Orange County NC Website
Browse       Search
Exhibit C <br />Page 2 of 2 <br />ORANGE COUNTY, NORTH CAROLINA <br />BALANCE SHEET - GOVERNMENTAL FUNDS <br />JUNE 30, 2012 <br />Total <br />Governmental <br />Funds <br />Amounts reported for governmental activities in the Statement of Net Assets are different because: <br />Ending fund balance - governmental funds$ 88,492,424 <br />Capital assets used in governmental activities are not financial resources <br />and, therefore, are not reported in the funds.105,709,128 <br />Other long-term assets are not available to pay for current period expenditures and, <br />therefore, are deferred in the funds.3,979,428 <br />Accrued liabilities that do not pay for current financial obligations are not recorded in <br />the governmental funds. This is the amount of accrued interest on long-term debt.(2,587,830) <br />Governmental funds report the effect of issuance costs, premiums, discounts, and <br />similar items when debt is first issued; whereas, these amounts are deferred and <br />amortized in the Statement of Activities. This is the amount of the deferred loan <br />costs from the cost to issue debt.871,523 <br />Internal service funds are used by management to charge the costs of dental insurance <br />to individual funds. The assets and liabilities of the internal service funds are included in <br />governmental activities in the Statement of Net Assets.685,014 <br />Long-term liabilities, including bonds payable and other post-employment benefits, are <br />(254,578,230) <br />not due and payable in the current period and, therefore, are not reported in the funds. <br />$ (57,428,543) <br />Net assets of governmental activities <br />The accompanying notes are an integral part of the financial statements. <br />20 <br /> <br />