AG 2009 11 16 - Laserfiche WebLink

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Cabarrus County, North Carolina Notes to the Financial Statements For the Year Ended June 30, 2009 The Fiduciary Funds account for assets held by the government in a trustee capacity or as an agent on behalf of others. Trust funds account for assets held by the government under the terms of a formal trust agreement. Fiduciary funds include the following fund types: The Private-Purpose Trust Fund is used to account for resources legally held in trust for use by anot-for-profit organization. These funds are accounted for in essentially the same manner as the proprietary funds, using the same measurement focus and basis of accounting. The Kevin Pugh Fund and the Foster Care Scholarship Fund accounts for assets where the interest and principal can be spent. The Kevin Pugh Private Purpose Trust Fund is used to account for a donation given in memory of Sheriff Deputy Kevin Pugh. Disbursements are made to a rookie officer and a veteran officer each year. The Foster Care Scholarship Private Purpose Trust Fund is used for the purpose of collecting and disbursing contributions and private donations received for special programs for Foster Children. The Pension Trust Fund is accounted for in essentially the same manner as the proprietary funds, using the same measurement focus and basis of accounting. The Special Separation Allowance Pension Trust Fund accounts for the Law Enforcement Officers' Special Separation Allowance, asingle-employer, public employee retirement system. The Agency Fund is custodial in nature and does not involve the measurement of operating results. Agency funds are accounted for using the accrual basis of accounting. This fund is used to account for assets that the government holds for others in an agency capacity. The County maintains six agency funds, the Department of Social Services Agency Fund, the Work Over Welfare Agency Fund, the Charitable Campaign Agency Fund, the Undistributed Taxes Agency Fund, the Fines and Forfeitures Agency Fund and the Jail Commissary Agency Fund. The Department of Social Services Agency Fund is used to account for money deposited with the County through the social services department under a program which manages the financial affairs of persons unable or incapable of managing them on their own. The Work Over Welfare Agency Fund accounts for monies held by the Department of Social Services as an agent for various individuals who are participating in a work program in lieu of receiving AFDC/Food Stamps. The Charitable Campaign Agency Fund is used to account for money County employees contribute through annual one time giving and through payroll deductions for the purpose of distribution to charitable non-profit agencies in our area. One hundred percent of the money collected is distributed to the charitable non-profit agencies. The Undistributed Taxes Agency Fund is used to accumulate collected property taxes before they are distributed to local municipalities. The Fines and Forfeitures Agency Fund is used to accumulate fines and forfeitures before they are distributed to the local School Boards. It is also used to accumulate the three percent interest on the first month of delinquent motor vehicle taxes that the County is required to remit to the North Carolina Department of Motor Vehicles. The Jail Commissary Agency Fund is used to account for an inmates money deposited with the County when an inmate is housed at the County Jail. The money can be used by the inmate to purchase commissary items. Any unused monies are returned to the inmate upon their release. The Special Revenue Funds account for revenue sources that are legally restricted to expenditures for specific purposes (not including expendable trusts or major capital projects). The County maintains thirteen special revenue funds. Following are the Special Revenue Funds and their uses: Emergency Telephone System -accounts for the receipt and disbursement of funds for the Cabarrus County Emergency 911 system. Community Development Grant- accounts for the receipt and disbursement of grant funds from the Community Development Block Grant. Cabarrus Arena and Events Center -accounts for the operations of the County owned Arena and Events Center and the annual Cabarrus County Fair. Fire Districts -accounts for the receipt and disbursement of property taxes collected by Cabarrus County and then remitted to each fire department for the purpose of providing fire protection to a specific tax area. Capital Reserve -maintains funds for future County and School capital projects. Capital Reserve Utility- maintains funds for future County utility projects. 39 Attachment number 3 G-8 Page 313