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Exhibit 7 <br />Page 2 of 2 <br />Cabarrus County, North Carolina <br />Statement of Revenues, Expenses, And Changes in Fund Net Assets <br />Proprietary Funds <br />For the Year Ended June 30, 2012 <br />Business-typeGovernmental <br />Activities-Activities- <br />LandfillInternal <br />Enterprise Service <br />FundFunds <br />Minor equipment maintenance 210 - <br />Minor office equipment 414 - <br />Permitting fees6,875 - <br />Purchased service96 - <br />Service contracts2,368 - <br />Tire disposal121,584 - <br />Tools and minor equipment1,710 - <br />Waste disposal charges2,912 - <br /> Total other operational expenses816,133 9,466,100 <br />Total operating expenses1,096,968 11,176,750 <br />Operating income (loss)(392,321) (2,919,446) <br />Nonoperating revenues: <br /> Early retiree reinsurance program (EERP) - 96,067 <br /> Landfill disposal tax 40,622 - <br /> Landfill state tax distribution 39,585 - <br />Solid waste franchise fee 50,000 - <br />Tire disposal fees 219,934 - <br /> Investment earnings 8,495 6,391 <br /> Total nonoperating revenues 358,636 102,458 <br />Income or (loss) before nonoperating expenses and transfers (33,685)(2,816,988) <br />Nonoperating expense - loss on disposal <br /> (25,615) - <br />Transfers: <br /> Transfer in - General Fund -2,000,000 <br />Change in net assets (59,300) (816,988) <br />Total net assets, July 13,705,9783,086,479 <br />Total net assets, June 30$3,646,678$2,269,491 <br />The notes to the financial statements are an integral part of this statement. <br />33 <br />