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Cabarrus County, North Carolina
<br />Exhibit 4A
<br />Reconciliation of the Statement of Revenues, Expenditures
<br />Page 2 of 2
<br />And Changes in Fund Balance to the Statement of Activities of Governmental Funds
<br />1,188,028
<br />For the Year Ended June 30, 2012
<br />37,142,398
<br />Net change in fund balances -total governmental funds
<br />$ (19,063,604)
<br />Amounts reported for governmental activities in the statement of
<br />activities are different because:
<br />Governmental funds report capital outlays as expenditures. However, in the
<br />statement of activities, the cost of those assets is capitalized and depreciated
<br />(164,498)
<br />over their estimated useful lives.
<br />119,942
<br />Expenditures for capital assets 4,467,028
<br />(1,693,390)
<br />Less current year depreciation (6,302,501)
<br />(1,835,473)
<br />Revenues in the statement of activities that do not provide current
<br />(927,648) (2,150,482)
<br />financial resources are not reported as revenues in the governmental funds.
<br />Ambulance (92,519)
<br />Property Tax 810,833
<br />718,314
<br />The effect of various miscellaneous transactions involving capital assets.
<br />Donation of capital assets 25,615
<br />Disposal of capital assets, net book value (57,047) (31,432)
<br />Debt proceeds provide current financial resources to governmental funds,
<br />but issuing debt increases long -term liabilities in the statement of net
<br />assets. Repayment of debt principal is an expenditure in the governmental
<br />funds, but the repayment reduces long -term liabilities in the statement of
<br />net assets. This amount is the net effect of these differences in the treatment of
<br />Debt proceeds
<br />(38,333,562)
<br />Debt costs
<br />413,915
<br />Amortization of current year debt premium
<br />1,188,028
<br />Principal payments
<br />37,142,398
<br />Disbursements for refunding
<br />37,431,142 37,841,921
<br />Some expenses reported in the statement of activities do not require the use of
<br />current financial resources and therefore are not reported as expenditures in
<br />governmental funds.
<br />Compensated Absences
<br />(164,498)
<br />LEO Pension Obligation
<br />119,942
<br />OPEB Obligation
<br />(1,693,390)
<br />Accrued Interest
<br />515,112
<br />Amortization of current year debt costs
<br />(927,648) (2,150,482)
<br />The purpose of this adjustment is to recognize the net change in "unavailable"
<br />revenues. Under the modified accrual basis of accounting, revenues are
<br />not recognized unless they are deemed "available" to finance the expenditures
<br />of the current period. Accrual -basis recognition is not limited by availability, so
<br />certain revenues need to be reduced by the amounts that were unavailable
<br />at the beginning of the year and increased by the amounts that were unavailable at
<br />the end of the year. This adjustment records a net decrease in revenues -
<br />unavailable revenues at the end of the year exceed beginning unavailable revenues
<br />by this amount.
<br />Internal service funds are used by management to charge the cost of workers' compensation
<br />and self- insured hospitalization systems to individual departments. (816,988) (816,988)
<br />Changes in net assets of governmental activities $ 14,662,256
<br />The notes to the financial statements are an integral part of this statement.
<br />29 Attachment number 1
<br />1 -3 Page 284
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