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Cabarrus County, North Carolina
<br />Balance Sheet
<br />Governmental Funds
<br />June 30, 2012
<br />Exhibit 3
<br />Total fund balances 76,033,235 5,909,308
<br />8,829,115 16,437,671
<br />107,209,329
<br />Total liabilities and fund balances $ 88,371,985 $ 7.900.906 $
<br />10,597.664 $ 17.942.687
<br />Other
<br />Total
<br />Certificates of
<br />Qualified School
<br />Governmental
<br />Governmental
<br />General
<br />Participation 2009
<br />Construction Bonds
<br />Funds
<br />Funds
<br />Assets
<br />Other assets used in governmental activities are not financial resources and,
<br />therefore are not reported in the governmental funds
<br />Cash and cash equivalents
<br />$ 69,111,179
<br />$ -
<br />$ -
<br />$
<br />16,558,360
<br />$ 85,669,539
<br />Restricted cash
<br />192
<br />7,900,906
<br />10,597,664
<br />100,058
<br />18,598,820
<br />Receivables (net of allowance for uncollectibles)
<br />Internal service funds are used by management to charge the costs of workers' compensation
<br />and self- insured hospitalization to individual departments.
<br />2,269,491
<br />Accounts receivable
<br />3,441,301
<br />-
<br />-
<br />556,837
<br />3,998,138
<br />Customers
<br />1,634,021
<br />-
<br />-
<br />-
<br />1,634,021
<br />Property taxes
<br />4,737,092
<br />-
<br />-
<br />OPEB Obligation
<br />-
<br />4,737,092
<br />Interest
<br />75,350
<br />-
<br />-
<br />7,232
<br />82,582
<br />Due from other funds
<br />1,910,110
<br />-
<br />1,910,110
<br />Due from other governments
<br />7,263,931
<br />-
<br />-
<br />-
<br />7,263,931
<br />Prepaid items
<br />69,378
<br />-
<br />-
<br />200
<br />69,578
<br />Notes receivable
<br />-
<br />-
<br />-
<br />720,000
<br />720,000
<br />Inventories
<br />129,431
<br />129,431
<br />Total assets
<br />$ 88,371,985
<br />$ 7,900,906
<br />$ 10,597,664
<br />$
<br />17,942,687
<br />$ 124,813,242
<br />Liabilities and Fund Balances
<br />Liabilities:
<br />Accounts payable and accrued
<br />liabilities
<br />$ 5,554,924
<br />$ 50,856
<br />$ 1,661,978
<br />$
<br />1,441,963
<br />$ 8,709,721
<br />Contract retainages
<br />1,716
<br />50,000
<br />106,571
<br />43,685
<br />201,972
<br />Due to other funds
<br />-
<br />1,890,742
<br />-
<br />19,368
<br />1,910,110
<br />Deferred revenue
<br />6,371,113
<br />-
<br />-
<br />-
<br />6,371,113
<br />Unearned revenue
<br />410,997
<br />410,997
<br />Total liabilities
<br />12,338,750
<br />1,991,598
<br />1,768,549
<br />1,505,016
<br />17,603,913
<br />Fund Balances:
<br />Nonspendable:
<br />Inventories
<br />129,431
<br />-
<br />-
<br />-
<br />129,431
<br />Prepaid items
<br />69,378
<br />-
<br />-
<br />200
<br />69,578
<br />Notes receivable
<br />-
<br />-
<br />-
<br />648,000
<br />648,000
<br />Restricted:
<br />Stabilization by State Statute
<br />12,690,692
<br />-
<br />-
<br />636,069
<br />13,326,761
<br />General government
<br />-
<br />-
<br />-
<br />212,608
<br />212,608
<br />Public safety
<br />-
<br />-
<br />-
<br />2,445,968
<br />2,445,968
<br />Education
<br />-
<br />5,909,308
<br />8,829,115
<br />1,774,711
<br />16,513,134
<br />Culture & recreation
<br />-
<br />-
<br />-
<br />3,886
<br />3,886
<br />Committed:
<br />General government
<br />6,606
<br />-
<br />-
<br />1,550,117
<br />1,556,723
<br />Public safety
<br />-
<br />-
<br />-
<br />2,353,670
<br />2,353,670
<br />Economic & physical development
<br />-
<br />-
<br />-
<br />591,236
<br />591,236
<br />Environmental protection
<br />-
<br />-
<br />-
<br />34,955
<br />34,955
<br />Human services
<br />-
<br />-
<br />-
<br />1,223,834
<br />1,223,834
<br />Education
<br />-
<br />-
<br />-
<br />280,043
<br />280,043
<br />Culture & recreation
<br />-
<br />-
<br />-
<br />4,424,643
<br />4,424,643
<br />Assigned:
<br />General government
<br />4,215,814
<br />-
<br />-
<br />-
<br />4,215,814
<br />Public safety
<br />611,494
<br />-
<br />-
<br />66,418
<br />677,912
<br />Economic & physical development
<br />2,014,800
<br />-
<br />-
<br />-
<br />2,014,800
<br />Environmental protection
<br />1,383,315
<br />-
<br />-
<br />-
<br />1,383,315
<br />Human services
<br />754,804
<br />-
<br />-
<br />-
<br />754,804
<br />Education
<br />8,169,011
<br />-
<br />-
<br />-
<br />8,169,011
<br />Culture & recreation
<br />287,337
<br />-
<br />-
<br />483,337
<br />770,674
<br />Unassigned
<br />45,700,553
<br />-
<br />-
<br />(292,024)
<br />45,408,529
<br />Total fund balances 76,033,235 5,909,308
<br />8,829,115 16,437,671
<br />107,209,329
<br />Total liabilities and fund balances $ 88,371,985 $ 7.900.906 $
<br />10,597.664 $ 17.942.687
<br />Amounts reported for governmental activities in the statement of net assets are different because:
<br />Capital assets used in governmental activities are not financial resources and,
<br />therefore, are not reported in the funds
<br />Government capital assets
<br />262,870,637
<br />Less accumulated depreciation
<br />(45,812,307)
<br />217,058,330
<br />Other assets used in governmental activities are not financial resources and,
<br />therefore are not reported in the governmental funds
<br />Deferred Revenue
<br />6,371,113
<br />Debt Issuance Costs
<br />9,610,224
<br />Current Year Amortization
<br />(1,328,036)
<br />8,282,188
<br />Premium on Debt Issuance
<br />(14,921,286)
<br />Current Year Amortization
<br />2,221,746
<br />(12,699,540)
<br />Internal service funds are used by management to charge the costs of workers' compensation
<br />and self- insured hospitalization to individual departments.
<br />2,269,491
<br />Long -term liabilities, including bonds payable and other postemployment benefits, are not
<br />due and payable in the current period and therefore are not reported in the funds.
<br />Bonds and Other Debt Payable
<br />(376,781,107)
<br />Accrued Interest
<br />(5,011,269)
<br />Compensated Absences
<br />(3,315,207)
<br />LEO Pension Obligation
<br />(220,616)
<br />OPEB Obligation
<br />(8,255,957)
<br />(393,584,156)
<br />Net assets of governmental activities
<br />$ (65,093,245)
<br />The notes to the financial statements are an integral part of this statement.
<br />27 Attachment number 1
<br />1 -3 Page 282
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