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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 CO UNTY TO URISM A UTHORITY <br /> d/bla CABARR US CO UNTY CONVENTION AND VISITORS B UREA U <br /> MANAGEMENT'S DISCUSSION A ND ANALYSIS <br /> June 30, 2016 <br /> The Bureau adopts an annual budget for its General Fund and Tourism Capital Reserve Fund, as required by the <br /> General Statutes. The budget is a legally adopted document. The budget authorizes the Bureau to obtain funds <br /> from identified sources to finance current period activities. The budgetary statement provided for the General <br /> Fund demonstrates ]tow well the Bureau complied with the budget ordinance. <br /> Notes to the Financial Statements — The notes provide additional information that is essential to fully <br /> understanding data provided in the government-wide and fund financial statements. <br /> Government-Wide Financial Analysis <br /> The Governmental Accounting Standards Board (GASB) Statement 34 dictated the changes you see in the <br /> Bureau's financial reports, as well as in those of many other units of government. <br /> Net Position <br /> Figure 1 <br /> 2016 2015 <br /> Current and other assets $3,511,645 $2,730,485 <br /> Capital assets 242,247 253,799 <br /> Total assets $3,753,892 $2,984,284 <br /> Deferred outflows of resources $ 79,199 $ - <br /> Net pension liability $ 83,701 $ - <br /> Other liabilities 162,253 170,127 <br /> Total liablilities 245,954 170,127 <br /> Net assets; <br /> Net investment in capital assets $ 242,247 $ - <br /> Restricted for Sports Development 176,890 176,890 <br /> Restricted for Tourism Development 1,621,041 - <br /> Unrestricted 1,498,228 2,637,267 <br /> Net position $3,538,406 $2,814,157 <br /> As noted earlier, Net Position may serve over time as one useful indicator of a government's financial condition. <br /> The assets of the Bureau exceeded liabilities by $3,538,406 as of June 30, 2016. The Bureau's Net Position <br /> increased by $859,882 for the fiscal year ended June 30, 2016. <br /> Page 8 <br /> Attachment number 1 \n <br /> 1-5 Page 151 <br />
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