not
<br /> due and payable in the current period and therefore are not reported in the funds.
<br /> Bonds and Other Debt Payable (376,781,107)
<br /> Accrued Interest (5,011,269)
<br /> Compensated Absences (3,315,207)
<br /> LEO Pension Obligation (220,616)
<br /> OPEB Obligation (8,255,957) (393,584,156)
<br />Net assets of governmental activities$ (65,093,245)
<br />The notes to the financial statements are an integral part of this statement.
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