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Exhibit 1
<br />Cabarrus County, North Carolina
<br />Statement of Net Assets
<br />June 30, 2012
<br />Primary Government
<br />Governmental
<br />Business -Type
<br />Component
<br />Activities
<br />Activities
<br />Total
<br />Unit
<br />Assets
<br />Cash and cash equivalents
<br />$ 89,786,515
<br />$ 3,533,388
<br />$ 93,319,903
<br />$ 4,824,173
<br />Receivables (net of allowance for
<br />uncollectibles):
<br />Accounts receivable
<br />3,999,878
<br />1,684
<br />4,001,562
<br />3,274,388
<br />Customers
<br />1,634,021
<br />45,991
<br />1,680,012
<br />494,795
<br />Interest
<br />259,536
<br />3,065
<br />262,601
<br />-
<br />Property taxes
<br />4,737,092
<br />-
<br />4,737,092
<br />-
<br />Due from other governments
<br />7,263,931
<br />65,164
<br />7,329,095
<br />423,115
<br />Inventories
<br />129,431
<br />-
<br />129,431
<br />-
<br />Prepaid items
<br />187,921
<br />187,921
<br />70,326
<br />Restricted cash and cash equivalents
<br />18,598,820
<br />18,598,820
<br />-
<br />Deferred charges
<br />8,282,188
<br />8,282,188
<br />Notes Receivable
<br />720,000
<br />-
<br />720,000
<br />Capital Assets not being depreciated:
<br />Land
<br />24,009,781
<br />490,447
<br />24,500,228
<br />Construction in Progress
<br />60,310,004
<br />352,677
<br />60,662,681
<br />-
<br />Capital Assets net of accumulated
<br />depreciation:
<br />Land Improvements
<br />4,018,409
<br />766,482
<br />4,784,891
<br />298,132
<br />Buildings and Building Improvements
<br />99,654,584
<br />1,096,087
<br />100,750,671
<br />-
<br />Reservoir
<br />21,395,482
<br />-
<br />21,395,482
<br />-
<br />Furniture and Fixtures
<br />58,358
<br />-
<br />58,358
<br />224,660
<br />Equipment
<br />4,543,432
<br />19,820
<br />4,563,252
<br />616,802
<br />Vehicles and Motorized Equip
<br />3,068,280
<br />876,130
<br />3,944,410
<br />12,780
<br />Total assets
<br />352,657,663
<br />7,250,935
<br />359,908,598
<br />10,239,171
<br />Liabilities
<br />Accounts payable and other
<br />current liabilities
<br />10,679,650
<br />94,725
<br />10,774,375
<br />1,364,996
<br />Unearned revenues
<br />410,997
<br />-
<br />410,997
<br />-
<br />Accrued interest payable
<br />5,185,862
<br />5,185,862
<br />Retainage payable
<br />201,972
<br />-
<br />201,972
<br />-
<br />Long -term liabilities:
<br />Due within one year
<br />28,620,201
<br />194,816
<br />28,815,017
<br />510,214
<br />Due in more than one year
<br />372,652,226
<br />3,314,716
<br />375,966,942
<br />546,461
<br />Total long -term liabilities
<br />401,272,427
<br />3,509,532
<br />404,781,959
<br />1,056,675
<br />Total liabilities
<br />417,750,908
<br />3,604,257
<br />421,355,165
<br />2,421,671
<br />Net Assets
<br />Invested in Capital Assets,
<br />(net of related debt)
<br />123,980,302
<br />3,601,643
<br />127,581,945
<br />1,152,374
<br />Restricted for :
<br />Stabilization by State Statute
<br />13,326,761
<br />-
<br />13,326,761
<br />3,757,601
<br />General Government
<br />212,608
<br />212,608
<br />-
<br />Public Safety
<br />2,445,968
<br />2,445,968
<br />-
<br />Human Services
<br />-
<br />-
<br />320,000
<br />Education
<br />16,513,134
<br />16,513,134
<br />-
<br />Culture & Recreation
<br />3,886
<br />-
<br />3,886
<br />-
<br />Unrestricted
<br />(221,575,904)
<br />45,035
<br />(221,530,869)
<br />2,587,525
<br />Total net assets
<br />$ (65,093,245)
<br />$ 3,646,678
<br />$ (61,446,567)
<br />$ 7,817,500
<br />The notes to the financial statements are an
<br />integral part of this statement.
<br />25
<br />Attachment number 1
<br />1 -3
<br />Page 280
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