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 Small Projects -collects and appropriates general fund revenues and federal and State grant funds received specifically for use by the appropriate Cabarrus County Department who has received the funds. Sheriff's Department -collects and appropriates federal and State funds received specifically for the Cabarrus County Sheriff's Department. Adequate Facilities -collects and appropriates adequate facility fees for school facilities, land, architect, improvements or furniture and fixtures at the direction of the Cabarrus County Board of Commissioners. Cabarrus County Tourism -promotes tourism in Cabarrus County. This fund will no longer be in existence after June 30, 2009. After this date the Tourism Authority will maintain their accounting transactions and funds. Department of Aging -collects and appropriates contributions and private donations received specifically for the Cabarrus County Department of Aging's Senior Citizen programs and projects. Parks and Recreation Commission -collects and appropriates contributions and private donations received specifically for the Cabarrus County Parks and Recreation's programs and projects. Cannon Memorial Library -collects and appropriates contributions and private donations received specifically for the Cabarrus County libraries to purchase books or to use on library programs and projects. The Capital Projects Funds account for financial resources to be used for the acquisition of construction of major capital facilities (other than those financed by proprietary funds and trust funds). In addition to the two major governmental funds, Justice Center Construction Fund and School Construction Funds, reported above, the County maintains five additional non-major capital project funds. Following are the non-major capital project funds and their uses: Public School Building -collects State public school funds and lottery proceeds and disbursing the funds for smaller non-debt school capital projects. Capital Projects -constructs, renovates and equips smaller non-debt Capital projects for the County. Construction and Renovations -constructs, renovates and equips larger Capital projects for the County through the use of debt and non-debt sources. $98 Million School Bond -accounts for the constructions and renovations of schools for the Cabarrus County, Kannapolis City, and the Rowan Cabarrus Community College school systems through the use of General Obligations Bonds. 2009 School Construction -accounts for the construction and renovation of schools for the Cabarrus County School system through the use of non-debt Capital Reserve funds. C. Measurement Focus, Basis of Accounting In accordance with North Carolina General Statutes, all funds of the County are maintained during the year using the modified accrual basis of accounting. Government-wide, Proprietary, and Fiduciary Fund Financial Statements -The government-wide, proprietary fund and fiduciary fund financial statements are reported using the economic resources measurement focus except for the Agency Funds which have no measurement focus. The government-wide, proprietary fund and fiduciary fund financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Non-exchange transactions, in which the County gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, grants, and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants and donations is recognized in the fiscal year in which eligibility requirements have been satisfied. 40 Attachment number 3 G-8 Page 314