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Profile of the County
<br />The County, incorporated in 1792, is located in the Piedmont section of the State of North Carolina and is
<br />bordered on the north by Rowan and Iredell counties, on the east by Stanly County, on the south by
<br />Union county and on the west by Mecklenburg County; it comprises approximately 230,400 acres. There
<br />are seven municipalities in the County, the largest of which is the City of Concord, also the County seat.
<br />Concord is situated approximately 124 miles from the City of Raleigh, North Carolina and 18 miles
<br />northeast of the City of Charlotte, North Carolina. The second largest municipality is the City of
<br />Kannapolis. The Towns of Mount Pleasant, Harrisburg, Midland, Locust and Stanfield are smaller
<br />municipalities in the County. The County serves a population of 174,294. The County is empowered to
<br />levy a property tax on both real and personal properties located within its boundaries.
<br />The County has operated under the Board of Commissioners /County Manager form of government since
<br />1976. Policy- making and legislative authority are vested in a governing board consisting of five
<br />commissioners. The governing board is responsible, among other things, for passing ordinances,
<br />adopting the budget, appointing committees, and hiring both the county's manager and attorney. The
<br />county manager serves as the chief executive and is responsible for carrying out the policies and
<br />ordinances of the governing board, for overseeing the day -to -day operations of the government, and for
<br />appointing the heads of the various departments. The board is elected on a partisan basis. Board
<br />members serve four -year staggered terms, with new members (two or three) elected every two years.
<br />The annual budget serves as the foundation for the County's financial planning and control. All agencies
<br />of the County are required to submit requests for appropriation to the county manager on or before the
<br />end of February each year. The county manager uses these requests as the starting point for developing
<br />a proposed budget. The Board of Commissioners is required by law to adopt a final budget by no later
<br />than June 30, the close of the County's fiscal year. The appropriated budget is prepared by fund, function
<br />(e.g., public safety), and department (e.g., law enforcement). The county's manager may transfer
<br />amounts between objects of expenditures and revenues within a function without limitation. He may
<br />transfer amounts up to $100,000 between functions of the same fund. He may not transfer any amounts
<br />between funds or from any contingency appropriation within any fund without action of the Board of
<br />Commissioners except as specified in the budget ordinance related to budget shortfalls, approved change
<br />orders, and the Capital Improvement Plan. The manager may also transfer amounts within and between
<br />funds for the sole purpose of funding salary and benefits adjustments consistent with the Cabarrus
<br />County Personnel Management Policy and the Cabarrus County Personnel Ordinance. Upon notification
<br />of funding increases or decreases to existing grants or revenues, or the award of grants or revenues, the
<br />manager or Finance Director may adjust budgets to match. The county manager may reduce revenue
<br />projections consistent with prevailing economic conditions, and also reduce expenditures
<br />correspondingly. Any other changes require the special approval of the Board. Budget -to- actual
<br />comparisons are provided in this report for each individual governmental fund for which an appropriated
<br />annual budget has been adopted. For the general fund, this comparison is presented on Exhibit 5 as part
<br />of the basic financial statements for the governmental funds. Also included in the governmental fund
<br />subsection are project - length budget -to- actual comparisons for each governmental fund for which a
<br />project - length budget has been adopted (i.e., the special revenue funds and the capital projects funds).
<br />Factors Affecting Financial Condition
<br />The information presented in the financial statements is perhaps best understood when it is considered
<br />from the broader perspective of the specific environment within which the County operates.
<br />Local economy. The County is one of six counties located in the Charlotte- Gastonia - Concord,
<br />NC -SC Metropolitan Statistical Area (the "Charlotte MSA "), which consists of Anson, Cabarrus, Gaston,
<br />Mecklenburg and Union Counties in North Carolina and York County in South Carolina. The Charlotte
<br />MSA, which is anchored by the City of Charlotte, is the economic center and the largest metropolitan area
<br />in the Carolinas, and its population growth is one of the fastest in the southeast.
<br />Historically, the County's economy was primarily dependent on the textile industry, but the
<br />County's proximity to Charlotte and access to major interstate highways have helped diversify the
<br />County's economy through investments in manufacturing, retail, warehousing and distribution, research
<br />and entertainment. These investments have helped to offset the downturns in the textile industry.
<br />Attachment number 1
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