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 To the General Fund from the 2009 School Construction Capital Projects Fund for debt service payments. 4,925 To the General Fund from the 2009 School Construction Capital Projects Fund for completion /close out of school projects. 150,772 To the General Fund from the Certificates of Participation 2009 Capital Projects Fund for debt service payments. 5,858,411 To the General Fund from the Public School Building Capital Projects Fund for debt service payments. 1,713,555 To the General Fund from the Landfill Enterprise Fund for the donation of a vehicle. 25,615 To the Construction and Renovation Capital Projects fund from the Capital Reserve Fund for improvements and renovations to several County owned buildings. 3,846,800 To the Construction and Renovation Capital Projects Fund from the General Fund for renovations to the Kannapolis Library. 50,000 To the Community Development Special Revenue fund from the General Fund for Community Development projects. 30,000 To the Cabarrus Arena and Events Center Special Revenue Fund From the General Fund for the operations of the facility 625,346 To the Small Projects Capital Project Fund from the General Fund for the construction of a Harvest Facility 460,000 To the Self Insured Hospitalization Internal Service Fund from the General Fund for the payment of claims 2,000,000 Total $ 18.309.342 M. Supplemental and Additional Supplemental One -Half of One Percent Local Government Sales and Use Tax State law (Chapter 105, Articles 40 and 42, of the North Carolina General Statutes) requires the County to use a portion of the proceeds of its supplemental and additional supplemental sales taxes, or local option sales taxes, for public school capital outlays or to retire public school indebtedness. During the fiscal year ended June 30, 2012 the County reported these local option sales taxes within its General Fund. The County expended the restricted portion of these taxes for public school capital outlays. N. Public School Building Capital Fund The Public School Building Capital Fund is funded using a portion of the corporate income taxes which are imposed on corporations doing business in the State. Each calendar quarter, the Department of Revenue shall remit to the State Treasurer for credit in the fund, an amount equal to the applicable fraction provided by the following table of the net collections of corporate income taxes received during the previous quarter minus $2.5 million, which it deposits into the Critical School Facilities Needs Fund. 65 Attachment number 1 1 -3 Page 321