Person County, North Carolina

Comprehensive Annual Financial Report For the Year Ended June 30, 2017 Prepared by the Person County Finance Department Issued December 2017 County of Person 304 South Morgan Street, Room 219 Roxboro, North Carolina 27573 Person County, North Carolina Person County, North Carolina Comprehensive Annual Financial Report Table of Contents For the Year Ended June 30, 2017 INTRODUCTORY SECTION Page Letter of Transmittal ................................................................................................................................................................................. 2-5 Certificate of Achievement for Excellence in Financial Reporting ........................................................................................................... 6 Principal Officials ................................................................................................................................................................... ……7 Organization Chart ........................................................................................................................................................................ 8 FINANCIAL SECTION Independent Auditor’s Report .............................................................................................................................................................. 10-12 Management’s Discussion and Analysis .............................................................................................................................................. 13-23 Basic Financial Statements: Government-Wide Financial Statements: Exhibit 1: Statement of Net Position ................................................................................................................................. 25 Exhibit 2: Statement of Activities ................................................................................................................................ 26-27 Fund Financial Statements: Exhibit 3: Balance Sheet – Governmental Funds ............................................................................................................. 28 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ............................................. 29 Exhibit 4: Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds.................................................................................................................................................... 30 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .............................................................................. 31 Exhibit 5: Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual – General Fund .......................................................................................................................................... 32 Exhibit 6: Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual- Person Industries Community Rehabilitation Program and Material Recovery Facility Fund…………………….. ……33 Exhibit 7: Statement of Net Position – Proprietary Funds ............................................................................................................ 34 Exhibit 8: Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds ..................................... 35 Exhibit 9: Statement of Cash Flows– Proprietary Funds .............................................................................................................. 36 Exhibit 10: Statement of Fiduciary Net Position – Fiduciary Funds ............................................................................................ 37 Notes to the Financial Statements ..................................................................................................................................... 38-73 Required Supplemental Information: Other Postemployment Benefits: Exhibit A-1: Schedule of Funding Progress .................................................................................................................................. 75 Exhibit A-2: Schedule of Employer Contributions ....................................................................................................................... 76 Exhibit A-3: Schedule of County’s Proportionate Share of Net Pension Liability (Asset) (LGERS) ............................. ……77 Exhibit A-4: Schedule of County Contributions (LGERS) .......................................................................................... ……78 Exhibit A-5: Schedule of County’s Proportionate Share of Net Pension Liability (Asset) Register of Deed's Supplemental Pensions Fund ................................................................................................................................................... 79 Exhibit A-6: Schedule of County Contributions Register of Deed's Supplemental Pension Fund ............................................. 80 Law Enforcement Officers’ Special Separation Allowance: Exhibit A-7: Schedule of Changes in Total Pension Liability ...................................................................................... ……81 Exhibit A-8: Schedule of Total Pension Liability as a Percentage of Covered Payroll ................................................... ……82 Person County, North Carolina Comprehensive Annual Financial Report Table of Contents For the Year Ended June 30, 2017 Combining and Individual Fund Statements and Schedules: Major Governmental Funds: Exhibit B-1: Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund ..................................................................................................................................... 85-92 Exhibit B-2: Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Reappraisal Fund ................................................................................................................................... 93 Exhibit B-3: Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Public Safety Towers and Broadband Capital Project Ordinance .................................................... 94 Nonmajor Governmental Funds: Exhibit C-1: Combining Balance Sheet – Nonmajor Governmental Funds ........................................................................... 96-97 Exhibit C-2: Combining Statement of Revenues, Expenditures, and Changes in Fund Balance - Nonmajor Governmental Funds .......................................................................................................................................... 98-99 Schedule of Revenues, Expenditures and Changes in Fund Balance–Budget and Actual: Exhibit C-3: VFD & Rescue Capital Reserve Fund .............................................................................................................. 100 Exhibit C-4: Emergency Telephone System Special Revenue Fund ................................................................................... 101 Exhibit C-5: Revolving Loan Special Revenue Fund ........................................................................................................... 102 Exhibit C-6: Economic Catalyst Fund ................................................................................................................................... 103 Exhibit C-7: Water and Sewer Construction Reserve Special Revenue Fund ..................................................................... 104 Exhibit C-8: Mattie Maude Williams Library Development Special Revenue Fund .......................................................... 105 Exhibit C-9: Airport Capital Projects Fund ........................................................................................................................... 106 Exhibit C-10: Capital Improvement Projects Fund ............................................................................................................... 107 Exhibit C-11: Person County Recycling Center and Various Roofing Capital Projects Fund ............................................ 108 Exhibit C-12: Recreation & Senior Center Project Fund ...................................................................................................... 109 Exhibit C-13: Roxplex & Various Improvements Project Fund .......................................................................................... 110 Enterprise Fund Exhibit D-1: Schedule of Revenues, Expenditures and Changes in Fund Balance– Budget and Actual – Stormwater Fund .................................................................................................................................. 112 Internal Service Fund Exhibit E-1: Schedule of Revenues, Expenditures and Changes in Fund Balance– Budget and Actual – Insurance Fund ..................................................................................................................................... 114 Agency Funds Exhibit F-1: Combining Statement of Changes in Assets and Liabilities – Agency Funds ................................................ 116 Other Schedules: Exhibit G-1: Schedule of Ad Valorem Taxes Receivable ................................................................................................................ 118 Exhibit G-2: Analysis of Current Tax Levy .....................................................................................................................................

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