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Cabarrus County, North Carolina Notes to the Financial Statements For the Year Ended June 30, 2010 M. Supplemental and Additional Supplemental One -Half of One Percent Local Government Sales and Use Tax State law (Chapter 105, Articles 40 and 42, of the North Carolina General Statutes) requires the County to use a portion of the proceeds of its supplemental and additional supplemental sales taxes, or local option sales taxes, for public school capital outlays or to retire public school indebtedness. During the fiscal year ended June 30, 2010 the County reported these local option sales taxes within its General Fund. The County expended the restricted portion of these taxes for public school capital outlays. N. Public School Building Capital Fund The Public School Building Capital Fund is funded using a portion of the corporate income taxes which are imposed on corporations doing business in the State. Each calendar quarter, the Department of Revenue shall remit to the State Treasurer for credit in the fund, an amount equal to the applicable fraction provided by the following table of the net collections of corporate income taxes received during the previous quarter minus $2.5 million, which it deposits into the Critical School Facilities Needs Fund. Period Fraction Prior to 10/1/97 Two thirty -first (2/31) 10/1197 to 9/30/98 One - fifteenth (1/15) 10/1/98 to 9/30/99 Two twenty- ninths (2/29) 1011/99 to 9/30/00 One fourteenth (1/14) After 9/30/00 Five sixty- ninths (5/69) The corporate income taxes deposited into the Fund are allocated to the County on the basis of its average daily 4 � W membership (ADM) as determined by the North Carolina State Board of Education. The Office of State Budget and Management established and maintains an ADM allocation account for the County. At June 30, 2010 the balance of the County's ADM allocation account was $67,657. The County must match this balance on the basis of one dollar for every three dollars of state funds for financing the school unit's facilities capital needs. The local school technology plan does not require a County match. After approving a school capital project authorized by the Act, the Office of State Budget and Management will transfer funds from the County's ADM allocation account to its disbursing account maintained with the State Treasurer. At that time, the ADM allocation transferred is considered to be "available" and is recognized in the Public School Building Capital Fund as intergovernmental revenue. At June 30, 2010 the County's disbursing account had a $0 balance. O. Benefit payments Issued by the State The following amounts listed under the columns labeled "Federal" and "State" were paid by the State of North Carolina from federal and state moneys directly to individual recipients on behalf of Cabarrus County and Cabarrus Health Alliance and are not included in the County's or the Alliance's financial statements since the County and the Alliance have no primary responsibilities beyond making eligibility determinations. P. Internal Service Fund The County maintains two internal service funds for workers' compensation and self- insured hospitalization insurance. These funds accumulate premiums and pays all claims and related expenses for workers compensation and health insurance activities. At June 30, 2010, the workers compensation internal service fund had an unrestricted net asset balance of $1,200,307 and the self- insured hospitalization internal service fund had an unrestricted net asset balance of $3,020,164. In the basic financial statements, the net assets and activities have 62 G -2 Page 550 Federal State Medical assistance $97,043,646 $33,742,085 Temporary assistance to needy families 648,220 - Special assistance to adults - 1,247,400 Low income energy assistance payments 696,257 - Refugee Assistance 60,933 - Adoption assistance 694,381 144,561 Total $131,925,020 $35,134,046 The County maintains two internal service funds for workers' compensation and self- insured hospitalization insurance. These funds accumulate premiums and pays all claims and related expenses for workers compensation and health insurance activities. At June 30, 2010, the workers compensation internal service fund had an unrestricted net asset balance of $1,200,307 and the self- insured hospitalization internal service fund had an unrestricted net asset balance of $3,020,164. In the basic financial statements, the net assets and activities have 62 G -2 Page 550