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The notes to the financial statements are an integral part of this statement.
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<br />Cabarrus County, North Carolina
<br />Statement of Net Assets
<br />June 30, 2010
<br />Primary Government
<br />Governmental
<br />Business -Type
<br />Component
<br />Activities
<br />Activities
<br />Total
<br />Unit
<br />Assets
<br />Cash and cash equivalents
<br />$ 89,648,832
<br />$ 3,732,256
<br />$ 93,381,088
<br />$ 4,342,751
<br />Receivables (net of allowance for
<br />uncollectibles):
<br />Accounts receivable
<br />3,744,765
<br />41,354
<br />3,786,119
<br />2,175,513
<br />Customers
<br />804,123
<br />97,291
<br />901,414
<br />1,452,463
<br />Interest
<br />59,811
<br />2,141
<br />61,952
<br />-
<br />Property taxes
<br />3,362,532
<br />-
<br />3,362,532
<br />-
<br />Due from other governments
<br />7,137,336
<br />79,207
<br />7,216,543
<br />117,488
<br />Inventories
<br />9,046
<br />-
<br />9,046
<br />-
<br />Prepaid expenses
<br />61,829
<br />61,829
<br />Restricted cash and cash equivalents
<br />56,877,169
<br />56,877,169
<br />Deferred charges
<br />6,208,779
<br />6,208,779
<br />Notes Receivable
<br />789,000
<br />-
<br />789,000
<br />-
<br />Capital Assets not being depreciated:
<br />Land
<br />24,013,499
<br />490,447
<br />24,503,946
<br />239,228
<br />Construction in Progress
<br />57,542,697
<br />215,961
<br />57,758,658
<br />818,066
<br />Capital Assets net of accumulated
<br />depreciation:
<br />Land Improvements
<br />4,701,248
<br />919,231
<br />5,620,479
<br />378,200
<br />Buildings and Building Improvements
<br />101,626,156
<br />1,161,569
<br />102,787,725
<br />-
<br />Reservoir
<br />21,439,013
<br />-
<br />21,439,013
<br />-
<br />Furniture and Fixtures
<br />156,596
<br />-
<br />156,596
<br />7,521
<br />Equipment
<br />5,616,904
<br />66,210
<br />5,683,114
<br />63,669
<br />Vehicles and Motorized Equip
<br />3,905,741
<br />1,195,384
<br />5,101,125
<br />54,891
<br />Total assets
<br />387,705,076
<br />8,001,051
<br />395,706,127
<br />9,649,790
<br />Liabilities
<br />Accounts payable and other
<br />current liabilities
<br />Unearned revenues
<br />14,913,414
<br />507,625
<br />87,340
<br />-
<br />15,000,754
<br />507,625
<br />698,285
<br />-
<br />Accrued interest payable
<br />5,854,282
<br />-
<br />5,854,282
<br />Retainage payable
<br />4,404,868
<br />71,411
<br />4,476,279
<br />-
<br />Long -term liabilities:
<br />Due within one year
<br />25,266,604
<br />2,501,574
<br />27,768,178
<br />566,772
<br />Due in more than one year
<br />415,686,826
<br />1,578,667
<br />417,265,493
<br />353,866
<br />Total long -term liabilities
<br />440,953,430
<br />4,080,241
<br />445,033,671
<br />920,638
<br />Total liabilities
<br />466,633,619
<br />4,238,992
<br />470,872,611
<br />1,618,923
<br />Net Assets
<br />Invested in Capital Assets,
<br />(net of related debt)
<br />108,911,093
<br />4,048,802
<br />112,959,895
<br />1,561,575
<br />Restricted for :
<br />Special Revenue:
<br />-
<br />-
<br />-
<br />Public Safety
<br />913,422
<br />913,422
<br />Human Services
<br />161,992
<br />161,992
<br />Education
<br />534,438
<br />534,438
<br />Culture and recreation
<br />716,860
<br />716,860
<br />Other purposes
<br />349,396
<br />349,396
<br />Capital Projects
<br />54,821,739
<br />54,821,739
<br />-
<br />Unrestricted
<br />(245,337,483)
<br />(286,743)
<br />(245,624,226)
<br />6,469,292
<br />Total net assets
<br />$ (78,928,543)
<br />$ 3,762,059
<br />$ (75,166,484)
<br />$ 8,030,867
<br />The notes to the financial statements are an integral part of this statement.
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