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27
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<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.
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<br />Attachment number 1
<br />Page 148
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