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Cabarrus County's Capital Assets
<br />(net of accumulated depreciation)
<br />Figure 4
<br />Governmental Business -type
<br />Additional information on the County's capital assets can be found in note 2 section E of the Basic
<br />Financial Statements.
<br />Long -term Debt. As of June 30, 2012, Cabarrus County had total debt outstanding of $376,781,107 of
<br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all
<br />other debt is covered by pledged collateral and is subject to appropriation.
<br />Cabarrus County's Outstanding Debt
<br />All Debt Funding Sources
<br />Figure 5
<br />Governmental
<br />Activities
<br />2012 2011
<br />General obligation bonds
<br />Activities
<br />Activities
<br />Capital lease obligations
<br />Total
<br />3,102,621
<br />Certificates of participation /Limited Obligation Bonds
<br />2012
<br />2011
<br />2012
<br />2011
<br />2012
<br />2011
<br />Land
<br />$ 24,009,781
<br />$ 24,009,781
<br />$ 490,447 $
<br />490,447
<br />$ 24,500,228
<br />$ 24,500,228
<br />Land Improvements
<br />4,018,409
<br />4,282,568
<br />766,482
<br />842,857
<br />4,784,891
<br />5,125,425
<br />Buildings
<br />85,153,259
<br />87,103,964
<br />1,092,111
<br />1,124,715
<br />86,245,370
<br />88,228,679
<br />Building Improvements
<br />14,501,325
<br />12,779,927
<br />3,976
<br />4,113
<br />14,505,301
<br />12,784,040
<br />Equipment
<br />4,543,432
<br />4,586,849
<br />19,820
<br />42,426
<br />4,563,252
<br />4,629,275
<br />Furniture and Fixtures
<br />58,358
<br />98,496
<br />-
<br />-
<br />58,358
<br />98,496
<br />Vehicles
<br />3,068,280
<br />3,289,387
<br />876,130
<br />1,121,197
<br />3,944,410
<br />4,410,584
<br />Reservoir
<br />21,395,482
<br />21,417,248
<br />-
<br />-
<br />21,395,482
<br />21,417,248
<br />Construction in progress
<br />60,310,004
<br />61,357,015
<br />352,677
<br />352,677
<br />60,662,681
<br />61,709,692
<br />Total
<br />$ 217,058,330
<br />$ 218,925,235
<br />$ 3,601,643 $
<br />3,978,432
<br />$ 220,659,973
<br />$ 222,903,667
<br />Additional information on the County's capital assets can be found in note 2 section E of the Basic
<br />Financial Statements.
<br />Long -term Debt. As of June 30, 2012, Cabarrus County had total debt outstanding of $376,781,107 of
<br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all
<br />other debt is covered by pledged collateral and is subject to appropriation.
<br />Cabarrus County's Outstanding Debt
<br />All Debt Funding Sources
<br />Figure 5
<br />Governmental
<br />Activities
<br />2012 2011
<br />General obligation bonds
<br />$ 98,695,000
<br />$ 105,660,000
<br />Capital lease obligations
<br />3,531,107
<br />3,102,621
<br />Certificates of participation /Limited Obligation Bonds
<br />274,555,000
<br />294,315,000
<br />Installment financing
<br />-
<br />11,122,572
<br />Total
<br />$376,781,107
<br />$ 414,200,193
<br />As mentioned in the financial highlights section of this document, Cabarrus County maintained for the 3rd
<br />consecutive year its Aa1 rating from Moody's and an AA+ rating from Fitch. For the 4th consecutive year,
<br />a rating of AA+ from Standard and Poor's has been maintained. These bond ratings are a clear indication
<br />of the sound financial condition of Cabarrus County.
<br />The State of North Carolina limits the amount of general obligation debt that a unit of government can
<br />issue to 8 percent of the total assessed value of taxable property located within that government's
<br />boundaries. The legal debt margin for Cabarrus County is $1,303,548,780. Additional information
<br />regarding Cabarrus County's long -term obligations can be found beginning in note 2 section J of this
<br />report.
<br />Economic Factors and Next Year's Budgets and Rates
<br />Cabarrus County is a part of the Charlotte Metropolitan Statistical Area (MSA), which before the current
<br />economic downturn, has proved beneficial in that the County has continued to experience economic
<br />growth during national and state economic downturns. As a direct result of current economic conditions,
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