AG 2012 12 17 - Laserfiche WebLink

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Cabarrus County, North Carolina Notes to the Financial Statements For the Year Ended June 30, 2012 Assigned fund balance at June 30, 2012 is as follows: Purpose Other General Governmental Fund Funds General government Public safety Economic & physical development Environmental protection Human services Education Culture & recreation Unassigned Fund Balance $ 4,215,814 $ - 611,494 66,418 2,014,800 - 1,383,315 - 754,804 - 8,169,011 - 287,337 483,337 $ 17,436,575 $ 549,755 Unassigned fund balance represents the portion of fund balance that has not been assigned to another fund or is not restricted, committed, or assigned to specific purposes within the general fund. Cabarrus County has revenue spending procedures that provide guidance for programs with multiple revenue sources. The Finance Director will use resources in the following order: bond /debt proceeds, federal funds, state funds, local funds, county funds. For purposes of fund balance classification, expenditures are to be spent from restricted fund balance first, followed in -order by committed fund balance, assigned fund balance, and lastly unassigned fund balance. The Finance Director has the authority to deviate from this policy if it is in the best interest of the County or when required by grant or other contractual agreements. Cabarrus County has a Fund Balance Policy. On June 14, 2005 (revised March 15, 2010), the Board of Commissioners adopted a resolution formalizing the following fiscal management policies to be incorporated into the County's budget document beginning with the 2006 fiscal year: Recurring, operational expenses of the County government will only be funded through recurring revenue sources. The County will maintain an undesignated fund balance equal to 15% of general fund expenditures; and Upon the completion of the annual audit of the County finances, any undesignated fund balance above 15% will be transferred to the Capital Reserve Fund, to reduce reliance on debt financing; or to the Self - Funded Hospitalization Fund, the Self- Funded Liability Fund or the Self- Funded Workers' Compensation Fund as required to maintain the integrity of those funds. Notwithstanding the requirements of items 1, 2, and 3 above, fund balance may be appropriated for any use in the general fund to overcome revenue shortfalls related to significant downturns in the economy. 48 Attachment number 1 1 -3 Page 304