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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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CABARRUS COUNTY TOURISM AUTHORITY <br /> d/b/a CABARRUS COUNTY CONVENTIONAND VISITORS BUREAU <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended.Tune 30, 2016 <br /> NOTE, 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) <br /> C. Measurement Focus and Basis of Accounting <br /> Government-Wide Financial Statements. The government-wide financial statements are <br /> reported using the economic resources measurement focus and the accrual basis of <br /> accounting. Revenues are recorded when earned and expenses are recorded at the time <br /> liabilities are incurred, regardless of when the related cash flows take place. <br /> Governmental Fund Financial Statements. Governmental funds are reported using the <br /> current financial resources measurement focus and the modified accrual basis of <br /> accounting. Under this method, revenues are recognized when measurable and available. <br /> Expenditures are recorded when the related fund liability is incurred. <br /> The Bureau recognizes assets of nonexchange transactions in the period when the <br /> underlying transaction occurs, when an enforceable legal claim has arisen, or when all <br /> eligibility requirements are met. Revenues are recognized on the modified accrual basis of <br /> accounting when they are measurable and available. Nonexchange transactions occur <br /> when a government provides (or receives) value to (or from) another party without <br /> receiving (or giving) equal or nearly equal value in return. The Bureau considers all <br /> revenues available if they are collected within 60 days after year end. <br /> The Bureau has implemented Governmental Accounting Standards Board GASB <br /> Statement Number 34, Basic Financial Statements — and Management's Discussion and <br /> Analysis —for State and Local Governments, and related standards. These new standards <br /> provide for significant changes in terminology and presentation and for the inclusion of <br /> Management's Discussion and Analysis as required supplementary information. <br /> D. Budgetary Data <br /> BB udjzet <br /> Budgets are adopted as required by North Carolina General Statutes. An annual budget <br /> ordinance is adopted for the General Fund. All annual appropriations lapse at fiscal year <br /> end. The budget is prepared using the modified accrual basis of accounting. Expenditures <br /> may not legally exceed appropriations at the departmental level for all annually budgeted <br /> fiords. Any revisions that alter total expenditures of any fund must be approved by the <br /> governing board. During the year, several amendments to the original budget were <br /> necessary. The budget ordinance must be adopted by July 1 of the fiscal year or the <br /> governing board must adopt an interim budget that covers that time until the annual <br /> ordinance can be adopted. <br /> E. Assets,Liabilities and Fund Equity <br /> 1. Deposits and Investments <br /> All deposits of the Bureau are made in Board-designated official depositories and are <br /> secured as required by G.S. 159-31. The Bureau may designate as an official <br /> depository any bank or savings association whose principal office is located in North <br /> -Continued- <br /> 18 <br /> Attachment number 1 \n <br /> 1-5 Page 161 <br />
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