Chowan County, North Carolina Annual 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 Balance General Fund $1,991,631
Fund Balance Position General Fund 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 Expenditures General 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 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 Expenditures Total $15,482,526
General Government Expenditures
Public Safety Expenditures
Human Services Expenditures
Education Expenditures
Summary of Enterprise Funds Net Income Water$ 116,289 Solid Waste 109,033 Emergency Management (470,923) Water Storm Preparedness 2,743 Water Development 60,060
Enterprise Fund – Water Fund Cash$ 493,692$ 0 Available Net Assets 536,129 98,675 Cash flow from operations 530, ,787 Debt service requirement ,340
Enterprise Fund –Solid Waste Fund Cash$ 129,665$ 0 Available Net Assets 109,033 0 Cash flow from operations 367,823 0 Debt service requirement
Enterprise Fund – Emergency Management Fund Cash$ 58,385$ 197,819 Available Net Assets 67, ,590 Cash flow from operations (54,757) 156,717 Debt service requirement ,647 52,182
Water Capital Reserve Funds Cash Balances: Storm preparedness$ 587 Water Development $ 510,243
Discussion & Questions