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Cabarrus County, North Carolina
<br />Balance Sheet
<br />Governmental Funds
<br />June 30, 2009
<br />_ Malor Non-Malor
<br /> Other Total
<br />Justice Center School Governmental Govemmental
<br />General Construction Construction Funds Funds
<br />Assets
<br />Cash and cash equivalents $ 47,604,516 $ 3,936,342 $ 2,881,181 $ 26,341,592 $ 82,763,631
<br />Receivables (net of allowance for uncollectibles)
<br />Accounts receivable 3,708,062 1,395 484 581,421 4,291,362
<br />Customers 244,476 - - - 244,476
<br />Property taxes 2,406,985 - - - 2,406,985
<br />Due from other governments 6,005,289 - - - 6,005,289
<br />Prepaid expense 53,735 - - - 53,735
<br />Notes receivable 90,400 - - 825,000 915,400
<br />Inventories 4,935 - - - 4,935
<br />Restricted cash 1,602 38,182,922 8,786,382 123,434 47,094,340
<br />Total assets $ 60,120,000 $42,120,659 $ 11,668,047 $ 29,871,447 $ 143,780,153
<br />Liabilities and Fund Balances
<br />Liabilities:
<br />Accounts payable and accrued
<br />IiabiliGes $ 5,609,427 $ 4,364,330 $ 1,757,063 $ 1,316,336 $ 13,047,156
<br />Contrail retainages - 1,332,714 1,758,873 45,645 3,137,232
<br />Deterred revenue 2,651,462 - - - 2,651,462
<br />Unearned revenue 520,318 - 520,318
<br />Total liabilities 8,781,207 5,697,044 3,515,936 1,361,981 19,356,168
<br />Fund Balances:
<br />Reserved for:
<br />Inventories 4,935 - - - 4,935
<br />Prepaid expenditures 53,735 - - - 53,735
<br />State statute 9,803,750 - - - 9,803,750
<br />Special Revenue:
<br />Public Safety - - - 869,944 869,944
<br />Human Services - - - 292,460 292,460
<br />Education - - - 4,210,747 4,210,747
<br />Culture and recreation - - - 763,922 763,922
<br />Other purposes - - - 331,693 331,693
<br />Capital Projects - 36,423,615 8,152,111 8,057,230 52,632,956
<br />Unreserved, designated for sustainability effor 288,692 - - - 288,692
<br />Unreserved, designated for subsequent
<br />year's expenditures:
<br />Special Revenue - - - 13,983,470 13,983,470
<br />Unreserved,undesignatedfor General fund 41,187,681 - - - 41,187,681
<br />Total fund balances 51,338,793 36,423,615 8,152,111 28,509,466 124,423,985
<br />Total liabilities and fund balances $ 60,120,000 $42,120,659 $ 11,668,047 $ 29,871,447
<br />
<br />Amounts reported for governmental activities in the statement of net assets are different because:
<br />Capital assets used in governmental activities are not financial resources and,
<br />therefore, are not reported in the funds
<br />Government capital assets 224,050,623
<br />Less accumulated depreciation (32,227,950) 191,822,673
<br />Other assets used in governmental activities are not financial resources and,
<br />therefore are not reported in the governmental funds
<br />Deferred Revenue 2,651,462
<br />Debt Issuance Costs 6,664,032
<br />Current Year Amortization (576,802) 6,087,230
<br />Premium on Debtlssuance (8,495,520)
<br />Current Year Amortization 625,816 (7,869,704)
<br />Internal service funds are used by management to charge the costs of workers' compensation
<br />and self-insured hospitalization to individual departments. 3,155,301
<br />Long-term liabilities, including bonds payable and other postemployment benefits, are not
<br />due and payable in the current period and therefore are not reported in the funds.
<br />Bonds and Other Debt Payable (358,546,027)
<br />Accrued Interest (4,092,176)
<br />Compensated Absences (3,012,266)
<br />LEO Pension Obligation (161,605)
<br />OPEBObligation (2,880,221) (368,692,295)
<br />
<br />Net assets of governmental activities $ (48,421,348)
<br />The notes to the financial statements are an integral part of this statement.
<br />27 Attachment number 3
<br />G-8 Page 300
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