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Exhibit 1
<br />Cabarrus County,
<br />North Carolina
<br />Statement of Net Assets
<br />June 30, 2011
<br />Primary Government
<br />Governmental
<br />Business -Type
<br />Component
<br />Activities
<br />Activities
<br />Total
<br />Unit
<br />Assets
<br />Cash and cash equivalents
<br />$ 94,524,733
<br />$ 3,349,072
<br />$ 97,873,805
<br />$ 5,135,384
<br />Receivables (net of allowance for
<br />uncollectibles):
<br />Accounts receivable
<br />3,686,225
<br />1,275
<br />3,687,500
<br />2,540,403
<br />Customers
<br />1,726,540
<br />61,716
<br />1,788,256
<br />1,688,563
<br />Interest
<br />288,633
<br />1,154
<br />289,787
<br />-
<br />Property taxes
<br />3,926,259
<br />-
<br />3,926,259
<br />-
<br />Due from other governments
<br />6,615,612
<br />81,514
<br />6,697,126
<br />126,540
<br />Inventories
<br />8,102
<br />-
<br />8,102
<br />-
<br />Prepaid items
<br />90,888
<br />90,888
<br />50,482
<br />Restricted cash and cash equivalents
<br />33,532,554
<br />33,532,554
<br />-
<br />Deferred charges
<br />6,793,497
<br />6,793,497
<br />Notes Receivable
<br />756,000
<br />-
<br />756,000
<br />Capital Assets not being depreciated:
<br />Land
<br />24,009,781
<br />490,447
<br />24,500,228
<br />Construction in Progress
<br />61,357,015
<br />352,677
<br />61,709,692
<br />-
<br />Capital Assets net of accumulated
<br />depreciation:
<br />Land Improvements
<br />4,282,568
<br />842,857
<br />5,125,425
<br />338,166
<br />Buildings and Building Improvements
<br />99,883,891
<br />1,128,828
<br />101,012,719
<br />-
<br />Reservoir
<br />21,417,248
<br />-
<br />21,417,248
<br />-
<br />Furniture and Fixtures
<br />98,496
<br />-
<br />98,496
<br />4,609
<br />Equipment
<br />4,586,849
<br />42,426
<br />4,629,275
<br />349,815
<br />Vehicles and Motorized Equip
<br />3,289,387
<br />1,121,197
<br />4,410,584
<br />32,524
<br />Total assets
<br />370,874,278
<br />7,473,163
<br />378,347,441
<br />10,266,486
<br />Liabilities
<br />Accounts payable and other
<br />current liabilities
<br />9,162,538
<br />89,673
<br />9,252,211
<br />1,179,046
<br />Unearned revenues
<br />392,632
<br />-
<br />392,632
<br />-
<br />Accrued interest payable
<br />5,778,822
<br />5,778,822
<br />Retainage payable
<br />335,724
<br />-
<br />335,724
<br />-
<br />Long -term liabilities:
<br />Due within one year
<br />30,024,034
<br />204,754
<br />30,228,788
<br />536,298
<br />Due in more than one year
<br />404,936,029
<br />3,472,758
<br />408,408,787
<br />461,232
<br />Total long -term liabilities
<br />434,960,063
<br />3,677,512
<br />438,637,575
<br />997,530
<br />Total liabilities
<br />450,629,779
<br />3,767,185
<br />454,396,964
<br />2,176,576
<br />Net Assets
<br />Invested in Capital Assets,
<br />(net of related debt)
<br />111,057,044
<br />3,978,432
<br />115,035,476
<br />725,114
<br />Restricted for :
<br />Stabilization by State Statute
<br />10,368,857
<br />-
<br />10,368,857
<br />2,616,461
<br />Public Safety
<br />5,026,278
<br />5,026,278
<br />-
<br />Human Services
<br />-
<br />-
<br />320,000
<br />Education
<br />31,494,611
<br />31,494,611
<br />-
<br />Culture & Recreation
<br />2,478
<br />2,478
<br />-
<br />Unrestricted
<br />(237,704,769)
<br />(272,454)
<br />(237,977,223)
<br />4,428,335
<br />Total net assets
<br />$ (79,755,501)
<br />$ 3,705,978
<br />$ (76,049,523)
<br />$ 8,089,910
<br />The notes to the financial statements are an integral
<br />part of this statement.
<br />25
<br />Attachment number 1
<br />1 -3
<br />Page 146
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