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CABARRUS COUNTY TO URISM A UTHORITY d/b/a CABARRUS COUNTY CONVENTION AND VISITORS B UREA U NOTES TO FINANCIAL STATEMENTS For the Year Ended June 30, 2016 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) Assets, Liabilities and Fund Equity (cont'd) that meets the criterion for this category—deferrals of pension expense that result from the implementation of GASB Statement 68. 6. Compensated Absences The paid time off(PTO) policy of the Bureau provides for the accumulation of up to 240 hours earned leave with such leave being fully vested when earned. For the Bureau's government-wide fund, an expense and a liability for compensated absences and the salary-related payments are recorded as the leave is earned. The Bureau has assumed a last-in, first-out method of using accumulated compensation time. The portion of that time that is estimated to be used in the next fiscal year has been designated as a current liability in the government-wide financial statements. 7. Net Position/Fund Balances Net Position Net position in the government-wide financial statements is classified as net investments in capital assets, restricted and unrestricted. Restricted net position represent constraints on resources that are either externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments or imposed by law through state statute. Fund Balances In the governmental fund financial statements, fund balance is composed of five classifications designed to disclose the hierarchy of constraints placed on how fund balance can be spent. The governmental fund type classifies fund balances as follows: Non-spendable Fund Balance — This classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted Fund Balance — This classification includes amounts that are restricted to specific purposes externally imposed by creditors or imposed by law. Committed Fund Balance—Portion of fund balance that can only be used for specific purposes imposed by majority vote by quorum of the Bureau's governing body (highest level of decision-making authority). Any changes or removal of specific purpose requires majority action by the governing body. Assigned Fund Balance—Portion of fund balance that the Bureau intends to use for specific purposes. -Continued- 20 Attachment number 1 \n 1-5 Page 163