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<br /> <br />State of North Carolina <br />Department of State Treasurer <br /> <br />RICHARD H. MOORE <br />TREASURER <br /> <br />State and Local Government Finance Division <br />and the Local Government Commission <br /> <br />JAl'.TJCE T.BURKE <br />DEPUTY TREASURER <br /> <br />November 24,2004 <br /> <br />The Honorable Robert M. Freeman, Chairman <br />CabalTus County <br />65 Church Street, SE <br />Box 707 <br />Concord, North Carolina 28025 <br /> <br />Dear Chailman Freeman: <br /> <br />The staff of the Local Government Commission has analyzed the audited financial statements of <br />Cabarrus County for the fiscal year ended June 30, 2004. As a result of our review we feel we <br />should bring the following item to your attention. <br /> <br />From our review of the County's audited financial statements we noted that budgets were not <br />repolied for the Capital Reserve Utility Special Revenue Fund or the Sheriffs Department Special <br />Revenue Fund. A capital reserve ordinance should have been passed when the Reserve Utility <br />Special Revenue Fund resolution was established. The anticipated sources and uses of funds should <br />have been presented as a multi-year budget for that Fund. In addition, a budget should have been in <br />place for the revenues and expenditures in the Sheriffs Depmiment Special Revenue Fund. <br /> <br />Please write to us about your plans to resolve this matter. If you have any questions please contact <br />me at (919) 807-2380. <br /> <br />Sincerely, <br /> <br />--"/1') " <br />If / _ II / . .1 ;/;')} /"j <br />L L./ {V~"- <br />T. Vance Holloman, <br />Director, Fiscal Management Section <br /> <br />cc: Mr. John D. Day Jr., Interim County Manager <br />Ms, Pamela S. Dubois, Finance Officer <br />Potter& Company, PA, CPAs <br /> <br />325 North Salisbury Street, Raleigh, North Carolina 27603-1385 <br />Telephone: (919) 807-2350 Fax: (919) 807-2352 Website: www,treasurer,state,nc,us <br />An Equal Opportunity/Aflirinative Action Employer <br />r-'1 <br />