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 The following schedule provides management and citizens with information on the portion of General fund balance that is available for appropriation. Total fund balance - General Fund $76,033,235 Less: Inventories 129,431 Prepaid items 69,378 Stabilization by state statute 12,690,692 Committed for Tax Revaluation 6,606 Uncompleted FY 12 project assignments 2,165,297 One time funding project assignements 1,051,950 Internal Service Fund assignments 2,000,000 General Government assignments 3,880,000 Environmental Protection assignments 1,200,000 Human Services assignments 500,000 Education assignments 6,639,328 Working Capital /Fund Balance Policy 30,040,080 Fund Balance remaining for appropriation $ 15,660,473 Outstanding encumbrances represent amounts needed to pay commitments related to purchase orders and contracts that remain unperformed at year -end. Cabarrus County cancels all purchase orders at year end. Therefore, no outstanding encumbrances are reported in the financial statements. F. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures /expenses during the reporting period. Actual results could differ from those estimates. G. Other Resources The General Fund provides the basis of local resources for other governmental funds. These transactions are recorded as "Transfers -out" in the General Fund and "Transfers -in" in the receiving fund. H. Comparative Data /Reclassifications Comparative data for the prior years have been presented for individual funds in the fund financial statements, the Management Discussion and Analysis report, the Notes to the Financial Statements and Capital Assets Used in the Operation of Government Funds, in order to provide an understanding of the changes in the financial position and operations of the County. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. Note 2. Detailed Notes on All Funds A. Deposits All of the County's and its component unit's deposits are either insured or collateralized by using one of two methods. Under the Dedicated Method, all deposits that exceed the federal depository insurance coverage level are collateralized with securities held by the County's agents in these unit's names. Under the Pooling Method, which is a collateral pool, all uninsured deposits are collateralized with securities held by the State 49 Attachment number 1 1 -3 Page 305