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• The General Fund received $1,961,156 in unbudgeted revenues from two capital project funds for
<br />projects that were completed during the year and had remaining unspent funds.
<br />• The General Fund had budgeted fund balance appropriated of $3,539,065 that was not used
<br />during the fiscal year.
<br />• County departments were conservative in their spending and General Fund expenditures at June
<br />30, 2010 were $7,720,411 under budget.
<br />• A management decision was made to not make a $2,864,651 budgeted transfer to the Capital
<br />Reserve Fund based on uncertain economic times.
<br />Revenues:
<br />Program Revenues:
<br />Charges for services
<br />Operating grants and contributions
<br />Capital grants and contributions
<br />General revenues:
<br />Property taxes
<br />Othertaxes
<br />Grants and contributions not
<br />restricted to specific programs
<br />Investment earnings
<br />Other
<br />Total revenues
<br />Cabarrus County's Changes in Net Assets
<br />Figure 3
<br />Governmental Business -type
<br />Act 2009 Zulu vifies ZUU9—
<br />$ 16,443,075 $ 15,467,145 $1,187,527
<br />21,906,696 21,374,570 44,655
<br />6,417,855 1,620,503 -
<br />$1,565,441 $ 17,630,602 $ 17,032,586
<br />21,951,351 21,374,570
<br />6,417,855 1,620,503
<br />137,488,091 134,629,314 -
<br />29,130,858 32,338,929 55,074
<br />- 137,488,091 134,629,314
<br />34,405 29,185,932 32,373,334
<br />131,590
<br />150,663 -
<br />- 131,590
<br />150,663
<br />813,582
<br />2,657,376 10,630
<br />74,925 824,212
<br />2,732,301
<br />99,682
<br />933,249 19,143
<br />23,054 118,825
<br />956,303
<br />212,431,429
<br />209,171,749 1,317,029
<br />1,697,825 213,748,458
<br />210,869,574
<br />Governmental Business -type
<br />..
<br />Expenses:
<br />(30,507,195)
<br />(4,321,560)
<br />(1,016,354)
<br />(35,360)
<br />General government
<br />20,931,001
<br />19,804,610
<br />- 20,931,001
<br />19,804,610
<br />Public safety
<br />31,944,942
<br />29,872,453 -
<br />- 31,944,942
<br />29,872,453
<br />Economic and physical development
<br />3,207,792
<br />3,546,315 -
<br />- 3,207,792
<br />3,546,315
<br />Environmental protection
<br />541,463
<br />251,712 -
<br />- 541,463
<br />251,712
<br />Human services
<br />40,925,099
<br />41,849,320 -
<br />- 40,925,099
<br />41,849,320
<br />Education
<br />118,863,929
<br />96,464,947 -
<br />- 118,863,929
<br />96,464,947
<br />Cultural and recreation
<br />6,771,004
<br />6,401,250 -
<br />- 6,771,004
<br />6,401,250
<br />Interest on long -term debt
<br />19,753,394
<br />15,302,702 -
<br />- 19,753,394
<br />15,302,702
<br />Landfill
<br />-
<br />- 2,333,383
<br />1,733,185 2,333,383
<br />1,733,185
<br />Total expenses
<br />242,938,624
<br />213,493,309 2,333,383
<br />1,733,185 245,272,007
<br />215,226,494
<br />Increase (decrease) in net assets
<br />(30,507,195)
<br />(4,321,560)
<br />(1,016,354)
<br />(35,360)
<br />(31,523,549)
<br />(4,356,920)
<br />Net assets, July 1
<br />(48,421,348)
<br />(44,099,788)
<br />4,778,413
<br />4,813,773
<br />(43,642,935)
<br />(39,286,015)
<br />Net assets, June 30
<br />$(78,928,543)
<br />$(48,421,348)
<br />$ 3,762,059
<br />$ 4,778,413
<br />$(75,166,484)
<br />$ (43,642,935)
<br />Financial Analysis of the County's Funds
<br />As noted earlier, Cabarrus County uses fund accounting to ensure and demonstrate compliance with
<br />finance - related legal requirements. The County's four major funds, as defined by GAAP for the fiscal
<br />year ended June 30, 2010, were the General Fund, the Justice Center Construction Fund, the Certificates
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