Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30 , 2021
Conserving unique landscapes
In late 2020 , Cabarrus County purchased a 616-acre land parcel from The Conservation Fund through a three-year purchase agreement . The area , in northwestern Cabarrus , features a variety of unique landscapes , such as an upland depression swamp forest , a dry oak hickory forest and an active farm . Ultimately , plans are to develop an open-space passive park while conserving a large amount of the unique land .
General Obligation Bond Ratings
Cabarrus County has installment bond ratings of AA / Aa2 / AA and general obligation bond ratings of AA + / Aa1 / AA +.
AA + Rating
S & P Global Ratings
Aa1 Rating
Moody ’ s Investors Service
AA + Rating
Fitch Ratings
Major Financial Changes
Outstanding Debt
Long-Term Debt . As of June 30 , 2021 , Cabarrus County ’ s total debt outstanding for its governmental and business-type activities totals $ 442,251,816 . This includes General Obligation Bonds that are backed by the full faith and credit of the County and other debt that is covered by pledged collateral and is subject to appropriation .
Outstanding Debt
Governmental Activities 2021 2020
General obligation bonds |
$ |
36,745,541 |
$ |
43,132,041 |
Certificates of participation / Limited obligation bonds |
|
341,351,782 |
|
322,857,803 |
Capital lease obligations |
|
334,435 |
|
442,302 |
Installment financing |
|
2,389,979 |
|
2,900,998 |
Accrued landfill closure and postclosure care costs |
|
- |
|
- |
Compensated absences |
|
5,229,482 |
|
4,488,562 |
Net pension liability ( LGERS ) |
|
29,456,310 |
|
21,627,785 |
Net pension liability ( LEOSSA ) |
|
13,003,554 |
|
8,474,799 |
Total OPEB liability |
|
43,137,018 |
|
34,368,202 |
Total |
$ |
471,648,101 |
$ |
438,292,492 |
17 Cabarrus County , North Carolina