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27 <br />1 -3 <br />Attachment number 1 <br />Page 148 <br />Exhibit 3 <br />Cabarrus County, North Carolina <br />Balance Sheet <br />Governmental Funds <br />June 30, 2011 <br />Major <br />Non -Major <br />Other <br />Total <br />Certificates of Qualified <br />School <br />Governmental <br />Governmental <br />General Participation 2009 Construction <br />Bonds <br />Funds <br />Funds <br />Assets <br />Cash and cash equivalents <br />$69,838,294 $ - $ <br />- <br />$ 20,242,667 <br />$ 90,080,961 <br />Restricted cash <br />34,311 17,499,934 <br />14,639,218 <br />1,359,091 <br />33,532,554 <br />Receivables (net of allowance for uncollectibles) <br />Accounts receivable <br />3,544,529 - <br />- <br />137,857 <br />3,682,386 <br />Customers <br />1,726,540 - <br />- <br />- <br />1,726,540 <br />Property taxes <br />3,926,259 - <br />- <br />- <br />3,926,259 <br />Interest <br />30,634 - <br />- <br />4,225 <br />34,859 <br />Due from other governments <br />6,615,612 - <br />- <br />- <br />6,615,612 <br />Prepaid items <br />59,200 - <br />- <br />- <br />59,200 <br />Notes receivable <br />- - <br />- <br />756,000 <br />756,000 <br />Inventories <br />8,102 <br />8,102 <br />Total assets <br />$85,783,481 $ 17,499,934 $ <br />14.639,218 <br />$ 22,499,840 <br />$ 140,422,473 <br />Liabilities and Fund Balances <br />Liabilities: <br />Accounts payable and accrued <br />liabilities <br />$ 5,699,463 $ 1,365,794 $ <br />- <br />$ 703,128 <br />$ 7,768,385 <br />Contract retainages <br />25,176 280,709 <br />- <br />29,839 <br />335,724 <br />Deferred revenue <br />5,652,799 - <br />- <br />- <br />5,652,799 <br />Unearned revenue <br />392,632 <br />392,632 <br />Total liabilities <br />11,770,070 1,646,503 <br />732,967 <br />14,149,540 <br />Fund Balances: <br />Nonspendable: <br />Inventories <br />8,102 - <br />- <br />- <br />8,102 <br />Prepaid items <br />59,200 - <br />- <br />- <br />59,200 <br />Notes receivable <br />- - <br />- <br />720,000 <br />720,000 <br />Restricted: <br />Stabilization by State Statute <br />10,190,775 - <br />- <br />178,082 <br />10,368,857 <br />Public Safety <br />- - <br />- <br />5,026,278 <br />5,026,278 <br />Education <br />- 15,853,431 <br />14,639,218 <br />1,001,962 <br />31,494,611 <br />Culture & recreation <br />- - <br />- <br />2,478 <br />2,478 <br />Committed: <br />General government <br />- - <br />- <br />4,810,004 <br />4,810,004 <br />Public Safety <br />- - <br />- <br />2,653,454 <br />2,653,454 <br />Economic & physical development <br />- - <br />- <br />568,557 <br />568,557 <br />Environmental protection <br />- - <br />- <br />43,721 <br />43,721 <br />Human services <br />- - <br />- <br />1,594,485 <br />1,594,485 <br />Education <br />- - <br />- <br />1,040,766 <br />1,040,766 <br />Culture & recreation <br />- - <br />- <br />3,672,645 <br />3,672,645 <br />Assigned: <br />General government <br />6,291,127 - <br />- <br />- <br />6,291,127 <br />Public safety <br />295,969 - <br />- <br />- <br />295,969 <br />Economic & physical development <br />825,397 - <br />- <br />- <br />825,397 <br />Environmental protection <br />1,200,000 - <br />- <br />- <br />1,200,000 <br />Human services <br />436,276 - <br />- <br />- <br />436,276 <br />Education <br />7,345,783 - <br />- <br />- <br />7,345,783 <br />Culture & recreation <br />560,548 - <br />- <br />459,881 <br />1,020,429 <br />Unassigned <br />46,800,234 - <br />- <br />(5,440) <br />46,794,794 <br />Total fund balances <br />74,013,411 15,853,431 <br />14,639,218 <br />21,766,873 <br />126,272,933 <br />Total liabilities and fund balances <br />$85,783.481 $ 17,499,934 $ <br />14,639,218 <br />$ 22,499,840 <br />Amounts reported for governmental activities in <br />the statement of net assets are different because: <br />Capital assets used in governmental activities are <br />not financial resources and, <br />therefore, are not reported in the funds <br />Government capital assets <br />258,821,597 <br />Less accumulated depreciation <br />(39,896,362) <br />218,925,235 <br />Other assets used in governmental activities are not financial resources and, <br />therefore are not reported in the governmental funds <br />Deferred Revenue <br />5,652,799 <br />Debt Issuance Costs <br />7,523,701 <br />Current Year Amortization <br />(730,204) <br />6,793,497 <br />Premium on Debt Issuance <br />(11,660,157) <br />Current Year Amortization <br />954,121 <br />(10,706,036) <br />Internal service funds are used by management <br />to charge the costs of workers' compensation <br />and self- insured hospitalization to individual departments. <br />3,086,479 <br />Long -term liabilities, including bonds payable and <br />other postemployment benefits, are not <br />due and payable in the current period and therefore <br />are not reported in the funds. <br />Bonds and Other Debt Payable <br />(414,200,193) <br />Accrued Interest <br />(5,526,381) <br />Compensated Absences <br />(3,150,709) <br />LEO Pension Obligation <br />(340,558) <br />OPEB Obligation <br />(6,562,567) <br />(429,780,408) <br />Net assets of governmental activities <br />$ (79,755,501) <br />The notes to the financial statements are an integral part of this statement. <br />27 <br />1 -3 <br />Attachment number 1 <br />Page 148 <br />