AG 2018 01 16 - Laserfiche WebLink

Home Browse Search

omissions, and natural disasters. The Finance Director of the Bureau is bonded by a public official's bond in the amount of $50,000. The Bureau's insurance policy is administered by Trey Siner Insurance Group. Through this policy, the Bureau has workers' compensation coverage up to statutory limits and employers' liability coverage up to $1,000,000. The Bureau also participates in an insurance policy for General Liability coverage up to $1,000,000 and Directors and Officers liability coverage up to $1,000,000. The Bureau has not acquired flood insurance. Changes in Long -Term Liabilities as follows: Balance Current Governmental Balance July 1, June 30, Portion of activities: 2016 Increases Decreases 2017 Balance Compensated absences $50,935 $520 $ - $51,455 $51,455 Governmental activities long-term liabilities $50,935 $520 $ - $51,455 $51,455 K Occupancy Taxes Cabarrus County, in accordance with state law (S.L. 1999-112), transfers the proceeds of a room occupancy tax gross receipts derived from the rental of any room, lodging, or accommodation furnished by a hotel, motel, inn, tourist camp, or similar place within the County that is subject to sales tax imposed by the state under G.S. 105-164.4(a)(3). This tax is in addition to any state or local sales tax. This tax does not apply to accommodations furnished by nonprofit, charitable, educational, or religious Bureaus. The occupancy tax transferred from Cabarrus County represents 99°% of total revenues and other financing sources of the Bureau. NOTE 3 - RELATED PARTY TRANSACTIONS A board member, Troy Taylor, is employed with Sim N Nicks. The Bureau paid Jim N Nicks $6,624 during the year ended June 30, 2017, for catering events throughout the year. -Continued- 23 Aaechmenl number l In 1-2 Page 208