AG 2011 12 19 - Laserfiche WebLink

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Cabarrus County, North Carolina Notes to the Financial Statements For the Year Ended June 30, 2011 Sheriff's Department — collects and appropriates federal and State funds received specifically for the Cabarrus County Sheriff's Department. Department of Aging — collects and appropriates contributions and private donations received specifically for the Cabarrus County Department of Aging's Senior Citizen programs and projects. Parks and Recreation Commission — collects and appropriates contributions and private donations received specifically for the Cabarrus County Parks and Recreation's programs and projects. The Capital Projects Funds account for financial resources to be used for the acquisition of construction of major capital facilities (other than those financed by proprietary funds and trust funds). In addition to the two major governmental funds, Certificates of Participation 2009 Fund and Qualified School Construction Bond Fund, reported above, the County maintains eleven additional non -major capital project funds. Following are the non -major capital project funds and their uses: Public School Building — collects State public school funds and lottery proceeds and disbursing the funds for smaller non -debt school capital projects. Capital Projects — constructs, renovates and equips smaller non -debt Capital projects for the County. Construction and Renovations — constructs, renovates and equips larger Capital projects for the County through the use of debt and non -debt sources. School Construction — This fund accounts for planning, design, construction and /or renovation of schools with Certificates of Participation, Lottery proceeds and contributions from the General and Capital Reserve funds. 2009 School Construction — accounts for the construction and renovation of schools for the Cabarrus County School system through the use of non -debt Capital Reserve funds. Capital Reserve — maintains funds for future County and School capital projects. Utility — maintains funds for future County utility projects. Small Projects — collects and appropriates general fund revenues and federal and State grant funds received specifically for use by the appropriate Cabarrus County Department who has received the funds. Adequate Facilities — through special legislative authority, collects and appropriates voluntary mitigation fees for school facilities, land, architect, improvements or furniture and fixtures at the direction of the Cabarrus County Board of Commissioners. Cannon Memorial Library — collects and appropriates contributions and private donations received specifically for the Cabarrus County libraries to purchase books or to use on library programs and projects. Justice Center Construction Fund — This fund accounts for the planning, design and construction of a Jail Annex Building, Sheriff's Administration Building and a Jail Housing Unit. C. Measurement Focus, Basis of Accounting In accordance with North Carolina General Statutes, all funds of the County are maintained during the year using the modified accrual basis of accounting. Government -wide, Proprietary, and Fiduciary Fund Financial Statements — The government -wide, proprietary fund and fiduciary fund financial statements are reported using the economic resources measurement focus except for the Agency Funds which have no measurement focus. The government -wide, proprietary fund and fiduciary fund financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Non - exchange transactions, in which the County gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, grants, and donations. On an accrual 40 Attachment number 1 1 -3 Page 162