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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />Unencumbered annual appropriations lapse at each fiscal year-end and must be reappropriated in <br />Open encumbrances are reported as restricted fund balance at June 30, 2012. <br />D. Assets, Liabilities, and Fund Equity <br />Deposits and Investments <br />All deposits of the County are made in Board-designated official depositories and are secured as <br />required by G.S. 159-31. The County may designate, as an official depository, any bank or <br />savings association whose principal office is located in North Carolina. Also, the County may <br />establish time deposit accounts such as NOW and SuperNOW accounts, money market accounts, <br />and certificates of deposit. <br />State law [G.S. 159-30(c)] authorizes the County to invest in obligations of the United States or <br />obligations fully guaranteed both as to principal and interest by the United States; obligations of <br />the State of North Carolina; bonds and notes of any North Carolina local government or public <br />authority; obligations of certain non-guaranteed federal agencies; certain high quality issues of <br />commercial paper and bankers' acceptances; and the North Carolina Capital Management Trust <br />(NCCMT). <br />investments are carried at fair value as determined by quoted market prices. The <br />securities of the NCCMT Cash Portfolio, an SEC-registered (2a-7) money market mutual fund, <br />securities are valued at fair value. <br />Cash and Cash Equivalents <br /> <br />The County pools money from several funds to facilitate disbursement and investment and to <br />maximize investment income. Therefore, all cash and investments are essentially demand <br />deposits and are considered cash and cash equivalents. <br />Restricted Assets <br />Unexpended bond and installment purchase proceeds are considered restricted assets because <br />their use is completely restricted to the purpose for which the bonds and installment purchase <br />proceeds were originally issued. Total unspent bond and installment purchase proceeds are <br />$35,931,837 at June 30, 2012. This restricted cash in shown in the General Fund, County Capital <br />Fund, School Capital Fund, and the Solid Waste Fund. The remaining restricted assets in the <br />General Fund represent Property Tax Revaluation Fund money of $162,188, which is restricted <br />per North Carolina General Statute 153A-150. <br />34 <br /> <br />