COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2008_part3 pot

Exhibit C Other Total Governmental Governmental Funds Funds 5,324,856$ 129,190,942$ 260,614 5,524,917 121,589 19,834,415 - 119,266 - 171,078 - 46,691,687 5,707,059$ 201,532,305$ 25,506$ 15,121,929$ 260,607 8,976,406 286,113 24,098,335 - 290,344 55,109 4,453,810 121,589 19,496,392 - 5,403,772 - 208,644 - 46,292,576 - 2,664,185 788,561 788,561 463,870 463,870 109,757 501,450 - 318,700 - 190,467 - 27,616 - 570,743 - 1,591,032 - 508,968 - 47,182,534 - 77,036 - 42,521,210 234,031 234,031 1,000,000 1,000,000 441,939 441,939 2,206,090 2,206,090 5,420,946 177,433,970 5,707,059$ 201,532,305$ The accompanying notes are an integral part of the financial statements. 17 This is trial version www.adultpdf.com Exhibit D GASTON COUNTY, NORTH CAROLINA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENT FUNDS TO THE STATEMENT OF NET ASSETS FOR THE YEAR ENDED JUNE 30, 2008 Amounts reported for governmental activities in the Statement of Net Assets are different because: Total fund balances, per Exhibit C 177,433,970$ Capital assets, net of accumulated depreciation, used in governmental activities are not current financial resources and, therefore, are not reported in the funds. 112,933,521 Deferred revenues in the governmental funds are used to offset accounts receivable not expected to be available within 60 days of year-end. These receivables are a component of net assets in the Statement of Net Assets. 6,379,911 Long-term liabilities and compensated absences are not due and payable in the current period and, therefore, are not reported in the funds. (203,074,145) Net assets of governmental activities, per Exhibit A 93,673,257$ The accompanying notes are an integral part of the financial statements. 18 This is trial version www.adultpdf.com Exhibit E GASTON COUNTY, NORTH CAROLINA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2008 Public Capital Other Total Assistance Improvements Governmental Governmental General Fund Fund Funds Funds Revenues: Ad valorem taxes 119,541,817$ -$ -$ 3,409,342$ 122,951,159$ Other taxes and licenses 40,888,986 - - - 40,888,986 Restricted intergovernmental revenues 6,029,460 23,637,885 3,643,954 4,173,846 37,485,145 Fees, licenses, and permits 3,807,646 - - - 3,807,646 Sales and services 18,863,784 - - - 18,863,784 E911 surcharge - - - 1,165,274 1,165,274 Investment earnings 2,106,685 401,045 4,708,445 284,327 7,500,502 Miscellaneous revenues 1,598,854 338,800 113,402 811 2,051,867 Total revenues 192,837,232 24,377,730 8,465,801 9,033,600 234,714,363 Expenditures: Current: General government 20,322,189 - - 105,093 20,427,282 Public safety 42,856,310 - - 3,946,414 46,802,724 Environmental protection 57,169 - - - 57,169 Economic and physical development 3,452,697 - - - 3,452,697 Human services 19,115,258 46,382,118 - - 65,497,376 Cultural and recreational 4,320,781 - - 471,754 4,792,535 Education 42,272,843 - - - 42,272,843 Capital outlay - - 34,718,107 - 34,718,107 Debt Service: Principal retirement 3,192,517 16,429 - 12,111,763 15,320,709 Interest and fees 123,034 946 - 7,833,892 7,957,872 Total expenditures 135,712,798 46,399,493 34,718,107 24,468,916 241,299,314 Revenues over (under) expenditures 57,124,434 (22,021,763) (26,252,306) (15,435,316) (6,584,951) Other Financing Sources (Uses): Debt issued - - 24,900,000 - 24,900,000 Premium received on debt issue - - 323,357 - 323,357 Transfers in - 24,981,264 12,797,642 15,136,358 52,915,264 Transfers out (52,115,264) (800,000) - - (52,915,264) Total other financing sources (uses) (52,115,264) 24,181,264 38,020,999 15,136,358 25,223,357 Net change in fund balances 5,009,170 2,159,501 11,768,693 (298,958) 18,638,406 Fund Balances: Beginning of year - July 1 63,312,779 14,898,200 74,864,681 5,719,904 158,795,564 End of year - June 30 68,321,949$ 17,057,701$ 86,633,374$ 5,420,946$ 177,433,970$ The accompanying notes are an integral part of the financial statements. 19 This is trial version www.adultpdf.com Exhibit F GASTON COUNTY, NORTH CAROLINA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENT FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2008 Amounts reported for governmental activities in the Statement of Activities are different because: Net change in fund balances - total governmental funds (Exhibit D) 18,638,406$ Capital outlays are reported as expenditures in the governmental funds statement. However, in the Statement of Activities, capital outlay is not an expense, rather it is an increase in capital assets. 4,595,540 Depreciation expense allocates the costs of capital assets over their useful lives. It is not reported as an expenditure in the governmental funds statement. (5,786,807) Exhibit D reports revenues using a current financial resources basis, which generally means revenue is recognized when collected or is expected to be collected within 90 days of year-end. Exhibit B reports revenues when the earning process is complete, regardless of when it is collected. This measurement difference causes timing of revenue recognition differences for the following revenue types: Property taxes (744,961) Sales and services 509,300 Expenses related to compensated absences and law enforcement officers' separation allowance that do not require current financial resources are not reported as expenditures in the governmental funds statement. 502,516 Other post-employment benefit net obligation (4,610,390) Proceeds from issuance of debt are reported as revenues in the governmental funds statement. However, in the Statement of Activities, it is not a revenue, rather it is an increase in liabilities. (24,900,000) Principal repayments are reported as expenditures in the governmental fund statement. However, in the Statement of Activities, these transactions are not an expense, rather they are a decrease in liabilities. (This line includes debt refunding transactions.) 14,917,798 The change in accrued interest related to long-term debt that do not require current financial resources are not reported as expenditures in the governmental funds statement. (500,000) Change in net assets of governmental activities - Exhibit B 2,616,620$ The accompanying notes are an integral part of the financial statements. 20 This is trial version www.adultpdf.com This is trial version www.adultpdf.com GASTON COUNTY, NORTH CAROLINA GENERAL FUND AND ANNUALLY BUDGETED MAJOR SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 Original Final Variance Budget Budget Actual Over/Under Revenues: Ad valorem taxes 116,722,905$ 116,722,905$ 119,541,817$ 2,818,912$ Other taxes and licenses 38,520,748 38,567,281 40,888,986 2,321,705 Restricted intergovernmental revenues 4,949,028 5,580,437 6,029,460 449,023 Permits and fees 3,775,165 3,775,165 3,807,646 32,481 Sales and services 18,823,737 20,481,606 18,863,784 (1,617,822) Investment earnings 1,000,000 1,003,932 2,106,685 1,102,753 Miscellaneous 202,026 275,918 1,598,854 1,322,936 Total revenues 183,993,609 186,407,244 192,837,232 6,429,988 Expenditures: General government 27,427,856 25,841,165 20,322,189 5,518,976 Public safety 42,710,864 46,715,773 42,856,310 3,859,463 Environmental protection 56,160 56,160 57,169 (1,009) Economic and physical development 3,952,757 4,329,083 3,452,697 876,386 Human services 20,432,140 27,723,829 19,115,258 8,608,571 Cultural and recreational 4,715,687 5,056,381 4,320,781 735,600 Education 42,102,971 42,555,243 42,272,843 282,400 Principal retirement 3,638,400 3,371,405 3,192,517 178,888 Interest and fees 231,566 219,754 123,034 96,720 Total expenditures 145,268,401 155,868,793 135,712,798 20,155,995 Revenues over (under) expenditures 38,725,208 30,538,451 57,124,434 26,585,983 Other Financing Sources (Uses): Appropriated fund balance 8,208,680 21,576,813 - (21,576,813) Transfers in - - - - Transfers out (46,933,888) (52,115,264) (52,115,264) - Total other financing sources (uses) (38,725,208) (30,538,451) (52,115,264) (21,576,813) Revenues and other financing sources (uses) over (under) expenditures and other financing sources (uses) -$ -$ 5,009,170 5,009,170$ Fund Balances: Beginning of year - July 1 63,312,779 End of year - June 30 68,321,949$ General Fund The accompanying notes are an integral part of the financial statements. 21 This is trial version www.adultpdf.com Exhibit G Original Final Variance Budget Budget Actual Over/Under -$ -$ -$ -$ - - - - 24,215,235 25,321,395 23,637,885 (1,683,510) - - - - - - - - - 664 401,045 400,381 218,150 271,571 338,800 67,229 24,433,385 25,593,630 24,377,730 (1,215,900) - - - - - - - - - - - - - - - - 50,998,815 53,543,008 46,382,118 7,160,890 - - - - - - - - 53,296 53,296 16,429 36,867 7,880 7,880 946 6,934 51,059,991 53,604,184 46,399,493 7,204,691 (26,626,606) (28,010,554) (22,021,763) 5,988,791 3,168,423 3,829,290 - (3,829,290) 23,458,183 24,981,264 24,981,264 - - (800,000) (800,000) - 26,626,606 28,010,554 24,181,264 (3,829,290) -$ -$ 2,159,501 2,159,501$ 14,898,200 17,057,701$ Public Assistance Fund The accompanying notes are an integral part of the financial statements. 22 This is trial version www.adultpdf.com Exhibit H GASTON COUNTY, NORTH CAROLINA STATEMENT OF NET ASSETS PROPRIETARY FUNDS JUNE 30, 2008 Solid Waste Fund Assets: Current assets: Cash and cash equivalents 4,878,275$ Accounts receivable, net 652,800 Inventories 9,858 Total current assets 5,540,933 Noncurrent assets: Land, improvements and construction in progress 2,458,715 Capital assets, net 12,837,218 Accumulated depreciation (6,501,114) Total noncurrent assets 8,794,819 Total assets 14,335,752$ Liabilities: Current liabilities: Accounts payable and accrued liabilities 1,183,326$ Compensated absences 31,000 Current portion of closure/postclosure care 350,000 Current portion of capital leases 162,802 Total current liabilities 1,727,128 Noncurrent liabilities: Compensated absences 24,942 Capital leases and notes payable 90,059 Other post-employment benefits 71,635 Landfill closure/postclosure care 4,213,767 Total noncurrent liabilities 4,400,403 Total liabilities 6,127,531 Net Assets: Invested in capital assets, net of related debt 8,541,958 Unrestricted net assets (333,737) Total net assets 8,208,221$ The accompanying notes are an integral part of the financial statements. 23 This is trial version www.adultpdf.com Exhibit I GASTON COUNTY, NORTH CAROLINA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS - PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2008 Solid Waste Fund Operating Revenues: Charges for services 5,782,609$ Other operating revenues 302,292 Total operating revenues 6,084,901 Operating Expenses: Landfill operations 4,282,537 Depreciation 605,121 Total operating expenses 4,887,658 Operating income (loss) 1,197,243 Nonoperating Revenues (Expenses): Interest expense (13,828) Investment earnings 129,070 Total nonoperating revenues (expenses) 115,242 Change in net assets 1,312,485 Net Assets: Beginning of year - July 1 6,895,736 End of year - June 30 8,208,221$ The accompanying notes are an integral part of the financial statements. 24 This is trial version www.adultpdf.com Exhibit J GASTON COUNTY, NORTH CAROLINA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2008 Solid Waste Fund Cash Flows from Operating Activities: Cash received from customers 5,529,336$ Other operating receipts 302,292 Cash paid to employees for services (1,131,425) Cash paid for goods and services (1,545,205) Net cash provided (used) by operating activities 3,154,998 Cash Flows from Capital and Related Financing Activities: Principal payments (185,701) Proceeds from issuance of long-term debt 96,258 Acquisition of capital assets (1,862,670) Interest expense (13,828) Net cash provided (used) by capital and related financing activities (1,965,941) Cash Flows from Investing Activities: Interest income 129,070 Net increase in cash and cash equivalents 1,318,127 Cash and Cash Equivalents: Beginning of year - July 1 3,560,148 End of year - June 30 4,878,275$ Reconciliation of operating income to net cash provided (used) by operating activities: Operating income 1,197,243$ Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation and amortization 605,121 Landfill closure and postclosure care cost 623,689 Changes in assets and liabilities: (Increase) decrease in accounts receivable (253,273) (Increase) decrease in inventories and prepaid expenses 7,699 Increase (decrease) in accounts payable 968,306 Increase (decrease) in accrued payroll and other liabilities 6,213 Net cash provided (used) by operating activities 3,154,998$ The accompanying notes are an integral part of the financial statements. 25 This is trial version www.adultpdf.com [...]... resources The County’s Board of Commissioners also serve as the governing body for the District Therefore, the District is reported as part of the general government activities in the County’s financial statements B Basis of Presentation Government-Wide Statements: The Statement of Net Assets and the Statement of Activities display information about the primary government These statements include the financial. .. property taxes are due on the first day of the fourth month after the vehicles are registered The billed taxes are applicable to the fiscal year in which they become due Therefore, taxes for vehicles registered from March 2007 through February 2008 apply to the fiscal year ended June 30, 2008 Uncollected taxes, which were billed during this period, are shown as a receivable on these financial statements... FUNDS FOR THE YEAR ENDED JUNE 30, 2008 Agency Funds Assets: Cash and cash equivalents $ 327,149 Total assets $ 327,149 Liabilities: Fiduciary depository accounts $ 327,149 Total liabilities $ 327,149 This is trial version www.adultpdf.com The accompanying notes are an integral part of the financial statements 26 GASTON COUNTY, NORTH CAROLINA NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,. .. November 30, 1989 This is trial version www.adultpdf.com 30 GASTON COUNTY, NORTH CAROLINA NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 D Budgetary Data Budgetary control is exercised in all funds except the agency funds Appropriations are made at the function level and amended as necessary by the Board of Commissioners The budget amounts presented in the financial statements are the. .. BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 Ad Valorem Taxes Receivable In accordance with State law [G.S 105-347 and G.S 159-13(a)], the County levies ad valorem taxes on property other than motor vehicles on July 1, the beginning of the fiscal year The taxes are due on September 1 (lien date), but penalties do not begin to accrue until the following January 6 The taxes are based on the. .. www.adultpdf.com 27 GASTON COUNTY, NORTH CAROLINA NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 Fund Financial Statements: The fund financial statements provide information about the County’s funds Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented The emphasis of fund financial statements is on major governmental and enterprise... CAROLINA NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 Fiduciary funds include the following fund type: Agency Funds - Agency Funds are used to account for assets held by the government as an agent for individuals, private organizations, other governments, and/or other funds They are custodial in nature and do not involve measurement of results of operations The County’s agency funds... NORTH CAROLINA NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 Governmental Fund Financial Statements: Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting Under this method, revenues are recognized in the accounting period when they become susceptible to accrual (i.e., when they are “measurable” and “available”)... ancillary activities The County reports the following major governmental funds: General Fund - The General Fund is the general operating fund of the County It is used to account for all financial resources except those required to be accounted for in another fund Public Assistance Special Revenue Fund - The Public Assistance Special Revenue Fund is used to account for the activities of the Department of... agency funds are used to account for monies deposited with the County’s Department of Social Services for the benefit of certain individuals for whom the County acts as an agent, to account for funds collected by the tax collector’s office on behalf of other municipal entities within the County, to account for monies held on behalf of inmates of the County jail, to account for the additional interest on . BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008 Fund Financial Statements: The fund financial statements provide information about the County’s funds. Separate statements for. IN FUND BALANCES OF GOVERNMENT FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2008 Amounts reported for governmental activities in the Statement of Activities are different. THE BALANCE SHEET OF GOVERNMENT FUNDS TO THE STATEMENT OF NET ASSETS FOR THE YEAR ENDED JUNE 30, 2008 Amounts reported for governmental activities in the Statement of Net Assets are different