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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended June 30, 2015

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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended June 30, 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 County of Dare, North Carolina (inside cover) County of Dare, North Carolina COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 Prepared by: Department of Finance This page intentionally blank. Dare County, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2015 TABLE OF CONTENTS Page INTRODUCTORY SECTION 1 Letter of Transmittal 3 GFOA Certificate of Achievement 8 Organizational Chart 9 List of Elected and Appointed Officials 10 FINANCIAL SECTION 11 Independent Auditor's Report 12 Management's Discussion and Analysis 15 Basic Financial Statements: 27 Government-wide Financial Statements: Statement of Net Position 28 Statement of Activities 29 Fund Financial Statements: Balance Sheet - Governmental Funds 30 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 31 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 32 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund 33 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Beach Nourishment Fund 34 Statement of Net Position - Proprietary Funds 36 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds 38 Statement of Cash Flows - Proprietary Funds 39 Statement of Fiduciary Net Position - Fiduciary Funds 40 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 41 Combining Statement of Net Position - All Discretely Presented Component Units 42 Combining Statement of Activities - All Discretely Presented Component Units 43 Notes to the Financial Statements 45 Required Supplemental Financial Data: 99 Local Governmental Employees' Retirement System Schedule of the County's Proportionate Share of the Net Pension Liability (Asset) 100 Schedule of County Contributions 100 Register of Deeds' Supplemental Pension Fund Schedule of the County's Proportionate Share of the Net Pension Liability (Asset) 101 Schedule of County Contributions 101 i Page Post Employment Health Care Benefits Plan: Schedule of Funding Progress 102 Schedule of Employer Contributions 102 Law Enforcement Officer's Special Separation Allowance: Schedule of Funding Progress 103 Schedule of Employer Contributions 103 General Fund: 105 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 106 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: Disaster Recovery Fund 122 Other Major Governmental Funds: 123 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: Beach Nourishment Special Revenue Fund 124 Nonmajor Governmental Funds: 125 Combining Balance Sheet 126 Combining Statement of Revenues, Expenditures and 128 Changes in Fund Balances Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: C & D Landfill Special Revenue Fund 130 Emergency Telephone System Special Revenue Fund 131 Social Services Foster Home Special Revenue Fund 132 Sanitation Special Revenue Fund 133 Donations Special Revenue Fund' 134 Capital Reserve Capital Projects Fund 135 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - From Inception: Capital Projects Fund 136 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - From Inception: School Capital Projects Fund 140 Enterprise Funds: 141 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - Water Fund 142 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - From Inception - Water Capital Projects Fund 144 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - Stumpy Point Water & Sewer District Fund 145 Internal Service Funds: 147 Combining Statement of Net Position 148 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 149 Combining Statement of Cash Flows 150 Schedule of Revenues and Expenditures - Financial Plan and Actual (Non-GAAP) - Insurance Fund 151 Schedule of Revenues and Expenditures - Financial Plan and Actual (Non-GAAP) - Fleet Maintenance Fund 152 ii Page Fiduciary Funds: 153 Combining Statement of Fiduciary Net Position - Pension Trust Funds 154 Combining Statement of Fiduciary Net Position - Private Purpose Trust Funds 155 Combining Statement of Fiduciary Net Position - Agency Funds 156 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 158 Combining Statement of Changes in Fiduciary Net Position - Private Purpose Trust Funds 159 Combining Statement of Changes in Assets and Liabilities - Agency Funds 160 Other Schedules: 163 Analysis of Current Tax Levy 164 Schedule of Ad Valorem Taxes Receivable 165 Water System Statistics 166 Water System Usage 167 Water System Retail Water Service Rates 168 Water System Retail Water Fees and Schedule 169 Water System Major Users 170 Water System Five Year Operating Results per Revenue Bond Covenants 171 STATISTICAL SECTION 173 Net Position by Component 174 Changes in Net Position 175 Fund Balances, Governmental Funds 177 Changes in Fund Balances of Governmental Funds 178 Changes in Fund Balances of General Fund 179 Assessed Value and Estimated Actual Value of Taxable Property 180 Direct and Overlapping Property Tax Rates 181 Principal Property Tax Payers 182 Property Tax Levies and Collections 183 Ratios of Outstanding Debt by Type 184 Ratios of Net General Bonded Debt Outstanding 185 Legal Debt Margin Information 186 Direct and Overlapping Governmental Activities Debt 187 Pledged-Revenue Coverage 188 Demographic and Economic Statistics 189 Principal Employers 190 Full-time Equivalent County Government Employees by Function 191 Operating Indicators by Function 192 Capital Asset Statistics by Function 195 COMPLIANCE SECTION 197 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 198 Report on Compliance with Requirements Applicable to Each Major Federal Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 and the State Single Audit Implementation Act 200 iii Page Report on Compliance with Requirements Applicable to Each Major State Program and Internal Control Over Compliance in Accordance with Applicable Sections of OMB Circular A-133 and the State Single Audit Implementation Act 202 Schedule of Findings and Questioned Costs 204 Corrective Action Plan 207 Summary Schedule of Prior Year Audit Findings 208 Schedule of Expenditures of Federal and State Awards 209 iv The Introductory Section includes a letter of transmittal, the Certificate of Achievement for Excellence in Financial Reporting, an organizational chart and a list of elected and appointed officials. 1 This page intentionally blank. 2 November 30, 2015 The Board of Commissioners Citizens of the County of Dare, North Carolina Dare County, North Carolina The Local Government Commission of the North Carolina State Treasurer’s Office requires all general- purpose local governments to file with their office by December 1 of each year a complete set of financial statements presented in conformity with generally accepted accounting principles and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the County of Dare, North Carolina for the fiscal year ended June 30, 2015. Management assumes full responsibility for the completeness and reliability of all of the information presented in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal controls should not exceed their anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatement. Potter and Company, P.A., a firm of licensed certified public aaccountants, have issued an unqualified opinion on the financial statements of Dare County for the fisccal year ended June 30, 2015. The independent auditor’s report is located at the front of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the County Dare County is located in northeastern North Carolina along the Atlantic seaboard. The County seat at Manteo is approximately 190 miles east of Raleigh, the State ccapital, and 90 miles south of the Virginia Beach-Norfolk, Virginia, metropolitan area. The County was formed in 1870 and is named in honor of Virginia Dare, the first child born of English parents in America, born on Roanoke Island in 1587. The County contains much of what is known as North Carolina’s Outer Banks resort and vacation areas and contains approximately two-thirds of the North Carolina coastline. The county is host to the Cape Hatteras National Seashore, the Wright Brothers National Monument, the Fort Raleigh National Historic Site, the Alligator River National Wildlife Refuge, the Pea Islland National Wildlife Refuge, the Monitor National Marine Sanctuary,
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