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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Fiscal Year Ended June 30, 2009
<br />Balance Balance
<br />July 1, 2008 Increases Decreases June 30, 2009
<br />Business-type activities
<br />Compensated absences
<br />Other postemployment benefits
<br />Landfill ClosurelPost-Closure
<br />Total business-type activities
<br />Discretely presented component
<br />unit:
<br />Compensated absences
<br />OPEB obligation
<br />Total discretely presented
<br />component unit
<br />$ 41,860 $ 24,826
<br />15,152 17,364
<br />4,561,370 328,595
<br />$ 4,618,382 $ 370,785
<br />Balance
<br />July 1, 2008 Increases
<br />$ 31,690 $ 34,996
<br />- 32,516
<br />13R 'tr,4 4 7.r,3 R11
<br />Due Within
<br />One Year
<br />$ 27,996
<br />~ nay ~1a
<br />$ 168,044 $ 4,821,123 ~ 2,126,215
<br />Balance
<br />flacraasac .hints sn 9M9
<br />$ 547,913 $ 610,819 $ (571,747) $ 586,985 $
<br />114,476 160,556 (36,111) 238,921
<br />Due Within
<br />C1na Yaar
<br />575,245
<br />36,111
<br />$ 662,389 $ 771,375 $ (607,858) $ 825,906 $ 611,356
<br />For Governmental activities, compensated absences and unfunded pension cost are liquidated by the general fund
<br />For business-type activities, compensated absences are liquidated by the business-type activity and accounted for
<br />on the LIFO basis, assuming employees are taking leave time as it is earned.
<br />5. Capital Assets, Net of Related Debt
<br />Governmental Activity capital assets, net of related debt at June 30, 2009, are computed as follows:
<br />Capital assets, net of accumulated depreciation $ 191,822,673
<br />Less: capital debt
<br />Gross debt 358,546,029
<br />Less:
<br />School debt related to assets to which the County does not capitalize (238,200,030)
<br />Unexpended debt proceeds (36.569.886)
<br />Net capital debt 83.776.113
<br />Capital assets, net of related debt $ 108 046 560
<br />6. Advance Refundings
<br />On March 15, 2004, the County issued $32,855,000 of general obligation advance refunding revenue bonds to
<br />provide resources to purchase U.S. government securities that were placed into an irrevocable trust for the purpose
<br />of generating resources for all future debt service payments of refunded debt. The refunded debt consists of the
<br />County's series 1997 School Bonds dated February 1, 1997 and stated to mature on February 1 in the years 2008
<br />to 2018 inclusive. The refunding debt was issued at a net interest cost of 3.276524%. As a result, the refunded
<br />bonds are considered to be defeased and the liability has been removed from the Governmental activities column
<br />of the statement of net assets. The amount of defeased debt that remains outstanding as of June 30, 2009, is $0.
<br />This advance refunding was undertaken to reduce total debt service payments over the following 14 years by
<br />$1,588,396 and resulted in an economic loss of $436,981. As required by GASB Statement 23, the difference
<br />between the reacquisition price and the net carrying amount of the old (refunded) bonds was deferred by
<br />$3,756,746 and amortized as a component of interest expense over the remaining life of the refunding bonds. The
<br />unamortized deferred amount as of June 30, 2009 was $2,317,034.
<br />On January 31, 2008, the Cabarrus County Development Corporation issued Refunding Certificates of
<br />Participation, Series 2008B in the aggregate principal amount of $18,745,000. A portion of the proceeds of the
<br />59 Attachment number 3
<br />G-8 Page 333
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