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resulted from the refunding of debt and the increase in County capital assets net of accumulated
<br />depreciation. Net assets do not present the County's position regarding spending, this amount is
<br />presented in the governmental funds statements.
<br />Cabarrus County's Net Assets
<br />Figure 2
<br />Several particular aspects of the County's financial operations positively influenced the total unrestricted
<br />governmental net assets:
<br />• Continued low cost of debt due to the County's high bond rating and the prevailing low interest
<br />rate environment.
<br />• General Fund County revenues at June 30, 2011 were $2,179,373 over budget. This is primarily
<br />due to higher than expected property tax collections.
<br />• The General Fund received $3,967,669 in other financing sources from a capital project fund for a
<br />project that was completed during the year and had remaining unspent funds.
<br />• The General Fund had budgeted fund balance appropriated of $3,269,843 that was not used
<br />during the fiscal year.
<br />• County departments were conservative in their spending and General Fund expenditures at June
<br />30, 2011 were $9,497,641 under budget. The Landfill Enterprise Fund operating expenditures
<br />were $198,808 under budget.
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<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Current and other assets
<br />$151,949,043
<br />$168,703,222
<br />$ 3,494,731
<br />$ 3,952,249
<br />$155,443,774
<br />$172,655,471
<br />Capital assets
<br />218,925,235
<br />219,001,854
<br />3,978,432
<br />4,048,802
<br />222,903,667
<br />223,050,656
<br />Total assets
<br />370,874,278
<br />387,705,076
<br />7,473,163
<br />8,001,051
<br />378,347,441
<br />395,706,127
<br />Long -term liabilities outstanding
<br />404,936,029
<br />415,686,826
<br />3,472,758
<br />1,578,667
<br />408,408,787
<br />417,265,493
<br />Other liabilities
<br />45,693,750
<br />50,946,793
<br />204,754
<br />2,660,325
<br />45,898,504
<br />53,607,118
<br />Total liabilities
<br />450,629,779
<br />466,633,619
<br />3,677,512
<br />4,238,992
<br />454,307,291
<br />470,872,611
<br />Net assets
<br />Invested in capital assets, net
<br />of related debt
<br />111,057,044
<br />108,911,093
<br />3,978,432
<br />4,048,802
<br />115,035,476
<br />112,959,895
<br />Restricted
<br />46,892,224
<br />57,497,847
<br />-
<br />-
<br />46,892,224
<br />57,497,847
<br />Unrestricted
<br />(237,704,769)
<br />(245,337,483)
<br />(272,454)
<br />(286,743)
<br />(235,841,577)
<br />(245,624,226)
<br />Total net assets
<br />$ (79,755,501)
<br />$ (78,928,543)
<br />$ 3,705,978
<br />$ 3,762,059
<br />$ (73,913,877)
<br />$ (75,166,484)
<br />Several particular aspects of the County's financial operations positively influenced the total unrestricted
<br />governmental net assets:
<br />• Continued low cost of debt due to the County's high bond rating and the prevailing low interest
<br />rate environment.
<br />• General Fund County revenues at June 30, 2011 were $2,179,373 over budget. This is primarily
<br />due to higher than expected property tax collections.
<br />• The General Fund received $3,967,669 in other financing sources from a capital project fund for a
<br />project that was completed during the year and had remaining unspent funds.
<br />• The General Fund had budgeted fund balance appropriated of $3,269,843 that was not used
<br />during the fiscal year.
<br />• County departments were conservative in their spending and General Fund expenditures at June
<br />30, 2011 were $9,497,641 under budget. The Landfill Enterprise Fund operating expenditures
<br />were $198,808 under budget.
<br />18 Attachment number 1
<br />1 -3 Page 138
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