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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARR US COUNTY TOURISMA UTHORITY <br /> d/b/a CABARR US CO UNTY CONVENTION AND VISITORS B UREA U <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> June 30, 2016 <br /> Basic Financial Statements <br /> The first two statements (Exhibits 1 and 2) in the basic financial statements are the Government-wide Financial <br /> Statements. They provide both short and long-term information about the Bureau's financial status. <br /> The next statements (Exhibits 3, 4 and 5) are Fund Financial Statements. These statements provide more detail <br /> than the government-wide statements. <br /> The next section of the basic financial statements is the notes. The notes to the financial statements explain in <br /> detail some of the data contained in those statements. <br /> Government-wide Financial Statements <br /> The government-wide financial statements are designed to provide the reader with a broad overview of the <br /> Bureau's finances, similar in format to a financial statement of a private-sector business. The government-wide <br /> statements provide short and long-term information about the Bureau's financial status as a whole. <br /> The two government-wide statements report the Bureau's Net Position and how they have changed. Net Position <br /> is the difference between the Bureau's total assets and total liabilities. Measuring Net Position is one way to <br /> gauge the Bureau's financial condition. <br /> The government-wide statements are comprised of a single category - governmental activities. The government- <br /> wide financial statements are on Exhibits 1 and 2 of this report. <br /> Fund Financial Statements <br /> The fund financial statements provide a more detailed look at the Bureau's most significant activities. A fund is a <br /> grouping of related accounts that is used to maintain control over resources that have been segregated for specific <br /> activities or objectives. The Bureau, like all governmental entities in North Carolina, uses fund accounting to <br /> ensure and reflect compliance (or non-compliance) with finance-related legal requirements, such as the General <br /> Statutes or the Bureau's budget ordinance. All of the funds of the Bureau belong in one category, governmental <br /> funds. <br /> Governmental Funds-Governmental funds are used to account for those functions reported as governmental <br /> activities in the government-wide financial statements. The Bureau's activities are accounted for in governmental <br /> funds. These fiords focus on how assets can readily be converted into cash flow in and out, and what monies are <br /> left at year-end that will be available for spending in the next year. Governmental funds are reported using the <br /> current financial resources focus and the modified accrual basis of accounting. As a result, the governmental fund <br /> financial statements give the reader a detailed short-term view that helps to determine if there are more or less <br /> financial resources available to finance the Bureau's programs. <br /> Page 7 <br /> Attachment number 1 \n <br /> 1-5 Page 150 <br />
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