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CABARR US COUNTY TO URISM A UTHORITY <br /> d/b/a CABARR US COUNTY CONVENTION AND VISITORS B UREA U <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> June 30, 2016 <br /> As management of the Cabarrus County Tourism Authority d/b/a/ Cabarrus County Convention and Visitors <br /> Bureau (the "Bureau"), we offer readers of the Bureau's financial statements this narrative overview and analysis <br /> of the financial activities of the Bureau for the fiscal year ended June 30, 2016. We encourage readers to read the <br /> information presented here in conjunction with additional information that we have furnished in the Bureau's <br /> financial statements and notes, which follow this narrative. <br /> Financial Highlights <br /> • The assets and deferred outflows of resources of the Bureau exceed the liabilities and deferred inflows of <br /> resources at the close of the fiscal year by$3,538,406 (Net Position). <br /> • The Bureau's total Net Position increased by $859,882 due primarily to increase in Occupancy Tax <br /> revenues. <br /> • The Bureau's total fund balance of$3,538,406 at the end of the year is made of restricted Tourism Capital <br /> Reserves fund of $1,621,041, restricted Sports Development of $176,890, Net Investment in Capital <br /> Assets of$242,247, and unrestricted of$1,498,228. <br /> • The Bureau's revenues increased 10.9%, or $536,137 from the prior fiscal year mainly from increases in <br /> Occupancy Tax revenues. Expenses increased by 9,53%, or $396,822 primarily due to increases in Sales <br /> and Marketing. <br /> Page 5 <br /> Attachment number 1 \n <br /> 1-5 Page 148 <br />