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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />1.Summary of Significant Accounting Policies <br />Orange County, North Carolina (the "County"), was founded in 1752 and is located in the north- <br />central portion of North Carolina on the Piedmont Plateau. The County has a commissioner/manager <br />form of government with a seven-member elected Board of Commissioners comprising the governing <br />body. The County provides the following services to its citizens: public health, public safety, mental <br />health, social service programs, planning and zoning, cultural and recreational programs, and housing <br />and community development service programs. In addition, inspections, environmental resources, <br />land records, and vital statistics information are provided. Elementary and secondary education is <br />provided by the State through locally elected educational boards with the assistance of the County. <br />The accounting policies of Orange County and its component units conform to generally accepted <br />accounting principles as applicable to governments. The following is a summary of the more <br />significant accounting policies: <br />A. Reporting Entity <br />The County, which is governed by a seven-member Board of Commissioners, is one of the 100 <br />counties established in North Carolina under North Carolina General Statute 153A-10. As <br />required by generally accepted accounting principles, these financial statements present the <br />County and its component units, legally separate entities for which the County is financially <br />accountable. The Orange County ABC Board, which has a June 30 year-end, is presented as if it <br />was a separate Proprietary Fund of the County (discrete presentation). The Orange County ABC <br />Board is presented in a separate column in the County's financial statements to emphasize that it <br />is legally separate from the County. <br />Discretely Presented Component Unit <br />Orange County ABC Board. <br /> The Orange County Board of Alcoholic Beverage Control ("ABC <br />Board") operates retail liquor stores within the County and investigates violations of laws <br />pertaining to retail liquor sales. The five members of the ABC Board's governing board are <br />appointed by the County. The ABC Board is required by State statute to distribute its surpluses <br />to the General Fund of the County. <br />Complete financial statements for the ABC Board may be obtained at its administrative office. <br />Orange County ABC Board <br />122 Highway 70 East <br />Hillsborough, North Carolina 27278 <br />Orange County Industrial Facility and Pollution Control Financing Authority <br />Orange County Industrial Facility and Pollution Control Financing Authority (the "Authority") <br />exists to issue and service revenue bond debt of private businesses for economic development <br />purposes. The Authority is governed by a three-member Board of Commissioners, all of who are <br />28 <br /> <br />