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AG 2011 12 19
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AG 2011 12 19
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Last modified
1/9/2012 2:43:55 PM
Creation date
11/27/2017 11:20:47 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/19/2011
Board
Board of Commissioners
Meeting Type
Regular
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Cabarrus County, North Carolina <br />Notes to the Financial Statements <br />For the Year Ended June 30, 2011 <br />basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from <br />grants and donations is recognized in the fiscal year in which eligibility requirements have been satisfied. <br />Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or <br />privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including <br />special assessments. Internally dedicated resources are reported as general revenues rather than as program <br />revenues. Likewise, general revenues include all taxes. <br />Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues <br />and expenses generally result from providing services and producing and delivering goods in connection with a <br />proprietary fund's principal ongoing operations. The principal operating revenues of the County enterprise funds <br />are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of <br />sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses <br />not meeting this definition are reported as nonoperating revenues and expenses. <br />Governmental Fund Financial Statements — Governmental funds are reported using the current financial <br />resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are <br />recognized when measurable and available. <br />Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general <br />long -term debt, claims and judgments, and compensated absences, which are recognized as expenditures to <br />the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental <br />funds. Proceeds of general long -term debt and acquisitions under capital leases are reported as other financing <br />sources. <br />The County considers all revenues available if they are collected within 60 days after year -end, except for <br />property taxes. Cabarrus County management evaluated converting revenue recognition to a 90 day period <br />after year end due to the change in sales tax distribution in North Carolina. After careful evaluation, the <br />conversion was immaterial in dollars and also would cause an interruption in the operations and business of <br />meeting reporting deadlines within the County. Based on these two issues, Cabarrus County has elected to <br />remain at the 60 day rule for all revenue recognition. Ad valorem taxes receivable are not accrued as a revenue <br />because the amount is not susceptible to accrual. At June 30, taxes receivable are materially past due and are <br />not considered to be an available resource to finance the operations of the current year. Also, as of January 1, <br />1993, State law altered the procedures for the assessment and collection of property taxes on registered motor <br />vehicles in North Carolina. Effective with this change in the law, Cabarrus County is responsible for billing and <br />collecting the property taxes on all registered motor vehicles on behalf of all municipalities and special tax <br />districts in the County. For registered motor vehicles, property taxes are due the first day of the fourth month <br />after the vehicles are registered. The billed taxes are applicable to the fiscal year in which they become due. <br />Therefore, taxes for vehicles registered from March 2010 through February 2011 apply to the fiscal year ended <br />June 30, 2011. Uncollected taxes, which were billed during this period, are shown as a receivable on these <br />financial statements. <br />Sales taxes collected and held by the State at year -end on behalf of the County are recognized as revenue. <br />Intergovernmental revenues, and sales and services are not susceptible to accrual because generally they are <br />not measurable until received in cash. Expenditure driven grants are recognized as revenue when the qualifying <br />expenditures have been incurred and all other grant requirements have been satisfied. <br />Under the terms of grant agreements, the County funds certain programs by a combination of specific cost - <br />reimbursement grants, categorical block grants, and general revenues. Thus, when program expenses are <br />incurred, there are both restricted and unrestricted net assets available to finance the program. It is the <br />County's policy to first apply cost - reimbursement grant resources to such programs, followed by categorical <br />block grants, and then by general revenues. <br />All governmental and business -type activities and enterprise funds of the County follow FASB Statements and <br />Interpretations issued on or before November 30, 1989 Accounting Principles Board Opinions, and Accounting <br />Research Bulletins, unless those pronouncement conflict with GASB pronouncements. <br />41 Attachment number 1 <br />1 -3 Page 163 <br />
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