COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2008_part8 doc

This is trial version www.adultpdf.com DEBT SERVICE FUND The Debt Service Fund is used to account for all expenditures for principal and interest for all long-term debt payments. The other governmental fund types provide the resources to the Debt Service Fund to make the payments through transfers. This is trial version www.adultpdf.com This is trial version www.adultpdf.com Schedule 15 Page 1 of 2 GASTON COUNTY, NORTH CAROLINA DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2007 Final Variance Budget Actual Over/Under Actual Revenues: Investment earnings -$ 152,925$ 152,925$ 170,304$ Lottery proceeds - restricted intergovernmental 3,500,000 3,500,000 - 2,038,101 Total revenues 3,500,000 3,652,925 152,925 2,208,405 Expenditures: Principal Retirement: Administration/York - Chester 1,913,449 1,913,445 4 1,249,617 School bonds 6,808,985 6,808,984 1 5,058,337 Courthouse bonds 1,409,010 1,409,009 1 1,374,422 Jail bonds 717,007 717,007 - 685,574 Certificates of participation 1,085,000 1,085,000 - 1,605,001 Total principal retirement 11,933,451 11,933,445 6 9,972,951 Interest and Fees: Administration/York - Chester 664,858 664,585 273 31,933 Citizens Resource Center/Union Road Library - - - 65,010 Sadler School/York - Chester Square - - - 342,842 School bonds 5,823,187 5,712,599 110,588 4,424,182 Courthouse bonds 588,548 588,548 - 650,010 Jail bonds 301,440 301,437 3 332,429 Professional fees 85,000 4,041 80,959 6,637 Certificates of participation 550,455 550,453 2 614,484 Total interest and fees 8,013,488 7,821,663 191,825 6,467,527 Total expenditures 19,946,939 19,755,108 191,831 16,440,478 Revenues over (under) expenditures (16,446,939) (16,102,183) 344,756 (14,232,073) 2008 96 This is trial version www.adultpdf.com Schedule 15 Page 2 of 2 GASTON COUNTY, NORTH CAROLINA DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2007 Final Variance Budget Actual Over/Under Actual 2008 Other Financing Sources (Uses): Transfers from General Fund 16,446,939 16,446,939 - 15,538,746 Revenues and other financing sources (uses) over (under) expenditures and other financing sources (uses) -$ 344,756 344,756$ 1,306,673 Fund Balance: Beginning of year - July 1 2,861,334 1,554,661 End of year - June 30 3,206,090$ 2,861,334$ 97 This is trial version www.adultpdf.com CAPITAL IMPROVEMENT FUND The Capital Improvement Fund is used to account for the acquisition and construction of major capital and capital facilities other than those financed by the proprietary funds and trust funds. This is trial version www.adultpdf.com This is trial version www.adultpdf.com Schedule 16 Page 1 of 2 GASTON COUNTY, NORTH CAROLINA CAPITAL IMPROVEMENTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 Variance Budget Actual Over/Under Revenues: Restricted intergovernmental revenues 3,298,883$ 3,643,954$ 345,071$ Investment earnings: School bond proceeds 2,292,858 2,397,788 104,930 Certificates of participation - 2,819 2,819 Refund of local school bonds 6,521 6,843 322 Department of Tourism: Visitors Center 1,086 1,143 57 Installment purchase: Arlington - replacement school 8,521 8,972 451 Installment purchase: administration building 3,685 3,880 195 Installment purchase: York-Chester Square 3,879 3,879 - Installment purchase: Chester - 9 9 General Obligation - Gaston Community College 804,758 853,095 48,337 Other 121,997 1,430,017 1,308,020 Miscellaneous revenues 30,268 113,402 83,134 Total revenues 6,572,456 8,465,801 1,893,345 Capital Expenditures by Department: Cable Access 82,463 58,122 24,341 Elections 3,600 3,600 - Register of Deeds 97,350 - 97,350 Information Technology 8,551 - 8,551 Facilities Management 3,082,458 383,664 2,698,794 County Police 238,724 - 238,724 Telecommunications 18,578 - 18,578 Emergency Medical Services 18,544 - 18,544 Animal Control 67,802 - 67,802 Nuisance Abatement 15,545 - 15,545 ACCESS/Central Transportation 351,195 283,177 68,018 EDC 6,120,248 2,506,681 3,613,567 Court Drive Development 1,816,082 1,446,204 369,878 Technology Park Development 3,377,612 1,496,939 1,880,673 One NC Funds 250,000 - 250,000 98 This is trial version www.adultpdf.com Schedule 16 Page 2 of 2 GASTON COUNTY, NORTH CAROLINA CAPITAL IMPROVEMENTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 Variance Budget Actual Over/Under National Gypsum 231,004 231,003 1 IDF- National Gypsum 18,011 18,010 1 Other improvements 200,000 - 200,000 Department of Tourism 109,148 105,093 4,055 CDBG . Scattered Site Housing 826,201 524,764 301,437 CDBG - National Gypsum 1,011,280 900,403 110,877 Gaston County Schools 68,002,529 18,751,906 49,250,623 Gaston College 27,286,983 5,127,887 22,159,096 Recreation 2,493,550 1,813,249 680,301 Historic Preservation Commission 62,573 - 62,573 Water and sewer lines 4,104,726 1,001,474 3,103,252 Debt issuance costs - 65,931 (65,931) Total expenditures 119,894,757 34,718,107 85,176,650 Revenues over (under) expenditures (113,322,301) (26,252,306) 87,069,995 Other Financing Sources (Uses): Bonds issued 25,139,357 24,900,000 (239,357) Premium received from issuance of debt 323,357 323,357 Fund balance appropriated 75,385,302 - (75,385,302) Operating transfers-in (out): General Fund 12,797,642 12,797,642 - Total other financing sources (uses) 113,322,301 38,020,999 (75,301,302) Revenues and other financing sources (uses) over (under) expenditures and other financing sources (uses) -$ 11,768,693 11,768,693$ Fund Balance: Beginning of year - July 1 74,864,681 End of year - June 30 86,633,374$ 99 This is trial version www.adultpdf.com ENTERPRISE FUNDS • The Enterprise Fund is used to account for solid waste collection and disposal operations in Gaston County that are financed through solid waste fees. This is trial version www.adultpdf.com [...]... used to account for assets held by the County as an agent for individuals, private organizations, other governments and/or other funds Individual Fund Descriptions: • Social Services Agency Fund Accounts – This fund accounts for the monies of indigents for which the county Department of Social Services acts as an agent • Tax Collector Fund– This fund accounts for funds collected by the tax collector’s... NORTH CAROLINA SOLID WASTE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP) FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2008 Final Budget Revenues: Operating revenues: Landfill charges Other operating revenues 2007 Variance Over/Under Actual $ 3,701,364 $ 5,782,609 302,292 236,877 $ Actual 2,081,245 65,415 $ 4,343,364... behalf of other municipal entities within the County • Sheriff Inmates Fund – This fund accounts for monies held on behalf of inmates of the County jail • Late List and Insufficient Funds Penalties Fund – This fund account for the additional interest on delinquent motor vehicle property tax payments to be transferred to N.C State Treasurer • House Bill 1779 Fund – This fund accounts for and to report various... service payments Other Financing Sources (Uses): Fund balance appropriated Revenues and other financing sources (uses) over (under) expenditures and other financing sources (uses) (106,143) (3,599,874) Revenues over (under) expenditures - 3,599,874 $ Reconciliation of modified accrual basis to full accrual basis: Revenues and other financing sources (uses) over (under) expenditures and other financing... Fund – This fund accounts for and to report various legal fines and forfeitures that the County is required to remit to the Gaston County Schools This is trial version www.adultpdf.com This is trial version www.adultpdf.com Schedule 18 GASTON COUNTY, NORTH CAROLINA COMBINING STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES AGENCY FUNDS JUNE 30, 2008 Social Services Tax Collector Sheriff Inmates Late List... Schedule 19 Page 1 of 2 GASTON COUNTY, NORTH CAROLINA COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES AGENCY FUNDS JUNE 30, 2008 July 1, 2007 Social Services: Assets: Cash and cash equivalents Liabilities: Fiduciary depository accounts Additions Deductions June 30, 2008 $ 114,454 $ 247,486 $ (291,009) $ 70,931 $ 114,454 $ 247,486 $ (291,009) $ 70,931 $ 226,822 $ 41,650,859 $ (41,775,182)... COMBINING STATEMENT OF CHANGES IN FIDUCIARY ASSETS AND LIABILITIES AGENCY FUNDS JUNE 30, 2008 July 1, 2007 House Bill 1779: Assets: Cash and cash equivalents Liabilities: Fiduciary depository accounts Total All Agency Funds: Assets: Cash and cash equivalents Liabilities: Fiduciary depository accounts Additions Deductions June 30, 2008 $ 11,590 $ 201,062 $ (201,383) $ 11,269 $ 11,590 $ 201,062 $ (201,383)... (41,775,182) $ 102,499 Sheriff Inmates: Assets: Cash and cash equivalents Liabilities: Fiduciary depository accounts $ 138,746 $ 736,155 $ (737,995) $ 136,906 $ 138,746 $ 736,155 $ (737,995) $ 136,906 Fines and Forfeitures: Assets: Cash and cash equivalents Liabilities: Fiduciary depository accounts $ - $ 1,140,022 $ (1,140,022) $ - $ - $ 1,140,022 $ (1,140,022) $ - Late List and Nonsufficient Penalties: Assets: . BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2007 Final Variance Budget Actual Over/Under Actual 2008 Other Financing Sources (Uses): Transfers. EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2007 Final Variance Budget Actual Over/Under Actual Revenues: Investment. AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP) FOR THE YEAR ENDED JUNE 30, 2008 WITH COMPARATIVE ACTUAL AMOUNTS FROM JUNE 30, 2007 2007 Final Variance Budget Actual Over/Under Actual Revenues: Operating