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Due to harsh economic times, a budget expenditure reduction of 2.9% was applied to all County
<br />Departments. County departments were conservative in their spending and General Fund
<br />expenditures at June 30, 2009 were $8,283,543 under budget.
<br />Cabarrus County's Changes in Net Assets
<br />Figure 3
<br />Governmental Business-type
<br />Revenues:
<br />Program Revenues:
<br />Charges for services $ 15,467,145 $ 21.,121,093 $1,565,441 $1,474,242 $ 17,032,586 $ 22,595,335
<br />Operating grants and contributions 21,374,570 20,960,313 - - 21,374,570 20,960,313
<br />Capital grants and contributions 1,620,503 1,686,644 - - 1,620,503 1,686,644
<br />General revenues:
<br />Property taxes 134,629,314 105,322,403 - - 134,629,314 105,322,403
<br />Other taxes 32,338,929 39,940,999 34,405 31,096 32,373,334 39,972,095
<br />Grants and contributions not
<br />restricted to specific programs 150,663 135,546 - - 150,663 135,546
<br />Investment earnings 2,657,376 6,672,098 74,925 212,399 2,732,301 6,884,497
<br />Other 933,249 222,483 23,054 4,000 956,303 226,483
<br />Total revenues 209,171,749 196,061,579 1,697,825 1,721,737 210,869,574 197,783,316
<br />Govemmental Business-type
<br />..'$~ -~~
<br />Expenses:
<br />General government 19,804,610 18,415,916 - - 19,804,610 18,415,916
<br />Public safety 29,872,453 27,859,820 - - 29,872,453 27,859,820
<br />Economic and physical development 3,546,315 5,120,325 - - 3,546,315 5,120,325
<br />Environmental protection 251,712 273,920 - - 251,712 273,920
<br />Human services 41,849,320 42,113,299 - - 41,849,320 42,113,299
<br />Education 96,464,947 80,456,701 - - 96,464,947 80,456,701
<br />Cultural and recreation 6,401,250 7,750,422 - - 6,401,250 7,750,422
<br />Interest an long-term debt 15,302,702 13,267,793 - - 15,302,702 13,267,793
<br />Landfill - - 1,733,185 1,746,268 1,733,185 1,746,268
<br />Total expenses 213,493,309 195,258,196 1,733,185 1,746,268 215,226,494 197,004,464
<br />Increase (decrease) in net assets (4,321,560) 803,383 (35,360) (24,531) (4,356,920) 778,852
<br />Net assets, July 1, restated (44,099,788) (44,903,171) 4,813,773 4,838,304 (39,286,015) (40,064,867)
<br />Net assets, June 30 $(48,421,348) $(44,099,788) $ 4,778,413 $ 4,813,773 $(43,642,935) $ (39,286,015)
<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.
<br />Governmental Funds. The focus of Cabarrus County's governmental funds is to provide information on
<br />near-term inflows, outflows, and balances of usable resources. Such information is useful in assessing
<br />Cabarrus County's financing requirements. Specifically, unreserved fund balance can be a useful
<br />measure of a government's net resources available for spending at the end of the fiscal year.
<br />The General Fund is the chief operating fund of Cabarrus County. At the end of the current fiscal year,
<br />unreserved fund balance of the General Fund was $41,187,681, while total fund balance reached
<br />$51,338,793. As a measure of the general fund's liquidity, it may be useful to compare both unreserved
<br />fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents
<br />19 Attachment number 3
<br />C,_g Page 291
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