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Profile of the County The County, incorporated in 1792, is located in the Piedmont section of the State of North Carolina and is bordered on the North by Rowan and Iredell counties, on the East by Stanly County, on the South by Union county and on the West by Mecklenburg County; it comprises approximately 230,400 acres. There are seven municipalities in the County, the largest of which is the City of Concord, also the County seat. Concord is situated approximately 124 miles from the City of Raleigh, North Carolina and 18 miles northeast of the City of Charlotte, North Carolina. The second largest municipality is the City of Kannapolis. The Towns of Mount Pleasant, Harrisburg, Midland, Locust and Stanfield are smaller municipalities in the County. The County serves a population of 174,294. The County is empowered to levy a property tax on both real and personal properties located within its boundaries. The County has operated under the Board of Commissioners /County Manager form of government since 1976. Policy- making and legislative authority are vested in a governing board consisting of five commissioners. The governing board is responsible, among other things, for passing ordinances, adopting the budget, appointing committees, and hiring both the county's manager and attorney. The county's manager serves as the chief executive and is responsible for carrying out the policies and ordinances of the governing board, for overseeing the day -to -day operations of the government, and for appointing the heads of the various departments. The board is elected on a partisan basis. Board members serve four -year staggered terms, with new members (two or three) elected every two years. The annual budget serves as the foundation for the County's financial planning and control. All agencies of the County are required to submit requests for appropriation to the county's manager on or before the end of February each year. The county's manager uses these requests as the starting point for developing a proposed budget. The Board of Commissioners is required by law to adopt a final budget by no later than June 30, the close of the County's fiscal year. The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., law enforcement). The county's manager may transfer amounts between objects of expenditures and revenues within a function without limitation. He may transfer amounts up to $100,000 between functions of the same fund. He may not transfer any amounts between funds or from any contingency appropriation within any fund without action of the Board of Commissioners except as specified in the budget ordinance related to budget shortfalls, approved change orders, and the Capital Improvement Plan. The manager may also transfer amounts within and between funds for the sole purpose of funding salary and benefits adjustments consistent with the Cabarrus County Personnel Management Policy and the Cabarrus County Personnel Ordinance. Upon notification of funding increases or decreases to existing grants or revenues, or the award of grants or revenues, the manager or Finance Director may adjust budgets to match. The County manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. Any other changes require the special approval of the Board. Budget -to- actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. For the general fund, this comparison is presented on Exhibit 5 as part of the basic financial statements for the governmental funds. Also included in the governmental fund subsection are project - length budget -to- actual comparisons for each governmental fund for which a project - length budget has been adopted (i.e., the special revenue funds and the capital projects funds). Factors Affecting Financial Condition The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the County operates. Local economy. The County is one of six counties located in the Charlotte- Gastonia - Concord, NC -SC Metropolitan Statistical Area (the "Charlotte MSA" ), which consists of Anson, Cabarrus, Gaston, Mecklenburg and Union Counties in North Carolina and York in South Carolina. The Charlotte MSA, which is anchored by the City of Charlotte, is the economic center and the largest metropolitan area in the Carolinas and its population growth is one of the fastest in the Southeast. Historically, the County's economy was primarily dependent on the textile industry, but the County's proximity to Charlotte and access to major interstate highways have helped diversify the County's economy through investments in manufacturing, retail, warehousing and distribution, research and entertainment. These investments have helped to offset the downturns in the textile industry G -2 Page 486