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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 TOURISM AUTHORITY <br /> d/b/a CABARR US COUNTY CONVENTION AND VISITORS B UREA U <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 2 - DETAIL NOTE ON ALL FUNDS AND ACCOUNT GROUPS (cont'd) <br /> D. Liabilities <br /> Risk Mana eg ment <br /> The Bureau is exposed to various risks of loss related to torts, theft of assets, errors and <br /> omissions, and natural disasters. The Finance Director of the Bureau is bonded by a public <br /> official's bond in the amount of$50,000. <br /> The Bureau's insurance policy is administered by Trey Siner Insurance Group. Through <br /> this policy, the Bureau has workers' compensation coverage up to statutory limits and <br /> employers' liability coverage up to $1,000,000. The Bureau also participates in an <br /> insurance policy for General Liability coverage up to $1,000,000 and Directors and <br /> Officers liability coverage up to $1,000,000. <br /> The Bureau has not acquired flood insurance. <br /> Changes in Long-Term Liabilities as follows: <br /> Balance July 1, Balance Current <br /> Governmental 2015- June 30, Portion of <br /> activities: as restated Increases Decreases 2016 Balance <br /> Compensated absences $49,522 $1,413 $ - $50,935 $50,935 <br /> Governmental activities <br /> long-term liabilities $49,522 $1,413 $ - $50,935 $50,935 <br /> E. Occupancy Taxes <br /> Cabarrus County, in accordance with state law(S.L. 1999-112), transfers the proceeds of a <br /> room occupancy tax gross receipts derived from the rental of any room, lodging, or <br /> accommodation furnished by a hotel, motel, inn, tourist camp, or similar place within the <br /> County that is subject to sales tax imposed by the state under G.S. 105-164.4(a)(3). This <br /> tax is in addition to any state or local sales tax. This tax does not apply to <br /> accommodations furnished by nonprofit, charitable, educational, or religious Bureaus. <br /> The occupancy tax transferred from Cabarrus County represents 99% of total revenues and <br /> other financing sources of the Bureau. <br /> F. Restated Fund Balance <br /> The Bureau's fund balance at June 30, 2015 was restated in Exhibit 4 as follows: <br /> Fund balance, beginning of year $ 2,814,157 <br /> Capital asset, net balance improperly included in the financial <br /> statements for the year ended June 30, 2015 ( 253,440) <br /> Fund balance, beginning of year —as restated 2 6 17 <br /> -Continued- <br /> 23 <br /> Attachment number 1 \n <br /> 1-5 Page 166 <br />
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