COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2008_part3 pot

Exhibit DGASTON COUNTY, NORTH CAROLINA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENT FUNDS TO THE STATEMENT OF NET ASSETS FOR THE YEAR ENDED JUNE 30, 2008 Amounts reported for govern

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Exhibit C

Other Total

Governmental Governmental

5,324,856

$ $ 129,190,942

260,614

5,524,917

121,589

19,834,415

119,266

171,078

46,691,687

5,707,059

$ 201,532,305 $

25,506

$ $ 15,121,929

260,607

8,976,406

286,113

24,098,335

290,344

55,109

4,453,810

121,589

19,496,392

5,403,772

208,644

46,292,576

2,664,185

788,561

463,870

109,757

501,450

318,700

190,467

27,616

570,743

1,591,032

508,968

47,182,534

77,036

42,521,210

234,031

1,000,000

441,939

2,206,090

5,420,946

177,433,970

5,707,059

$ 201,532,305 $

The accompanying notes are an integral part of the financial statements.

17

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Exhibit D

GASTON COUNTY, NORTH CAROLINA

RECONCILIATION OF THE BALANCE SHEET

OF GOVERNMENT FUNDS TO THE STATEMENT OF NET ASSETS

FOR THE YEAR ENDED JUNE 30, 2008

Amounts reported for governmental activities in the

Statement of Net Assets are different because:

Capital assets, net of accumulated depreciation, used in governmental activities

are not current financial resources and, therefore, are not reported in the funds 112,933,521 Deferred revenues in the governmental funds are used to offset accounts

receivable not expected to be available within 60 days of year-end These

receivables are a component of net assets in the Statement of Net Assets 6,379,911 Long-term liabilities and compensated absences are not due and payable in

the current period and, therefore, are not reported in the funds (203,074,145)

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Exhibit E

STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS

Public Capital Other Total Assistance Improvements Governmental Governmental General Fund Fund Funds Funds Revenues:

Ad valorem taxes $ 119,541,817 $ - $ - $ 3,409,342 $ 122,951,159 Other taxes and licenses 40,888,986 - - - 40,888,986 Restricted intergovernmental revenues 6,029,460 23,637,885 3,643,954 4,173,846 37,485,145 Fees, licenses, and permits 3,807,646 - - - 3,807,646 Sales and services 18,863,784 - - - 18,863,784 E911 surcharge - - - 1,165,274 1,165,274 Investment earnings 2,106,685 401,045 4,708,445 284,327 7,500,502 Miscellaneous revenues 338,800 1,598,854 113,402 811 2,051,867 Total revenues 24,377,730 192,837,232 8,465,801 9,033,600 234,714,363

Expenditures:

Current:

General government 20,322,189 - - 105,093 20,427,282 Public safety 42,856,310 - - 3,946,414 46,802,724 Environmental protection 57,169 - - - 57,169 Economic and physical development 3,452,697 - - - 3,452,697 Human services 19,115,258 46,382,118 - - 65,497,376 Cultural and recreational 4,320,781 - - 471,754 4,792,535 Education 42,272,843 - - - 42,272,843 Capital outlay - - 34,718,107 - 34,718,107

Debt Service:

Principal retirement 3,192,517 16,429 - 12,111,763 15,320,709 Interest and fees 946 123,034 7,833,892 - 7,957,872 Total expenditures 46,399,493 135,712,798 34,718,107 24,468,916 241,299,314

Revenues over (under) expenditures (22,021,763) 57,124,434 (26,252,306) (15,435,316) (6,584,951)

Other Financing Sources (Uses):

Debt issued - - 24,900,000 - 24,900,000 Premium received on debt issue - - 323,357 - 323,357 Transfers in - 24,981,264 12,797,642 15,136,358 52,915,264 Transfers out (800,000) (52,115,264) - (52,915,264) - Total other financing sources (uses) 24,181,264 (52,115,264) 38,020,999 15,136,358 25,223,357

Net change in fund balances 5,009,170 2,159,501 11,768,693 (298,958) 18,638,406

Fund Balances:

Beginning of year - July 1 14,898,200 63,312,779 74,864,681 5,719,904 158,795,564 End of year - June 30 $ 17,057,701 68,321,949 $ 86,633,374 $ 5,420,946 $ 177,433,970 $

19

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Exhibit F

RECONCILIATION OF THE STATEMENT OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCES OF

GOVERNMENT FUNDS TO THE STATEMENT OF ACTIVITIES

Amounts reported for governmental activities in the

Statement of Activities are different because:

Net change in fund balances - total governmental funds (Exhibit D) $ 18,638,406 Capital outlays are reported as expenditures in the governmental funds statement However, in the

Statement of Activities, capital outlay is not an expense, rather it is an increase in capital assets 4,595,540 Depreciation expense allocates the costs of capital assets over their useful lives It is not reported

Exhibit D reports revenues using a current financial resources basis, which generally means revenue

is recognized when collected or is expected to be collected within 90 days of year-end Exhibit B reports

revenues when the earning process is complete, regardless of when it is collected This measurement

difference causes timing of revenue recognition differences for the following revenue types:

Expenses related to compensated absences and law enforcement officers' separation

allowance that do not require current financial resources are not reported as expenditures

Proceeds from issuance of debt are reported as revenues in the governmental funds statement

However, in the Statement of Activities, it is not a revenue, rather it is an increase in liabilities (24,900,000) Principal repayments are reported as expenditures in the governmental fund statement However,

in the Statement of Activities, these transactions are not an expense, rather they are a decrease

in liabilities (This line includes debt refunding transactions.) 14,917,798 The change in accrued interest related to long-term debt that do not require current financial resources

are not reported as expenditures in the governmental funds statement (500,000)

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GENERAL FUND AND ANNUALLY BUDGETED

MAJOR SPECIAL REVENUE FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

Revenues:

Ad valorem taxes $ 116,722,905 $ 116,722,905 $ 119,541,817 $ 2,818,912 Other taxes and licenses 38,520,748 38,567,281 40,888,986 2,321,705 Restricted intergovernmental revenues 4,949,028 5,580,437 6,029,460 449,023 Permits and fees 3,775,165 3,775,165 3,807,646 32,481 Sales and services 18,823,737 20,481,606 18,863,784 (1,617,822) Investment earnings 1,000,000 1,003,932 2,106,685 1,102,753 Miscellaneous 275,918 202,026 1,598,854 1,322,936 Total revenues 186,407,244 183,993,609 192,837,232 6,429,988

Expenditures:

General government 27,427,856 25,841,165 20,322,189 5,518,976 Public safety 42,710,864 46,715,773 42,856,310 3,859,463 Environmental protection 56,160 56,160 57,169 (1,009) Economic and physical development 3,952,757 4,329,083 3,452,697 876,386 Human services 20,432,140 27,723,829 19,115,258 8,608,571 Cultural and recreational 4,715,687 5,056,381 4,320,781 735,600 Education 42,102,971 42,555,243 42,272,843 282,400 Principal retirement 3,638,400 3,371,405 3,192,517 178,888 Interest and fees 219,754 231,566 123,034 96,720 Total expenditures 155,868,793 145,268,401 135,712,798 20,155,995 Revenues over (under) expenditures 30,538,451 38,725,208 57,124,434 26,585,983

Other Financing Sources (Uses):

Appropriated fund balance 8,208,680 21,576,813 - (21,576,813) Transfers in - - - -Transfers out (52,115,264) (46,933,888) (52,115,264) -Total other financing sources (uses) (30,538,451) (38,725,208) (52,115,264) (21,576,813)

Revenues and other financing sources

(uses) over (under) expenditures and

other financing sources (uses) $ - $ 5,009,170 - $ 5,009,170

Fund Balances:

68,321,949

$

General Fund

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Exhibit G

-$ $ - $ - $

- -

-24,215,235

25,321,395 23,637,885 (1,683,510)

- -

664 401,045 400,381

218,150

271,571 338,800 67,229

24,433,385

25,593,630 24,377,730 (1,215,900)

- -

-50,998,815

53,543,008 46,382,118 7,160,890

- -

-53,296

53,296 16,429 36,867

7,880

7,880 946 6,934

51,059,991

53,604,184 46,399,493 7,204,691

(26,626,606)

(28,010,554) (22,021,763) 5,988,791

3,168,423

3,829,290 - (3,829,290)

23,458,183

24,981,264 24,981,264

(800,000) (800,000)

-26,626,606

28,010,554 24,181,264 (3,829,290)

-$ $ 2,159,501 - $ 2,159,501

14,898,200

17,057,701

$

Public Assistance Fund

22

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Exhibit H

STATEMENT OF NET ASSETS

PROPRIETARY FUNDS

JUNE 30, 2008

Solid Waste Fund Assets:

Current assets:

Noncurrent assets:

Liabilities:

Current liabilities:

Noncurrent liabilities:

Net Assets:

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Exhibit I

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN

FUND NET ASSETS - PROPRIETARY FUNDS

Solid Waste Fund Operating Revenues:

Operating Expenses:

Nonoperating Revenues (Expenses):

Net Assets:

24

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Exhibit J GASTON COUNTY, NORTH CAROLINA

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS

Solid Waste Fund Cash Flows from Operating Activities:

Cash Flows from Capital and Related Financing Activities:

Net cash provided (used) by capital and related financing activities (1,965,941)

Cash Flows from Investing Activities:

Cash and Cash Equivalents:

Reconciliation of operating income to net cash

provided (used) by operating activities:

Adjustments to reconcile operating income to net

cash provided (used) by operating activities:

Changes in assets and liabilities:

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Exhibit K

STATEMENT OF FIDUCIARY NET ASSETS

FIDUCIARY FUNDS

Agency Funds Assets:

Liabilities:

26

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NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2008

1 Summary of Significant Accounting Policies

The accompanying financial statements and the following accounting policies of Gaston County, North Carolina ("County") conform to accounting principles generally accepted in the United States

of America as applicable to local governments The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles The following is a summary of the more significant accounting policies:

A Reporting Entity

The County, which is governed by a seven-member Board of Commissioners, is one of the 100 counties established in North Carolina under North Carolina General Statute 153A-10 As required by accounting principles generally accepted in the United States of America, these financial statements present the County and its component unit, a legally separate entity for which the County is financially accountable The blended component unit, although a separate legal entity, are in substance, part of the County’s operations

Blended Component Unit

The Gaston County Soil and Water Conservation District ("District") which exist to provide leadership and conservation assistance to the people of Gaston County, to improve and sustain their soil, water, air, plant and wildlife resources The County’s Board of Commissioners also serve as the governing body for the District Therefore, the District is reported as part of the general government activities in the County’s financial statements

B Basis of Presentation

Government-Wide Statements: The Statement of Net Assets and the Statement of Activities

display information about the primary government These statements include the financial activities of the overall government, except for fiduciary activities Eliminations have been made

to minimize the double counting of internal activities These statements distinguish between the governmental and business-type activities of the County Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions Business-type activities are financed in whole or in part by fees charged to external parties

The Statement of Activities presents a comparison between direct expenses and program revenues for the different business-type activities of the County and for each function of the County’s governmental activities Direct expenses are those that are specifically associated with a program

or function and, therefore, are clearly identifiable to a particular function Indirect expense allocations that have been made in the funds have been reversed for the Statement of Activities Program revenues include fees and charges paid by the recipients of goods or services offered by the programs and grants and contributions that are restricted to meeting the operational or capital

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