Chowan County, North CarolinaAnnual Financial Report

Fiscal Year Ended June 30, 2010

Audit Highlights Unqualified opinion Cooperative staff Internal control findings Increase in fund balance in general fund of

$1,991,631 Available fund balance 13.8% of general

fund expenditures and transfers.

Audit Process Planning and risk assessment Interim procedures Final procedures Year-round process

General Fund Summary

Total Fund BalanceGeneral Fund

$1,991,631

Fund Balance PositionGeneral Fund

2010 2009

Total Fund Balance $2,642,477 $650,846

Required Reservations (589,631) (650,846)

Available fund balance $ 2,052,846 $ 0

Fund Balance as a Percent of ExpendituresGeneral Fund

Total Fund Balance – GF (Numerator)

Total Expenditures + Transfers out –GF (Denominator)

= 18%$ 2,642,477

15,105,212

Total Fund Balance as a Percent of Expenditures plus Transfers

General Fund

Top 3 Revenues: General Fund

Ad Valorem Taxes59%

Local Option Sales Tax

10% Restricted Intergovt'l

18%

Other Revenue13%

Other Revenue:Other taxes and licenses

Unrestricted Intergovernmental

Permits & Fees

Sales & Services

Investment Income

Misc. Revenue

Top 3 Comprise $14,537,968 (87%) of Revenues

Property Tax

Sales Tax

Restricted Intergovt’l

Top 3 Expenditures:General Fund

General Government

20%

Human Services23%

Education22%

Other Expenditures

35%

Expenditures Total $15,482,526

General Government Expenditures

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2009 2010

$3,434,682

$2,962,001

Public Safety Expenditures

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2009 2010

$2,862,603 $2,892,234

Human Services Expenditures

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2009 2010

$3,730,110

$3,322,697

Education Expenditures

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2009 2010

$3,508,217 $3,215,902

Summary of Enterprise FundsNet Income

Water $ 116,289

Solid Waste 109,033

Emergency Management (470,923)

Water Storm Preparedness 2,743

Water Development 60,060

Enterprise Fund – Water Fund

2010 2009

Cash $ 493,692 $ 0

Available Net Assets 536,129 98,675

Cash flow from operations 530,978 626,787

Debt service requirement 2010 0 13,340

Enterprise Fund –Solid Waste Fund

2010 2009

Cash $ 129,665 $ 0

Available Net Assets 109,033 0

Cash flow from operations 367,823 0

Debt service requirement 2010 0 0

Enterprise Fund – Emergency Management Fund

2010 2009

Cash $ 58,385 $ 197,819

Available Net Assets 67,791 490,590

Cash flow from operations (54,757) 156,717

Debt service requirement 2010 34,647 52,182

Water Capital Reserve FundsCash Balances:

Storm preparedness $ 587

Water Development $ 510,243

Discussion

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Questions