chowan county, north carolina annual financial report fiscal year ended june 30, 2010
TRANSCRIPT
Chowan County, North CarolinaAnnual Financial Report
Fiscal Year Ended June 30, 2010
Audit Highlights Unqualified opinion Cooperative staff Internal control findings Increase in fund balance in general fund of
$1,991,631 Available fund balance 13.8% of general
fund expenditures and transfers.
Audit Process Planning and risk assessment Interim procedures Final procedures Year-round process
General Fund Summary
Total Fund BalanceGeneral Fund
$1,991,631
Fund Balance PositionGeneral Fund
2010 2009
Total Fund Balance $2,642,477 $650,846
Required Reservations (589,631) (650,846)
Available fund balance $ 2,052,846 $ 0
Fund Balance as a Percent of ExpendituresGeneral Fund
Total Fund Balance – GF (Numerator)
Total Expenditures + Transfers out –GF (Denominator)
= 18%$ 2,642,477
15,105,212
Total Fund Balance as a Percent of Expenditures plus Transfers
General Fund
Top 3 Revenues: General Fund
Ad Valorem Taxes59%
Local Option Sales Tax
10% Restricted Intergovt'l
18%
Other Revenue13%
Other Revenue:Other taxes and licenses
Unrestricted Intergovernmental
Permits & Fees
Sales & Services
Investment Income
Misc. Revenue
Top 3 Comprise $14,537,968 (87%) of Revenues
Property Tax
Sales Tax
Restricted Intergovt’l
Top 3 Expenditures:General Fund
General Government
20%
Human Services23%
Education22%
Other Expenditures
35%
Expenditures Total $15,482,526
General Government Expenditures
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2009 2010
$3,434,682
$2,962,001
Public Safety Expenditures
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2009 2010
$2,862,603 $2,892,234
Human Services Expenditures
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2009 2010
$3,730,110
$3,322,697
Education Expenditures
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2009 2010
$3,508,217 $3,215,902
Summary of Enterprise FundsNet Income
Water $ 116,289
Solid Waste 109,033
Emergency Management (470,923)
Water Storm Preparedness 2,743
Water Development 60,060
Enterprise Fund – Water Fund
2010 2009
Cash $ 493,692 $ 0
Available Net Assets 536,129 98,675
Cash flow from operations 530,978 626,787
Debt service requirement 2010 0 13,340
Enterprise Fund –Solid Waste Fund
2010 2009
Cash $ 129,665 $ 0
Available Net Assets 109,033 0
Cash flow from operations 367,823 0
Debt service requirement 2010 0 0
Enterprise Fund – Emergency Management Fund
2010 2009
Cash $ 58,385 $ 197,819
Available Net Assets 67,791 490,590
Cash flow from operations (54,757) 156,717
Debt service requirement 2010 34,647 52,182
Water Capital Reserve FundsCash Balances:
Storm preparedness $ 587
Water Development $ 510,243
Discussion
&
Questions