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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended June 30, 2014

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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended June 30, 2014 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2014 County of Dare, North Carolina (inside cover) County of Dare, North Carolina COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2014 Prepared by: Department of Finance This page intentionally blank. Dare County, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2014 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 13 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: 91 Post Employment Health Care Benefits Plan: Schedule of Funding Progress 92 Schedule of Employer Contributions 92 Notes to the Required Schedules 92 Law Enforcement Officer's Special Separation Allowance: Schedule of Funding Progress 93 Schedule of Employer Contributions 93 Notes to the Required Schedules 94 i Page General Fund: 95 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 96 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: Disaster Recovery Fund 112 Other Major Governmental Funds: 113 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: Beach Nourishment Special Revenue Fund 114 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - From Inception: Capital Projects Fund 115 Nonmajor Governmental Funds: 119 Combining Balance Sheet 120 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 122 Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: C & D Landfill Special Revenue Fund 124 Emergency Telephone System Special Revenue Fund 125 Social Services Foster Home Special Revenue Fund 126 Sanitation Special Revenue Fund 127 Donations Special Revenue Fund' 128 Capital Reserve Capital Projects Fund 129 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - From Inception: School Capital Projects Fund 130 Enterprise Funds: 131 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - Water Fund 132 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - From Inception - Water Capital Projects Fund 134 Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) - Stumpy Point Water & Sewer District Fund 135 Internal Service Funds: 137 Combining Statement of Net Position 138 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 139 Combining Statement of Cash Flows 140 Schedule of Revenues and Expenditures - Financial Plan and Actual (Non-GAAP) - Insurance Fund 141 Schedule of Revenues and Expenditures - Financial Plan and Actual (Non-GAAP) - Fleet Maintenance Fund 142 ii Page Fiduciary Funds: 143 Combining Statement of Fiduciary Net Position - Pension Trust Funds 144 Combining Statement of Fiduciary Net Position - Private Purpose Trust Funds 145 Combining Statement of Fiduciary Net Position - Agency Funds 146 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 148 Combining Statement of Changes in Fiduciary Net Position - Private Purpose Trust Funds 149 Combining Statement of Changes in Assets and Liabilities - Agency Funds 150 Other Schedules: 151 Analysis of Current Tax Levy 152 Schedule of Ad Valorem Taxes Receivable 153 Water System Statistics 154 Water System Usage 155 Water System Retail Water Service Rates 156 Water System Retail Water Fees and Schedule 157 Water System Major Users 158 Water System Five Year Operating Results per Revenue Bond Covenants 159 STATISTICAL SECTION 161 Net Position by Component 162 Changes in Net Position 163 Fund Balances, Governmental Funds 165 Changes in Fund Balances of Governmental Funds 166 Changes in Fund Balances of General Fund 167 Assessed Value and Estimated Actual Value of Taxable Property 168 Direct and Overlapping Property Tax Rates 169 Principal Property Tax Payers 170 Property Tax Levies and Collections 171 Ratios of Outstanding Debt by Type 172 Ratios of Net General Bonded Debt Outstanding 173 Legal Debt Margin Information 174 Direct and Overlapping Governmental Activities Debt 175 Pledged-Revenue Coverage 176 Demographic and Economic Statistics 177 Principal Employers 178 Full-time Equivalent County Government Employees by Function 179 Operating Indicators by Function 180 Capital Asset Statistics by Function 183 iii Page COMPLIANCE SECTION 185 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 186 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 188 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 190 Schedule of Findings and Questioned Costs 192 Corrective Action Plan 195 Summary Schedule of Prior Year Audit Findings 196 Schedule of Expenditures of Federal and State Awards 197 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 December 1, 2014 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, 2014. 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 accountants, have issued an unqualified opinion on the financial statements of Dare County for the fiscal year ended June 30, 2014. 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 capital, 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 Island National Wildlife Refuge, the Monitor National Marine Sanctuary, Jockey’s Ridge State Park, the Elizabeth II State Historic Site, Roanoke 3 Island Festival Park, the North Carolina Aquarium, the North Carolina Maritime Museum, the Graveyard of the Atlantic Museum and Nags Head Woods Nature Preserve. The county has a permanent population of
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