Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30 , 2021
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Fund Balance and Quick Facts FY21
• The General Fund ’ s fund balance increased $ 24.7 million from the prior year
• The General Fund is the chief operating fund of Cabarrus County . The County ’ s total fund balance was $ 122.4 million of which $ 83 million was available for commitments , assignments and appropriations .
• The governing body of Cabarrus County has determined that the County should maintain an available fund balance of 15 % of General Fund expenditures in case of unforeseen needs or opportunities and to meet the cash flow needs of the County .
• Cabarrus County ’ s total debt increased by $ 12.1 million , or 3.3 %, during the current fiscal year . Due to normal debt service payments , COPS and LOBS debt decreased by $ 29.3 million , General Obligation Bond debt decreased by $ 6.4 million , capital leases by $ 107,867 and installment financing by $ 511,019 . A draw direct borrowing finance agreement was established last fiscal year , and the current liability is $ 54.9 million .
Cabarrus County , North Carolina
Fund Financial Statements
Through the budget process , the County designates resources into funds , or groupings of related accounts . Governmental entities in North Carolina use fund accounting to ensure and reflect compliance ( or non-compliance ) with finance-related legal requirements , such as the N . C . General Statutes or the County ’ s Budget Ordinance .
The General Fund
This is the County ’ s primary operating fund . This fund accounts for all financial resources of the general government , except those required to be accounted for in another fund . The Community Investment Fund is a legally budgeted fund under North Carolina General Statutes ; however , for statement presentation , in accordance with GASB 54 , it is consolidated in the General Fund .
Services within General Fund :
General Government Board of Commissioners Board of Elections County Manager ’ s Office Communications & Outreach Finance Human Resources Information Technology Services Infrastructure & Asset Management Register of Deeds Tax Administration
Public Safety Construction Standards Emergency Management Emergency Medical Services Fire Marshal ’ s Office Sheriff ’ s Office
Human Services Cooperative Extension Department of Human Services Veterans Services
Economic and Physical Development Economic Development Commission Planning & Development
Environmental Protection Construction & Demolition Landfill Waste Reduction Soil & Water Conservation
Education Cabarrus County Schools Kannapolis City Schools Rowan-Cabarrus Community College
Cultural and Recreational Active Living & Parks Cabarrus Arena & Events Center Fair Library System