Comprehensive Annual Financial Report Vision Statement
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Comprehensive Annual Financial Report Vision Statement To be the best local government service provider. Mission Statement To serve Mecklenburg County residents by helping improve their lives and community. www.co.mecklenburg.nc.us/cofinance Mecklenburg County, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2001 J. Harry Weatherly, Jr. Director of Finance Prepared by the Finance Department TABLE OF CONTENTS INTRODUCTION LETTER OF TRANSMITTAL i GFOA CERTIFICATE xiii FIVE YEAR COMPARATIVE TRENDS OF MAJOR REVENUES AND EXPENDITURES BY CORE BUSINESS xiv BOARD OF COUNTY COMMISSIONERS xviii ORGANIZATION CHART xix FACTS AND INFORMATION ABOUT MECKLENBURG COUNTY xxi FINANCIAL INDEPENDENT AUDITORS' REPORT 1 GENERAL PURPOSE FINANCIAL STATEMENTS A-1 Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Units 4 A-2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types, Expendable Trust Funds and Discretely Presented Component Units 6 A-3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General and Special Revenue Fund Types 7 A-4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types and Discretely Presented Component Unit 8 A-5 Combined Statement of Cash Flows - All Proprietary Fund Types and Discretely Presented Component Unit 9 A-6 Notes to the Combined Financial Statements 10 REQUIRED SUPPLEMENTARY INFORMATION B-1 Separation Allowance for Law Enforcement Officers - Analysis of Funding Progress 35 B-2 Separation Allowance for Law Enforcement Officers – Schedule of Employer Contributions 36 TABLE OF CONTENTS SUPPLEMENTAL FINANCIAL STATEMENTS GOVERNMENTAL FUNDS GENERAL FUND C-1 Comparative Balance Sheets 37 C-2 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 38 C-3 Schedule of Revenues - Budget and Actual 39 C-4 Schedule of Expenditures - Budget and Actual 40 SPECIAL REVENUE FUNDS D-1 Combining Balance Sheet 43 D-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 44 D-3 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Reserve 45 D-4 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Storm Water Management 46 D-5 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Law Enforcement Service District 47 D-6 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Transit One-Half Cent Sales Tax 48 D-7 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Additional One-Half Cent Sales Tax 49 CAPITAL PROJECTS FUNDS E-1 Combining Balance Sheet 52 E-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 54 E-3 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – Grant Project Fund 56 PROPRIETARY FUNDS SOLID WASTE ENTERPRISE FUND F-1 Comparative Balance Sheets 57 F-2 Statement of Revenues, Expenses and Changes in Retained Earnings 58 F-3 Statement of Cash Flows 59 F-4 Schedule of Revenues and Expenses - Budget (Modified Accrual Basis) and Actual 60 F-5 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – Landfill Final Development and Postclosure Reserve Fund 61 INTERNAL SERVICE FUNDS G-1 Combined Balance Sheet 63 G-2 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 64 G-3 Combining Statement of Cash Flows 65 TABLE OF CONTENTS FIDUCIARY FUNDS TRUST AND AGENCY H-1 Combining Balance Sheet 68 H-2 Combining Statements of Revenues, Expenditures and Changes in Fund Balances - Expendable Trust 70 H-3 Combining Schedule of Cash Receipts, Disbursements and Balances - Agency 71 H-4 Combining Statement of Changes in Assets and Liabilities - Agency 72 ACCOUNT GROUPS GENERAL FIXED ASSETS GROUP I-1 Comparative Schedule of General Fixed Assets by Sources 73 I-2 Schedule of General Fixed Assets by Function 74 GENERAL LONG-TERM DEBT GROUP J-1 Comparative Statement of Long-Term Debt 75 J-2 Schedule of Bonds Payable 76 SUPPLEMENTAL FINANCIAL INFORMATION TAXES AND INTERGOVERNMENTAL REVENUE K-1 Summary of General Property Tax Revenue 77 K-2 Summary of Intergovernmental Revenue 78 STATISTICAL Table 1 General Governmental Expenditures by Function 79 Table 2 General Revenues by Source 80 Table 3 General Fund Tax Revenue by Source 81 Table 4 Property Tax Levies, Tax Collections and Credits 82 Table 5 Tax Revenue 83 Table 6 Analysis of Current Tax Levy 84 Table 7 Assessed and Estimated Actual Value of Taxable Property 85 Table 8 Property Tax Rates Per $100 Assessed Valuation – Direct and Overlapping Governments 86 Table 9 Property Tax Levies - Direct and Overlapping Governments 87 Table 10 Ratio of Net Bonded Debt to Assessed Valuation and Net Bonded Debt Per Capita 88 Table 11 Computation of Direct and Overlapping Debt 89 Table 12 Computation of Legal Debt Margin 90 Table 13 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures 91 Table 14 Special Assessments Billings and Collections 92 Table 15 Demographic Statistics 93 Table 16 Construction, Bank Deposits and Property Value 94 Table 17 Principal Taxpayers 95 Table 18 Miscellaneous Statistics 96 Introduction The Introduction includes a summary of the major highlights of the report. LETTER OF TRANSMITTAL MECKLENBURG COUNTY J. Harry Weatherly, Jr. Director of Finance September 28, 2001 The Board of County Commissioners and County Manager Mecklenburg County Charlotte, North Carolina The Comprehensive Annual Financial Report (Report) of Mecklenburg County for the Fiscal Year Ended June 30, 2001 is submitted herewith. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the County. I believe the data, as presented, are accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the County as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain an understanding of the County's financial activity have been included. The Introductory Section of the Report includes this letter of transmittal, which concisely presents significant aspects of the Report, the organizational chart, and discussions of Mecklenburg County entitled Five Year Comparative Trends of Major Revenues and Expenditures by Core Business and Facts and Information About Mecklenburg County which follow this letter. The Financial Section of the Report contains the independent auditors' report, the general purpose financial statements and individual balance sheets and operating statements for all fund types and account groups. A complete summary of significant accounting policies is included in Notes to the Combined Financial Statements (A-6). Required supplemental information is included to present certain disclosures. These sections are followed by more detailed statements for all fund types and account groups. The Statistical Section of the Report provides selected financial and demographic trend data. The criteria used in determining the reporting entity are consistent with the Governmental Accounting Standards Board Statement 14, "The Financial Reporting Entity." In addition to funds and account groups of Mecklenburg County, the combined financial statements include the discrete presentation of three legally separate entities, the Public Library of Charlotte and Mecklenburg County, the Mecklenburg County Alcoholic Beverage Control Board and the Mecklenburg Emergency Medical Services Agency. These entities are component units of the County as defined in Statement 14. ECONOMIC CONDITIONS AND OUTLOOK Individuals and businesses continue to be attracted to the rapidly growing region. Mecklenburg is the center of the nation’s fifth largest urban region, with Charlotte, a mid-sized city, as the largest city. Charlotte has emerged as a financial, distribution and transportation center for the entire urban region. This region is also the only major distribution center between the Northeast, Midwest and Florida markets and a major wholesale center with the highest per capita sales in the United States. The pro-business environment in Mecklenburg is evidenced by the growth in the area. During the past ten years, nearly 8,951 new firms have invested $6.6 billion in new Charlotte facilities. During calendar year 2000, new and expanded firms in Mecklenburg County created 17,571 additional jobs and invested $1.8 billion in facilities. Growth has been tempered by the changing economic conditions, but it still is ahead of the national average. The concentration of financial institutions and resources in Mecklenburg County keeps the area first and foremost a banking center. This financial center has $896.4 billion in assets, making it the second largest in the i LETTER OF TRANSMITTAL nation, second only to New York. Bank of America and Wachovia Bank, which merged with First Union Bank, two of the nation’s top ten banks, are headquartered here. High quality, reliable utility services are available and economical, especially when compared with other areas of the country. An excellent highway network, consolidated rail service and a modern international airport make worldwide access from Mecklenburg County