AG 2009 11 16 - Laserfiche WebLink

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20.59 percent of total General Fund expenditures, while total fund balance represents 25.66 percent of that same amount. At June 30, 2009, the governmental funds of Cabarrus County reported a combined fund balance of $124,423,985, a 2.4% increase or $2,953,648 increase from last year. There are two reasons for this net increase. One reason was the issuance of COPS in the amount of $58,810,000 for the construction of a Jail Housing Unit. This debt instrument has been issued, however the majority of expenditures for the projects will occur in future years. The second reason for the net increase was the use of $31,529,872 in COPS that were issued in a previous fiscal year. General Fund Budgetary Highlights: During the fiscal year, the County revised the budget on several occasions. Generally, budget amendments fall into one of three categories: 1) amendments made to adjust the estimates that are used to prepare the original budget ordinance once exact information is available; 2) amendments made to recognize new funding amounts from external sources, such as Federal and State grants; and 3) increases in appropriations that become necessary to maintain services. Total amendments to the General Fund's budget amounted to a decrease of $2,390,703. Major budget increases (decreases) during the year include: • Contribution to Capital Reserve Fund -transfer funds from the General Fund pursuant to County policy that upon completion of the annual audit, any undesignated fund balance above 15% will be transferred to the Capital Reserve Fund to be spent on future capital projects. - $12,203,646 • Contribution to the Capital Projects Fund -for budgetary and accounting purposes transferred funds from the General Fund for the following projects: 800 MHz Radios to purchase additional emergency radio equipment and transferred funds for park improvements at Frank Liske Park, and Camp Spencer Park. -- $888,328 • Fund Balance Appropriated -funding for capital projects that were incomplete in the prior fiscal year (FY 2008) are brought into the new budget once the budget is closed by appropriating fund balance for the balance to be expended in the current fiscal year for capital projects. - $1,341,377 • Department of Social Services -due to economic conditions, we had an increase in revenue and expenses for funds received for Emergency Assistance to deal with citizen's emergency utility, food and medical needs. -- $469,646 • Board of Commissioners -instituted as across the board 2.9% fiscal adjustment to the FY 2009 adopted budget to reflect reduced revenues in sales tax, Register of Deeds fees and Building Inspection fees as a result of the current economic conditions. -- $6,081,308 At year-end, actual revenues and transfers in exceeded final amended budget numbers by .49%. Actual expenditures and transfers out were less than final budgetary figures by 4%, thus eliminating the need to draw upon existing fund balance. Proprietary Funds. Cabarrus County's proprietary funds provide the same type of information found in the government-wide statements but in more detail. Unrestricted net assets of the Landfill Fund at the end of the fiscal year amounted to $604,100. This represents a decrease of $353,249 over fiscal year 2008. The key factor in this decrease is attributable to the replacement of a fuel service truck, a bulldozer, and an air compressor. Other factors concerning the finances of this fund have already been addressed in the discussion of Cabarrus County's business-type activities. Capital Asset and Debt Administration Capital assets. Cabarrus County's investment in capital assets for its governmental and business-type activities as of June 30, 2009, totals $195,996,986 (net of accumulated depreciation). These assets 20 Attachment number 3 G-8 Page 292