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