for the fiscal year ended June 30, 2005
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.charmeck.org/departments
(select “finance - county”)
Mecklenburg County
North Carolina
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2005
J. Harry Weatherly, Jr.
Director of Finance
Prepared by the Finance Department
Table of Contents
INTRODUCTION
Letter of Transmittal
Five Year Trends
Facts and Information
Board of County Commissioners
Organizational Chart
GFOA Certificate of Achievement
i
vi
ix
xxi
xxii
xxiii
FINANCIAL
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A -10
Independent Auditors’ Report
1
Management’s Discussion and Analysis
3
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Assets (Deficit)
Statement of Activities
Fund Financial Statements
Governmental Funds
Balance Sheet
Statement of Revenues, Expenditures and Changes in
Fund Balances
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental
Funds to the Statement of Activities
General Fund Statement of Revenues, Expenditures and
Changes in Fund Balance – Budget and Actual
Proprietary Fund
Statement of Net Assets
Statement of Revenues, Expenses and Changes in Net Assets
Statement of Cash Flows
Fiduciary Funds
Statement of Net Assets
Notes to the Basic Financial Statements
Required Supplementary Information
Separation Allowance for Law Enforcement Officers – Analysis of
Funding Progress
B-2
Separation Allowance for Law Enforcement Officers – Schedule of
Employer Contributions
13
14
15
16
17
18
21
22
23
24
25
B-1
55
56
Table of Contents
C-1
C-2
C-3
C-4
C-5
C-6
D-1
D-2
E-1
F-1
F-2
F-3
F-4
F-5
F-6
F-7
F-8
F-9
Combining and Individual Fund Statements and Schedules
Nonmajor Governmental Funds
Combining Balance Sheet
Combining Schedule of Revenues, Expenditures and Changes
in Fund Balances
Special Revenue Funds
Combining Balance Sheet
Combining Schedule of Revenues, Expenditures and Changes
in Fund Balances (Deficits)
Capital Projects Funds
Combining Balance Sheet
Combining Schedule of Revenues, Expenditures and Changes
in Fund Balances (Deficits)
Other Financial Schedules
Agency Fiduciary Funds
Combining Schedule of Net Assets
Schedule of Changes in Assets and Liabilities
Grants Project Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balance – Budget and Actual
Other Budgetary Schedules
Special Revenue Funds
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Capital Reserve
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Storm Water
Management
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Law
Enforcement Service District
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Transit
One-half Cent Sales Tax
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Scrap Tire
Disposal
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Discarded
White Goods
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Sheriff
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Register of
Deeds
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – 911 Public
Safety Emergency Telephone Service
57
58
59
60
61
62
65
69
70
71
73
74
75
76
77
78
79
80
81
Table of Contents
G–1
H-1
H-2
Capital Projects Major Fund
Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – Certificates of
Participation Fund
Proprietary Fund
Schedule of Revenues and Expenses – Budget (Modified
Accrual Basis) and Actual – Solid Waste
Operating Fund
Schedule of Revenues and Expenditures – Budget and
Actual (Non-GAAP) - Landfill Construction, Final
Development and Postclosure Reserve Fund
82
83
84
STATISTICAL
Government-wide Information
Government-wide Expenses by Function
Government-wide Revenues
Fund Information
Table 1
General Governmental Expenditures by Function
Table 2
General Governmental Revenues by Source
Table 3
General Fund Tax Revenues by Source
Table 4
Property Tax Levies, Tax Collections and Credits
Table 5
Tax Revenue and Taxes Receivable
Table 6
Analysis of Current Tax Levy
Table 7
Assessed and Estimated Actual Value of Taxable Property
Table 8
Property Tax Rates Per $100 Assessed Valuation – Direct and
Overlapping Governments
Table 9
Property Tax Levies – Direct and Overlapping Governments
Table 10 Schedule of Bonds Payable
Table 11 Schedule of Certificates of Participation Payable
Table 12 Ratio of Net Bonded Debt to Assessed Valuation and Net
Bonded Debt Per Capita
Table 13 Computation of Direct and Overlapping Debt – General Obligation Bonds
Table 14 Computation of Legal Debt Margin
Table 15 Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures
Table 16 Special Assessments Billings and Collections
Table 17 Demographic Statistics
Table 18 Construction, Bank Deposits and Property Value
Table 19 Principal Taxpayers
Table 20 Miscellaneous Statistics
Table A
Table B
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
Introduction
Mecklenburg County, North Carolina
The introduction provides background and
general information about the county.
Five Year Trends
Exhibit 1
$ 700
700
Dollars in Millions
600
500
400
300
200
100
0
'01
'02
'03
'04
'05
Property Tax
Charges for Services
Intergovernmental
Licenses, Permits & Others
Sales Tax
Interest on Investments
Exhibit 2
$ 600
Dollars per Capita
500
400
300
200
100
0
'01
'02
'03
Business Partners
Health and Human Services
Debt Service
Detention and Court Support
Community Services
vi
'04
'05
Land Use and Environmental
Services
Administrative Services
Financial Services
Capital Outlay
Customer Satisfaction and
Management Services
Five Year Trends
Five-year trend analysis is provided for the County’s governmental activities, excluding capital project revenues and
expenditures. Exhibits 1 and 2 present five-year revenue and expenditure trends, respectively. Revenues are
presented as whole dollars, while the expenditures are shown on a per capita basis. Both exhibits have been
adjusted for inflation, so that each dollar in any given year has the buying power of a 2005 dollar. The Implicit Price
Deflator Index (base year = 2000), a nationally recognized indicator of annual economic growth, was used to make
this adjustment.
REVENUES
Property taxes are the most significant source of revenue during the five-year period presented by Exhibit 1.
Approximately 56.7% of total revenue in fiscal year 2005 came from property taxes, which is slightly higher than the
five year average contribution to total revenue of 56.2%. The 38% increase in property tax revenues from fiscal year
2001 to fiscal year 2005 results from increases to the tax base and increases in the tax rate. Since the tax rate for
fiscal years 2003 and 2002 were the same, the increase for those years reflects growth in the tax base. Although the
County revalued property in January 2003, the tax rate dropped from 83.97 cents per $100 of assessed valuation to
73.64 cents per $100 of assessed revaluation to partially offset the revaluation. The increase in tax revenues in fiscal
year 2004, therefore, is due to both the effect of revaluation and a growth in the tax base. For fiscal year 2005, the
increased tax revenues result from a 2.03 cents per $100 assessed valuation increase to the tax rate and a 1%
increase in the tax base.
Inflation adjusted intergovernmental revenues declined from fiscal year 2001 to fiscal year 2004, reflecting the
general reduction of grant awards to the County. The County continues to actively seek available grant funds, but the
grants area is very competitive. For fiscal year 2005, grant revenues have increased 4.8% from the prior year due to
an increased number of grant awards.
A slight drop in sales tax revenues occurred in fiscal year 2002 due to the slow down in the economy and the State’s
change in distribution method from the point of sale to the point of delivery. Sales tax revenues, excluding the onehalf cent sales tax restricted for transit development, increased $15.2 million in fiscal year 2003 due in part to the $12
million from the new one-half cent sales tax approved by the Board of County Commissions to offset the State’s
cancellation of certain reimbursements to counties. Sales tax revenues for fiscal year 2004, excluding the one-half
cent sales tax restricted for transit development, were $6.9 million less than fiscal year 2003 reflecting the slower
retail marketplace. For fiscal year 2005, sales tax revenues excluding the one-half cent tax restricted for transit
development were $18.2 million more that the prior year reflecting improved consumer spending.
Charges for services provided 7.6% of revenues for fiscal years 2005 and 2004, as compared to 7.2% in fiscal year
2003 and 6.9% in fiscal year 2002. These revenues have increased gradually over the five-year period, reflecting the
increase in fee-based activities.
Interest on investments for fiscal year 2005 more than doubled from that of fiscal year 2004 reversing the downward
trend that began in fiscal year 2001. The increase results primarily from improved investment market rates although
some can be attributed to a change in portfolio balances. Interest on investments contributed 1% of total County
revenues as compared to .5% of total County revenues for fiscal year 2004, .7% in fiscal year 2003 and 1.3% in fiscal
year 2002.
EXPENDITURES
CUSTOMER SATISFACTION AND MANAGEMENT SERVICES
This core service includes the County Commissioners, Manager’s Office, and Public Service and Information. It
represents only .4% of total expenditures for governmental activities for fiscal years 2003, 2004, and 2005. Inflation
adjusted expenditures on a per capita basis for this core service increased 2.0% over the prior year to $6.02. For
fiscal year 2004, inflation adjusted expenditures on a per capita basis were $5.89 as compared to $5.35 for fiscal year
2003, and $4.69 in fiscal year 2002.
LAND USE AND ENVIRONMENTAL SERVICES
Land Use and Environmental Services represent 4.3% of expenditures for governmental activities for both fiscal
years 2005 and 2004. Code Enforcement, Storm Water, Property Assessment and Land Records, Environmental
Protection and Environmental Health, plus the Register of Deeds comprise this core service. During the last five
years inflation adjusted cost per capita has declined from $87.76 for fiscal year 2001 to $57.24 for fiscal year 2005.
This change is due to efficiencies in operations, completion of several major storm water projects, and a 15%
increase in population over the period.
vii
Five Year Trends
COMMUNITY SERVICES
Community Services consists of Park and Recreation, Elections, Women’s Commission and the Library,
and represents 5.3% of total expenditures for governmental activities. For fiscal years 2001 through
2005, cost per capita for this core service remained stable at approximately $74.
HEALTH AND HUMAN SERVICES
County operations for Social Services, Public Health and Mental Health are the primary departments in this core
service, and the costs for these services represent 26.7% of expenditures for governmental activities. The County’s
commitment to meet the human services needs of its residents is reflected in expenditures for this core service. Since
2001 inflation-adjusted expenditures in Health and Human Services have increased 10.8%, yet the change on a per
capita basis is a reduction from $399 per capita in fiscal year 2001 to $354 per capita in fiscal year 2005. The graph
excludes federal and state benefit payments made directly by the State to County social services clients. If these
funds had been included, the expenditures per capita for fiscal year 2005 would have been $952.
DETENTION AND COURT SUPPORT SERVICES
Detention and Court Support Services represent 7.5% of expenditures for governmental activities. Medical Examiner
and Sheriff’s Office, including jail operations and coordination with the courts, are included in this core service area.
Detention and Court Support Services inflation-adjusted expenditures on a per capita basis have changed minimally
since fiscal year 2001, as the costs of activities in this core service have been matched by the increase in population
of the County. Costs per capita for fiscal year 2005 were $99.56.
ADMINISTRATIVE SERVICES
This core service consists of County internal and administrative activities that provide management support to other
County departments and operations. Included here are Internal Audit, Human Resources, Information Services and
Technology, General Services, Real Estate Services, and Legal Services. Administrative Services represent 3.8% of
expenditures for governmental activities. Inflation adjusted expenditures per capita have declined from $61.72 in
fiscal year 2001 to $50.08 in fiscal year 2005 as funds have been directed to service areas rather than administrative
uses.
FINANCIAL SERVICES
Resource management is the focus of this core service that consistently represents .5% of expenditures for
governmental activities and includes Finance and Tax Collection. Inflation adjusted expenditures per capita have
dropped 35% since fiscal year 2001 reflecting costs controls and the effect of the change is population.
BUSINESS PARTNERS
Allocations and appropriations to other governmental entities and for joint governmental activities are included in this
core service that represents 34.7% of expenditures for governmental activities. Primary recipients of County funding
are the Charlotte-Mecklenburg Schools, Central Piedmont Community College, the public television station (WTVI),
and the Mecklenburg Emergency Medical Services Agency, a component unit of the County. Funding to the
Charlotte-Mecklenburg Schools is the primary Business Partners expenditure. For fiscal year 2005, the schools
received $275.5 million for current operations and capital outlay, which represents 74% of total Business Partners
expenditures as compared to $267 million in fiscal 2004, which represented 66% of total Business Partners
expenditures. Inflation adjusted expenditures for Business Partners have increased 21.8% from fiscal year 2001
through fiscal year 2005 due to providing additional support to the schools. The per capita expenditures for that
period have declined from $463 to $451.
DEBT SERVICE
Debt Service, which consists of principal and interest payments for debt used for County projects and debt issued for
the Charlotte-Mecklenburg Schools, Central Piedmont Community College, and the Library, has increased as new
debt has been added, primarily to meet the construction needs of the rapidly growing school system. Debt service
represents 16.7% and 15.9%, respectively, of expenditures for governmental activities in fiscal year 2005 and 2004.
Debt service expenditures per capita have increased from $186 in fiscal year 2001 to $220 in fiscal year 2005.
viii
County Manager
Harry L. Jones, Sr.
Executive Team
*Board of
County Commissioners
State of North Carolina
City of Charlotte
Town of Davidson
• Air Quality
• Aquatic Services
• Athletic Services
• Economic Development
• Historic Preservation
• Land Quality
• Nature Preserves & Open Space
• Parks & Fields
• Real Estate Purchasing
• Recreation and Leisure Services
• Regional Planning
• Transportation
• Water Quality
** Council of Governments
** Historic Landmarks Commission
* Elected Officials
** Business Partners
Town of Cornelius
Town of Huntersville
Town of Pineville
Government Partners
Town of Matthews
Town of Mint Hill
** Charlotte Mecklenburg Schools
** CPCC
** Public Library
• Aging-in-Place Support Services
• CMS Education Funding
• County and Other Education Services
• CPCC Education Funding
• Diversity/Minority Affairs
• Economic/Financial Assistance
• Homelessness Services
• Job Training/Employment Assistance
• Library Services
• Personal Responsibility/Self-Sufficiency
Training, Counseling & Case Management
Focus Area Leadership Team
Chair, Janice Allen Jackson
Charles Brown, Sheila Shirley (CMS),
Kathy Drumm (CPCC)
Focus Area Leadership Team
Chair, Bobbie Shields
Debra Campbell (City Planning), Mark Hahn,
Cary Saul, Al Sharp (COG), R. Wayne Weston
• Advisory Committee Management
• Debt Service
• eGovernment/Technology Investments
• Employee Resource Management
• Financial Management/Fiscal Control
• IT Resource Management
• Land/Property Records Management
• Legal Counsel
• Partnership/Underwriting Development
• Property & Asset Management/Maintenance
• Public & Employee Communications
• Voting Services
** WTVI
Social, Education & Economic Opportunity
Growth Management & Environment
Focus Area Leadership Team
Chair, John McGillicuddy
Danny Diehl, Judy Gibson, Susan Manning,
A. Leon Miller, Jerry Pinkard, J. Harry Weatherly
Community Health & Safety
• Adult Abuse & Neglect Prevention/Protection
• Adult Mental Illness Prevention/Treatment
• Building Safety
• Child & Adolescent Mental Illness
Prevention/Treatment
• Child Abuse & Neglect Prevention/Protection
• Communicable Illness & Disease
Prevention/Treatment
• Community Violence Protection/Prevention
• Court Services Coordination
• Disability Prevention/Treatment
• Domestic Violence Protection/Prevention
• Jails & Detention Facilities
• Morgue/Medical Examiner
• Noncommunicable Illness & Disease
Prevention/ Treatment
• Personal Injury Prevention/Protection
• Substance Abuse Prevention/Treatment
** Hospitals
** MEDIC
Focus Area Leadership Team
Chair, Janice Allen Jackson
Daniel (Chipp) Bailey, Grayce Crockett,
Brenda Jackson, Dr. Wynn Mabry
All County department directors report to
the Executive Team for strategic direction,
feedback and performance evaluation.
*Sheriff
Effective & Efficient Government
Assistant to County Manager
Michelle Lancaster
General Managers
Janice Allen Jackson, John McGillicuddy, Bobbie Shields
*Register of Deeds
Mecklenburg County
Residents
Mecklenburg County Organizational Structure
Organizational Chart
Mecklenburg County, North Carolina
Financial Section
Mecklenburg County, North Carolina
The Financial Section constitutes the core of the report. The independent
auditors’ report covers the basic financial statements and the notes to the
statements. Management’s Discussion and Analysis provides a narrative
introduction, overview and analysis of the statements that follow.
A-1
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF NET ASSETS (DEFICIT)
JUNE 30, 2005
Component Units
Primary Government
Governmental
Business-type
Activities
Activities
Public Library
Mecklenburg
Mecklenburg
of Charlotte and
Emergency
County Alcoholic
Mecklenburg
Medical Services
Beverage
County
Agency
Control Board
4,464,932
$
Total
ASSETS
Cash and investments
Receivables, net
Due from other governmental agencies
Advances to other government agencies
Prepaid expenses
Inventories
Restricted assets
$
515,640,466
$ 14,753,241
111,403,723
939,658
6,977,356
530,393,707
$
112,343,381
-
-
-
6,977,356
4,069,590
$
345,827
3,806,635
525,703
145,896
-
-
-
51,832
-
51,832
-
-
284,263
-
-
-
18,777,776
-
-
-
284,263
-
-
2,612
-
18,777,776
140,588
-
5,811,561
-
Deferred charges
$
5,503,945
Capital assets
Land
320,224,950
28,105,968
348,330,918
11,251,992
-
3,926,410
Construction in progress
186,594,105
1,325,424
187,919,529
32,149,991
-
349,137
Other capital assets, net of
accumulated depreciation
TOTAL ASSETS
221,877,102
12,358,492
234,235,594
32,438,384
7,204,257
9,971,397
1,381,547,310
57,767,046
1,439,314,356
80,922,075
15,621,720
25,565,062
103,216,166
578,936
103,795,102
1,173,300
1,807,708
5,554,970
4,525,248
1,214,729
LIABILITIES
Accounts payable and other
accrued liabilities
Unearned revenue
4,525,248
-
-
-
Long-term liabilities
Due within one year
Due in more than one year
TOTAL LIABILITIES
131,109,362
2,013,994
133,123,356
1,401,603
1,873,535,380
9,425,788
1,882,961,168
2,464,696
901,888
2,112,386,156
12,018,718
2,124,404,874
6,254,328
2,709,596
5,554,970
213,635,383
34,801,339
248,436,722
73,774,845
7,204,257
14,246,944
246,346,254
284,263
246,630,517
-
-
NET ASSETS
Invested in capital assets, net of
related debt
Restricted
for Capital projects
by law for specific purposes
Unrestricted (deficit)
TOTAL NET ASSETS (DEFICIT)
28,881,388
-
(1,219,701,871)
10,662,726
$ (730,838,846)
$ 45,748,328
-
28,881,388
379,173
(1,209,039,145)
$
(685,090,518)
The accompanying notes are an integral part of this statement.
$
-
3,713,269
513,729
5,707,867
2,049,879
74,667,747
$ 12,912,124
$ 20,010,092
A-2
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2005
Program Revenues
Functions/Programs
Primary Government
Governmental activities
Customer Satisfaction and
Management Services
Administrative Services
Financial Services
Land Use and Environmental Services
Community Services
Detention and Court Support Services
Health and Human Services
Business Partners
Interest on long-term debt
General purpose
Public schools
Total Governmental Activities
$
Business-type activities
Solid Waste Enterprise Fund
Total Primary Government
Component Units
Public Library of Charlotte and
Mecklenburg County
Mecklenburg Emergency Medical
Services Agency
Mecklenburg County Alcoholic
Beverage Control Board
Total Component Units
Charges for
Services
Expenses
5,071,173
43,750,891
5,180,393
47,169,106
60,041,146
91,010,118
295,466,889
544,344,802
$
3,288
2,351,459
322,643
50,788,661
4,094,909
26,582,127
23,087,794
5,851,361
$
386,781
5,937,738
1,760,918
2,905,362
143,518,390
9,147,662
Capital
Grants and
Contributions
$
152,290
-
27,162,389
47,180,788
1,166,377,695
113,082,242
163,656,851
10,222,626
14,919,683
40,000
$ 163,696,851
$
$
$ 13,994,946
$
1,176,600,321
$
128,001,925
$
29,247,234
$
1,994,338
28,039,931
$
Operating
Grants and
Contributions
Net (Expense) Revenue and Changes in Net Assets
Primary Government
Component Units
56,229,553
113,516,718
15,642,739
$
57,702,396
75,339,473
1,925,271
-
$
1,925,271
General Revenues
Property taxes, levied for general purposes
Property taxes, levied for Law Enforcement Service District
Sales taxes
Other taxes
Investment earnings
Miscellaneous
Transfer
Payment from primary government:
Library
Emergency Medical Services
Total General Revenues
Change in Net Assets
Net Assets (Deficit), beginning of year
Net Assets (Deficit), end of year
152,290
152,290
$ 13,994,946
Governmental
Activities
$
(4,681,104)
(41,399,432)
(4,857,750)
9,557,293
(54,033,029)
(61,522,629)
(128,860,705)
(529,345,779)
(27,162,389)
(47,180,788)
(889,486,312)
(889,486,312)
Business-type
Activities
$
-
4,737,057
4,737,057
Public Library
of Charlotte and
Mecklenburg
County
Total
$
(4,681,104)
(41,399,432)
(4,857,750)
9,557,293
(54,033,029)
(61,522,629)
(128,860,705)
(529,345,779)
(27,162,389)
(47,180,788)
(889,486,312)
4,737,057
(884,749,255)
-
-
-
-
-
-
-
-
-
630,068,242
13,441,010
201,685,317
6,571,325
11,109,807
1,047,340
46,925
863,969,966
(25,516,346)
(705,322,500)
$ (730,838,846)
The accompanying notes are an integral part of this statement.
312,859
(46,925)
265,934
5,002,991
40,745,337
$ 45,748,328
$
$
$
-
-
-
-
-
-
-
-
-
-
-
-
(12,397,192)
(11,332,679)
$
-
Mecklenburg
County Alcoholic
Beverage
Control Board
-
(11,332,679)
630,068,242
13,441,010
201,685,317
6,571,325
11,422,666
1,047,340
864,235,900
(20,513,355)
(664,577,163)
$ (685,090,518)
-
Mecklenburg
Emergency
Medical Services
Agency
(12,397,192)
1,472,843
1,472,843
58,349
213,026
60,121
243,932
4,977
217,675
25,982,627
26,254,002
14,921,323
59,746,424
74,667,747
13,420,513
13,724,566
1,327,374
11,584,750
12,912,124
222,652
1,695,495
18,314,597
$ 20,010,092
$
A-3
MECKLENBURG COUNTY, NORTH CAROLINA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2005
General
Certificates of
Nonmajor
Total
Participation
Governmental
Governmental
Fund
Funds
Funds
ASSETS
Cash and investments
$
Interest receivable
Accounts receivable
Accounts receivable - clinics
Less allowance for uncollectible taxes
Taxes receivable
Less allowance for uncollectible taxes
Advances to other governmental agencies
Due from other funds
Inventory
TOTAL ASSETS
241,424,780
$
93,523,392
$ 180,692,294
$
515,640,466
2,712,212
-
73,610
2,785,822
65,347,792
-
7,585,083
72,932,875
5,692,226
-
-
5,692,226
(2,704,622)
-
-
(2,704,622)
40,093,929
-
684,493
40,778,422
(8,000,000)
-
(81,000)
(8,081,000)
4,088,028
-
242,954
-
-
51,832
-
-
$
348,949,131
$
93,523,392
$
73,121,681
$
7,002,881
2,889,328
6,977,356
242,954
51,832
$ 191,843,808
$
634,316,331
$
$
103,216,166
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable and accrued liabilities
Due to other funds
-
Deferred revenue
35,531,941
Total Liabilities
23,091,604
-
242,954
242,954
-
1,690,729
37,222,670
108,653,622
7,002,881
25,025,287
140,681,790
Reserved for encumbrances
15,868,220
25,836,370
28,987,824
70,692,414
Reserved by State Statute
75,378,590
-
10,548,021
85,926,611
149,048,699
-
Fund Balances
Unreserved, reported in
General Fund
Special Revenue Funds
-
Capital Projects Funds
-
Total Fund Balances
-
240,295,509
-
149,048,699
19,046,705
19,046,705
60,684,141
108,235,971
168,920,112
86,520,511
166,818,521
493,634,541
93,523,392
$ 191,843,808
TOTAL LIABILITIES AND
FUND BALANCES
$
348,949,131
$
Amounts reported for governmental activities in the statement of
net assets are different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds.
728,696,157
Other long term assets are not available for current year
expenditures and, therefore, deferred in the funds.
32,697,422
Certain bond expenditures are capitalized for future
amortization over the life of the bonds
18,777,776
Long-term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported
in the funds.
Net assets (deficit) of governmental activities
The accompanying notes are an integral part of this statement.
(2,004,644,742)
$
(730,838,846)
A-4
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
Certificates of
Nonmajor
Total
Participation
Governmental
Governmental
Fund
Funds
Funds
General
REVENUES
Taxes
$
800,683,228
$
-
$
730,025
$
801,413,253
Law Enforcement Service District Taxes
-
-
13,441,010
13,441,010
Transit One-Half Cent Sales Tax
-
-
32,094,987
32,094,987
Licenses and permits
22,250,864
-
155,187,106
-
8,729,867
163,916,973
Charges for services
75,548,964
-
11,348,591
86,897,555
Interest earned on investments
10,904,787
-
205,020
11,109,807
Administrative charges
2,119,573
-
Other
6,408,744
-
2,241,114
8,649,858
1,073,103,266
-
68,790,614
1,141,893,880
Intergovernmental
Total Revenues
-
22,250,864
-
2,119,573
EXPENDITURES
Current
Customer Satisfaction and Management
Administrative Services
Financial Services
4,996,350
-
-
4,996,350
41,561,961
-
-
41,561,961
5,828,781
-
Land Use and Environmental Services
36,326,792
-
-
5,828,781
Community Services
58,294,732
-
Detention and Court Support Services
82,358,792
-
Health and Human Services
293,523,030
-
Business Partners
331,154,751
-
42,844,467
373,999,218
105,810,972
-
1,373,307
107,184,279
75,689,721
-
465,618
76,155,339
50,352,813
214,205,108
264,557,921
50,352,813
270,069,133
1,355,967,828
(50,352,813)
(201,278,519)
10,903,060
47,229,852
-
58,294,732
277,573
82,636,365
-
293,523,030
Debt Service
Principal payments
Interest and fiscal charges
Capital Outlay
-
Total Expenditures
1,035,545,882
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
37,557,384
(214,073,948)
OTHER FINANCING SOURCES (USES)
Transfers in
-
Transfers out
Refunding bonds issued
Payment to refunded bond escrow agent
Bond and other debt issues
NET CHANGE IN FUND BALANCES
FUND BALANCES -BEGINNING OF YEAR
$
7,769,837
-
(7,722,912)
172,125,000
-
-
172,125,000
(188,732,416)
-
-
(188,732,416)
113,365,000
17,010,007
Total Other Financing Sources (Uses)
7,769,837
-
-
Premium on bonds issued
FUND BALANCES -END OF YEAR
-
(7,722,912)
132,300,000
-
245,665,000
-
17,010,007
(7,320,321)
113,365,000
30,237,063
63,012,187
(61,208,682)
32,040,568
210,058,446
23,508,324
228,027,203
461,593,973
86,520,511
$ 166,818,521
240,295,509
$
140,069,837
The accompanying notes are an integral part of this statement.
246,114,516
$
493,634,541
A-5
MECKLENBURG COUNTY, NORTH CAROLINA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2005
Net change in fund balances - total governmental funds
$
32,040,568
Amounts reported for governmental activities in the Statement of
Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities, the cost of those assets is not included as the assets
have been capitalized.
98,549,914
Depreciation expense is reported in the Statement of Activities, but not in the fund
statements.
(17,603,910)
Loss on disposal of assets is reported in the Statement of Activities, but not in
the fund statements.
(3,123,378)
Bond proceeds provide current financial resources to governmental funds, but
issuing debt increases long-term liabilities in the Statement of Net Assets, therefore,
bond proceeds do not appear in the Statement of Activities.
(417,790,000)
Bond premiums and deferred charges, which are revenues and expenditures, respectively ,
for the governmental funds are deferred and, therefore, do not appear in the Statement of
Activities.
(5,333,498)
Repayments of bond and capital lease principal are expenditures in the governmental funds,
but the repayments reduce long-term liabilities in the Statement of Net Assets, so the
expenses do not appear in the Statement of Activities.
287,153,906
Some revenues reported in the Statement of Activities do not represent current financial
resources and therefore are not reported as revenue in the governmental funds.
3,039,891
Some expenses reported in the Statement of Activities do not require the use of
current financial resources and therefore are not reported as expenditures in the
governmental funds.
(2,449,839)
Change in net assets of governmental activities
The accompanying notes are an integral part of this statement.
$
(25,516,346)
A-6
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2005
Variance from
Budgeted Amounts
Original
Final
Actual
Final Budget-
Amounts
Positive/(Negative)
REVENUES
Taxes
General property - current
$
General property - prior
606,695,355
12,760,000
Interest on delinquent taxes
Sales
Room occupancy
Vehicle rental
Other
Total Taxes
$
605,965,330
$ 613,486,792
12,760,000
11,556,636
$
7,521,462
(1,203,364)
2,000,000
2,000,000
2,880,921
880,921
156,200,000
156,200,000
169,590,330
13,390,330
800,000
800,000
1,162,122
362,122
1,700,000
1,700,000
1,979,056
279,056
50,000
50,000
27,371
780,205,355
779,475,330
800,683,228
(22,629)
21,207,898
Licenses and permits
Business licenses
220,000
220,000
252,795
32,795
Inspection permits
18,816,916
18,491,315
21,876,862
3,385,547
Marriage licenses
Total Licenses and permits
90,000
90,000
121,207
31,207
19,126,916
18,801,315
22,250,864
3,449,549
Intergovernmental
Federal
77,415,907
91,552,348
89,879,293
(1,673,055)
State
62,410,247
66,860,621
59,157,166
(7,703,455)
Local
Total Intergovernmental
6,931,540
7,184,913
6,150,647
(1,034,266)
146,757,694
165,597,882
155,187,106
(10,410,776)
Charges for services
Customer Satisfaction and Management
Administrative Services
Financial Services
Land Use and Environmental Services
Community Services
2,094,958
3,300
3,288
(12)
2,608,865
272,823
(2,336,042)
786,923
786,923
312,861
15,402,512
15,856,027
18,065,925
(474,062)
2,209,898
2,937,760
2,880,430
2,609,522
Detention and Court Support Services
22,671,498
21,456,640
26,218,609
4,761,969
Health and Human Services
26,594,955
26,618,828
22,304,012
(4,314,816)
3,650,000
5,527,000
5,761,924
234,924
74,138,606
75,738,013
75,548,964
(189,049)
Interest earned on investments
5,500,000
5,500,000
10,904,787
Administrative charges
2,119,573
2,119,573
2,119,573
Rental
1,210,881
1,411,717
1,648,184
236,467
Sale of properties
1,062,867
1,055,490
1,302,500
247,010
Miscellaneous
3,425,417
3,278,698
3,458,060
179,362
5,699,165
5,745,905
6,408,744
662,839
1,033,547,309
1,052,978,018
1,073,103,266
20,125,248
Business Partners
Total Charges for services
(270,908)
5,404,787
-
Other
Total Other
Total Revenues
(Continued)
The accompanying notes are an integral part of this statement.
A-6
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2005
(CONTINUED)
Variance from
Budgeted Amounts
Original
Final
Actual
Final Budget-
Amounts
Positive/(Negative)
EXPENDITURES
Current
Customer Satisfaction and Management
County Commissioners
$
368,393
$
329,591
$
313,125
$
(16,466)
Manager's Office
2,892,841
6,981,140
3,589,182
Public Service and Information
1,037,095
1,125,226
1,094,043
(31,183)
4,298,329
8,435,957
4,996,350
(3,439,607)
Internal Audit
508,955
519,143
474,287
(44,856)
County Attorney
555,148
586,249
527,890
(58,359)
2,921,299
2,971,593
2,438,094
(533,499)
15,254,263
17,471,178
16,166,573
(1,304,605)
776,351
2,211,625
1,246,710
(964,915)
General Services
11,294,753
11,900,068
11,516,130
(383,938)
Nondepartmental
22,983,742
9,604,627
9,192,277
(412,350)
54,294,511
45,264,483
41,561,961
(3,702,522)
2,539,536
2,721,348
2,282,393
(438,955)
Principal retirement - bonds and loans
47,197,069
47,372,947
47,372,947
Interest and fiscal charges
28,576,028
28,336,150
27,816,837
Total Customer Satisfaction and Management
(3,391,958)
Administrative Services
Human Resources
Information Services and Technology
Real Estate Services
Total Administrative Services
Financial Services
Finance
Debt Service
Payment to City of Charlotte
Tax Collection
Total Financial Services
(519,313)
692,096
692,096
692,096
3,826,677
3,876,905
3,546,388
(330,517)
-
82,831,406
82,999,446
81,710,661
(1,288,785)
23,846,839
21,824,120
20,184,783
(1,639,337)
5,606,237
7,287,633
6,097,854
(1,189,779)
(1,357,307)
Land Use and Environmental Services
Code Administration
Property Assessment and Land Records
Air Quality
2,817,312
3,636,752
2,279,445
Environmental Health
3,504,673
4,450,500
3,543,188
(907,312)
1,540,405
1,385,552
(154,853)
Water and Land Resource
-
Register of Deeds
2,985,740
3,023,832
2,835,970
(187,862)
38,760,801
41,763,242
36,326,792
(5,436,450)
Public Libraries
25,784,136
26,093,354
25,772,419
(320,935)
Park and Recreation
30,185,083
30,600,893
27,816,036
(2,784,857)
Elections
2,389,475
3,308,850
3,229,286
(79,564)
Women's Commission
1,553,552
1,652,401
1,476,991
(175,410)
59,912,246
61,655,498
58,294,732
(3,360,766)
Total Land Use and Environmental Services
Community Services
Total Community Services
Detention and Court Support Services
Medical Examiner
Sheriff and Jail
Total Detention and Court Support Services
941,306
959,488
875,318
(84,170)
82,997,844
85,532,636
81,483,474
(4,049,162)
83,939,150
86,492,124
82,358,792
(4,133,332)
(Continued)
The accompanying notes are an integral part of this statement.
A-6
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2005
(CONCLUDED)
Variance from
Budgeted Amounts
Original
Final
Actual
Final Budget-
Amounts
Positive/(Negative)
Health and Human Services
Veterans Services
$
459,924
$
479,741
$
474,076
$
(5,665)
Public Health
Public Health Services
Public Health-CHS Contract
Community Health
4,460,307
4,643,661
3,875,923
20,202,014
20,731,525
19,757,701
(767,738)
(973,824)
1,635,456
3,085,716
1,960,357
(1,125,359)
Mental Health
6,278,167
5,608,960
4,848,145
(760,815)
Child and Adolescent Services
Infant and Toddler Preschool Services
20,469,201
22,774,921
15,921,442
(6,853,479)
Adult Services
24,136,656
20,458,093
17,668,943
(2,789,150)
Centralized Services
19,042,909
13,531,645
13,435,202
(96,443)
Developmental Disabilities Services
22,789,148
22,075,415
20,411,037
(1,664,378)
4,789,387
12,676,312
10,654,491
(2,021,821)
(939,223)
Administrative Services
Social Services
Administration
10,897,823
12,999,527
12,060,304
Grants
36,531,185
39,218,186
39,218,186
Day Care Operations
48,037,971
52,471,815
51,546,267
(925,548)
Services for Adults
23,134,710
24,061,341
22,583,790
(1,477,551)
Economic Services
20,995,308
20,264,469
19,408,595
(855,874)
Youth and Family Services
38,103,853
40,641,335
39,698,571
(942,764)
301,964,019
315,722,662
293,523,030
(22,199,632)
12,541,096
12,541,096
12,541,096
718,472
718,472
677,514
265,000,000
271,000,000
271,000,000
-
4,500,000
4,500,000
4,500,000
-
47,817,563
48,197,563
48,185,073
(12,490)
Total Health and Human Services
-
Business Partners
Emergency Medical Services
City-County Departments
(40,958)
Board of Education:
Current
Capital Outlay
Debt Service
Principal retirement - bonds
Principal retirement - certificates of
participation
Interest
3,382,500
3,382,500
3,379,500
(3,000)
45,793,924
44,963,924
42,034,579
(2,929,345)
17,765,853
17,765,853
17,765,836
(17)
Central Piedmont Community College
Current
Debt Service
Principal retirement - bonds
6,802,425
6,874,425
6,873,452
(973)
Interest
4,798,415
5,176,415
5,146,209
(30,206)
17,925,000
18,306,000
17,924,770
(381,230)
2,141,426
2,141,426
2,141,425
(1)
136,099
136,099
131,986
(4,113)
Hospitals
WTVI
Historic Landmarks Commission
Outside Agencies - Other
Total Business Partners
Total Expenditures
5,154,053
5,137,386
4,472,124
(665,262)
434,476,826
440,841,159
436,773,564
(4,067,595)
1,060,477,288
1,083,174,571
1,035,545,882
(47,628,689)
Excess (Deficiency) of Revenues
over (under) Expenditures
(26,929,979)
(30,196,553)
37,557,384
67,753,937
OTHER FINANCING SOURCES (USES)
Transfers in
-
Transfers out
42,953
(7,362,912)
-
(7,747,855)
(42,953)
(7,722,912)
(24,943)
Refunding bonds issued
-
-
172,125,000
172,125,000
Payment to refunded bond escrow agent
-
-
(188,732,416)
(188,732,416)
Premium on bonds issued
-
-
17,010,007
Appropriated fund balance
34,292,891
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
37,901,455
26,929,979
$
-
30,196,553
$
(37,901,455)
(7,320,321)
-
30,237,063
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
17,010,007
-
210,058,446
$
240,295,509
The accompanying notes are an integral part of this statement.
(37,566,760)
$
30,237,063
A-7
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF NET ASSETS
PROPRIETARY FUND
JUNE 30, 2005
Business
Type Activities
Solid Waste
Enterprise Fund
ASSETS
Current Assets
Cash and investments
$ 14,753,241
Interest receivable
97,371
Accounts receivable
842,287
Total Current Assets
15,692,899
Noncurrent Assets
Restricted cash and investments
284,263
Capital assets
Land
28,105,968
Construction in progress
1,325,424
Land improvements
4,794,019
Buildings
10,225,957
Vehicles and heavy equipment
Furniture, machinery and equipment
Total capital assets
4,919,300
80,742
49,451,410
Less accumulated depreciation
(7,661,526)
Total Capital assets, net of accumulated depreciation
41,789,884
Total Noncurrent assets
42,074,147
TOTAL ASSETS
57,767,046
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities
Compensated absences
578,936
41,327
Capital leases
150,601
Bonds payable
1,822,066
Total Current Liabilities
2,592,930
Long-term Liabilities
Compensated absences
345,183
Landfill development and
postclosure care costs
4,348,990
Capital leases
153,731
Bonds payable
4,577,884
Total Long-term Liabilities
TOTAL LIABILITIES
9,425,788
12,018,718
NET ASSETS
Invested in capital assets, net of related debt
34,801,339
Restricted net assets:
Restricted for capital projects
Restricted for landfill development and postclosure care
Unrestricted
TOTAL NET ASSETS
The accompanying notes are an integral part of this statement.
284,263
4,348,990
6,313,736
$ 45,748,328
A-8
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
PROPRIETARY FUND
FOR THE YEAR ENDED JUNE 30, 2005
Business
Type Activities
Solid Waste
Enterprise Fund
OPERATING REVENUES
Charges for services
$ 12,225,910
Other
2,658,514
Total Operating Revenues
14,884,424
OPERATING EXPENSES
Personal services and employee benefits
3,538,298
Utilities
114,514
Supplies
486,757
Depreciation
1,153,880
Maintenance and repairs
542,762
Rental and occupancy charges
130,771
Contractual services
2,781,630
Final development and postclosure costs
891,441
Total Operating Expenses
9,640,053
OPERATING INCOME
5,244,371
NON-OPERATING REVENUES (EXPENSES)
Grant revenue
40,000
Interest income
312,859
Interest expense
(482,248)
Gain on disposal of capital assets
35,259
Amortization of refunding amount
(100,325)
Transfer to other funds
(46,925)
Total Non-operating Revenues (Expenses)
(241,380)
CHANGE IN NET ASSETS
5,002,991
NET ASSETS - BEGINNING OF YEAR
NET ASSETS - END OF YEAR
40,745,337
$ 45,748,328
The accompanying notes are an integral part of this statement.
A-9
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
FOR THE YEAR ENDED JUNE 30, 2005
Business
Type Activities
Solid Waste
Enterprise Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from users
$ 14,938,789
Cash paid to suppliers
(4,946,310)
Cash paid to employees
Net cash provided by operating activities
(3,504,949)
6,487,530
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Grant revenue
Landfill contribution
Transfer to other fund
Net cash provided by non-capital financing activities
40,000
1,037,128
(46,925)
1,030,203
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Principal payments - bonds
(2,330,721)
Principal payments - capital leases
(321,910)
Interest paid
(482,248)
Acquisition of capital assets
(2,247,385)
Proceeds from sale of assets
11,885
Net cash used by capital and related financing activities
(5,370,379)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
262,969
Net cash provided by investing activities
262,969
INCREASE IN CASH AND INVESTMENTS
CASH AND INVESTMENTS - BEGINNING OF YEAR
CASH AND INVESTMENTS - END OF YEAR
2,410,323
12,627,181
$ 15,037,504
Reconciliation of Operating Income to Net Cash Provided by
Operating Activities
Operating Income
$
5,244,371
Adjustments to reconcile operating income to net cash
provided by operating activities:
Depreciation
1,153,880
Change in accounts receivable
54,365
Change in accounts payable and accrued liabilities
34,516
Change in compensated absences
Total adjustments
Net cash provided by operating activities
398
$
1,243,159
6,487,530
$
100,325
Noncash investing, capital, and financing activities
Amortization of refunding amount
Capital asset trade-in
The accompanying notes are an integral part of this statement.
23,374
A - 10
MECKLENBURG COUNTY, NORTH CAROLINA
STATEMENT OF NET ASSETS
FIDUCIARY FUNDS
JUNE 30, 2005
Agency Funds
ASSETS
Cash and investments
Accounts receivable
TOTAL ASSETS
$
4,403,030
5,227
4,408,257
LIABILITIES
Accounts payable and accrued liabilities
Due to other governmental agencies
TOTAL LIABILITIES
1,304,681
3,103,576
4,408,257
NET ASSETS
Net Assets
$
The accompanying notes are an integral part of this statement.
-
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
1.
Summary of Significant Accounting Policies
(a) Reporting Entity
Mecklenburg County, North Carolina (the County) was created from a portion of Anson County on
December 11, 1762. The County has a county manager form of government with a nine-member, elected
Board of Commissioners comprising the governing body. The County provides the following services which
are segregated into core services in the financial statements: Management Services, Financial Services,
Customer Service and Communications, Land Use and Environmental Services, Community Services,
Detention and Court Support Services, Health and Human Services and Business Partners. Individual
departments included in these core services are shown on the Organization Chart in the Introductory
Section. As required by accounting principles generally accepted in the United States of America (GAAP),
these financial statements present all the fund types and component units. Discretely presented component
units are reported in separate columns in the government-wide financial statements to emphasize they are
legally separate from the County.
The Public Library of Charlotte and Mecklenburg County (Library) is a public library formed in 1902 by an act
of the General Assembly of North Carolina. Six of the seven members of the Library Board of Trustees are
appointed by the County and one is appointed by the Charlotte-Mecklenburg Board of Education. The
County has budgetary approval over its annual allocation to the Library for current operating purposes. The
Library is not empowered to issue long-term debt; therefore, capital assets of the Library are financed
principally by general obligation bonds and certificates of participation issued at the option of the County.
There is no obligation on the County to issue debt for the Library. The Library is presented as a
governmental activity.
The Mecklenburg County Alcoholic Beverage Control Board (ABC Board) operates retail liquor stores and
investigates violations of North Carolina Alcoholic Beverage Control laws. The ABC Board also provides
financial support for various educational programs on the excessive use of alcoholic beverages and for
rehabilitation of alcoholics. The ABC Board consists of five members appointed by the Board of County
Commissioners and is required by State statute to distribute a portion of its surpluses to the General Fund of
the County. The ABC Board is presented as a business-type activity.
The Mecklenburg Emergency Medical Services Agency (Medic Agency) was created by a joint agreement
dated September 11, 1996, between Mecklenburg County and the Charlotte-Mecklenburg Hospital Authority
pursuant to North Carolina General Statute 160A-462 as a separate unit of government for the purpose of
providing emergency medical services in the County. The Medic Agency began operations on October 8,
1996. The Medic Agency is governed by a seven-member Board of Commissioners appointed by the County
Board of Commissioners, three of whom are recommended by Carolinas Healthcare System, three by
Presbyterian/Novant Health, and one by the County. The County has budgetary approval over the annual
allocation to the Medic Agency for current operating purposes. The Medic Agency is presented as a
governmental activity.
Complete financial statements for the individual component units may be obtained at the following
addresses:
Public Library of Charlotte and Mecklenburg County
310 N. Tryon Street
Charlotte, North Carolina 28202
Mecklenburg County Alcoholic Beverage Control Board
P. O. Box 33894
Charlotte, North Carolina 28233-3894
Mecklenburg Emergency Medical Services Agency
4525 Statesville Road
Charlotte, North Carolina 28269
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
(b) Government-wide Financial Statements
The Statement of Net Assets (Deficit) and the Statement of Activities comprise the government-wide
financial statements. These statements present information on all the non-fiduciary activities of the primary
government and its discretely presented component units. For the most part, the effect of interfund activity
has been eliminated from the statements. The primary government consists of governmental activities,
which are generally supported by taxes and intergovernmental revenues and business-type activities which
charge for the services provided. Component units, which are legally separate entities for which the primary
government is financially accountable, are also categorized as governmental or business-type activities and
are reported separately on the government-wide financial statements.
The Statement of Net Assets (Deficit) presents the difference between assets and liabilities at the end of the
fiscal year, June 30, 2005. The difference, net assets (deficit), is subdivided into three categories: amounts
invested in capital assets, net of related debt; restricted net assets; and unrestricted net assets (deficit). Net
assets are reported as restricted when constraints on the use of the assets are imposed either externally by
grantors, contributors, creditors, or laws or regulations of other governments, or by law through constitutional
provisions or enabling legislation.
The Statement of Activities, which shows the change in net assets, presents direct expenses offset by
program revenues for each core service area. Program revenues include fees and charges to customers for
specific services provided and grants and contributions restricted for use in specific operations of a core
service area. Tax revenues, interest and other revenue items that benefit the entire primary government are
considered general revenues.
(c) Financial Presentation, Measurement Focus and Basis of Accounting
Separate financial statements are provided for governmental funds, the proprietary fund and the fiduciary
funds. The fiduciary funds are excluded from the government-wide financial statements because the funds
are held by the County in a trust capacity only. Major individual governmental funds are reported as
separate columns in the fund financial statements.
The government-wide financial statements and the proprietary fund are reported using the economic
resources measurement focus and the accrual basis of accounting. Revenues are recognized in the period
earned; expenses are recognized when a liability is incurred. Property taxes are recognized as revenues in
the year in which they are levied. Grants and intergovernmental revenues are recognized as revenue when
the eligibility requirements imposed by the grantor or other government agency have been met. Fees and
charges of the proprietary funds are recognized as revenue when the services are provided.
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized as the amounts become
susceptible to accrual by becoming measurable and available to finance the County’s operations. Available
means collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, revenues are considered to be available if they are collected within 60 days, except for
sales tax revenue which is considered to be available if collected within 90 days, of the end of the current
fiscal year. Expenditures are recognized in the accounting period in which the fund liability is incurred, if
measurable, except for unmatured interest on long-term debt and expenditures for compensated absences,
which are recognized when payment is due.
In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual
requirements of the numerous individual programs are used as guidance. There are typically two types of
revenues. One type requires funds to be disbursed for a specific purpose or project before any amount will
be reimbursed to the County; therefore, revenues are recognized as receivable based upon the
expenditures recorded. The other type provides moneys that are virtually unrestricted as to purpose of
expenditure and are usually revocable only for failure to meet prescribed compliance requirements. These
resources are reflected at the time of receipt or earlier if the susceptible to accrual criteria are met. Other
governmental revenues which are susceptible to accrual are sales taxes collected and held by the State at
year-end on behalf of the County, and investment earnings. Licenses and permits, charges for services, and
other revenues are recorded as revenues when received in cash, because they are generally not
measurable until actually received.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
The County reports the following major governmental funds:
General Fund – The General Fund is the primary operating fund of the County and accounts for all
financial resources except those required to be accounted for in another fund.
Certificates of Participation Fund – This Capital Projects Fund accounts for financial resources
used for the acquisition or construction of major capital facilities for school and
community college facilities, court and library facilities, park and recreation facilities, and for the
purchase of land.
The County reports the following major proprietary fund:
Solid Waste Enterprise Fund – This fund accounts for activities related to recycling and landfill facilities
and is self-supporting through user fees and recycling sales.
Additionally, the County reports the following funds:
a. Nonmajor governmental funds are:
Special Revenue Funds – Special Revenue Funds account for the proceeds of specific revenue
sources (other than special assessments or capital projects) that are legally restricted to
expenditures for specified purposes.
Capital Projects Funds – Capital Projects Funds, other than the Certificates of Participation
Fund, account for financial resources to be used for the acquisition or construction of major
capital facilities (other than those financed by the Proprietary Fund).
b. Fiduciary Funds - The agency fiduciary funds account for assets held by the County as agent for
individuals, private organizations or other governmental units. These funds are custodial in nature
and do not involve measurement or operating results.
The County has elected to apply only applicable Financial Accounting Standards Board Statements and
Interpretations issued before November 30, 1989 in both the government-wide and proprietary fund financial
statements.
The County has eliminated the effect of interfund activity from the government-wide financial statements.
The only exceptions are charges between the Solid Waste Enterprise Fund and the General Fund.
Elimination of these charges would distort the direct costs and program revenues reported for the various
functions involved.
The Solid Waste Enterprise Fund, a proprietary type fund, distinguishes between operating revenues and
expenses and non-operating revenues and expenses. The principal operating revenues of the Solid Waste
Enterprise Fund are landfill tipping fees, charges for recycling services and proceeds from the sale of
recycled items. Operating expenses consist of cost for services provided, administrative costs and
depreciation of assets. All other revenues and expenses are classified as non-operating.
(d) Budgetary Control
As required by the North Carolina Budget and Fiscal Control Act (North Carolina General Statute 159), the
County adopts, on a basis consistent with accounting principles generally accepted in the United States of
America, an annual balanced budget ordinance for all funds except those authorized by project ordinance
and the agency fiduciary funds. The budget ordinance is balanced when the sum of estimated net revenues
and appropriated fund balance is equal to appropriations. The appropriations in the various funds are
budgeted at the line item level and most are controlled at the category level. The annual budget is prepared
on the modified accrual basis of accounting as required by the statutes. Budget preparations begin with the
Board of County Commissioners’ annual strategic planning conference in January. Department budgets are
prepared and combined into a county-wide budget between February and April. Public hearings are held in
May and the budget is adopted by vote of the County Commissioners prior to July 1, to comply with the
North Carolina General Statutes. The County Manager is authorized to transfer budgeted amounts within
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
any fund. However, any revisions that alter the total budget of any fund must be approved by the Board of
County Commissioners. Except for certain continuing grants, any remaining annual appropriations lapse at
each fiscal year-end.
The Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual presents the
adopted and final budget and actual amounts for the General Fund. Capital lease amounts are approved by
the Board of County Commissioners as needed and the amount budgeted for capital leases annually is the
related debt service for the year.
Additionally, the Board of County Commissioners approves annual budgets for all the Special Revenue
Funds. During the year, the Board of County Commissioners also approved amendments for these funds as
follows:
Special Revenue Funds
Original
Budget
Amendments
Final Budget
June 30, 2005
$80,961,547
$1,243,254
$82,204,801
Amendments result from appropriating revenues received in excess of amounts anticipated in the original
budgets.
The Capital Projects Funds are budgeted by project ordinance and the appropriations do not lapse at yearend.
Appropriated budgets are adopted for all Library funds as required by the State. The Library’s Board of
Trustees approves their budget, and the Board of Trustees must also approve any changes in the budget.
Expenditures may not legally exceed appropriations unless approved by the Board of Trustees. The level of
budgetary control is by department for funds provided by the County and by activity for all other funds.
The Medic Agency Board of Commissioners adopts an annual budget on the modified accrual basis of
accounting as required by the State. Appropriations are budgeted at the category level and are controlled at
the category level. All budget amendments must be approved by the Medic Agency Board of
Commissioners.
(e) Cash and Investments
A cash and investments pool is maintained and used for all available funds except cash on hand of $25,573
and funds held by others. A portion of the County’s self-insurance funds in the amount of $3,528,093 is held
in one or more trusts administered by the City of Charlotte’s Risk Management Division, $193,809 is held by
the building management company for operating needs, and interest and proceeds of $645,228 and
$97,965,676, respectively, from certificates of participation are held by a trustee.
Deposits
The deposits of the County are governed by North Carolina General Statute 159. The County may establish
official depositories with any bank or trust company or any savings and loan institution located in North
Carolina or with a national bank located in another state with written permission of the Local Government
Commission, a Division of the State Treasurer’s Office. The County may also establish time deposits in the
form of NOW accounts, SUPERNOW and money market accounts and certificates of deposit. Primary
banking services for the County are provided through a two-year contract, currently with First Citizens Bank
of North Carolina. All moneys are deposited in an interest-bearing depository checking account. At yearend, the cash balance of County deposits was $50,852,735 and the bank balance was $53,785,066.
Included in these balances is a money market account in the amount of $30,053,399 with Wachovia Bank,
N.A., two non-interest bearing two-year certificate of deposits totaling $16,112,860 with First Citizens Bank
of North Carolina held as a compensating balance in lieu of service charges, and a certificate of deposit in
the amount of $85,360 with Bank of Granite.
County deposits are maintained with financial institutions which collateralize excess deposits by a method
which allows securing uninsured deposits through the pooling of collateral method established by the
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
depository with the State Treasurer for the benefit of the State and the local participating units permitted
under North Carolina Administrative Code, Title 20, Chapter 7. Each depository establishes an escrow
account in the name of the State Treasurer to secure all of its public deposits. This option shifts monitoring
responsibility from the local unit to the State Treasurer. Depositories using the pooling method report to the
State Treasurer the adequacy of their pooled collateral covering uninsured deposits. The State Treasurer
does not confirm this information with the County or the escrow agent. Because of the inability to measure
the exact amount of collateral pledged for the County, the potential exists for under-collateralization, and this
risk may increase in periods of high cash flows. However, the State Treasurer enforces strict standards of
financial stability for each depository. The total bank balance of $53,785,066 was covered by collateral at
June 30, 2005.
North Carolina General Statute 159 also governs the deposits of the Library, ABC Board and the Medic
Agency. The Medic Agency collateralizes excess deposits by the pooling of collateral method. Deposits of
the Library and ABC Board are either insured or collateralized by using one of two methods. Under the
dedicated method, all deposits over the federal depository insurance coverage are collateralized with
securities held by the Library’s or ABC Board’s agent in their name or the pooling method. At June 30, 2005,
the Medic Agency’s deposits had a carrying value of $3,258,685 and a bank balance of $3,372,043 of which
$127,673 was covered by federal depository insurance and $3,131,012 was covered by collateral. At June
30, 2005, the carrying amount of the Library’s bank deposits was $4,069,590 and the bank balance was
$4,279,167 of which $483,904 was covered by federal depository insurance and the remainder was covered
by the pooling method. At June 30, 2005, the carrying amount of the ABC Board’s bank deposits was
$5,751,881 and the bank balance was $7,852,285. Of the bank balance at June 30, 2005, $200,000 was
covered by federal depository insurance and the remaining $7,652,282 was covered by collateral under the
pooling method.
Investments
At June 30, 2005, the County had the following investments and maturities:
_____________Maturities___________________
Less than
Investment Type
Fair Value
6 Months
6-12 Months
1 – 5 Years
U. S. Government Agencies
Commercial Paper
Banker’s Acceptances
NC Capital Management
Trust – Cash Portfolio
Total
$221,425,762
80,457,593
9,970,667
$148,045,014
70,681,714
9,970,667
$33,459,986
9,775,879
$39,920,762
73,291,323
$385,145,345
N/A
$228,697,395
N/A
$43,235,865
N/A___
$39,920,762
Interest Rate Risk
The County’s investment policy limits investments to those with a maturity of no more than 60 months and
requires staggered maturity dates as a means of managing exposure to fair value losses arising from
increasing interest rates.
Credit Risk
North Carolina General Statute 159 authorizes the County to invest in commercial paper bearing the highest
credit rating, as determined by nationally recognized statistical rating organizations (NRSROs) and banker’s
acceptances where the accepting bank or it’s holding company are incorporated in North Carolina. As of
June 30, 2005, the County’s investments in commercial paper were rated A1 or A1+ by Standard & Poor’s,
F-1 by Fitch Ratings, and P-1 by Moody’s Investors Service and the banker’s acceptances were held by
Wachovia Bank. The County’s investments in the NC Capital Management Trust Cash Portfolio carried a
credit rating of AAAm by Standard & Poor’s as of June 30, 2005. The County’s investments in US
Government Agencies (Federal Home Loan Bank, Federal National Mortgage Association and Federal Farm
Credit) are rated AAA by Standard & Poor’s and Aaa by Moody’s Investors Service.
Concentration of Credit Risk
The County’s investment policy does not restrict the level of investment in federal agencies, but it restricts
the combined total investment in commercial paper and bankers’ acceptances to no more than fifty percent
of the total portfolio and investment in commercial paper or bankers’ acceptances of a single issuer to no
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
more than ten million dollars or ten percent of the total portfolio at the time of investment. At June 30, 2005,
the investment in commercial paper and bankers’ acceptances is 23.5% of total investments and the
investment in the largest single issuer is 2.6% of total investments.
All securities owned by the County at June 30, 2005, were in a segregated safekeeping account in the
County’s name in the Trust Department of First Citizens Bank of North Carolina. In accordance with State
law, the County invests in callable securities and the first call date was July 22, 2005. These investments
are stated at fair value on the County’s financial statements.
The Library’s investments consists of $1,352,313 in money market accounts held by the Bank of Granite,
which is unrated. The Library has no policy for managing interest rate risk or credit risk.
All Medic Agency investments, $1,206,248, were invested in the N. C. Capital Management Trust at June
30, 2005.
Medic Agency policies regarding risk are:
Interest Rate Risk: As a means of limiting its exposure to fair value losses arising from rising
interest rates, Medic Agency limits the investment portfolio to a maximum of three years.
Credit Risk: The investment in the N. C. Capital Management Trust carried a credit rating of AAAm
by Standard & Poor’s as of March 25, 2005.
Custodial Credit Risk: Medic Agency maintains a diversified investment portfolio to reduce
custodial credit risk.
During 2005, no gains from sale of investments were recognized, as no investments were sold. The
calculation of realized gains is independent of the calculation of the net increase in the fair value of
investments. Realized gains and losses on investments that had been held in more than one fiscal year and
sold in the current year may have been recognized as an increase or decrease in the fair value of the
investments reported in the prior year. The net increase in the fair value of investments during 2005 for the
County was $845,351. This amount takes into account all changes in fair value (including purchases and
sales) that occurred during the year. The unrealized loss on investments held at year-end for the County
was $942,992.
Interest is recorded when earned and is distributed to each fund based on the fund’s proportionate equity in
pooled cash and investments, except that interest on investments of the Capital Projects Funds is distributed
to the General Fund for debt service.
(f) Inventory
Inventory is valued at the lower of cost (first-in, first-out) or market and consists of expendable supplies held
for consumption. The cost of individual inventory items is expensed at the time of purchase. At the end of
each fiscal year, inventory and applicable expense accounts are adjusted to reflect actual inventory on hand.
The ABC Board merchandise inventory is valued at replacement cost which approximates the lower of firstin, first-out cost or market. Maintenance, office and operating supplies, except paper bags, are expensed
when purchased.
(g) Capital Assets
Capital assets, which include land, land improvements, buildings and improvements, vehicles and heavy
equipment, and furniture, machinery and equipment, are reported in the applicable governmental or
business-type activities column in the government-wide financial statements and in the proprietary fund
financial statements. Capital assets are defined as assets with an initial, individual purchase price of $5,000
or more and an estimated useful life of two years or more. Such assets are recorded at historical cost or
estimated historical cost if the asset is purchased or constructed. Contributed capital assets are recorded at
the estimated fair market value at the time received. The County owns only limited infrastructure assets,
which are considered to be park improvements, a part of land improvements. Park improvements acquired
during fiscal year 2005 have been included in capital assets. Park improvements added prior to fiscal year
2002 will be shown in a subsequent fiscal year’s report. The costs of normal maintenance and repairs that
do not add to the value of the asset or materially extend the asset’s life are not capitalized.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Depreciation, which is recorded as an expense against the operations of the governmental and businesstype activities of the government-wide financial statements and for the proprietary fund financial statements,
is calculated using the straight-line method over the following estimated useful lives:
Land Improvements
Building and improvements
Machinery and equipment
Vehicles
Furniture
20 - 40 years
10 - 40 years
5 -10 years
3 - 7 years
3 -10 years
For the ABC Board, buildings, equipment and motor vehicles are stated at cost and are being depreciated
over their useful lives on a straight-line basis, and leasehold improvements are amortized over the term of
the applicable lease. Upon disposal, the cost of an asset and the related accumulated depreciation are
removed from the books. Any gain or loss on disposition is reflected in the change in net assets upon
disposal. Maintenance and repairs are expensed as incurred.
Estimated useful lives for the ABC Board are as follows:
Buildings
Equipment
Vehicles
40 years
5 -10 years
3 years
Library capital assets include land, buildings and improvements, and furniture and equipment. Assets which
have an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year are
capitalized for government-wide reporting. Purchased assets are recorded at historical cost, while donated
capital assets are recorded at estimated fair market value at the date of donation. The cost of books are
considered expenditures and are not capitalized. Cost of normal maintenance and repairs that do not add to
the value of the asset or materially extend asset lives are not capitalized.
Library capital assets are depreciated using the straight-line method over the following estimated useful
lives:
Buildings and improvements
Furniture and equipment
40 years
5 -10 years
Medic Agency capital assets consist of vehicles, furniture and various categories of equipment, and
buildings and improvements. Property and equipment acquisitions are reported at cost and the minimum
capitalization cost is $5,000. Normal maintenance and repairs that do not add value to the asset or
materially extend the assets’ lives are expensed.
Depreciation is provided over the following useful lives of each asset class using the straight-line method:
Buildings
Vehicles
Furniture and equipment
(h)
10 years
4 years
3 - 10 years
Compensated Absences
For the County, Library and Medic Agency, the maximum amount of vacation that can be transferred to the
next calendar year is 240 hours. Accrued vacation beyond the maximum will be converted to sick leave as
of the last pay period ending on or before December 31 each year. Vacation leave is earned based on years
of service and is fully vested when earned. All unused accumulated vacation up to 240 hours will be paid
upon termination. The County, Library and Medic Agency sick leave policies allow regular employees to
accumulate an unlimited amount of sick leave. One-fourth of the unused accumulated sick leave, which is
fully vested when earned, is paid upon termination, with the balance in the case of retirement being used in
the determination of length of service for retirement benefits.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements.
A liability for vacation/sick leave is reported in the governmental funds financial statements only if the benefit
has matured, for example, as a result of employee resignations and retirements.
ABC Board employees may accumulate a maximum of 40 days earned vacation based on years of service
and such leave is fully vested when earned. Employees can accumulate an unlimited amount of sick leave.
Sick leave may be used in the determination of length of service for retirement benefit purposes or a portion
may be taken as a distribution at retirement. Accumulated earned vacation and sick leave at June 30, 2005
was $498,107.
(i)
Long-Term Obligations
In the government-wide and proprietary fund financial statements, long-term debt and other long-term
obligations are reported as liabilities in the applicable governmental or business-type activities or the
proprietary fund Statement of Net Assets. Bond premiums are deferred and amortized over the life of the
bonds using the straight-line method. Bonds payable are reported net of the applicable premium.
(j) Governmental Fund Equity
Fund balances of the governmental funds include the following types of reservations and designations as
allowed by State statute:
•
Reserved for encumbrances – This represents commitments outstanding at fiscal year-end resulting
from purchase orders and contracts.
•
Reserved by State statute – This represents the amount of fund balance which cannot be appropriated
by the governing board. North Carolina General Statute 159 limits the amount that each local
government may commit for purposes of future expenditures to an amount not to exceed the sum of
cash and investments, less the sum of liabilities, encumbrances and deferred revenues arising from
cash receipts at the close of the fiscal year preceding the budget year.
•
Designated for land use and environmental services, community services, detention and court support
services, and health and human services – These represent amounts approved by the Board of County
Commissioners which are restricted to expenditures for the stated core service areas.
•
Designated for capital projects – This represents proceeds of bond sales and amounts accumulated in
accordance with the North Carolina General Statutes, which are restricted to expenditures for capital
items.
•
Designated for self-insurance – This represents amounts that are restricted to expenditures for selfinsurance.
•
Designated for subsequent years’ expenditures – This represents the amount of fund balance
appropriated by the Board of County Commissioners for subsequent years and the amount of fund
balance which exceeds 8% of the subsequent fiscal year budget that is available for future years’
appropriation.
•
Undesignated – This represents the amount of fund balance available for future appropriations.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
The following table presents the reservations and designations of fund balances at June 30, 2005:
General
Fund
Fund Balance:
Reserved for encumbrances
Reserved by State Statute
Designations:
Land Use and Environmental Services
Community Services
Detention and Court Support Services
Health and Human Services
Business Partners
Capital Projects
Self-insurance
Subsequent Year’s Expenditures
Undesignated
(k)
Certificates of
Participation
__ Nonmajor Funds____
Special
Capital
Revenue
Projects
Funds
Funds
$15,868,220
75,378,590
$25,836,370
-
$ 2,242,781
7,591,902
$ 26,745,043
2,956,119
6,963,369
10,000
452,686
1,450,257
2,437,328
38,894,561
98,840,498
60,684,141
__ -_ ____
8,383,788
315,712
885,089
11,221,982
(1,759,866)
108,235,971
___ _-____
$240,295,509
$ 86,520,511
$28,881,388
$137,937,133
Restricted Assets
The unexpended bond proceeds of general obligation bonds issued for solid waste facilities are classified as
restricted assets for the Solid Waste Enterprise Fund because their use is restricted to that purpose.
(l)
School Facilities Finance Act of 1987
The School Facilities Finance Act of 1987 (the Act) was enacted by the North Carolina General Assembly to
assist county governments in meeting their public school facility capital needs. The Act created two
State-funded programs for the construction and renewal of school facilities: the Public School Building
Capital Fund administered by the Office of State Budget and Management and the Critical School Facilities
Needs Fund administered by the State Board of Education. Mecklenburg County is not eligible to receive
funds from the Critical School Facilities Needs Fund. The Public School Building Capital Fund may also be
used to finance equipment needs under the local school unit’s technology plan.
The Public School Building Capital Fund (the Fund) is funded by a portion of the corporate income taxes
which are imposed on corporations doing business in the State. Each calendar quarter, the Department of
Revenue shall remit to the State Treasurer for credit in the Fund, an amount equal to the applicable fraction
of the net collections of corporate income taxes received during the previous quarter minus $2.5 million,
which it deposits into the Critical School Facilities Needs Fund. For periods after September 30, 2000, the
fraction is five sixty-ninths.
Monies in the Fund are allocated to Mecklenburg County based on its average daily membership (ADM)
compared to other counties in North Carolina as determined and certified by the State Board of Education.
The Office of State Budget and Management maintains an ADM allocation account for the County. At June
30, 2005, the balance of the County's ADM allocation account was zero.
After approving a school capital project authorized by the Act, the Office of State Budget and Management
transfers funds from the County's ADM allocation account to its disbursing account maintained with the
State Treasurer. Funds in the allocation and disbursing accounts are considered State monies until the
County issues warrants to disburse them. At that time, they are recognized in the County’s capital project for
school projects as intergovernmental revenue. At June 30, 2005, the County's disbursing account had a
balance of $2,156,902 for which the total project authorizations were $67,972,267. The County has
matched the project authorization amount on the basis of one dollar for every three dollars of State funds.
The local school technology plan does not require a County match.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
(m) Public School Building Bond Act of 1996
The General Assembly passed the Public School Building Bond Act of 1996 to provide for the issuance of
$1.8 billion in State bonds to be used for making grants to counties for qualified public school capital outlay
projects. The Department of Public Instruction is responsible for project approval and the distribution of
funds. The principal amounts of bonds or notes issued by the State in any twelve-month period may not
exceed $450 million.
Of the total $1.8 billion authorized, $30 million will be allocated as grants to counties that have small county
school systems, after considering whether the counties demonstrate both greater than average school
construction needs and high property tax rates. The primary allocation of $1.77 billion has been distributed
to all counties based on the average daily membership, the ability to pay, and the growth rate of the school
administrative units located within each county. The total allocation to Mecklenburg County is $119,830,058.
The distribution of the primary allocation is subject to the satisfaction of certain match requirements by the
counties. Match requirements may be satisfied by non-State expenditures for public school facilities made
on or after January 1, 1992. The County’s matching requirement of $.50 for each dollar of allocated bond
proceeds has been fulfilled.
Because the County has met its matching requirement, the County recognizes revenues equal to the
liabilities incurred for approved project expenditures. The County requests bond funds by project as
expenditures are made. During fiscal year 2004-05, the County expended $3,261,992 and recognized
$3,261,992 in revenue.
(n) Benefit Payments Issued by the State
The following amounts were paid by the State on behalf of the County directly to individual recipients. The
County personnel are involved with certain functions, primarily eligibility determinations that cause benefit
payments to be issued by the State. These amounts, which disclose additional aid to County recipients, do
not appear in the basic financial statements because they are not revenues and expenditures of the County:
2005
Medicaid
Temporary Assistance to Needy Families
Domiciliary Care
Aid to the Blind
Supplemental Food Program
Low Income Energy Assistance
Refugee Assistance
Adoption Assistance
Foster Care
TOTAL
$457,935,277
14,342,264
3,256,009
110,613
12,549,546
1,091,927
118,225
2,841,670
4,456,008
$496,701,539
(o) Deferred Revenues
Revenues collected in advance of the fiscal year in which they are earned are recorded as deferred
revenues in the government-wide and governmental fund financial statements. Deferred revenue in the
governmental funds financial statements also includes revenues that are measurable but not available.
The balances in deferred revenue at June 30, 2005 are composed of the following:
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Government-wide
Statements
Governmental
Activities
Governmental Fund
Statements
Taxes receivable (net)
Prepaid taxes not yet earned
Grants
$
2,293,809
2,231,439
$ 32,697,422
2,293,809
2,231,439
TOTAL
$4,525,248
$ 37,222,670
(p) Deficit Fund Equity
The Scrap Tire Disposal Special Revenue Fund has a deficit undesignated fund balance of $115,851 and a
deficit fund balance of $79,486 because funding from the State is reimbursement basis; therefore,
expenditures were made before revenues received.
(q) Statement of Cash Flows
All cash and investments of the proprietary fund are held in a County-wide cash and investment pool. Funds
are available on demand from the pool. Accordingly, all cash and investments are considered cash and cash
equivalents in the Statement of Cash Flows.
2.
Accounts Receivable
The following reflects the components of accounts receivable as reported in the government-wide Statement of
Net Assets (Deficit) at June 30, 2005:
____
Governmental Activities____________
General
Fund
General
State and Federal
Government
Taxes
Less allowance for
doubtful accounts
Clinic billings
Less allowance for
doubtful accounts
Interest
Total Accounts
Receivable
Certificates
Of
Participation
Fund
$ 47,031,053
$
Nonmajor
Funds
-
$
10,661
18,316,739
40,093,929
-
7,574,422
684,493
(8,000,000)
5,692,226
-
(81,000)
-
(2,704,622)
2,712,212
_-___
$
$103,141,537
-
73,610
.
$8,262,186
Business-type
Activities_
Total
Receivables
Solid
Waste
Enterprise
Fund
$ 842,287
97,371
$ 939,658
$47,884,001
25,891,161
40,778,442
(8,081,000)
5,692,226
(2,704,622)
2,883,193
$112,343,381
.
3.
Property Tax
The County's property tax levy effective for fiscal year 2005, was based on the assessed values listed as of
January 1, 2004, for real property, boats, trailers and income-producing personal property and vehicles as
described below in this Note. Such assessed values were based upon current estimated market values for
personal property and, for real property, estimated market values as of January 1, 2004. The property tax rate
for the 2005 fiscal year was $.7567 per $100 valuation. A revaluation of all real property is required to be
performed at least every eight years, but the County has a policy to revalue property every four years. North
Carolina General Statutes require that each County make annual appropriations to accumulate the monies
estimated to be required for such purpose.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
In accordance with State law, the County levies ad valorem taxes on property other than motor vehicles on July
1, the beginning of the fiscal year. The taxes are due September 1, the lien date; however, penalties and
interest do not accrue until the following January 6. These taxes are based on the assessed values as of
January 1, 2004. The County considers all revenues available if they are collected within 60 days after yearend, except for property taxes. Ad valorem property taxes are not accrued as revenue because the amount is
not susceptible to accrual. At June 30, taxes receivable are materially past due and are not considered to be an
available resource to finance the operations of the current year.
Also, as of January 1, 1993, State law altered procedures for the assessment and collection of property taxes
on registered motor vehicles. Effective with this change, the County is responsible for billing and collecting
property taxes on all registered motor vehicles on behalf of all municipalities and special tax districts in the
County. For those motor vehicles registered under the staggered system and for vehicles newly-registered
under the annual system, property taxes are due the first day of the fourth month after the vehicles are
registered. The billed taxes are applicable to the fiscal year in which they become due. Therefore, taxes for
vehicles registered from March 2004 through February 2005 apply to the fiscal year ended June 30, 2005.
Uncollected taxes which were billed during this period are shown as a receivable on these financial statements.
For motor vehicles which are renewed and billed under the annual system, taxes are due on May 1 of each
year and the uncollected taxes are reported as a receivable on the financial statements offset by deferred
revenues because the due date and the date upon which the interest begins to accrue passed prior to June 30.
The taxes for renewal vehicles registered annually that have already been collected as of year-end are also
reflected as deferred revenues at June 30, 2005 because they are intended to finance the County’s operations
during the 2006 fiscal year.
4.
Taxes Collected for Municipalities
The County acts as agent for billing and collecting certain property tax levies for all municipalities in the County.
Such amounts are accounted for in the fiduciary Agency Funds. The County also collects room occupancy
taxes, a portion of which is distributed to the City of Charlotte and Towns of Cornelius, Davidson, Huntersville,
Matthews and Pineville, Food and Beverage taxes, which are distributed to the City of Charlotte, and vehicle
rental taxes which are distributed to the City of Charlotte and Towns of Cornelius and Matthews. These
amounts are accounted for in the two Agency Funds, Municipalities’ Taxes and Food and Beverage Tax,
respectively.
5.
Capital Assets
Primary Government
Balance
July 1, 2004
Governmental activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated:
Land improvements
Buildings and improvements
Vehicles and Heavy Equipment
Furniture, Machinery and Equipment
Total capital assets being depreciated
Less accumulated depreciation:
Land improvements
Buildings and improvements
Vehicles and Heavy Equipment
Furniture, Machinery and Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Governmental activities capital assets, net
Additions
$313,685,574
104,682,313
418,367,887
$ 6,634,612
83,388,707
90,023,319
15,675,552
357,164,458
21,822,665
25,714,759
420,377,434
Deletions
$
Balance
June 30, 2005
(95,236)
(1,476,915)
(1,572,151)
$320,224,950
186,594,105
506,819,055
2,304,323
2,769,252
2,892,059
560,961
8,526,595
(2,542,358)
( 595,281)
(3,137,639)
17,979,875
359,933,710
22,172,366
25,680,439
425,766,390
(9,709,263)
(142,525,537)
(15,213,037)
(20,423,953)
(187,871,790)
232,505,644
(1,200,433)
(11,954,419)
(1,626,614)
( 2,822,444)
(17,603,910)
(9,077,315)
998,077
588,335
1,586,412
( 1,551,227)
(10,909,696)
(154,479,956)
(15,841,574)
(22,658,062)
(203,889,288)
221,877,102
$650,873,531
$ 80,946,004
$ (3,123,378)
$728,696,157
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Primary Government
Balance
July 1, 2004
Business-type activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated:
Land improvements
Buildings and improvements
Vehicles and Heavy Equipment
Furniture, Machinery and Equipment
Total capital assets being depreciated
Less accumulated depreciation:
Land improvements
Buildings and improvements
Vehicles and Heavy Equipment
Furniture, Machinery and Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Business-type activities capital assets, net
$ 28,073,692
___582,122
28,655,814
Additions
$
32,276
743,302
775,578
Deletions
$
-____
_____-____
$ 28,105,968
1,325,424
_ 29,431,392
4,174,097
10,203,250
4,858,991
80,742
19,317,080
619,922
22,707
437,817
-___
1,080,446
(377,508)
-____
(377,508)
4,794,019
10,225,957
4,919,300
80,742
20,020,018
(813,062)
(3,426,996)
(2,516,114)
(72,355)
(6,828,527)
12,488,553
(246,184)
(485,269)
(421,547)
____( 880)
(1,153,880)
(73,434)
320,881
-_ __
320,881
(56,627)
(1,059,246)
(3,912,265)
(2,616,780)
__ ( 73,235)
(7,661,526)
12,358,492
$
(56,627)
$ 41,789,884
$
64,140
1,312,066
310,691
1,365,501
2,133,906
8,489,634
2,008,041
1,919,931
17,603,910
$ 41,144,367
$
702,144
Depreciation expense was charged to the programs of the County as follows:
Governmental activities:
Customer Satisfaction and Management Services
Administrative Services
Financial Services
Land Use and Environmental Services
Community Services
Detention and Court Support Services
Health and Human Services
Business Partners
Total Governmental activities
Business-type activities:
Solid Waste Enterprise Fund
1,153,880
Total depreciation expense
$18,757,790
Amounts expended and estimated costs to complete the County's construction-in-progress are as follows:
Project
Court Parking Deck
Park and Recreational Facilities
County Buildings
Criminal Justice Information System
School Facilities
Courthouse
TOTAL
Balance
June 30, 2005
Estimated
Project
Authorization
Expended to
June 30, 2005
$ 24,400,000
39,131,810
16,991,800
8,183,655
50,000,000
143,500,000
$ 16,477,611
22,087,074
1,852,428
7,044,441
49,285,254
89,847,297
$ 7,922,389
17,044,736
15,139,372
1,139,214
714,746
53,652,703
$282,207,265
$186,594,105
$95,613,160
Costs to
Complete
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Activity in the Library’s Capital assets for the year ended June 30, 2005 is as follows:
Balance
July 1, 2004
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated:
Buildings
Furniture and Equipment
Assets under Capital Leases
Total Capital assets being depreciated
Less accumulated depreciation:
Buildings
Furniture and Equipment
Assets under Capital Leases
Total accumulated depreciation
Total capital assets being depreciated, net
Total Capital assets, net
Additions
$ 11,251,992
18,648,564
29,900,556
$
16,186,468
16,186,468
37,427,997
4,728,821
3,068,972
45,225,790
2,759,816
139,406
-____
2,899,222
$
Deletions
Balance
June 30, 2005
(2,685,041)
(2,685,041)
$ 11,251,992
_32,149,991
43,401,983
(203,504)
(1,167,229)
_ -_ __
(1,370,733)
39,984,309
3,700,998
3,068,972
46,754,279
18,230
1,167,229
(10,375,206)
(3,521,650)
(419,039)
(14,315,895)
(9,396,835)
(4,654,225)
(342,315)
(14,393,375)
(996,601)
(34,654)
(76,724)
(1,107,979)
30,832,415
1,791,243
(185,273)
32,438,385
$ 60,732,971
$ 17,977,711
$(2,870,315)
$ 75,840,367
.
1,185,459
Activity in the Medic Agency’s capital assets for the year ended June 30, 2005 is as follows:
Balance
July 1, 2004
Capital assets being depreciated:
Vehicles
Furniture and Equipment
Patient Equipment
Computer Equipment
Buildings and Improvements
Total Capital assets being depreciated
Less accumulated depreciation:
Vehicles
Furniture and Equipment
Patient Equipment
Computer Equipment
Buildings and Improvements
Total accumulated depreciation
Total Capital assets, net
$ 4,717,155
784,677
1,034,752
1,142,165
3,108,449
10,787,198
(2,998,557)
(482,669)
(590,967)
(801,594)
(1,600,930)
(6,474,717)
$ 4,312,481
Additions
Deletions
Balance
June 30, 2005
$ 2,441,724
491,260
105,731
806,424
740,636
4,585,775
$ (350,678)
- ___
(350,678)
$ 6,808,201
1,275,937
1,140,483
1,948,589
3,849,085
15,022,295
(818,572)
(96,955)
(197,976)
(263,479)
(317,017)
(1,693,999)
$ 2,891,776
350,678
____
350,678
$
-
(3,466,451)
(579,624)
(788,943)
(1,065,073)
(1,917,947)
(7,818,038)
.
$ 7,204,257
Activity in the ABC Board’s capital assets for the year ended June 30, 2005 is as follows:
July 1, 2004
Capital assets not being depreciated:
Land
Construction in progress
$ 4,430,972
______-____ -
Additions
Deletions
$
$ (504,562)
- __
$ 3,926,410
__349,137
349,137
June 30, 2005
..
Total Capital assets not being depreciated
Capital assets being depreciated:
Buildings and improvements
Motor vehicles
Furniture, Machinery and Equipment
Total Capital assets being depreciated
Less accumulated depreciation:
Buildings and Improvements
Motor Vehicles
Furniture, Machinery and Equipment
Total accumulated depreciation
Total Capital assets being depreciated, net
Total Capital assets, net
4,430,972
349,137
(504,562)
4,275,547
12,174,643
678,474
2,503,726
15,356,843
545,053
143,163
240,238
928,454
(66,533)
(136,283)
(304,000)
(506,816)
12,653,163
685,354
2,439,964
15,778,481
(369,894)
(103,057)
(266,527)
(739,478)
188,976
36,355
136,283
269,033
441,671
(65,145)
(3,646,473)
(525,766)
(1,634,845)
(5,807,084)
9,971,397
(3,312,934)
(558,992)
(1,637,351)
(5,509,277)
9,847,566
$14,278,538
$ 538,113
$ (569,707)
$ 14,246,944
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
6.
Interfund Receivables and Payables
Governmental Funds interfund receivables and payables of $242,954 at June 30, 2005 consists of $48,296 due
to the General Fund from various nonmajor capital projects funds and $194,658 due to the General Fund from
the Law Enforcement Service District Special Revenue Fund. These balances represent lending/borrowing
arrangements resulting from the timing of expenditures versus the receipt of revenues.
7.
Accounts Payable and Accrued Liabilities
The components of accounts payable and accrued liabilities at June 30, 2005 for the governmental activities
and the business-type activities as reported in the Statement of Net Assets (Deficit) are the following:
BusinessType
Activities
Governmental Activities
8.
General
Fund
Certificates
Of
Participation
General payables
Salaries & benefits
payable
Reserve for selfinsurance
Other accrued
liabilities
$57,198,676
$ 7,002,881
Total
$73,121,681
Nonmajor
Funds
Solid
Waste
Enterprise
Fund .
$ 21,035,825
$ 485,222
$ 85,722,604
93,714
9,507,068
9,320,837
-
92,517
4,815,412
-
-
1,786,756
-____
$ 7,002,881
Total Accounts
Payable and
Accrued
Liabilities
-
4,815,412
1,963,262
-___.
3,750,018
$ 23,091,604
$ 578,936
$ 103,795,102
Long-Term Debt
General Obligation Bonds
The County issues general obligation bonds to provide for the acquisition and construction of major capital
facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the County. The
County consolidates all debt issues, including schools, into the Public Improvement category. Repayment of
general obligation bonds is funded from general property tax revenues. The general obligation bonded debt
associated with the Solid Waste Enterprise Fund is reported in that fund and will be repaid from revenues
generated by solid waste fees and charges.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
General obligation bonds outstanding at June 30, 2005:
Issue Date
Refunding Bonds 1993
Public Improvements 1996 - Series A
Public Improvements 1996 - Series B
Variable Rate Demand Bonds 1996 - Series C
Public Improvements 1998 - Series A
Public Improvements 1998 - Series B
Variable Rate Demand Bonds 1998 - Series C
Public Improvements 2000 - Series A
Public Improvements 2000 - Series B
Variable Rate Demand Bonds 2000 – Series C
Public Improvements 2000 – Series D
Variable Rate Demand Bonds 2000 – Series E
Public Improvements 2001 – Series A
Variable Rate Demand Bonds 2001 - Series B
Refunding Bonds 2001 - Series C
Public Improvements 2001 – Series D
Public Improvements 2002 - Series A
Public Improvements 2002 - Series B
Variable Rate Demand Bonds 2002 – Series C
Public Improvements 2003 - Series A
Variable Rate Demand Bonds 2003 – Series B
Refunding Bonds 2003 – Series C
Public Improvements 2004 - Series A
Variable Rate Demand Bonds 2004 – Series B
Refunding Bonds 2004 - Series C
Public Improvements 2005 - Series A
Variable Rate Demand Bonds 2005 – Series B
Refunding Bonds 2005 - Series C
October 1, 1993
March 1, 1996
March 1, 1996
March 1, 1996
February 1, 1998
February 1, 1998
February 1, 1998
February 1, 2000
February 1, 2000
February 1, 2000
October 1, 2000
October 1, 2000
May 1, 2001
May 1, 2001
May 1, 2001
December 1, 2001
August 1, 2002
August 1, 2002
August 1, 2002
February 1, 2003
February 1, 2003
February 1, 2003
February 1, 2004
February 1, 2004
April 1, 2004
February 1, 2005
February 1, 2005
May 1, 2005
TOTAL
The bonds are recorded as follows:
Governmental Activities
Business-type Activities (Solid Waste Enterprise Fund)
TOTAL
Due
Average
Serially Interest
To
Rate %
2012
2013
2013
2015
2016
2016
2018
2010
2010
2020
2010
2020
2018
2021
2013
2021
2018
2020
2022
2020
2023
2011
2020
2024
2013
2026
2026
2016
4.6630
4.8623
4.8623
Variable
4.4150
4.4150
Variable
4.9827
4.9827
Variable
4.9303
Variable
4.6868
Variable
4.3714
4.3102
3.9499
4.2070
Variable
4.0699
Variable
3.0951
3.4130
Variable
3.0951
3.9849
Variable
3.4368
Original
Issue
$ 272,295,000
22,000,000
225,895,000
50,000,000
31,000,000
257,050,000
50,000,000
34,000,000
20,000,000
50,000,000
100,000,000
50,000,000
105,000,000
25,000,000
149,455,000
56,000,000
14,400,000
139,000,000
25,000,000
193,000,000
40,000,000
12,160,000
105,000,000
100,000,000
135,470,000
32,300,000
100,000,000
172,125,000
Balance
June 30, 2005
$ 99,825,000
1,050,000
10,950,000
50,000,000
5,550,000
46,950,000
50,000,000
17,000,000
10,000,000
50,000,000
40,000,000
50,000,000
90,000,000
25,000,000
129,040,000
49,400,000
12,800,000
132,000,000
25,000,000
188,000,000
40,000,000
9,575,000
98,625,000
100,000,000
134,860,000
32,300,000
100,000,000
172,125,000
$2,566,150,000 $1,770,050,000
$1,762,947,787
7,102,213
$1,770,050,000
During the fiscal year 2005 and previous years, the County has advance refunded particular public
improvement bonds. These refundings were an effort to achieve significant interest savings over the life of the
bonds and to defease the principal amount outstanding of the refunded bonds. The new proceeds were placed
with an escrow agent in an irrevocable trust to provide for all future debt requirements of the refunded debt. The
refunded debt is considered defeased and the applicable liabilities have been removed from the governmental
activities.
In fiscal year 1994, the County refunded several public improvement bonds that have since been called. In the
business-type activities Solid Waste Enterprise Fund, the new debt exceeded the amount of debt retired and
will be amortized over the life of the refunding bonds. For the current year, $100,325 was amortized. The
unamortized amount remaining at June 30, 2005 was $702,263.
In fiscal year 2004, the County issued $135,470,000 General Obligation Refunding Bonds at a total interest cost
of 3.31%. At June 30, 2005 $138,000,000 in outstanding bonds is considered defeased. The balance of these
bonds at June 30, 2005 is $134,860,000.
In fiscal year 2005, the County issued $172,125,000 General Obligation Refunding Bonds at a total interest cost
of 3.44%. The purpose was to defease $178,000,000 of the principal amount outstanding of the Public
Improvements 1998 Series A and B bonds and 2000 Series D bonds. At June 30, 2005 $178,000,000 in
outstanding bonds is considered defeased. The refunding transaction will result in average annual debt service
savings of approximately $443,610 with net present value savings of $3,640,055. The balance of the bonds at
June 30, 2005 is $172,125,000.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
General obligation bonds are due serially and mature during the fiscal years 2010 to 2026 at average interest
rates at date of issuance ranging from 2.40% to 4.98%. The effective rate of interest paid on the average
principal balance of outstanding bonds during the year was 4.11%.
The County has issued $490,000,000 in Variable Rate Demand Bonds. The County has Remarketing and
Standby Purchase Agreements with banks related to these bonds. Under these agreements, the banks will
remarket any bonds for which payment is demanded. If the bonds cannot be remarketed, the banks will
purchase the bonds. The following schedule shows the expiration dates, which can be renewed, fees paid in
fiscal year 2005 pursuant to these agreements, and the interest rate at year-end for these issues. Interest rates
may change pursuant to the terms of the debt agreements based on market conditions and the London
Interbank Offered Rate (LIBOR). There have been no significant changes in rates subsequent to the fiscal
year-end. The interest rates, per the Remarketing Agreements, cannot exceed 12%. The maximum interest
required for these bonds through maturity would be $812,496,000.
1
Issue
Balance
June 30, 2005
Agreement Expiration
1996C
1998C
2000C
2000E
2001B
2002C
2003B
2004B
2005B
$ 50,000,000
50,000,000
50,000,000
50,000,000
25,000,000
25,000,000
40,000,000
100,000,000
100,000,000
August 1, 2006
February 15, 2006
January 26, 2008
November 1, 2006
May 15, 2007
August 6, 20051
February 20, 2006
December 31, 2015
February 9, 2010
Fees Paid
Fiscal Year 2005
Interest Rate
June 30, 2005
$111,196
98,300
113,343
101,029
57,899
36,883
81,168
176,339
36,540
2.27%
2.27
2.28
2.30
2.30
2.30
2.30
2.27
2.27
Prior to the expiration date, and subsequent to June 30, 2005, this agreement was extended to 2010.
The County is subject to the Local Government Bond Act of North Carolina, which limits the amount of net
bonded debt (exclusive of funding and refunding bonds, bonds issued for water, gas, or electric power
purposes, and bonds issued for certain other specified purposes) the County may have outstanding to 8% of
the appraised value of property subject to taxation. At June 30, 2005, such statutory limit for the County was
$6,744,193,327 providing a legal debt margin of $4,698,143,327.
The following schedule shows annual requirements to amortize all bonded debt outstanding as of June 30,
2005. Interest on the variable rate bonds has been estimated using the rate in effect at June 30, 2005.
Governmental Activities
Year
Principal
Interest
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2015
2015-2020
2020-2025
2025-2026
Total
$ 112,527,934
114,835,375
118,353,639
122,245,405
123,506,545
570,623,889
367,965,000
223,275,000
9,615,000
$1,762,947,787
$ 67,868,922
65,027,260
59,926,666
54,421,509
48,671,789
158,001,213
60,484,125
12,233,667
190,846
$526,825,997
Business-type Activities
Principal
$ 1,822,066
1,269,625
1,256,361
984,595
583,455
1,186,111
- ____
$ 7,102,213
Amortization
Interest
$ 100,325
100,325
100,325
100,325
100,325
200,638
__-____
$ 702,263
$ 360,738
282,364
218,433
155,165
105,484
109,814
___-____
$1,231,998
As of June 30, 2005, $276,000,000 general obligation bonds were authorized but unissued.
Interest Rate Swaps
The County entered into interest rate swap agreements for the Public Improvement Series 2000C, Series
2001B and Series 2002C variable rate bonds effective September 17, 2003 with Merrill Lynch Capital Services,
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Bank of America N.A. and Wachovia Bank N.A. The synthetic fixed rate swap effectively changes these
variable rate bonds to the fixed rate of 3.3122%.
The bonds and the related swap agreements mature on February 1, 2022. The swap notional amount of $100
million matches the total of the three related variable rate bond issues. Beginning in February 2011, the
notional value of the swap and the principal amount of the associated debt decline annually. Under the swap
agreement the County pays the counterparties a fixed interest payment monthly at 3.3122% of the notional
amount and receives a variable monthly interest payment computed at 64.7% of LIBOR.
Because long-term fixed tax-exempt interest rates have decreased, at June 30, 2005 the swap had a current
negative fair value of $4,809,096. This mark-to-market valuation was established by market quotations
obtained by the counterparties, representing estimates of the amounts that would be paid for replacement
transactions.
The swap exposes the County to basis risk should the relationship between LIBOR and the rate the County
pays on its variable rate bonds diverge, changing the synthetic rate on the bonds. The effect of this difference
can be shown by the intended synthetic rate of 3.3122% and the synthetic rate as of June 30, 2005 of 3.44%.
At June 30, 2005, the rate on the County’s bonds was 2.29%, whereas 64.7% of LIBOR was 2.161%.
The County entered into interest rate swap agreements for the Public Improvement Series 2005B variable rate
bonds effective September 15, 2004 with Bank of America N.A. and Wachovia Bank N.A. The synthetic fixed
rate swap effectively changes these variable rate bonds to the fixed rate of 3.41336%.
The bonds and the related swap agreements mature on February 1, 2026. The swap notional amount of $100
million matches the variable rate bond issues. Beginning in February 2007, the notional value of the swap and
the principal amount of the associated debt decline annually. Under the swap agreement the County pays the
counterparties a fixed interest payment monthly at 3.41336% of the notional amount and receives a variable
monthly interest payment computed at 67% of LIBOR.
Because long-term fixed tax-exempt interest rates have increased, at June 30, 2005 the swap had a current
negative fair value of $4,400,790. This mark-to-market valuation was established by market quotations
obtained by the counterparties, representing estimates of the amounts that would be paid for replacement
transactions.
The swap exposes the County to basis risk should the relationship between LIBOR and the rate the County
pays on its variable rate bonds diverge, changing the synthetic rate on the bonds. The effect of this difference
can be shown by the intended synthetic rate of 3.41336% and the synthetic rate as of June 30, 2005 of 3.45%.
At June 30, 2005, the rate on the County’s bonds was 2.27%, whereas 67% of LIBOR was 2.2378%.
For the 2003 and 2004 swaps, as of June 30, 2005 the County was exposed to counterparty risk in the amount
of the swaps’ fair values. The swaps counterparties were rated as follows:
Counterparty
Merrill Lynch Capital Services
Wachovia Bank N.A.
Bank of America N.A
Moody’s
S&P
Fitch
Aa3
Aa2
Aa1
A+
AAAA
AAAAAA-
To mitigate the potential for credit risk, if the counterparties’ credit falls from A1 to A2 by Moody’s, A+ to A by
Fitch, or A+ to A by S&P and their exposure exceeds $5,000,000, the counterparty is obligated to post collateral
consisting of U.S. government securities. Collateral would be posted with a third party custodian.
For both swap agreements, the County or the counterparty may terminate the swap if the other party fails to
perform under the terms of the contract. An additional termination event occurs if the County’s or the
counterparties’ ratings fall below Baa1 by Moody’s or BBB+ by S&P or Fitch. If at the time of termination the
swap has a negative fair value, the County would be liable to the counterparty for a payment equal to the
swap’s fair value.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Using rates at June 30, 2005 for the term of the bonds, debt service requirements of the variable rate debt and
net swap payments for both swaps were as follows:
Fiscal Year
Ending
June 30_
__________Variable Rate Bonds_______
2006
Principal
$
-
Interest Rate
Swap Net_
Interest
$ 4,560,000
$ 2,326,780
Total_ _
$
6,886,780
2007
2,000,000
4,544,952
2,319,021
8,863,973
2008
2,000,000
4,499,352
2,295,510
8,794,862
2009
2,000,000
4,453,752
2,271,999
8,725,751
2010
2,000,000
4,408,152
2,248,488
8,656,640
2010-2015
35,000,000
20,028,660
10,219,185
65,247,845
2015-2020
77,000,000
14,625,516
7,468,164
99,093,680
2020-2025
72,000,000
4,146,408
2,129,340
78,275,748
2025-2026
__ 8,000,000
____122,208
__ 63,010
__8,185,218
$200,000,000
$61,389,000
$31,341,497
$292,730,497
Certificates of Participation
The Mecklenburg County Public Facilities Corporation (the Corporation) sold certificates of participation in the
amount of $113,365,000 on February 9, 2005, to provide funding for court, library, park and recreation,
community college, school and county building facilities. Interest on these certificates is variable rate. In
addition, the Corporation has previously issued $77,575,000 in variable rate certificates of participation. The
Corporation is a non-profit corporation organized for the purpose of encouraging the modernization of public
facilities in the County of Mecklenburg, through the financing, acquisition, construction and operation and/or
lease of real estate and improvements, facilities and equipment for the use and benefit of the general public.
The County has Remarketing and Standby Purchase Agreements with banks related to these certificates.
Under these agreements, the banks will remarket any certificates for which payment is demanded. If the
certificates cannot be remarketed, the banks will purchase the certificates. The following schedule shows the
expiration dates, which can be renewed, fees paid in fiscal year 2005 pursuant to these agreements, and the
interest rate at year-end for these issues. Interest rates may change pursuant to the terms of the debt
agreements based on market conditions and the LIBOR rate. There have been no significant changes in rates
subsequent to the fiscal year-end. The interest rates, per the Remarketing Agreements, cannot exceed 12%.
The maximum interest, which cannot exceed 12%, required for these certificates through maturity would be
$191,271,000.
1
Issue
Balance
June 30, 2005
Agreement Expiration
Fees Paid
Fiscal Year 2005
2000
2001
2002
2004
2005
$ 18,750,000
24,650,000
3,870,000
16,390,000
113,365,000
April 1, 2007
November 30, 2006
1
September 10, 2005
February 1, 2014
February 9, 2010
$ 28,424
44,454
9,865
34,275
47,892
Interest Rate
June 30, 2005
2.30%
2.31
2.35
2.38
2.27
Prior to the expiration date, this agreement was extended to 2009 subsequent to June 30, 2005.
Annual principal requirements to maturity are presented in the following table:
Fiscal Year
2005-06
2006-07
2007-08
2008-09
Principal
$10,970,000
10,970,000
10,965,000
10,965,000
Fiscal Year
2009-10
2010-15
2015-20
2020-25
Principal
$ 10,960,000
49,130,000
41,840,000
31,225,000
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Changes in Long-Term Liabilities
The following presents the changes in long-term liabilities for the year ended June 30, 2005:
Balance
July 1, 2004
Governmental activities:
General obligation bonds
Bond premium
Capital leases
Compensated absences
Certificates of participation
Unfunded pension liability
Total Governmental
Activities
Business-type activities:
General obligation bonds
Capital leases
Compensated absences
Landfill development and
postclosure care costs
Total Business-type
Activities
Total Government-wide
Additions
$1,738,467,066 $304,425,000
20,844,860
17,010,007
10,562,343
19,497,876
17,259,036
68,900,000 113,365,000
1,633,263
302,705
1,859,905,408
452,361,748
8,630,346
626,242
Reductions
Balance
June 30, 2005
Due within
One Year
$(279,944,279)
(3,730,583)
(1,969,627)
(16,737,925)
(5,240,000)
______-_____
$1,762,947,787
34,124,284
8,592,716
20,018,987
177,025,000
1,935,968
$112,527,934
2,227,641
2,140,937
3,242,850
10,970,000
_____-____
(307,622,414)
2,004,644,742
131,109,362
(2,230,396)
(321,910)
6,399,950
304,332
1,822,066
150,601
-
386,908
230,623
(231,021)
386,510
41,327
3,311,862
1,037,128
______-_____
4,348,990
_____-____
12,955,358
1,267,751
(2,783,327)
11,439,782
2,013,994
$1,872,860,766 $453,629,499
$(310,405,741)
$2,016,084,524
$133,123,356
For the governmental funds, the unfunded pension liability and compensated absences are liquidated by the
General fund.
The following presents the changes in long-term liabilities for the year ended June 30, 2005, for the Library:
Balance
July 1, 2004
Additions
Reductions
Balance
June 30, 2005
Due within
One Year
Governmental activities:
Capital leases
Compensated absences
Total Government-wide
$2,263,074
2,311,681
$
834,281
$4,574,755
$ 834,281
$
(197,552)
(1,345,185)
$2,065,522
1,800,777
$ 201,603
1,200,000
$(1,542,737)
$3,866,299
$1,401,603
The $901,888 of long-term liabilities due within one year for the Medic Agency represents compensated
absences at June 30, 2005.
9.
Leases
The County leases certain equipment, primarily computer equipment and radios, under agreements classified
as capital leases according to provisions of Financial Accounting Standards Board Statement No. 13
"Accounting for Leases". Obligations of these lease agreements are accounted for in the governmental
activities of the government-wide statements and in the business-type activities Enterprise Fund. The net book
value of capitalized leases recorded in the governmental activities, capital assets – furniture, machinery, and
equipment, of the government-wide statements is $5,433,943 and the net book value of those assets recorded
in the Enterprise Fund, capital assets – vehicles and heavy equipment, is $367,537.
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
In addition, the County leases various types of office equipment under operating leases. Under terms of these
leases, the County's obligation to continue payments is contingent upon continued annual funding by the
Mecklenburg County Board of Commissioners. At June 30, 2005, future minimum lease payments due under
capital leases and operating leases with initial or remaining non-cancelable lease terms in excess of one year
are as follows:
Year Ending June 30,
Capital Leases
Governmental
Solid Waste
Enterprise Fund
Activities
2006
2007
2008
2009
2010
2011
Less: amount
representing interest
$2,445,260
2,255,211
1,569,409
1,529,393
1,176,528
667,404
9,643,205
$ 160,174
156,926
- __
317,100
(1,050,489)
(12,768)
$8,592,716
Operating
Leases
$145,678
26,362
25,492
9,040
_ -___
$206,572
$ 304,332
The Library leases certain branch facilities under lease agreements having initial terms of two to 50 years.
These lease agreements include scheduled rent increases which management believes are intended to cover
economic factors related to the underlying property such as property value appreciation and inflation. Certain
lease agreements also provide for renewal option periods of five years. Two of the branch facility leases have
been classified as capital leases. Monthly lease payments of $6,097 and an annual rent payment of $1,500 are
required through September 2010. Beginning October 2010 through September 2045, the base annual lease
payment is $1,501. The second capital lease requires monthly payments, which are changed annually (ranging
from $21,152 to $6,560), through June 2017. Beginning July 2017 through July 2051 the annual lease payment
is $1.
The following is a summary of the Library’s future minimum lease payments under the capital lease together
with the present value of net minimum lease payments, and approximate future minimum rental commitments
under noncancelable operating leases with initial or remaining terms of one year or more as of June 30, 2005:
Year Ending
June 30,
2006
2007
2008
2009
2010
2011-2015
2016-2020
2021-2025
2026-2030
2031-2035
2036-2040
2041-2045
2046-2050
Total Minimum Payments
Capital
Leases
$ 320,650
312,082
304,078
295,678
287,074
960,823
249,845
7,505
7,505
7,505
7,505
6,004
$2,766,254
Operating
Leases
$ 351,638
242,487
154,972
154,972
154,972
774,860
774,860
25,834
5
5
5
5
2
$2,634,617
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Less amount
representing interest
Present value of net
minimum capital
lease payments
(700,732)
$2,065,522
The Medic Agency entered into a lease agreement on November 18, 1997, with Crescent Resources, Inc. and
Mecklenburg County to lease space for a Central Operations Center, which allowed the Medic Agency to
consolidate its operations into one location. The 10 year lease commenced September 2, 1998. A first
amendment to the lease was executed on November 23, 2004 that added additional square footage and
extends the agreement to August 31, 2011. The annual obligation for the amended lease is $437,088. The
Medic Agency entered into a second lease agreement on October 18, 1999, with Crescent Resources, Inc. to
lease space for the billing department. The lease commenced on December 31, 1999, and will expire August
31, 2008. Rent is based on a per square foot charge of $4.40 at lease commencement and increasing nine
cents per square foot each August 31 subsequent to the commencement date. Payments related to all lease
agreements for the year ended June 30, 2005 totaled $415,395.
The ABC Board's minimum annual rentals on store properties and equipment leased, with lease terms extending
to July 10, 2021, at June 30, 2005, are summarized as follows:
Year Ending
June 30,
Operating
Leases
2006
2007
2008
2009
2010
2011-2015
2016-2020
2021-2025
$419,323
429,302
424,637
321,738
282,344
441,592
406,060
81,212
$2,806,208
For the year ended June 30, 2005, rent expense for operating leases for the County was $78,358, for the Library
was $640,000, for the Medic Agency was $415,395 and for the ABC Board was $366,261.
10. Transfers
For the year ended June 30, 2005, the General Fund transferred $7,722,912 to the nonmajor Capital Reserve
Special Revenue Fund in accordance with capital activities as approved in the Budget Ordinance. The Solid
Waste Enterprise Fund transferred $46,925 to the Scrap Tire Disposal Special Revenue Fund for general
operations.
11. Pension Plan Obligations
(a)
North Carolina Local Governmental Employees' Retirement System
Mecklenburg County contributes to the statewide Local Governmental Employees’ Retirement System
(LGERS), a cost-sharing, multiple-employer, defined benefit pension plan administered by the State of North
Carolina. LGERS provides retirement and disability benefits to plan members and beneficiaries. Article 3 of
N.C.G.S. 128 assigns the authority to establish and amend benefit provisions to the North Carolina General
Assembly. The Local Governmental Employees’ Retirement System is included in the Comprehensive Annual
Financial Report (CAFR) for the State of North Carolina. The State’s CAFR includes financial statements and
required supplementary information for LGERS. That report may be obtained by writing to the Office of the
State Controller, 3512 Bush Street, Raleigh, North Carolina 27609, or by calling (919) 981-5454.
Plan members are required to contribute 6% of their annual covered salary. The County is required to
contribute at an actuarially determined rate. The rate for fiscal year 2005 for employees not engaged in law
enforcement and for law enforcement officers is 4.80% and 4.64%, respectively, of annual covered payroll. The
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
contribution requirements of members and of Mecklenburg County are established and may be amended by the
North Carolina General Assembly. The County’s contributions to LGERS for the years ended June 30, 2005,
2004 and 2003 were $8,368,836, $8,143,448, and $7,919,603, respectively. The contributions made by the
County equaled the required contributions for the year.
The Library, Medic Agency and ABC Board also participate in the North Carolina Local Governmental
Employees' Retirement System described above, which is the same plan in which the County participates. The
Library’s contributions to LGERS for the years ended June 30, 2005, 2004, and 2003 were $713,992, $653,769,
and $664,030, respectively. The rate for fiscal year 2005 for employees is 4.88% of covered payroll. The Medic
Agency’s contributions to LGERS for the year ended June 30, 2005, 2004, and 2003 were $697,808, $621,828,
and $552,612, respectively, and the rate for fiscal year 2005 for employees is 4.84% of covered payroll. The
ABC Board’s contributions to LGERS for the years ended June 30, 2005, 2004, and 2003 were $263,096,
$255,802, and $242,598, respectively. The ABC Board's required contributions for employees not engaged in
law enforcement and for law enforcement officers are 4.92% and 4.78% of covered payroll, respectively. The
contributions made by the Library, Medic Agency and ABC Board equaled the required contributions for the
year.
(b) Law Enforcement Officers’ Special Separation Allowance
The County and the ABC Board administer a public employee retirement system (“Separation Allowance”), a
single-employer, defined benefit pension plan that provides retirement benefits to qualified sworn law
enforcement officers. The Separation Allowance is equal to .85 percent of the monthly equivalent of the base
rate of compensation most recently applicable to the officer for each year of creditable service. The retirement
benefits are not subject to any increases in salary or retirement allowances that may be authorized by the
General Assembly. Article 12D of N.C.G.S. Chapter 143 assigns the authority to establish and amend benefit
provisions to the North Carolina General Assembly.
All full-time County and ABC Board law enforcement officers are covered by the Separation Allowance;
however, benefit eligibility is based on qualified and creditable service for unreduced retirement benefits. At
December 31, 2004, the Separation Allowance’s membership consisted of:
Retirees receiving benefits
Active plan members
Total
County
ABC Board
20
303
323
1
12
13
The County and ABC Board have chosen to fund the Separation Allowance on a pay-as-you-go basis. Pension
expenditures by the County, for which there is no separately issued financial report, of $241,879 for the fiscal
year ended June 30, 2005, were made from the General Fund, which is maintained on a modified accrual basis
of accounting. The financial statements of the ABC Board are prepared using the accrual basis of accounting.
The ABC Board paid benefits of $11,503 for the fiscal years ended June 30, 2005 and 2004. They have chosen
not to have an actuarial study performed because the liability is considered to be immaterial. No funds are set
aside to pay benefits and administration costs. These expenditures are paid as they come due.
The County and ABC Board are required by Article 12D of N.C.G.S. 143 to provide these retirement benefits.
The County and ABC Board obligations to contribute to this plan are established and may be amended by the
North Carolina General Assembly. There were no contributions made by employees.
The County’s annual required contribution for the current year was determined as part of the December 31,
2004, actuarial valuation using the projected unit credit actuarial cost method. The actuarial assumptions
include (a) 7.25% investment rate of return and (b) projected salary increases ranging from 5.9% to 9.8% per
year, as well as an inflation component of 3.75%. The assumptions did not include postretirement benefit
increases. The actuarial value of assets was market value. The unfunded actuarial accrued liability is being
amortized as a level dollar amount on a closed basis. The remaining amortization period at December 31, 2004,
was 26 years.
The County’s annual pension cost and net pension obligation to the Separation Allowance for the current year
were as follows:
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Annual required contribution
Interest on net pension obligation
Adjustment to annual required contribution
Annual pension cost
Contributions made
Increase in net pension obligation
Net pension obligation beginning of year
Net pension obligation end of year
Three-Year Trend Information:
Fiscal Year
Ended
2005
2004
2003
Annual Pension
Cost (APC)__
$544,584
512,133
468,853
$ 517,795
118,412
(91,623)
544,584
(241,879)
302,705
1,633,263
$1,935,968
Percentage of APC Contributed
44.42%
44.02
45.25
Net Pension
Obligation
End of Year
$1,935,968
1,633,263
1,346,567
(c) Supplemental Retirement Income Plan
The County and ABC Board contribute to the Supplemental Retirement Income Plan (Plan), a defined
contribution pension plan administered by the Department of State Treasurer and a Board of Trustees. The
Plan provides retirement benefits to law enforcement officers employed by the County and ABC Board. Article 5
of N.C.G.S. Chapter 135 assigns the authority to establish and amend benefit provisions to the North Carolina
General Assembly.
Article 12E of N.C.G.S. Chapter 143 requires the County and ABC Board to contribute each month an amount
equal to 5% of each officer’s salary, and all amounts contributed are vested immediately. In addition, the ABC
Board voluntarily contributes an additional 4% of each officer’s salary. Also, law enforcement officers may make
voluntary contributions to the Plan. For County officers, all contributions were provided by the County and the
total amount for the year ended June 30, 2005 was $683,806. Contributions for the ABC Board for the year
ended June 30, 2005, were $88,313, which consisted of $63,983 from the ABC Board and $24,330 from the law
enforcement officers’ voluntary contributions. The ABC Board’s required plus voluntary contributions and the
officers’ voluntary contributions represented 9.0% and 3.4%, respectively, of covered payroll for the year ended
June 30, 2005.
For non-law enforcement full-time employees, the ABC Board voluntarily contributes each month an amount
equal to 6% of each employee’s salary. Non-law enforcement employees, also, may make voluntary
contributions to the plan. The ABC Board’s contributions were calculated using a covered payroll amount of
$4,410,704 for June 30, 2005 and $4,263,373 for June 30, 2004. Total contributions for the years ended June
30, 2005 and 2004 were $383,992 and $376,107, respectively, which consisted of $264,871 for 2005 and
$261,871 for 2004 from the ABC Board and $119,121 for 2005 and $114,169 for 2004 from the non-law
enforcement employee’s voluntary contributions. The ABC Board’s voluntary contributions and the non-law
enforcement employee’s voluntary contributions represented 6% and 2.7%, respectively, for 2005 and 6.14%
and 2.68%, respectively, for 2004.
(d) Register of Deeds Supplemental Pension Fund
The County also contributes to the Registers of Deeds’ Supplemental Pension Fund (Fund), a noncontributory,
defined contribution plan administered by the North Carolina Department of State Treasurer. The Fund
provides supplemental pension benefits to any county register of deeds who is retired under the Local
Governmental Employees’ Retirement System or an equivalent locally sponsored plan. Article 3 of N.C.G.S.
Chapter 161 assigns the authority to establish and amend benefit provisions to the North Carolina General
Assembly.
On a monthly basis, the County remits to the Department of State Treasurer an amount equal to 4.5% of the
monthly receipts collected pursuant to Article 1 of North Carolina General Statute 161, primarily marriage
license and general fees. Immediately following January 1 of each year, the Department of State Treasurer
divides 93% of the amount in the Fund at the end of the preceding calendar year into equal shares to be
disbursed as monthly benefits. The remaining 7% of the Fund’s assets may be used by the State Treasurer in
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
administering the Fund. For the fiscal year ended June 30, 2005, the County’s required and actual
contributions were $276,095.
12. Deferred Compensation Plan
The County, Library and Medic Agency offer their employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available to all County, Library and Medic
Agency employees, permits them to defer a portion of their salaries to future years. The deferred compensation
is not available to employees until termination, retirement, death or unforeseeable emergency. The County,
Library and Medic Agency have complied with changes in the laws which govern deferred compensation plans,
requiring all assets of the plan to be held in trust for the exclusive benefit of the participants and their
beneficiaries.
13. Post-Employment Benefits
The County, Library and Medic Agency pay the full cost of the health care insurance premiums for employees
retiring with twenty or more years of service. Employees retiring with 10 through 19 years of service receive
50% of the costs of their health care insurance premium. For the fiscal year ended June 30, 2005, the County's
expense for this benefit was $1,994,868 and the number of retirees taking advantage of this benefit was 749.
The cost of benefits for the Library recognized as an expenditure for the fiscal year ended June 30, 2005 was
$147,452 for the 32 retirees covered. Medic Agency’s expenditure for this benefit was $41,603 for the twelve
retirees covered. The County and Library are under no statutory requirement to provide this benefit.
Consequently, there is no unfunded liability to the County or the Library for this benefit.
Under the Consolidated Omnibus Budget and Reconciliation Act of 1985 (COBRA), the County and Medic
Agency allow terminated employees to continue their enrollment in their health care insurance program for up to
18 months following termination. Continuation of coverage by the terminated employee is optional for the
employee who has up to 60 days following termination to decide. There is no cost to the County or Medic
Agency, and the terminated employee must pay the full premium amount plus a two percent administrative fee.
The County and the ABC Board have elected to provide death benefits to employees through the Death Trust
Plan for members of the Local Governmental Employees' Retirement System (Death Trust Plan), a multipleemployer, State-administered, cost-sharing plan funded on a one-year term cost basis. Employees who die in
active service after one year of contributing membership in the System, or who die within 180 days after
retirement or termination of service and have at least one year of contributing membership service in the
System at the time of death are eligible for death benefits. Lump sum death benefit payments to beneficiaries
are equal to the employee's 12 highest month’s salary in a row during the 24 months prior to death, but the
benefit may not exceed $20,000. All death benefit payments are made from the Death Trust Plan. Neither the
County nor the ABC Board has liability beyond the payment of monthly contributions. Contributions are
determined as a percentage of monthly payroll, based upon rates established annually by the State. Separate
rates are set for employees not engaged in law enforcement and for law enforcement officers. Because the
benefit payments are made by the Death Trust Plan and not by the County, the County does not determine the
number of eligible participants. For the fiscal year ended June 30, 2005, the County made contributions to the
State for death benefits of $132,393. The County's required contributions for covered employees represented
.14% of covered payroll for law enforcement officers and .07% of covered payroll for employees not engaged in
law enforcement. For the year ended June 30, 2005 and 2004, the ABC Board made contributions to the State
for death benefits of $6,257 and $5,422, respectively. The ABC Board’s required contributions for employees
not engaged in law enforcement and for law enforcement officers represented .12% and .14%, respectively, of
covered payroll.
The ABC Board pays a portion of health care costs for employees retiring with 5-19 years of service, and pays
the full cost for those with 20 or more years of service. The benefit continues until death, although their ABC
Board coverage automatically decreases to secondary coverage at the age of 65. The ABC Board has chosen
to pay this benefit on a pay-as-you-go basis. The cost for the year ended June 30 2005 and 2004 was $48,798
and $138,252, respectively.
14. Risk Management
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
The County's Risk Management Program is a self-funded, risk-financing program administered by the City of
Charlotte's Risk Management Division of the City Finance Department, as trustee for the County. As of June 30,
2005, the program covered the following areas of risk: Commercial Automobile Liability, Fidelity Bonds, Inland
Marine, Commercial General Liability, Public Official Liability, Police Professional Liability, Medical Professional
Liability, Property, and Workers' Compensation. The County will finance its own loss exposures up to the first
$1,500,000 per occurrence per year with a separate reserve held in trust for the County and current
appropriations in the County budget except for property exposures and Workers' Compensation exposures as
described below. Amounts in this reserve are specifically designated by entity. The Risk Management Division
accrues for claims incurred but not reported based on prior historical data. This accrual reduces cash available
in the separate trust. Property exposures over $100,000 and Workers' Compensation exposures over $400,000
are insured. Police Professional Liability exposures over $1,500,000 are insured up to $4,000,000 and public
official liability exposures over $250,000 are insured up to $4,750,000. The County has purchased excess
insurance to cover automobile and general liability exposures in amounts up to $20,000,000 above the trust
coverage amount. There have been no significant reductions in insurance coverage from coverage levels in the
prior year and settled claims have not exceeded coverage in any of the past three fiscal years.
A summary of amounts relating to self-insurance in the General Fund is as follows:
2005
2004
Accounts payable and accrued liabilities - beginning of fiscal year
Additions
Payments
$ 9,778,194
2,766,753
(971,475)
$11,654,471
1,723,588
(3,599,865)
Accounts payable and accrued liabilities - end of fiscal year
$11,573,472
$ 9,778,194
The Library acquires its risk management services through the City of Charlotte's Risk Management Division.
The Library has commercial general liability of $1 million per occurrence, workers' compensation employer's
liability coverage of $500,000 and public officers' coverage of $1 million per loss. There have been no
significant reductions in insurance coverage from coverage levels in the prior year and settled claims have not
exceeded coverage in any of the past three fiscal years.
The insurance coverage for the Medic Agency is provided through commercial carriers and the County. A
commercial policy covers property, general liability, crime, portable equipment and management liability. The
limit for the commercial property policy is $5,187,920. The coverage for general liability and automobile
insurance is $1 million per occurrence. The criminal activities policy is $250,000, and the management liability
coverage is $3 million. The commercial automobile policy covers up to $1 million per occurrence. The
commercial excess liability policy includes a limit of $5 million for each occurrence. Workers’ compensation is
provided through the County’s policy and workers’ compensation exposures over $450,000 are insured. There
have been no significant reductions in coverage over the past three years.
The ABC Board is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The ABC Board has commercial
property, general liability, auto liability, workers’ compensation, and employee health coverage. The ABC Board
also has liquor legal liability. There have been no significant reductions in insurance coverage from coverage
levels in the prior year and settled claims have not exceeded coverage in any of the past three fiscal years. The
ABC Board has a self-funded medical program for its employees. This program will pay a maximum of $55,000
per employee per year with any amounts above this maximum covered by a stop loss insurance policy.
15.
Closure and Postclosure Care Costs – U.S.521 Landfill
State and federal laws require the County to place a final cover on its U.S.521 Landfill Facility when it stops
accepting waste and to perform certain maintenance and monitoring functions at the site for 25 years after
closure. Although closure and postclosure care costs will only be paid near or after the date the landfill stops
accepting waste, the County reports a portion of these costs as an operating expense each fiscal year based
on the landfill capacity used as of the balance sheet date. The accrued landfill development and postclosure
care costs totals $4,348,990 and has two components. The cumulative amount reported, based on the use of
41.6% of the total estimated capacity of the landfill, for closure and postclosure care costs is $4,108,461. The
County will recognize the remaining estimated cost of closure and postclosure care of $9.8 million as the
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
remaining estimated capacity is filled. This amount is based on the current costs to perform closure and
postclosure care in fiscal year 2005. The County expects to close the U.S.521 landfill in 2025. Actual costs may
be higher due to inflation, changes in technology or changes in regulations.
The County has met the requirements of a local government financial test that is one option under state and
federal laws and regulations that help determine if a unit is financially able to meet closure and postclosure care
requirements. However, the County has also elected to establish a reserve fund to accumulate the resources
for the payment of future use development costs. The cumulative amount reported in the future use reserve at
June 30, 2005 is $240,529. The County will recognize the remaining estimated cost of future use development
of $1,672,762 as the remaining capacity is filled. These funds are held in investments with a cost of $240,529
(market value, $240,529) at year-end. The County expects that future inflation costs will be paid from the
interest earnings on these annual contributions. However, if interest earnings are inadequate or additional
postclosure care requirements are determined, these costs may need to be covered by charges to future landfill
users.
16.
17.
Commitments and Contingencies
(a)
The County participates in a number of Federal and State of North Carolina grant programs, principally
Social Services Administration, Temporary Assistance to Needy Families, Mental Health Area Matching
Funds, and Medical Assistance programs. For the fiscal year ended June 30, 2005, these programs were
audited in accordance with the Single Audit Amendment of 1996 and the State Single Audit Act, N.C.G.S.
159-34, which report is issued separately. Any expenditures which may be disallowed by the granting
agencies cannot be determined at this time, although the County expects such amounts, if any, to be
immaterial.
(b)
Unexpended funds of $108,235,971 at June 30, 2005, are committed for various projects in accordance
with related Capital Projects Ordinances. These funds are included in Restricted Net Assets and are
included in designated fund balance of the appropriate capital projects funds.
(c)
The County is involved in various legal actions in the normal course of its business. In addition, the
County has charges pending with the Equal Employment Opportunity Commission. The charges initiated
by individuals alleging discriminatory hiring, promotion or termination practices, are not in litigation and
there have been no class action threats. Although the outcome of the above claims and the ultimate
amount of compensation or penalties which might be awarded are not presently determinable, in the
opinion of County management and the County Attorney, the results of the claims and resolution of legal
actions will not have a materially adverse impact on the financial position of the County.
Jointly Governed Organization
The County, in conjunction with seven other counties and 50 municipalities, established the Centralina Council
of Governments (COG)(Region F). The participating governments established COG to coordinate funding
received from various federal and state agencies. Each participating government appoints one member to
COG's 58-member governing board. The County paid membership fees of $183,591 to COG during fiscal year
2005.
18.
Joint Ventures
The County, along with the State of North Carolina, participates in a joint venture to operate Central Piedmont
Community College (CPCC). The County, State of North Carolina and the Charlotte-Mecklenburg Board of
Education make four appointments each to the 12-member board of trustees. CPCC is included as a
component unit of the State. The County has the basic responsibility for providing funding for the facilities of
CPCC and also provides some financial support for operations. In addition to providing annual appropriations
for facilities, the County periodically issues general obligation bonds to provide financing for new and
restructured facilities. The County contributed $17,765,836 for operations and $22,596,982 for capital purposes
during fiscal year 2005, and made debt service payments of $12,019,661 in fiscal year 2005 on general
obligation bonds issued for CPCC. The participating governments do not have any equity interest in the joint
venture; therefore, no equity interest is reflected in the County's financial statements. Complete financial
statements for CPCC may be obtained from the following address:
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Central Piedmont Community College
P.O. Box 35009
Charlotte, NC 28235
The Charlotte-Mecklenburg Public Broadcasting Authority (CMPBA) was established in 1981 by an interlocal
agreement between the Charlotte-Mecklenburg Schools and the County. The CMPBA holds the FCC license to
operating WTVI, a non-commercial TV station. The CMPBA exercises control over station operations and
programming. The County appoints ten of the 18 members of the CMPBA Board of Directors, but the County
has no authority to dictate ownership or management of the station. The County owns the land and building in
which WTVI is housed, but management and maintenance of the building is the responsibility of the CMPBA.
The County is paying the debt service on $10 million of debt issued for CMPBA to fund the purchase of
digital/HDTV equipment for WTVI. The County has entered into an interlocal agreement with the CMPBA to
provide an annual operating grant to WTVI, although no specific funding level is guaranteed. For the yearended June 30, 2005, the County provided $2,141,425 to WTVI. The County does not provide the majority of
funding to WTVI. The County can also enter into an annual Service Contract with WTVI whereby WTVI
provides production and/or programming airtime to the County in support of the County’s public awareness
goals in return for a specific level of funding to cover the cost of the productions. Complete financial statements
of the CMPBA can be obtained from the following address:
Charlotte-Mecklenburg Public Broadcasting Authority
3232 Commonwealth Avenue
Charlotte, NC 28205
The County, in conjunction with Catawba, Iredell and Lincoln Counties participates in a joint venture to operate
the Lake Norman Marine Commission (the Commission). Each participating government appoints one board
member, except Catawba County which appoints two members. The Commission was established to make joint
regulations for the safe operation of vessels and for safe recreational use of the water. Each County is obligated
to contribute an equal amount appropriate to support the activities of the Commission. The County provided
$15,487 to the Commission in fiscal year 2005. None of the participating governments has an equity interest in
the Commission, so no equity interest has been reflected in the financial statements at June 30, 2005.
Complete financial statements for the Commission may be obtained from the following address:
Lake Norman Marine Commission
P.O. Box 35008
Charlotte, NC 28235
In addition, the County, in conjunction with Gaston County and York County, South Carolina, participates in a
joint venture to operate the Lake Wylie Marine Commission (the Commission). The County and York County
each appoint two board members, and Gaston County appoints three members. The Commission was
established to make joint regulations for preserving and protecting property and wildlife and promoting public
safety. Each County is obligated to contribute an equal amount appropriate to support the activities of the
Commission. The County provided $20,836 to the Commission in fiscal year 2005. None of the participating
governments has an equity interest in the Commission, so no equity interest has been reflected in the financial
statements at June 30, 2005. Complete financial statements for the Commission may be obtained from the
following address:
Lake Wylie Marine Commission
P.O. Box 35008
Charlotte, NC 28235
In addition, the County, in conjunction with Gaston and Lincoln Counties, participates in a joint venture to
operate the Mountain Island Lake Marine Commission (the Commission). The County appoints three board
members, Gaston County appoints three members and Lincoln County appoints one member. The Commission
was established to make joint regulations for preserving and protecting property and wildlife and promoting
public safety. Each County is obligated to contribute an amount based on its shoreline lying within each county
to support the activities of the Commission. The County provided $17,550 to the Commission in fiscal year
2005. None of the participating governments has an equity interest in the Commission, so no equity interest has
been reflected in the financial statements at June 30, 2005. Complete financial statements for the Commission
may be obtained from the following address:
MECKLENBURG COUNTY, NORTH CAROLINA
NOTES TO THE BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2005
Mountain Island Marine Commission
P.O. Box 35008
Charlotte, NC 28235
19.
Conduit Debt Obligation
In February 1996, the County issued $22,700,000 Variable Rate Lease Revenue Bonds on behalf of the Young
Men’s Christian Association (YMCA) of Greater Charlotte for the acquisition, construction, improvement and
equipping of two new recreational facilities and the renovation and improvement of certain other existing
facilities. These bonds are secured by pledges to the YMCA’s 1995 capital campaign drive as well as a letter of
credit. Neither the County, the State, nor any political subdivision thereof is obligated in any manner for the
repayment of these bonds. Accordingly, the outstanding bonds in the amount of $12,500,000 at June 30, 2005
are not reported as liabilities in the accompanying financial statements.
In December 2001, the County issued $16,480,000 Multifamily Housing Revenue Bonds on behalf of Sycamore
Green, LLC for the acquisition, construction and equipping of a low and moderate income multifamily rental
housing development. These bonds are secured by rents from the property and a letter of credit. Neither the
County, the State, nor any political subdivision thereof is obligated in any manner for the repayment of these
bonds. Accordingly, the outstanding bonds in the amount of $16,480,000 at June 30, 2005 are not reported as
liabilities in the accompanying financial statements.
In May 2003, the County issued $9,390,000 Multifamily Housing Revenue Bonds on behalf of LR Charlotte
Limited Partnership for the acquisition, rehabilitation and equipping of a low and moderate income multifamily
rental housing development. These bonds are secured by rents from the property and a letter of credit. Neither
the County, the State, nor any political subdivision thereof is obligated in any manner for the repayment of these
bonds. Accordingly, the outstanding bonds in the amount of $9,335,000 at June 30, 2005 are not reported as
liabilities in the accompanying financial statements.
In September 2003, the County issued $4,640,000 Multifamily Housing Revenue Bonds on behalf of
BARRINGTON OAKS, LLC for the acquisition, rehabilitation and equipping of a low and moderate income
multifamily rental housing development. These bonds are secured by rents from the property and a letter of
credit. Neither the County, the State, nor any political subdivision thereof is obligated in any manner for the
repayment of these bonds. Accordingly, the outstanding bonds in the amount of $4,640,000 at June 30, 2005
are not reported as liabilities in the accompanying financial statements.
20.
Related Organization
The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority (the Authority) was
created in 1976. The seven-member board is appointed by the Board of County Commissioners. The purpose
of the Authority is to assist corporations in financing industrial and manufacturing facilities for the purpose of
providing employment or increasing below-average manufacturing wages. Any financing that occurs is an
obligation of the corporation, not an obligation of either the County or this Authority. Companies pay application
fees which provide operating funds for the Authority.
21.
Subsequent Event
The County entered into forward starting interest rate swap agreements on a portion of the general obligation
bonds to be issued in the first quarter of 2006. As a result of this transaction, the County will pay interest at the
fixed rate of 3.093% to the counterparties to the swap. In return, the counterparties will pay interest to the
County based on 67% of one-month LIBOR. The notional amounts of this transaction total $150 million. The
effective date of this transaction is February 9, 2006 and the termination date is February 1, 2026.
Required Supplementary
Information
Mecklenburg County, North Carolina
Additional required data regarding the Law
Enforcement Special Separation Allowance.
B-1
MECKLENBURG COUNTY, NORTH CAROLINA
SEPARATION ALLOWANCE FOR LAW ENFORCEMENT OFFICERS
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
LAST TEN FISCAL YEARS
UNAUDITED
Actuarial
Accrued
Actuarial
Liability (AAL)
Unfunded
Year
Value of
Projected Unit
AAL
Funded
Covered
% of Covered
Ended
Assets
Credit
(UAAL)
Ratio
Payroll
Payroll
Dec. 31,
(a)
(b)
(b-a)
(a/b)
(c)
((b-a)/c)
UAAL as a
0.00%
$14,288,288
35.17 %
2004
-
$ 5,024,704
$5,024,704
2003
-
4,488,172
4,488,172
0.00
13,446,175
33.38
2002
-
4,218,231
4,218,231
0.00
13,353,602
31.59
2001
-
3,867,434
3,867,434
0.00
12,611,197
30.67
2000
-
3,652,320
3,652,320
0.00
12,211,385
29.91
1999
-
2,290,374
2,290,374
0.00
11,818,111
19.38
1998
-
2,086,864
2,086,864
0.00
12,605,093
16.56
1997
-
1,944,361
1,944,361
0.00
11,055,301
17.59
1996
-
1,700,570
1,700,570
0.00
9,726,420
17.48
1995
-
1,688,629
1,688,629
0.00
10,234,174
16.50
B-2
MECKLENBURG COUNTY, NORTH CAROLINA
SEPARATION ALLOWANCE FOR LAW ENFORCEMENT OFFICERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
UNAUDITED
Fiscal Year
Ended
June 30,
Annual
Required
Contribution
2005
$ 517,795
2004
488,383
46.16
2003
448,383
46.81
2002
419,239
50.86
2001
340,724
61.16
2000
318,467
69.30
1999
284,944
75.59
1998
247,032
83.35
1997
247,667
78.69
Percentage
Contributed
46.71 %
Notes to the Required Schedules:
The information presented in the required supplementary schedules was determined as
part of the actuarial valuations at the dates indicated. Additional information as of the
latest stactuarial valuation follows:
Valuation date
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Actuarial assumptions:
Investment rate of return*
Projected salary increases*
Cost-of-living adjustments
* Includes inflation at 3.75%.
12/31/2004
Projected unit credit
Level percent of pay closed
26 years
Market value
7.25%
5.9% - 9.8%
None
Combining & Individual Fund
Statements & Schedules
Mecklenburg County, North Carolina
Provides detailed statements and schedules for the nonmajor Special
Revenue and Capital Projects Funds and the Agency Fiduciary Funds, as
well as budget to actual statements for the Special Revenue Funds, the
two major Capital Projects Funds, and the Enterprise Fund.
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds account for proceeds of revenue sources that are restricted to expenditures for specific
purposes. These funds are established under the provisions of the North Carolina General Statutes:
CAPITAL RESERVE: Accounts for expenditures from current appropriations and certain park entrance fees for
capital outlay and improvements.
STORM WATER MANAGEMENT: Accounts for fees and expenditures designated for flood control, drainage, and
storm water management.
LAW ENFORCEMENT SERVICE DISTRICT: Accounts for the ad valorem taxes for the law enforcement service
district which are levied in the unincorporated areas of the County.
TRANSIT ONE-HALF CENT SALES TAX: Accounts for revenue from a one-half cent sales tax levied to fund
transit projects which are part of the 2025 Integrated Transit/Land Use Plan for Charlotte-Mecklenburg.
SCRAP TIRE DISPOSAL: Accounts for funds designated for the disposal of scrap tires.
DISCARDED WHITE GOODS: Accounts for funds designated for the management of discarded white goods.
SHERIFF: Accounts for funds received from concealed weapons permits and commissary revenues which are
designated for use by the Sheriff.
REGISTER OF DEEDS: Accounts for the 10% of collected fees required which are required by law to be
expended for computer and imaging technology for the Register of Deeds office.
911 PUBLIC SAFETY EMERGENCY TELEPHONE SERVICE: Accounts for the County’s share of the monthly
911surcharge imposed by the City of Charlotte to be used for the lease, purchase or maintenance of
emergency telephone equipment, including necessary computer hardware, software and database provisions.
CAPITAL PROJECTS FUNDS
Capital Projects Funds account for proceeds of bond issues and all other resources used for the purpose of
constructing, reconstructing or acquiring permanent or semi-permanent capital improvements. These funds are used
to provide a formal mechanism to ensure that designated revenues are applied only for the purposes intended.
MANAGEMENT SERVICES
COUNTY BUILDINGS: Accounts for construction of and renovations to various County buildings.
LAND: Accounts for acquisition of land for County purposes.
LAND USE AND ENVIRONMENTAL SERVICES
COMMUNITY DEVELOPMENT: Accounts for Community Development funds used for improvements to specific
neighborhoods and water and sewer improvements in areas which currently are not part of the systems.
FLOOD CONTROL: Accounts for flood control, storm water and detention projects.
CLEAN WATER MANAGEMENT: Accounts for funds used for watershed pollution control.
HISTORIC PRESERVATION: Accounts for acquisition and renovation of various historic facilities.
COMMUNITY SERVICES
PARK AND RECREATIONAL FACILITIES: Accounts for park projects including greenways, neighborhood
parks, district parks, purchase of land, park construction, restoration and improvements to various parks.
LIBRARY FACILITIES: Accounts for construction, installation of furnishings and equipment and the acquisition
of land for library facilities.
DETENTION AND COURT SUPPORT SERVICES
JAIL/DETENTION FACILITIES: Accounts for construction of jail and detention facilities.
BUSINESS PARTNERS
COMMUNITY COLLEGE FACILITIES: Accounts for construction of Central Piedmont Community College
facilities.
SCHOOL FACILITIES: Accounts for construction and renovation of school facilities, including acquisition and
installation of furnishings and equipment and the acquisition of land.
C-1
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2005
Special
Total Nonmajor
Revenue
Capital Projects
Governmental
Funds
Funds
Funds
ASSETS
Cash and investments
$
Accrued interest receivable
73,610
Accounts receivable
7,518,292
Taxes receivable
684,493
Less allowance for uncollectible taxes
(81,000)
Advances to other governmental agencies
TOTAL ASSETS
27,869,432
-
$ 152,822,862
$ 180,692,294
-
73,610
66,791
7,585,083
-
684,493
-
(81,000)
2,889,328
2,889,328
$ 191,843,808
$
36,064,827
$ 155,778,981
$
6,331,412
16,760,192
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable and other accrued liabilities
$
23,091,604
Due to other funds
194,658
48,296
242,954
Deferred revenue
657,369
1,033,360
1,690,729
7,183,439
17,841,848
25,025,287
Reserved for encumbrances
2,242,781
26,745,043
28,987,824
Reserved by state statute
7,591,902
2,956,119
10,548,021
11,221,982
108,235,971
119,457,953
Total Liabilities
Fund Balances
Unreserved:
Designated for capital projects
Designated for land use and environmental services
8,383,788
-
8,383,788
Designated for detention and court support services
315,712
-
315,712
Designated for business partners
885,089
-
Undesignated
(1,759,866)
Total Fund Balances
TOTAL LIABILITIES AND FUND BALANCES
$
-
885,089
(1,759,866)
28,881,388
137,937,133
166,818,521
36,064,827
$ 155,778,981
$ 191,843,808
C-2
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
Special
Total Nonmajor
Revenue
Capital Projects
Governmental
Funds
Funds
Funds
REVENUES
Law Enforcement Service District taxes
$
General property taxes
Transit one-half cent sales tax
Intergovernmental
13,441,010
$
$
13,441,010
-
730,025
32,094,987
-
32,094,987
5,315,585
Charges for services
-
730,025
3,414,282
11,348,591
8,729,867
-
11,348,591
Interest earned on investments
205,020
Other
924,187
1,316,927
2,241,114
64,059,405
4,731,209
68,790,614
Total Revenues
-
205,020
EXPENDITURES
Land Use and Environmental Services
Detention and Court Support Services
Business Partners
10,903,060
-
10,903,060
277,573
-
277,573
42,844,467
-
42,844,467
1,373,307
-
1,373,307
465,618
-
Debt Service
Principal
Interest
Capital Outlay
Total Expenditures
REVENUES UNDER EXPENDITURES
465,618
7,765,777
206,439,331
214,205,108
63,629,802
206,439,331
270,069,133
(201,708,122)
(201,278,519)
132,300,000
132,300,000
429,603
OTHER FINANCING SOURCES
Bonds issued
-
Transfers from other funds
7,769,837
Total Other Financing Sources
7,769,837
NET CHANGE IN FUND BALANCE
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
-
$
7,769,837
132,300,000
140,069,837
8,199,440
(69,408,122)
(61,208,682)
20,681,948
207,345,255
228,027,203
28,881,388
$
137,937,133
$
166,818,521
C-3
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
JUNE 30, 2005
Storm
Law
Transit
Scrap
Discarded
Capital
Water
Enforcement
One-Half Cent
Tire
White
Reserve
Management
Service District
Sales Tax
Disposal
Goods
$
$
Sheriff
911 Public Safety
Total
Register
Emergency
Special
of Deeds
Telephone
Revenue Funds
ASSETS
Cash and investments
$ 13,628,414
Accrued interest receivable
-
Accounts receivable
10,661
Taxes receivable
Less allowance for uncollectible taxes
Advance to other agencies
TOTAL ASSETS
8,474,282
2,368,099
57,195
15,989
2,072,256
6,141
$
-
$
5,425,275
62,660
$
392,548
$
347,800
426
-
-
-
-
3,959
-
-
684,493
-
-
-
-
-
-
(81,000)
-
-
-
-
-
-
-
-
-
-
-
$
1,564,644
$
-
1,030,985
$
27,869,432
-
73,610
-
7,518,292
-
684,493
-
(81,000)
-
-
$ 13,639,075
$ 10,603,733
$
2,993,722
$
5,425,275
$
63,086
$
392,548
$
351,759
$
1,564,644
$
1,030,985
$
36,064,827
$
$
$
1,070,661
$
2,746,795
$
142,572
$
256
$
16,616
$
48,972
$
145,896
$
6,331,412
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable and accrued liabilities
1,771,344
388,300
Due to other funds
-
-
194,658
-
-
-
-
Deferred revenue - taxes
-
-
603,493
-
-
-
-
Deferred revenue - other
559
53,317
-
-
-
-
-
1,771,903
441,617
634,529
1,311,175
-
10,661
2,129,451
22,130
Total Liabilities
1,868,812
2,746,795
-
-
194,658
-
603,493
53,876
142,572
256
16,616
48,972
35,939
118,666
15,472
127,000
145,896
7,183,439
Fund Balances (Deficits)
Reserved for encumbrances
Reserved by State Statute
5,425,275
-
2,242,781
426
-
3,959
-
-
7,591,902
-
-
-
-
11,221,982
-
8,383,788
-
315,712
Unreserved:
Designated for capital projects
11,221,982
-
-
-
-
-
-
-
Designated for land use and
environmental services
-
6,721,490
273,626
-
1,388,672
Designated for detention and
-
-
-
-
-
Designated for business partners
court support services
-
-
-
-
-
Undesignated
-
Total Fund Balances (Deficits)
11,867,172
10,162,116
$ 13,639,075
$ 10,603,733
1,102,780
(2,746,795)
(115,851)
1,124,910
2,678,480
(79,486)
315,712
-
-
-
-
-
-
-
392,292
335,143
885,089
885,089
-
1,515,672
(1,759,866)
885,089
28,881,388
TOTAL LIABILITIES AND
FUND BALANCES (DEFICITS)
$
2,993,722
$
5,425,275
$
63,086
$
392,548
$
351,759
$
1,564,644
$
1,030,985
$
36,064,827
C-4
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS)
SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
911 Public
Law
Transit
Capital
Storm Water
Enforcement
One-Half Cent
Scrap Tire
Discarded
Reserve
Management
Service District
Sales Tax
Disposal
White Goods
Sheriff
Safety
Total
Register
Emergency
Special
of Deeds
Telephone
Revenue Funds
REVENUES
Law Enforcement Service District taxes
General Property Tax
Transit one-half cent sales tax
Intergovernmental
Charges for services
Interest earned on investments
Other
Total Revenues
$
730,025
612,176
-
$
-
$ 13,441,010
-
-
-
-
$
-
$
32,094,987
-
-
$ 13,441,010
730,025
-
-
-
32,094,987
927,551
-
43,880
-
765
-
-
32,094,987
$
-
-
13,484,890
-
-
-
13,687,001
$
-
-
1,784,748
-
-
-
52,007
$
-
9,861,108
160,375
-
3,613,511
442,547
$
-
296,520
-
-
-
112,521
-
-
214,572
215,061
928,316
511,092
327,582
1,059,125
350,825
478,003
762,786
5,315,585
-
11,348,591
-
-
205,020
-
-
762,786
478,003
924,187
64,059,405
EXPENDITURES
Land Use and Environmental Services
-
Detention and Court Support Services
-
9,493,110
-
Business Partners
-
-
-
-
-
-
12,548,543
29,416,507
277,573
-
-
-
-
-
-
-
-
-
-
879,417
10,903,060
277,573
42,844,467
Debt Service
Principal
-
1,373,307
-
-
-
-
-
-
-
Interest
-
465,618
-
-
-
-
-
-
-
465,618
7,118,745
279,832
-
-
-
-
-
-
7,765,777
7,118,745
11,611,867
12,548,543
29,416,507
(5,333,997)
2,075,134
936,347
2,678,480
Capital Outlay
Total Expenditures
REVENUES OVER (UNDER) EXPENDITURES
1,059,125
(130,809)
367,200
350,825
277,573
367,200
879,417
160,267
50,009
395,586
(401,414)
1,373,307
63,629,802
429,603
OTHER FINANCING SOURCES
Transfers from other funds
Total Financing Sources
7,722,912
-
-
-
46,925
-
-
-
-
7,769,837
7,722,912
-
-
-
46,925
-
-
-
-
7,769,837
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES (DEFICITS) - END OF YEAR
2,388,915
2,075,134
9,478,257
8,086,982
$ 11,867,172
$ 10,162,116
936,347
2,678,480
188,563
$
1,124,910
(83,884)
$
2,678,480
160,267
4,398
$
(79,486)
50,009
232,025
$
392,292
395,586
285,134
$
335,143
(401,414)
1,120,086
$
1,515,672
$
8,199,440
1,286,503
20,681,948
885,089
$ 28,881,388
C-5
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
JUNE 30, 2005
1993
1998A
1998B
2000A
2000D
Public
Public
Public
Public
Public
Improvement
Improvement
Improvement
Improvement
Improvement
ASSETS
Cash and Investments
$
Accounts receivable
519,087
$
-
1,472,314
$
-
461
$
-
3,296,239
$
15,000
-
-
Advances to other
governmental agencies
TOTAL ASSETS
$
519,087
$
1,472,314
$
461
$
3,296,239
$
15,000
$
21,291
$
22,919
$
461
$
40,283
$
15,000
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and
accrued liabilities
Due to other funds
-
-
-
-
Deferred revenue
-
-
-
-
21,291
22,919
461
91,593
98,145
-
-
-
-
Total Liabilities
-
40,283
15,000
2,893,478
-
Fund Balances:
Reserved for encumbrances
Reserved by State statute
-
-
Unreserved:
Designated
Total Fund Balances
TOTAL LIABILITIES AND
FUND BALANCES
$
406,203
1,351,250
-
362,478
497,796
1,449,395
-
3,255,956
519,087
$
1,472,314
$
461
$
3,296,239
$
15,000
(Continued)
C-5
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
JUNE 30,2005
(CONTINUED)
2002A
2002B
2003A
2004A
2004B
Public
Public
Public
Public
Public
Improvement
Improvement
Improvement
Improvement
Improvement
ASSETS
Cash and Investments
$
Accounts receivable
6,912,309
$
-
3,927,810
$
-
21,531,496
$
-
11,486,051
$
-
26,760,079
-
Advances to other
governmental agencies
TOTAL ASSETS
-
-
-
-
-
$
6,912,309
$
3,927,810
$
21,531,496
$
11,486,051
$
26,760,079
$
922,049
$
127,778
$
213,570
$
38,415
$
5,314,458
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and
accrued liabilities
Due to other funds
-
-
-
-
Deferred revenue
-
-
-
-
Total Liabilities
922,049
127,778
213,570
38,415
5,158,195
1,124,973
2,650,376
8,239,974
5,314,458
Fund Balances:
Reserved for encumbrances
Reserved by State statute
-
-
-
-
-
-
Unreserved:
Designated
Total Fund Balances
832,065
2,675,059
18,667,550
3,207,662
21,445,621
5,990,260
3,800,032
21,317,926
11,447,636
21,445,621
TOTAL LIABILITIES AND
FUND BALANCES
$
6,912,309
$
3,927,810
$
21,531,496
$
11,486,051
$
26,760,079
(Continued)
C-5
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
JUNE 30, 2005
(CONCLUDED)
2005A
2005B
Other
Total
Public
Variable
Capital
Capital
Improvement
Rate
Funding
Funding
ASSETS
Cash and Investments
$
Accounts receivable
14,513,512
$
-
60,829,531
-
1,558,973
$ 152,822,862
66,791
66,791
Advances to other
governmental agencies
TOTAL ASSETS
-
2,889,328
-
$
14,513,512
$
63,718,859
$
1,625,764
$
180,198
$
9,625,641
$
238,129
2,889,328
$ 155,778,981
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and
accrued liabilities
$
16,760,192
Due to other funds
-
-
48,296
48,296
Deferred revenue
-
-
1,033,360
1,033,360
1,319,785
17,841,848
Total Liabilities
180,198
9,625,641
Fund Balances:
Reserved for encumbrances
6,354,357
Reserved by State statute
133,952
26,745,043
2,889,328
-
66,791
2,956,119
7,978,957
51,203,890
105,236
108,235,971
14,333,314
54,093,218
305,979
137,937,133
1,625,764
$ 155,778,981
-
Unreserved:
Designated
Total Fund Balances
TOTAL LIABILITIES AND
FUND BALANCES
$
14,513,512
$
63,718,859
$
C-6
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS)
CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
1989A
1989B
1990
1991B
1993
1994
Public
Public
Public
Public
Public
Public
Improvement
Project Authorization
$
7,200,000
Improvement
$
37,800,000
Improvement
$
83,384,000
Improvement
$
53,000,000
Improvement
$
Improvement
18,400,000
$ 196,215,000
Prior Years' Revenues
7,200,000
37,800,000
83,384,000
53,000,000
18,400,000
196,215,000
Prior Years' Expenditures
7,183,874
37,688,211
83,365,198
52,994,524
17,763,980
196,210,110
16,126
111,789
18,802
5,476
636,020
4,890
Fund Balances (Deficits) - Beginning of Year
REVENUES
Intergovernmental
Federal
-
-
-
-
-
-
State
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other
Total Revenues
EXPENDITURES
Management Services
County Buildings
16,126
-
-
-
-
-
-
-
-
Clean Water Management
-
-
-
-
-
4,890
Historic Preservation
-
-
-
-
-
-
Land
110,606
136,250
-
Land Use and Environmental Services
Community Services
Community Development
-
-
-
-
-
-
Park and Recreational Facilities
-
1,183
18,802
5,476
-
-
Library Facilities
-
-
-
-
1,974
-
-
-
-
-
-
-
Community College Facilities
-
-
-
-
-
-
School Facilities
-
-
-
-
-
Detention and Court Support Services
Jail/Detention Facilities
Business Partners
Total Expenditures
-
16,126
111,789
18,802
5,476
138,224
4,890
(16,126)
(111,789)
(18,802)
(5,476)
(138,224)
(4,890)
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES
Bonds issued
Total Other Financing Sources
FUND BALANCES - END OF YEAR
$
-
-
-
-
-
-
-
-
-
-
-
-
-
$
-
$
-
$
-
$
497,796
$
(Continued)
C-6
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS)
CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(CONTINUED)
1996A
1998A
1998B
2000A
2000C
2000D
Public
Public
Public
Public
Variable
Public
Improvement
Project Authorization
$
22,000,000
Improvement
$
Improvement
31,000,000
$ 257,050,000
Improvement
$
34,000,000
Rate
$
Improvement
50,000,000
$
100,000,000
Prior Years' Revenues
22,000,000
31,000,000
257,050,000
34,000,000
50,000,000
100,000,000
Prior Years' Expenditures
21,983,805
28,785,175
254,631,572
23,808,187
49,999,917
99,810,420
16,195
2,214,825
2,418,428
10,191,813
83
189,580
Fund Balances (Deficits) - Beginning of Year
REVENUES
Intergovernmental
Federal
-
-
-
-
-
-
State
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
County Buildings
-
27,665
-
Land
-
-
-
Clean Water Management
-
-
Historic Preservation
-
-
Other
Total Revenues
EXPENDITURES
Management Services
5,248,270
-
-
-
-
-
-
-
-
-
-
91,224
-
-
-
-
98,356
-
-
Land Use and Environmental Services
121,516
-
Community Services
Community Development
-
Park and Recreational Facilities
-
16,195
Library Facilities
-
737,765
1,651,111
1,687,587
-
-
-
-
-
-
-
-
Community College Facilities
-
-
-
-
-
School Facilities
-
-
-
-
Detention and Court Support Services
Jail/Detention Facilities
83
-
Business Partners
Total Expenditures
645,801
-
16,195
765,430
2,418,428
6,935,857
83
189,580
(16,195)
(765,430)
(2,418,428)
(6,935,857)
(83)
(189,580)
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES
Bonds issued
Total Other Financing Sources
FUND BALANCES - END OF YEAR
$
-
-
-
-
-
-
-
-
-
-
-
-
-
$
1,449,395
$
-
$
3,255,956
$
-
$
-
(Continued)
(Continued)
C-6
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS)
CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(CONTINUED)
Project Authorization
$
2000E
2001D
2002A
2002B
Variable
Public
Public
Public
Public
Rate
Improvement
Improvement
Improvement
Improvement
14,400,000
$ 139,000,000
$ 193,000,000
Prior Years' Revenues
50,000,000
56,000,000
14,400,000
139,000,000
193,000,000
Prior Years' Expenditures
49,952,863
55,709,933
24,631
134,677,878
148,004,001
47,137
290,067
14,375,369
4,322,122
44,995,999
Fund Balances (Deficits) - Beginning of Year
50,000,000
$
56,000,000
$
2003A
REVENUES
Intergovernmental
Federal
-
-
-
-
-
State
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
County Buildings
-
-
-
3,148,233
Land
-
-
-
9,000
6,329,537
-
-
-
-
-
47,137
-
-
-
-
-
-
Other
Total Revenues
EXPENDITURES
Management Services
8,385,109
Land Use and Environmental Services
Clean Water Management
Historic Preservation
Community Services
Community Development
-
Park and Recreational Facilities
-
Library Facilities
-
-
-
-
-
-
-
-
Community College Facilities
-
-
-
-
School Facilities
-
-
-
-
290,067
-
-
-
513,090
2,276,682
1,634,208
Detention and Court Support Services
Jail/Detention Facilities
-
Business Partners
Total Expenditures
10,289,413
-
47,137
290,067
8,385,109
522,090
23,678,073
(47,137)
(290,067)
(8,385,109)
(522,090)
(23,678,073)
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES
Bonds issued
Total Other Financing Sources
FUND BALANCES - END OF YEAR
$
-
-
-
-
-
-
-
-
-
-
-
$
-
$
5,990,260
$
3,800,032
$
21,317,926
(Continued)
C-6
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS)
CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2005
(CONCLUDED)
Project Authorization
2004A
2004B
2005A
2005B
Other
Total
Public
Variable
Public
Variable
Capital
Capital
Improvement
Rate
$ 105,000,000
$ 100,000,000
Prior Years' Revenues
Improvement
$
32,300,000
Rate
Funding
$ 100,000,000
-
$
Projects
78,857,764
$
1,758,606,764
105,000,000
100,000,000
-
138,246,319
1,685,695,319
Prior Years' Expenditures
37,523,782
35,188,836
1,876,020
-
141,167,147
1,478,350,064
Fund Balances (Deficits) - Beginning of Year
67,476,218
64,811,164
(1,876,020)
-
(2,920,828)
207,345,255
REVENUES
Intergovernmental
Federal
-
-
-
-
28,096
28,096
State
-
-
-
-
3,386,186
3,386,186
-
-
-
-
1,316,927
1,316,927
-
-
-
-
4,731,209
4,731,209
Other
Total Revenues
EXPENDITURES
Management Services
County Buildings
23,316,423
-
-
56,458,951
-
-
-
-
-
6,338,537
Clean Water Management
-
-
-
-
-
126,406
Historic Preservation
-
-
-
-
-
-
-
-
28,096
28,096
(40,188)
-
11,452
-
1,033,906
8,301,484
-
-
217,000
11,891,451
1,270
1,353
Land
-
16,070,269
Land Use and Environmental Services
224,130
362,491
Community Services
Community Development
Park and Recreational Facilities
Library Facilities
1,994,463
8,043,806
Detention and Court Support Services
-
Jail/Detention Facilities
-
-
-
-
-
8,945
2,315,048
-
22,596,982
-
35,547,928
-
100,333,580
Business Partners
Community College Facilities
9,983,576
School Facilities
Total Expenditures
20,774,308
43,365,543
56,028,582
43,365,543
16,090,666
45,906,782
1,504,402
206,439,331
(56,028,582)
(43,365,543)
(16,090,666)
(45,906,782)
3,226,807
(201,708,122)
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES
Bonds issued
Total Other Financing Sources
FUND BALANCES - END OF YEAR
$
-
-
32,300,000
100,000,000
-
132,300,000
-
-
32,300,000
100,000,000
-
132,300,000
11,447,636
$
21,445,621
$
14,333,314
$
54,093,218
$
305,979
$
137,937,133
D-1
MECKLENBURG COUNTY, NORTH CAROLINA
COMBINING SCHEDULE OF NET ASSETS
AGENCY FIDUCIARY FUNDS
JUNE 30, 2005
Municipalities'
Taxes
Employees'
Insurance
Fee Collection
for State
667,078
667,078
$ 1,023,309
5,227
1,028,536
$ 2,303,119
2,303,119
667,078
667,078
1,028,536
1,028,536
2,303,119
2,303,119
Food and
Beverage
Tax
Other
Total
ASSETS
Cash and investments
Accounts receivable
TOTAL ASSETS
$
$
133,379
133,379
$
276,145
276,145
$
4,403,030
5,227
4,408,257
LIABILITIES
Accounts payable and accrued liabilities
Due to other governmental agencies
TOTAL LIABILITIES
133,379
133,379
276,145
276,145
1,304,681
3,103,576
4,408,257
NET ASSETS
Net Assets
$
-
$
-
$
-
$
-
$
-
$
-
D -2
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FIDUCIARY FUNDS
FOR THE YEAR JUNE 30, 2005
Balance
Balance
July 1, 2004
Additons
Deductions
June 30, 2005
Municipalities' Taxes
Assets
Cash and investments
$
188,720
$ 355,193,022
$ 354,714,664
$
667,078
$
$
188,720
188,720
$ 430,232,129
$ 430,232,129
$ 429,753,771
$ 429,753,771
$
$
667,078
667,078
$
1,216,257
$
38,187,203
$
38,380,151
$
1,023,309
$
10,126
1,226,383
$
81,646
38,268,849
$
86,545
38,466,696
$
5,227
1,028,536
$
1,226,383
$
38,268,849
$
38,466,696
$
1,028,536
$
1,668,776
$
9,052,464
$
8,418,121
$
2,303,119
$
$
1,668,776
1,668,776
$
$
16,410,457
16,410,457
$
$
15,776,114
15,776,114
$
$
2,303,119
2,303,119
Assets
Cash and investments
$
68,334
$
15,678,581
$
15,613,536
$
133,379
Liabilities
Due to other governmental agencies
$
68,334
$
15,678,581
$
15,613,536
$
133,379
Assets
Cash and investments
$
317,212
$
2,019,277
$
2,060,344
$
276,145
Liabilities
Accounts payable and accrued liabilties
$
317,212
$
2,019,277
$
2,060,344
$
276,145
$
3,459,299
$ 420,130,547
$ 419,186,816
$
4,403,030
$
10,126
3,469,425
81,646
$ 420,212,193
86,545
$ 419,273,361
$
5,227
4,408,257
$
1,543,595
$
$
40,527,040
$
1,304,681
$
1,925,830
3,469,425
462,321,167
$ 502,609,293
461,143,421
$ 501,670,461
$
3,103,576
4,408,257
Liabilities
Due to other governmental agencies
Total liabilties
Employees' Insurance
Assets
Cash and investments
Accounts receivable
Total assets
Liabilities
Accounts payable and accrued liabilties
Fee Collection for State
Assets
Cash and investments
Liabilities
Due to other governmental agencies
Total liabilties
Food and Beverage Tax
Other
Totals - All Agency Funds
Assets
Cash and investments
Accounts receivable
Total assets
Liabilities
Accounts payable and accrued liabilties
Due to other governmental agencies
Total liabilties
40,288,126
E-1
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GRANTS PROJECT FUND
FOR THE YEAR ENDED JUNE 30, 2005
Variance Project
Actual
Authorization
Prior Year
Positive/
Current Year
Total to Date
$
$
(Negative)
Community Development Block Grant
Block Grant #01-C-0803
REVENUES
Grant Proceeds
$
Mecklenburg County
Total Revenues
400,000
$
291,914
28,096
320,010
$
79,990
43,879
43,879
-
43,879
-
443,879
335,793
28,096
363,889
79,990
28,096
303,093
40,786
EXPENDITURES
Rehabilitation
343,879
274,997
Relocation
60,000
2,690
-
2,690
57,310
Administration
40,000
58,106
-
58,106
(18,106)
443,879
335,793
28,096
363,889
79,990
Total Expenditures
REVENUES OVER EXPENDITURES
$
-
$
-
-
$
-
$
-
North Carolina Clean Water Management Trust
Little Sugar Creek Restoration Phase 1
Project 2001B-704
REVENUES
Grant Proceeds
$ 1,300,000
$
227,195
693,635
227,195
693,635
$
920,830
$
379,170
EXPENDITURES
Construction
1,300,000
REVENUES OVER EXPENDITURES
$
-
$
-
-
920,830
$
-
379,170
$
-
Little Sugar Creek Restoration
Phase 3 Project 2002B-402
REVENUES
Grant
$
Mecklenburg County
Total Revenues
178,381
143,358
1,375,000
400,000
$
426,126
811,574
$
1,237,700
321,739
$
137,300
78,261
1,775,000
604,507
954,932
1,559,439
215,561
1,775,000
604,507
710,174
1,314,681
460,319
EXPENDITURES
Construction
REVENUES OVER EXPENDITURES
$
-
$
-
244,758
$
244,758
$
(244,758)
Little Sugar Creek Restoration
Phase 4 Project 2002B-703
REVENUES
Grant
$ 1,200,000
Mecklenburg County
Total Revenues
-
-
-
595,000
$
-
-
-
$ 1,200,000
595,000
1,795,000
-
-
-
1,795,000
1,795,000
-
-
-
1,795,000
-
-
EXPENDITURES
Construction
REVENUES OVER EXPENDITURES
$
-
$
Continued
$
-
E-1
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GRANTS PROJECT FUND
FOR THE YEAR ENDED JUNE 30, 2005
(CONCLUDED)
Variance Project
Actual
Authorization
Prior Year
Positive/
Current Year
Total to Date
$
$
(Negative)
North Carolina Department of Environment and
Natural Resources
Division of Water Resources Little Sugar
Creek Restoration Phase 3
REVENUES
Grant Proceeds
$
EXPENDITURES
REVENUES OVER EXPENDITURES
400,000
$
400,000
$
-
200,388
200,388
$
95,841
-
-
FUND BALANCE -BEGINNING OF YEAR
FUND BALANCE -END OF YEAR
95,841
$
244,758
296,229
$
296,229
$
-
103,771
103,771
$
-
F-1
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - CAPITAL RESERVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
General property tax - current
$
Charges for services
Other
Total Revenues
730,025
$
730,025
359,544
612,176
50,000
442,547
1,139,569
1,784,748
EXPENDITURES
Capital outlay
16,765,619
7,118,745
Total Expenditures
16,765,619
7,118,745
REVENUES UNDER EXPENDITURES
(15,626,050)
(5,333,997)
Transfers from other funds
7,722,912
7,722,912
Appropriated fund balance
7,903,138
OTHER FINANCING SOURCES
Total Other Financing Sources
15,626,050
7,722,912
REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
$
-
2,388,915
9,478,257
$ 11,867,172
F-2
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - STORM WATER MANAGEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Intergovernmental
Federal
$
State
515,324
1,665,374
Local
Charges for services
Interest earned on investments
Total Revenues
423,473
980,480
2,242,825
2,209,558
9,795,341
9,861,108
-
Other
$
160,375
127,300
52,007
14,346,164
13,687,001
11,699,031
9,493,110
1,331,638
279,832
1,374,722
1,373,307
EXPENDITURES
Land Use and Environmental Services
Storm Water Services
Capital Outlay
Debt Service
Principal retirement - bonds
Interest
Total Expenditures
REVENUES OVER (UNDER) EXPENDITURES
532,990
465,618
14,938,381
11,611,867
(592,217)
2,075,134
OTHER FINANCING SOURCES:
Transfer from other fund
125,836
-
Appropriated fund balance
466,381
-
592,217
-
Total Other Financing Sources
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
$
-
2,075,134
8,086,982
$ 10,162,116
F-3
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - LAW ENFORCEMENT SERVICE DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
$ 12,767,904
$ 13,441,010
REVENUES
Law Enforcement Service District taxes
Interest earned on investments
-
Total Revenues
43,880
12,767,904
13,484,890
EXPENDITURES
Business Partners:
Law Enforcement Services
Total Expenditures
REVENUES OVER EXPENDITURES
$
12,767,904
12,548,543
12,767,904
12,548,543
-
936,347
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
188,563
$
1,124,910
F-4
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - TRANSIT ONE-HALF CENT SALES TAX SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
$ 30,179,000
$ 32,094,987
30,179,000
29,416,507
REVENUES
Transit one-half cent sales tax
EXPENDITURES
Business Partners
REVENUES OVER EXPENDITURES
$
-
2,678,480
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
$
2,678,480
F-5
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - SCRAP TIRE DISPOSAL SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Intergovernmental - State
$
Charges for services
1,801,437
$ 927,551
3,400
Interest earned on investment
-
-
Total Revenues
765
1,804,837
928,316
1,881,369
1,059,125
EXPENDITURES
Land Use and Environmental Services
REVENUES UNDER EXPENDITURES
(76,532)
(130,809)
OTHER FINANCING SOURCES
Appropriated fund balance
29,607
-
Transfer from other funds
46,925
46,925
76,532
46,925
-
(83,884)
REVENUES AND OTHER FINANCING
SOURCES UNDER EXPENDITURES
$
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE (DEFICIT) - END OF YEAR
4,398
$
(79,486)
F-6
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - DISCARDED WHITE GOODS SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Intergovernmental - State
$
Other
475,713
$
296,520
73,100
214,572
548,813
511,092
1,089,320
350,825
EXPENDITURES
Land Use and Environmental Services
REVENUES OVER (UNDER) EXPENDITURES
(540,507)
160,267
OTHER FINANCING SOURCES
Appropriated fund balance
540,507
-
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
$
-
160,267
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
232,025
$
392,292
F-7
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - SHERIFF SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Licenses and Permits
$
100,000
$ 112,521
219,500
215,061
319,500
327,582
EXPENDITURES
Detention and Court Support Services
402,113
277,573
REVENUES OVER (UNDER) EXPENDITURES
(82,613)
50,009
Other
Total Revenues
OTHER FINANCING SOURCES
Appropriated fund balance
Total Other Financing Sources
82,613
-
82,613
-
-
50,009
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
$
285,134
$ 335,143
F-8
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - REGISTER OF DEEDS SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Charges for services
$
-
$
762,786
EXPENDITURES
Capital outlay
REVENUES OVER (UNDER) EXPENDITURES
992,759
367,200
(992,759)
395,586
OTHER FINANCING SOURCES
Appropriated fund balance
992,759
-
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
$
-
395,586
1,120,086
$ 1,515,672
F-9
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - 911 PUBLIC SAFETY EMERGENCY TELEPHONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
REVENUES
Intergovernmental - Local
$
1,700,000
$
478,003
EXPENDITURES
Business Partners
REVENUES UNDER EXPENDITURES
3,188,336
879,417
(1,488,336)
(401,414)
OTHER FINANCING SOURCES
Appropriated Fund Balance
1,488,336
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
-
$
-
1,286,503
$
885,089
G-1
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - CERTIFICATES OF PARTICIPATION FUND
FOR THE YEAR ENDED JUNE 30, 2005
PROJECT AUTHORIZATION
$
190,940,000
Prior Year's Revenues
Prior Year's Expenditures
FUND BALANCE - BEGINNING OF YEAR
$
77,575,000
54,066,676
23,508,324
REVENUES
-
EXPENDITURES
Management Services
County Buildings
Community Services
Park and Recreation Facilities
Library Facilities
Business Partners
Community College Facilities
School Facilities
Total Expenditures
14,524,557
2,018,769
5,084,235
422,078
28,303,174
50,352,813
REVENUES UNDER EXPENDITURES
(50,352,813)
OTHER FINANCING SOURCES
Certificates of participation issued
113,365,000
FUND BALANCE - END OF YEAR
$
86,520,511
H-1
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF REVENUES AND EXPENSES - BUDGET (MODIFIED ACCRUAL BASIS) AND ACTUAL
SOLID WASTE OPERATING FUND
FOR THE YEAR ENDED JUNE 30, 2005
Budget
Actual
$ 10,526,952
$ 12,038,519
1,314,239
2,658,514
11,841,191
14,697,033
Operating Revenues
Charges for services
Other
Total Operating Revenues
Operating Expenses
Personal services and employee benefits
3,614,743
3,538,298
Utilities
125,350
114,514
Supplies
368,740
400,975
Maintenance and repairs
627,203
542,350
Rental and occupancy charges
115,072
130,608
2,832,312
2,732,307
7,683,420
7,459,052
4,157,771
7,237,981
Contractual services
Total Operating Expenses
Operating Income
Non-operating Revenues (Expenses)
Interest Income
40,000
226,135
Interest expense
(462,875)
(482,248)
Transfer from other funds
Transfer to other funds
Capital outlay
Total Non-operating Revenues (Expenses)
Net income (loss) - Modified accrual basis
103,832
-
(4,973,525)
(4,973,525)
(342,082)
-
(5,634,650)
(5,229,638)
$ (1,476,879)
2,008,343
Reconciliation to full accrual basis
Depreciation
(1,153,880)
Gain on sale of capital assets
29,061
Amortization of refunding amount
(100,325)
Other
Net Income - Full Accrual Basis
(44,436)
$
738,763
H-2
MECKLENBURG COUNTY, NORTH CAROLINA
LANDFILL CONSTRUCTION, FINAL DEVELOPMENT AND POSTCLOSURE RESERVE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL (NON-GAAP)
FROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2005
Project
Authorization
REVENUES
Interest earned on investments
$ 583,910
EXPENDITURES
Landfill construction
Final development and postclosure costs
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
$
807,004
$
86,724
Total to
Date
$
893,728
1,755,188
6,305,069
8,060,257
782,203
5,430,793
6,212,996
11,121
11,121
782,203
5,441,914
6,224,117
(7,476,347)
(5,405,992)
75,603
(5,330,389)
7,476,347
6,945,188
531,159
7,476,347
$ 1,539,196
$ 606,762
$ 2,145,958
OTHER FINANCING SOURCES
Operating transfer from Solid Waste
Enterprise Fund
EXCESS OF REVENUES OVER
EXPENDITURES AND OTHER
FINANCING SOURCES
Actual
Current
Year
Prior
Years'
$
-
Statistical
Mecklenburg County, North Carolina
The tables in this section provide trends, statistical and
demographic information about the County.
TABLE A
MECKLENBURG COUNTY, NORTH CAROLINA
GOVERNMENT-WIDE EXPENSES BY FUNCTION
Customer
Satisfaction
Customer
Land Use
Fiscal Year
and
Satisfaction
and
Ended
Management
Administrative
Management
Financial
and
Environmental
June 30,
Services
Services
Services
Services
Communication
2005
$
$
-
5,180,393
Court Support
Human
Business
Interest on
Long-term
Solid Waste
Total
Services
Services
Services
Services
Partners
Debt
Operations
Expenses
-
$ 47,169,106
$ 60,041,146
$ 91,010,118
$ 295,466,889
$ 544,344,802
$ 74,343,177
$ 10,222,626
$ 43,750,891
2004
4,713,506
39,279,980
-
3,800,229
-
44,964,169
55,180,957
90,163,414
284,575,085
535,387,248
76,688,313
10,137,235
1,144,890,136
2003
4,030,103
38,725,174
-
3,256,165
-
43,001,664
66,611,979
88,349,286
272,484,306
562,530,240
61,918,860
10,279,190
1,151,186,967
2002
-
-
42,826,310
31,032,651
82,703,642
270,190,779
554,898,570
55,236,067
9,131,738
1,105,321,496
16,384,192
$
and
Community
5,071,173
42,004,729
$
Health
Detention and
912,818
$
1,176,600,321
TABLE B
MECKLENBURG COUNTY, NORTH CAROLINA
GOVERNMENT-WIDE REVENUES
Fiscal Year
Operating
Capital
Ended
Charges for
Grants and
Grants and
Property
and
Investment
June 30,
Services
Contributions
Contributions
Taxes
Distributions
Earnings
2005
$ 128,001,925
$ 163,696,851
152,290
$ 643,509,252
$ 208,256,642
$ 11,422,666
2004
118,676,323
157,802,215
1,367,318
619,049,923
186,483,992
2003
107,933,572
170,789,264
1,330,408
588,320,009
2002
101,250,093
179,062,472
779,440
582,211,378
$
Other Taxes
Total
Miscellaneous
$
Revenues
1,047,340
$ 1,156,086,966
5,486,088
1,729,319
1,090,595,178
162,832,148
7,268,133
1,510,628
1,039,984,162
165,107,904
14,381,221
2,416,925
1,045,209,433
TABLE 1
MECKLENBURG COUNTY, NORTH CAROLINA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Customer
Satisfaction
and
Management
Financial
Services
Land Use
and
Environmental
Services
Administrative
Services
2005
$ 4,996,350
2004
2003
$ 41,561,961
$ 5,828,781
4,625,991
37,377,104
3,956,605
35,273,845
Management
Services
2002
41,515,761
Policy
Development
and
Management
Support Services
Financial
Services
6,321,146
Corporate
Support Services
Community
Services
Detention
and
Court Support
Services
Health
and
Human Services
$47,229,852
$ 58,294,732
$ 82,636,365
$ 293,523,030
5,343,695
46,404,385
53,533,773
81,525,311
5,117,608
44,749,116
54,995,316
79,871,042
Customer
Satisfaction
and
Communications
Land Use
and
Environmental
Services
906,866
50,947,149
Regulatory
and
Operational
Services
Community
Services
Community
Services
29,274,220
Public Safety
and Court
Support Services
Detention
and
Court Support
Services
74,084,024
Health
and
Human Services
Business
Partners
Debt
Service
$ 264,557,921
283,596,456
367,724,761
239,833,978
168,817,051
1,288,782,505
272,272,635
362,949,449
260,268,835
147,852,242
1,267,306,693
269,324,679
Government
Relations
Business
Partners
346,405,695
Capital
Outlay
Capital
Outlay
303,927,878
$
183,339,618
Totals
373,999,218
Health
and
Human Services
$
Capital
Outlay
Debt
Service
141,061,309
$
1,355,967,828
Totals
1,263,768,727
Totals
2001
73,261,713
14,222,443
50,048,795
30,473,013
75,970,041
265,241,702
366,111,997
281,353,028
$1,156,682,732
2000
59,601,506
14,193,760
36,244,290
27,764,016
70,522,123
243,535,524
338,317,242
157,205,470
947,383,931
1999
58,520,130
13,618,487
33,135,349
24,605,570
67,079,637
225,327,910
289,491,785
131,057,532
842,836,400
1998
54,329,235
12,686,596
29,044,651
22,431,706
62,865,560
211,283,110
244,283,179
179,704,378
816,628,415
1997
58,495,864
10,510,880
27,656,754
20,038,532
56,940,759
192,806,163
234,538,787
139,472,325
740,460,064
1996
49,422,129
9,924,393
23,561,198
18,447,595
46,330,341
183,841,587
234,049,717
137,331,293
702,908,253
Notes:
Includes General, Special Revenue and Capital Projects Funds.
Mecklenburg County used a core business classification for years 1996 to 2001.
Beginning with 2002 the County moved to the core services classification.
TABLE 2
MECKLENBURG COUNTY, NORTH CAROLINA
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
Licenses
and
Permits
Taxes and
Assessments
$
846,949,250
800,127,057
748,064,987
714,969,998
616,359,231
582,035,583
493,980,193
446,426,815
432,740,794
414,271,538
$
22,250,864
20,810,125
18,202,231
18,834,892
19,246,088
17,911,117
16,086,280
14,180,230
10,541,464
10,015,956
Charges
for
Services
Intergovernmental
$
163,916,973
159,880,651
168,436,791
191,005,441
205,805,746
200,148,524
150,512,935
144,991,571
136,080,071
126,768,449
Notes:
(1) Includes General, Special Revenue and Capital Projects Funds.
(2) Includes interest earned on investments, administrative charges and other.
$
86,897,555
80,854,424
75,453,642
70,044,344
53,645,929
53,282,317
53,270,060
47,794,890
34,906,649
39,711,614
Other (2)
$
21,879,238
16,241,240
22,750,554
24,160,316
39,205,721
31,607,381
29,603,413
34,584,128
33,775,374
23,197,209
Totals
$
1,141,893,880
1,077,913,497
1,032,908,205
1,019,014,991
934,262,715
884,984,922
743,452,881
687,977,634
648,044,352
613,964,766
$
800,683,228
756,571,980
697,387,330
674,644,847
580,017,267
542,710,974
485,125,596
435,738,263
422,688,823
413,071,538
Total
$
627,924,349
602,098,773
575,430,471
555,919,512
460,936,248
434,642,910
385,203,274
341,101,301
325,508,369
330,166,397
General
Property (1)
Notes:
(1) Includes interest on delinquent taxes.
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
Fiscal Year
Ended
June 30,
$
169,590,330
151,396,232
119,021,487
115,807,548
115,997,743
107,109,132
98,800,802
93,423,992
96,021,661
81,735,007
Sales
$
1,162,122
1,230,086
1,174,765
1,189,818
1,333,592
868,039
1,083,285
1,141,433
1,110,417
1,134,921
Room
Occupancy
MECKLENBURG COUNTY, NORTH CAROLINA
GENERAL FUND TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
TABLE 3
$
1,979,056
1,801,182
1,739,114
1,655,111
1,681,005
-
Vehicle
Rental
$
27,371
45,707
21,493
72,858
68,679
90,893
38,235
71,537
48,376
35,213
Other
TABLE 4
MECKLENBURG COUNTY, NORTH CAROLINA
PROPERTY TAX LEVIES, TAX COLLECTIONS AND CREDITS
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Tax
Year
2005
2004
2004
2003
2003
Total Tax
Levy
$
638,233,219
Current Tax
Collections
$
Percent
of Levy
Collected
621,013,346
97.30
618,204,112
600,442,660
97.13
2002
584,218,432
563,710,798
2002
2001
567,874,819
2001
2000
2000
Delinquent
Tax
Collections
633,643,986
99.28
12,630,640
$
12,288,611
612,731,271
96.49
12,296,776
551,873,811
97.18
469,522,916
456,774,995
1999
440,731,629
1999
1998
1998
Outstanding
Delinquent
Taxes
$
Percent of
Delinquent
Taxes to
Tax Levy
38,943,334
6.10
99.11
36,932,819
5.97
576,007,574
98.59
34,153,457
5.85
9,178,893
561,052,704
98.80
28,478,381
5.01
97.28
8,411,914
465,186,909
99.08
23,146,475
4.93
429,493,650
97.45
8,173,138
437,666,788
99.30
21,676,929
4.92
392,471,397
381,520,070
97.21
7,330,924
388,850,994
99.08
21,200,392
5.40
1997
349,395,228
340,196,430
97.37
6,769,605
346,966,035
99.30
19,733,333
5.65
1997
1996
332,781,981
324,375,218
97.47
5,642,197
330,017,415
99.17
18,737,412
5.63
1996
1995
336,708,024
329,841,306
97.96
5,377,387
335,218,693
99.56
17,092,527
5.08
Notes:
Collections include rebates, but interest on taxes is not included.
Collections received are as of June 30th of the applicable year.
Excludes Law Enforcement Service District.
$
Total Tax
Collections
Percent of
Total Tax
Collections
to Tax Levy
TABLE 5
MECKLENBURG COUNTY, NORTH CAROLINA
TAX REVENUE AND TAXES RECEIVABLE
FOR THE YEAR ENDED JUNE 30, 2005
Tax
Year
Fiscal Year
Ended
June 30,
2004
2005
2003
Assessed
Valuation (1)
$
CountyWide Rate
Levy
$
-
$
Writeoffs (2)
$ 621,013,346
Taxes
Receivable
June 30, 2005
2004
83,487,630,734 (3)
.7364
618,204,112
600,442,660
17,761,453
9,732,794
2002
2003
69,505,170,341
.8397
584,218,432
573,129,803
11,088,629
1,553,343
1,576,657
7,958,629
2001
2002
67,895,358,854
.8397
567,874,819
564,106,458
3,768,361
686,324
922,905
2,159,132
2000
2001
64,210,268,149
.73
469,522,916
467,735,863
1,787,053
279,591
1999
2000
60,401,969,125
.73
440,731,629
439,606,260
1,125,369
144,233
1998
1999
57,080,405,642 (3)
.685
392,471,397
391,610,764
860,633
98,430
-
762,203
1997
1998
47,876,894,849
.73
349,395,228
348,747,121
648,107
61,568
-
586,539
1996
1997
45,407,072,470
.73
332,781,981
332,259,830
522,151
44,901
-
477,251
1995
1996
41,830,623,848
.8050
336,708,024
336,261,292
446,732
29,456
4,232
413,044
4,730,141,757
$ 4,053,900,051
38,008,488
$ 633,643,986
$ 2,503,794
$ 40,093,929
$
-
Collections
and Credits
.7567
Notes:
(1)
(2)
(3)
(4)
$
Taxes
Receivable
July 1, 2004
84,302,416,588
$
638,233,219
Collections and
Credits to
June 30, 2004
Assessed valuation based on 100% assessment ratio.
Uncollected vehicles tax levy is written off after 2 1/2 years. Uncollected property tax levy is written off after ten years.
Revaluation.
Levy and taxes receivable are shown net of bankruptcies because collection is possible but not likely and cannot be written off for ten years.
$17,219,873
-
-
8,028,659
1,507,462
981,137
TABLE 6
MECKLENBURG COUNTY, NORTH CAROLINA
ANALYSIS OF CURRENT TAX LEVY
JUNE 30, 2005
Countywide
Original levy:
Property taxed at current
year's rate
Motor vehicles taxed at
current year's rate
Motor vehicles taxed at
prior year's rate
Total
Discoveries:
Prior year taxes
Penalties
Total
Rebates
Total net property valuation
Net levy
Total Levy
Property
Excluding
Registered
Registered
Motor
Motor
Vehicles
Vehicles
Property
Valuation
Rate
Amount
of Levy
$ 77,299,367,611
$ .7567
$ 584,924,315
3,940,940,402
.7567
29,821,096
-
29,821,096
2,519,794,113
.7364
18,555,764
-
18,555,764
83,760,102,126
$ 584,924,315
$
-
633,301,175
584,924,315
4,103,894
828,150
4,103,894
828,150
-
542,314,465
4,932,044
4,932,044
-
(834,612,290)
(6,373,502)
(5,317,136)
542,314,465
-
Various
48,376,860
(1,056,366)
$ 83,467,804,301
631,859,717
584,539,223
47,320,494
Uncollected taxes at
June 30, 2005
17,219,873
11,143,514
6,076,359
Current year's taxes
collected
$ 614,639,844
$ 573,395,709
$ 41,244,135
Current net levy collection
percentage
97.27%
98.09%
87.16%
TABLE 7
MECKLENBURG COUNTY, NORTH CAROLINA
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (1)
LAST TEN FISCAL YEARS
(IN MILLIONS)
Fiscal Year
Ended
June 30,
Real
Property
Personal
Property
State
Certifications
2005
$ 67,762.8
$ 13,111.9
$ 3,595.3
2004
67,121.9
12,880.2
2003
53,292.3
2002
Less
Elderly
Exemptions
$
Total
Assessed
Valuation (2)
(167.7)
84,302.3
3,642.7
(157.2)
83,487.6
12,890.8
3,434.3
(112.3)
69,505.1
51,009.3
12,870.0
4,063.4
(47.4)
67,895.3
2001
48,090.1
12,341.0
3,828.0
(48.9)
64,210.2
2000
44,993.6
11,735.6
3,723.3
(50.6)
60,401.9
1999
42,925.1
10,611.9
3,595.3
(51.9)
57,080.4
1998
34,048.4
10,035.9
3,843.6
(51.0)
47,876.9
1997
33,010.4
8,629.7
3,807.3
(40.3)
45,407.1
1996
30,783.4
7,405.5
3,685.4
(43.7)
41,830.6
Notes:
(1) Assessed valuations are established by the Board of County Commissioners
at 100% of estimated market value for real property and 100% of actual value
for all other property. A revaluation of real property is required by North Carolina General Statutes at least every eight years. Revaluations were completed for fiscal years 2004 and 1999.
(2) Assessed valuations equals estimated actual value, which approximates
market value.
TABLE 8
MECKLENBURG COUNTY, NORTH CAROLINA
PROPERTY TAX RATES PER $100 ASSESSED VALUATION
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Mecklenburg
County
2005
Charlotte
Cornelius
Davidson
Huntersville
Matthews
Mint Hill
Pineville
$ .7567
$ .420
$ .26
$ .3450
$ .280
$ .3075
$ .2750
$ .30
2004 (1)
.7364
.420
.26
.325
.280
.30
.275
.30
2003
.8397
.467
.29
.355
.312
.32
.29
.30
2002
.8397
.467
.26
.335
.26
.27
.25
.21
2001
.73
.467
.26
.315
.26
.23
.235
.21
2000
.73
.467
.26
.315
.26
.23
.235
.21
1999 (1)
.685
.472
.26
.315
.26
.23
.235
.21
1998
.73
.525
.31
.345
.29
.255
.26
.24
1997
.73
.525
.31
.345
.32
.255
.23
.24
1996
.8050
.428
.25
.235
.32
.16
.135
.19
(1) Revaluation
Source (other than Mecklenburg County): North Carolina Tax Research Division
TABLE 9
MECKLENBURG COUNTY, NORTH CAROLINA
PROPERTY TAX LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
2005
Mecklenburg
County
$
638,233,219
Charlotte (1)
$
260,641,532
Cornelius
$
7,767,944
Davidson
$
3,356,340
Huntersville
$
9,976,625
Matthews
$
7,898,538
Mint Hill
$
4,109,471
Pineville
$
2,986,984
2004
618,204,211
225,997,921
6,648,911
2,987,573
9,154,580
6,509,106
3,874,813
2,623,262
2003
584,218,432
237,794,566
6,945,258
2,609,484
8,590,399
6,964,701
3,690,644
2,558,546
2002
567,874,819
233,912,755
6,055,480
2,349,932
6,484,401
5,846,635
2,933,058
1,773,488
2001
469,522,916
217,381,551
5,614,044
2,036,051
5,674,391
5,239,681
2,711,709
1,614,560
2000
440,731,629
206,906,214
4,134,734
1,830,268
4,734,381
4,496,288
2,466,078
1,583,987
1999
392,471,397
199,205,489
2,826,410
1,622,929
3,564,829
3,806,270
2,365,107
1,498,292
1998
349,395,228
182,891,375
2,710,111
1,355,075
2,665,381
3,907,322
2,159,548
1,461,343
1997
332,781,981
159,040,078
2,496,261
1,157,197
2,358,959
3,503,584
1,849,942
1,384,520
1996
336,708,024
125,572,586
1,865,666
707,805
1,956,430
2,096,389
1,100,272
1,067,410
(1) Does not include levy for downtown special districts.
Source (other than Mecklenburg County): North Carolina Tax Research Division
TABLE 10
MECKLENBURG COUNTY
SCHEDULE OF BONDS PAYABLE
JUNE 30, 2005
Public Improvements Refunding Bonds 1993
Public Improvements 1996 - Series A
Public Improvements 1996 - Series B
Variable Rate Demand Bonds 1996
Public Improvements 1998A
Public Improvements 1998B
Variable Rate Demand Bonds 1998
Public Improvements 2000A
Public Improvements 2000B
Variable Rate Demand Bonds 2000C
Public Improvements 2000D
Variable Rate Demand Bonds 2000E
Public Improvements 2001A
Variable Rate Demand Bonds 2001B
Refunding 2001C
Public Improvements 2001D
Refunding 2001E
Public Improvements 2002A
Public Improvements 2002B
Variable Rate Demand Bonds 2002C
Public Improvements 2003A
Variable Rate Demand Bonds 2003B
Refunding 2003C
Public Improvement 2004A
Variable Rate Demand Bonds 2004B
Refunding 2004C
Public Improvement 2005A
Variable Rate Demand Bonds 2005B
Refunding 2005C
Due
Serially
Average
Interest
Original
Balance
Issue Date
To
Rate
Issue
July 1, 2004
October 1, 1993
March 1, 1996
March 1, 1996
March 1, 1996
February 1, 1998
February 1, 1998
February 1, 1998
February 1, 2000
February 1, 2000
February 1, 2000
October 1, 2000
October 1, 2000
May 1, 2001
May 1, 2001
May 1, 2001
December 1, 2001
December 1, 2001
August 1, 2002
August 1, 2002
August 1, 2002
February 1, 2003
February 1, 2003
February 1, 2003
February 1, 2004
February 1, 2004
April 1, 2004
February 1, 2005
February 1, 2005
May 1, 2005
2012
2013
2013
2015
2016
2016
2018
2010
2010
2020
2014
2020
2018
2021
2013
2021
2005
2018
2020
2022
2020
2023
2011
2020
2024
2013
2026
2026
2016
4.6630 %
4.8623
4.8623
Variable
4.4150
4.4150
Variable
4.9827
4.9827
Variable
4.9303
Variable
4.6868
Variable
4.3714
4.3102
2.4023
3.9499
4.2070
Variable
4.0699
Variable
2.8812
3.4130
Variable
3.0951
3.9849
Variable
3.4368
$
272,295,000
22,000,000
225,895,000
50,000,000
31,000,000
257,050,000
50,000,000
34,000,000
20,000,000
50,000,000
100,000,000
50,000,000
105,000,000
25,000,000
149,455,000
56,000,000
33,595,000
14,400,000
139,000,000
25,000,000
193,000,000
40,000,000
12,160,000
105,000,000
100,000,000
135,470,000
32,300,000
100,000,000
172,125,000
$ 2,599,745,000
$
129,675,000
2,100,000
21,900,000
50,000,000
22,700,000
187,800,000
50,000,000
20,400,000
12,000,000
50,000,000
82,000,000
50,000,000
95,000,000
25,000,000
135,740,000
51,600,000
4,005,000
13,600,000
135,500,000
25,000,000
193,000,000
40,000,000
10,410,000
105,000,000
100,000,000
135,470,000
$ 1,747,900,000
The bonds are recorded as follows:
Governmental activities
Business-type activities
Sold
$
$
32,300,000
100,000,000
172,125,000
304,425,000
Retired
$ 29,850,000
1,050,000
10,950,000
17,150,000
140,850,000
3,400,000
2,000,000
42,000,000
5,000,000
6,700,000
2,200,000
4,005,000
800,000
3,500,000
5,000,000
835,000
6,375,000
610,000
$ 282,275,000
Balance
Interest
Paid In
June 30, 2005
Current Year
$
99,825,000
1,050,000
10,950,000
50,000,000
5,550,000
46,950,000
50,000,000
17,000,000
10,000,000
50,000,000
40,000,000
50,000,000
90,000,000
25,000,000
129,040,000
49,400,000
12,800,000
132,000,000
25,000,000
188,000,000
40,000,000
9,575,000
98,625,000
100,000,000
134,860,000
32,300,000
100,000,000
172,125,000
$ 1,770,050,000
$ 1,762,947,787
7,102,213
$ 1,770,050,000
$
6,284,738
100,800
1,051,200
861,090
1,002,800
8,295,200
856,888
1,020,000
600,000
1,812,695
4,030,000
870,553
4,415,000
909,138
7,448,950
2,185,600
200,250
515,000
5,531,750
909,216
7,742,500
709,171
490,925
4,465,000
2,766,137
6,034,096
1,206,014
$ 72,314,711
2000 Certificates
2001 Certificates
2002 Certificates
2004 Certificates
2005 Certificates
Certificates of Participation
April 1, 2000
November 1, 2001
August 1, 2002
February 1, 2004
February 1, 2005
Issue Date
2020
2021
2009
2014
2025
Due Serially
To
variable
variable
variable
variable
variable
Average
Interest
Rate
$ 25,000,000
29,000,000
5,420,000
18,155,000
113,365,000
$ 190,940,000
Original
Issue
20,000,000
26,100,000
4,645,000
18,155,000
$ 68,900,000
$
Balance
July 1, 2004
113,365,000
$ 113,365,000
$
Issued
MECKLENBURG COUNTY, NORTH CAROLINA
SCHEDULE OF CERTIFICATES OF PARTICIPATION PAYABLE
JUNE 30, 2005
TABLE 11
1,250,000
1,450,000
775,000
1,765,000
$ 5,240,000
$
Retired
18,750,000
24,650,000
3,870,000
16,390,000
113,365,000
$ 177,025,000
$
Balance
June 30,2005
341,090
438,162
70,490
299,935
819,551
$ 1,969,228
$
Interest Paid
Current Year
TABLE 12
MECKLENBURG COUNTY, NORTH CAROLINA
RATIO OF NET BONDED DEBT TO ASSESSED VALUATION
AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Population
Estimate
Assessed
Value
2005
829,978
$
84,302,416,588
2004
801,137
83,487,630,734
2003
773,299
2002
Gross
Bonded Debt
$
1,770,050,000
Payable from
Enterprise
Fund
$
Net Bonded
Debt
Percent of
Net Bonded
Debt to
Assessed Value
Net Bonded
Debt Per
Capita
7,102,213
1,762,947,787
2.09 %
$ 2,124
1,747,900,000
9,432,938
1,738,467,062
2.07
2,170
69,505,170,341
1,636,540,000
11,889,196
1,624,650,804
2.34
2,101
746,427
67,895,358,854
1,311,265,000
14,391,837
1,296,873,163
1.91
1,737
2001
720,490
64,210,268,149
1,333,610,000
17,061,296
1,316,548,704
2.05
1,827
2000
695,454
60,401,969,125
1,123,385,000
19,334,255
1,104,050,745
1.83
1,588
1999
677,051
57,080,405,642
1,080,980,000
21,527,489
1,059,452,511
1.86
1,565
1998
658,649
47,876,894,849
1,140,955,000
23,855,158
1,117,099,842
2.33
1,696
1997
640,247
45,407,072,470
851,805,000
26,000,496
825,804,504
1.82
1,290
1996
621,845
41,830,623,848
899,095,000
28,143,772
870,951,228
2.08
1,401
TABLE 13
MECKLENBURG COUNTY, NORTH CAROLINA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
GENERAL OBLIGATION BONDS
FOR THE YEAR ENDED JUNE 30, 2005
Assessed
Valuation (1)
Percent of
Assessed
Valuation to
Countywide
Total
Pro Rata
Share of
Countywide
Debt
Municipalities'
Debt (2)
Total
Overlapping
Debt
$ 1,326,652,475
$ 808,885,000
$ 2,135,537,475
2,600,000
66,498,805
Mecklenburg County:
Charlotte
$ 62,057,507,368
Cornelius
2,987,670,811
3.61
0.58 63,898,805
Davidson
975,829,183
1.18
0.64 20,886,590
Huntersville
3,563,080,373
4.30
0.42 76,112,150
4,825,000
80,937,150
Matthews
2,575,256,651
3.11
3.18 55,048,555
5,315,000
60,363,555
Mint Hill
1,494,353,020
1.81
1.63 32,037,905
6,400,000
38,437,905
Pineville
995,661,287
1.20
1.25 21,240,600
185,000
21,425,600
8,143,853,224
9.84
174,172,920
Unincorporated
Areas
Countywide Totals
$82,793,211,917
74.95 %
100.00%
$1,770,050,000
-
-
$828,210,000
Notes:
(1) Provided by N.C. Department of Revenue, Tax Research Division. Includes valuations of classified
registered motor vehicles for which tax notices were issued in accordance with G.S. 105-330.5(a) on
or before December 31, 2004 net of releases made by that date.
(2) Provided by Department of State Treasurer.
20,886,590
174,172,920
$2,598,260,000
TABLE 14
MECKLENBURG COUNTY, NORTH CAROLINA
COMPUTATION OF LEGAL DEBT MARGIN
JUNE 30, 2005
Assessed Value
$ 84,302,416,591
Debt Limit 8 percent of Assessed Value
x.08
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt
Bonds Authorized and Unissued
Total Amount of Debt Applicable to Debt Limit
Legal Debt Margin
6,744,193,327
$ 1,770,050,000
276,000,000
2,046,050,000
$ 4,698,143,327
TABLE 15
MECKLENBURG COUNTY, NORTH CAROLINA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT (1)
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Principal
2005
$ 105,810,972
2004
92,128,738
66,494,335
9,489,769
2003
85,933,382
59,115,495
2002
76,781,933
2001
Interest
on Bonds
$
73,343,178
Total Debt
Service
Other
$
1,654,448
$
180,808,598
Total
Expenditures (2)
1,354,556,442
13.35
168,112,842
1,288,782,505
13.04
2,803,365
147,852,242
1,267,306,693
11.66
55,746,111
10,580,658
143,108,702
1,263,768,727
11.32
66,105,607
56,274,968
2,563,284
124,943,859
1,156,682,732
10.80
2000
59,401,766
50,781,314
395,269
110,578,349
947,383,931
11.67
1999
57,647,331
53,241,536
546,179
111,435,046
842,836,400
13.22
1998
46,754,662
41,532,081
155,718
88,442,461
816,628,415
10.83
1997
45,146,724
42,525,572
154,729
87,827,025
740,460,064
11.86
1996
35,155,819
30,917,830
53,893
66,127,542
702,908,253
9.41
Notes:
(1) General obligation bond debt service reported in the Enterprise Fund has been excluded.
(2) Includes General, Special Revenue, and Capital Projects Funds.
$
Ratio of Debt
Service to Total
Expenditures
TABLE 16
MECKLENBURG COUNTY, NORTH CAROLINA
SPECIAL ASSESSMENTS BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
2005
Special
Assessments
Billings
Special
Assessments
Collected
$
$
7,843
361
2004
7,872
1,356
2003
8,230
4,013
2002
10,980
8,024
2001
9,929
4,270
2000
11,584
8,142
1999
16,196
49,065
1998
22,998
59,080
1997
12,932
14,804
1996
13,632
13,520
TABLE 17
MECKLENBURG COUNTY, NORTH CAROLINA
DEMOGRAPHIC STATISTICS
LAST TEN YEARS
Year
Population
Per Capita
Income
Median
Age
School
Enrollment
2005
829,978
N/A
N/A
121,640
5.0% (1)
2004
801,137
23,322
33.4
115,517
5.2
2003
773,299
23,201
33.4
109,605
5.8
2002
746,427
23,250
33.4
106,192
5.9
2001
720,490
26,684
33.3
103,086
4.1
2000
695,454
21,783
33.1
100,368
2.4
1999
677,051
20,997
34.3
98,542
1.9
1998
658,649
20,099
33.8
95,797
2.4
1997
640,247
18,705
33.6
92,994
2.6
1996
621,845
17,736
33.3
88,854
3.0
$
Note (1)
Monthly average - January through June
Sources:
Charlotte Chamber of Commerce
N.C. Office Of State Planning
Charlotte-Mecklenburg Schools
Unemployment
Rate
TABLE 18
MECKLENBURG COUNTY, NORTH CAROLINA
CONSTRUCTION, BANK DEPOSITS AND PROPERTY VALUE
LAST TEN FISCAL YEARS
Fiscal Year
Ended
June 30,
Construction (1)
Non-Residential
Residential
Number of
Value
Number of
Value
Building Permits
(in millions)
Building Permits
(in millions)
Bank
Deposits (1)
(in thousands)
Assessed Valuation (in millions)
Commercial
Residential
Exempt
2005
4,888
$ 1,310
15,305
$ 1,858.0
N/A
$ 33,214.8
$ 51,255.3
(167.7)
2004
4,413
1,089
15,114
1,666.8
N/A
33,998.6
49,646.1
(157.2)
2003
4,300
733
14,327
1,512.5
$ 59,275,000
28,513.6
41,103.9
(112.3)
2002
4,396
825.6
14,780
1,739.5
37,780,000
28,409.8
39,560.7
(48.4)
2001
4,588
1,648.7
14,171
1,607.4
40,877,291
26,486.1
37,773.1
(48.9)
2000
5,157
1,219.7
14,249
1,601.3
35,814,289
25,115.3
35,337.3
(50.7)
1999
5,119
1,034.9
13,786
1,257.6
26,742,577
23,709.6
33,422.7
(51.9)
1998
5,314
836.2
10,321
1,036.1
23,204,399
20,870.0
27,057.9
(51.0)
1997
3,052
675.5
10,998
1,036.9
11,937,049
20,206.0
25,241.4
(40.3)
1996
3,262
689.8
9,096
863.1
12,084,378
18,483.0
23,391.3
(43.7)
Notes: (1) Provided by Chamber of Commerce.
TABLE 19
MECKLENBURG COUNTY, NORTH CAROLINA
PRINCIPAL TAXPAYERS
JUNE 30, 2005
Firm
Enterprise
Assessed
Valuation
$ 2,168,363,641
Percentage
of Total
Assessed
Valuation
Duke Energy
Utility
Bank of America
Financial Services
1,153,352,707
1.37
Wachovia Corporation
Financial Services
688,461,401
0.82
BellSouth Telecommunications
Utility
615,949,509
0.73
Bissell
Real Estate
444,747,370
0.53
Childress Klein
Property Management and Development
380,891,636
0.45
USAirways, Incorporated
Transportation
376,737,392
0.45
Piedmont Natural Gas Company, Inc.
Utility
265,380,547
0.31
Carolina Stadium/Panthers
Football Stadium
192,099,408
0.23
Southpark Mall
Retail
179,927,081
0.21
$6,465,910,692
2.57 %
7.67 %
TABLE 20
MECKLENBURG COUNTY, NORTH CAROLINA
MISCELLANEOUS STATISTICS
JUNE 30, 2005
Date of Establishment
Form of Government
Area
Miles of Streets:
City-maintained
State-maintained
Fire Protection:
Volunteer fire stations
Volunteer firemen
Fire Marshall and Assistants
Police:
Service Areas
Officers
Patrol Units
Public Education:
Schools
Teachers (full-time)
Students
Building Permits Issued
Recreation and Culture:
Parks and Greenways
Golf Courses
Historic Sites
Libraries
Total volumes
Employees:
Full-time Permanent
Other
Sources: Mecklenburg County
City of Charlotte
Charlotte-Mecklenburg Schools
1762
County Manager
541 square miles
2,162
1,163
16
630
9
6
1,495
827
143
7,739
121,640
19,243
126
5
4
23
Approximately 1.8 million
4,026
418