Town of Nags Head 2009 Audited Financial Statements

Audit Highlights  Unqualified Opinion  No questioned costs  Cooperative Staff

General Fund Summary

Fund Balance  Serves as a measure of the Town’s financial resources available Assets – Liabilities = Fund Balance 3 Classifications:  Reserved  Unreserved Designated (Available)  Unreserved Undesignated (Available)

Total Fund Balance General Fund $505,939

Total Fund Balance General Fund  Total Fund Balance$8,999,672  Required Reservations-1,392,711  Unreserved Fund Balance$7,606,961  Designated for Subsequent years -737,063  Unreserved 2009$6,869,898  Unreserved 2008$7,347,800  Decrease in Undesignated FB$ 477,902

Unreserved Fund Balance as a Percent of Expenditures – General Fund

Ad Valorem Taxes

Other Taxes and Licenses

Intergovernmental Revenues

General Government

Public Safety

Environmental Protection

Public Works

Debt Service

Enterprise Funds Summary of Budgetary Results Water Stormwater  Cash $3,988,036 $303,521  Operating Revenues $2,398,309 $112,368  Operating Expenditures $2,837,488$125,505  Operating Income (loss) $ (439,179)$(13,137)  Change in Net Assets $(654,744)$(11,353)

Enterprise Funds RequiredCash FlowUnrestricted Debt Service From Operations Net Assets  Water$130,283 $(25,614) $3,660,893  Stormwater $13,764 $(11,449) $ 307,840 Comparison to June 30, 2008  Water$154,455 $44,903 $3,877,353  Stormwater $13,764 $134,872 $320,047

Water Fund Quick Ratio

Stormwater Quick Ratio

Discussion & Questions

Town of Nags Head