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Cabarrus County, North Carolina <br />Notes to the Financial Statements <br />For the Year Ended June 30, 2012 <br />amount in the Fund at the end of the preceding calendar year into equal shares to be disbursed as monthly <br />benefits. The remaining seven percent (7%) of the Fund's assets may be used by the State Treasurer in <br />administering the Fund. For the fiscal year ended June 30, 2012, the County's required and actual contributions <br />were $17,501. <br /> <br />8. Effects of Subsequent Events <br />On August 24, 2012, the County’s Adequate Public Facilities Ordinance (APFO) was declared invalid by the North <br />Carolina Supreme Court. APFO fees were collected from residential developers to help mitigate the cost of <br />building schools. The settlement of this case is still pending, however, the County has Assigned Fund Balance in <br />the amount of $6,639,328 (fees collected but already spent on the construction of schools). The APFO fund still <br />holds $1,776,248 (collected but unspent), therefore funds are available to cover possible refunds to customers. <br />75 <br />