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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />Less Than 1
<br />Investment Type Fair Value Year 2 -3 Years 4 -7 Years
<br />NC Capital Management Trust
<br />- Cash Portfolio $ 1,791,633 $ - $ - $ -
<br />$ 1,791,633 $ - $ - $ -
<br />C. Property Tax - Use -Value Assessment on Certain Lands
<br />In accordance with North Carolina general statutes, agriculture, horticulture, and forestland may be taxed by the
<br />County at present -use value as opposed to market value. When the property loses its eligibility for use -value
<br />taxation, the property tax is recomputed at market value for the current year and the three preceding fiscal years
<br />along with accrued interest from the original due date. This tax is immediately due and payable. The amounts
<br />shown in the table are property taxes that could become due if present use -value eligibility is lost. These
<br />amounts have not been recorded in the financial statements.
<br />Year Levied
<br />Tax
<br />Interest
<br />Total
<br />2007
<br />$ 3,623,763
<br />$1,186,782
<br />$ 4,810,546
<br />2008
<br />6,863,263
<br />1,630,025
<br />8,493,288
<br />2009
<br />7,126,992
<br />1,051,231
<br />8,178,223
<br />2010
<br />7,387,280
<br />424,769
<br />7,812,049
<br />Total
<br />$25.001.298
<br />$4.292.807
<br />$29.294.106
<br />D. Receivables
<br />1. Notes Receivable
<br />On May 22, 2007 Midland Volunteer Fire and Rescue agreed to pay $900,000 over a 10 year period at zero
<br />interest for the construction of a new fire station. The first payment of $3,000 will be due on July 1, 2007 and
<br />payable each month through June 1, 2012. Beginning July 1, 2012 payments of $6,000 will be payable each
<br />month through June 1, 2017. A final balloon payment of $360,000 is due on July 1, 2017 for total payments of
<br />$900,000. The unpaid balance of the note at June 30, 2011 was $756,000. The note receivable is being
<br />reported in the Capital Reserve Capital Projects Fund.
<br />2. Receivables - Allowances for Doubtful Accounts
<br />Receivables at the government -wide level for the Primary Government at June 30, 2011, were as follows:
<br />Governmental Activities:
<br />General
<br />Other Governmental
<br />Total Receivables
<br />Allowance for doubtful accounts
<br />Total- governmental activities
<br />$ 3,548,368 $ 1,777,061
<br />1 R7 RF7 _
<br />.S,000,LLO 1, / / /,UOI
<br />- (50,521)
<br />$ 3,686,225 $ 1,726,540
<br />Business -type activities:
<br />Landfill
<br />Allowance for doubtful accounts
<br />Total- business -type activities
<br />$ 1,275 $ 64,888
<br />(3,172)
<br />$ 1,275 $ 61,716
<br />51
<br />1 -3
<br />Due from other Taxes and Related
<br />Governments Interest Total
<br />$ 6,615,612 $ 6,551,753 $ 18,492,794
<br />A 99r, 1A9 nR7
<br />O,OIO,OIL o,000,y /0
<br />- (2,341,086)
<br />$ 6,615,612 $ 4,214,892
<br />10,0.54, o / o
<br />(2,391,607)
<br />$ 16,243,269
<br />$ 81,514 $ 1,154
<br />ZP 01,014 Z 1,104
<br />$ 148,831
<br />(3,172)
<br />$ 145,659
<br />Attachment number 1
<br />Page 173
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