Table Of ContentTOWN OF TARBORO, NORTH CAROLINA
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
FOR FISCAL YEAR ENDED
JUNE 30, 2015
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TOWN OF TARBORO, NORTH CAROLINA
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended
JUNE 30, 2015
Prepared by:
ANNE Y. MANN
FINANCE DIRECTOR
Member of the Government Finance Officers Association of the United States and Canada
Published January 25, 2016
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TABLE OF CONTENTS
INTRODUCTORY SECTION Page
Letter of Transmittal 1
Certificate of Achievement for Excellence in Financial Reporting 5
Organizational chart - All Departments 6
List of Principal Officials 7
FINANCIAL SECTION Page
Independent Auditor’s Report 8 - 10
Management’s Discussion and Analysis 11 - 22
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position 23
Statement of Activities 24
Fund Financial Statements:
Balance Sheet – Governmental Funds 25 - 26
Statement of Revenues, Expenditures, and Changes in
Fund Balances – Governmental Funds 27 - 28
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual - General Fund 29
Statement of Net Position – Proprietary Funds 30
Statement of Revenues, Expenses, and Changes in
Net Position – Proprietary Funds 31
Statement of Cash Flows – Proprietary Funds 32 - 33
Notes to Financial Statements 34 - 64
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Page
Required Supplemental Financial Data:
Law Enforcement Officers’ Special Separation Allowance:
Schedule of Funding Progress 65
Schedule of Employer Contributions 66
Other Post-Employment Benefits:
Schedule of Funding Progress 67
Schedule of Employer Contributions 68
Local Government Employees’ Retirement System:
Schedule of the Proportionate Share of Net Pension Liability (Asset) 69
Schedule of Contributions 70
Major Governmental Funds:
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual - General Fund 71 - 75
Non-Major Governmental Funds:
Combining Balance Sheet - Non-major Governmental Funds 76
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balance - Non-Major Governmental Funds 77
Non-Major Special Revenue Funds:
Schedule of Revenues, Expenditures, and Changes in Fund
Balance - Budget and Actual - Emergency Telephone System Fund 78
Schedule of Revenues, Expenditures, and Changes in Fund
Balance - Budget and Actual - Law Enforcement Fund 79
Non-Major Capital Projects Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual - Main Street Solutions Grant Fund 80
Page
Enterprise Funds:
Schedule of Revenues and Expenditures - Budget and Actual -
(Non-GAAP) - Electric Fund 81 - 82
Schedule of Revenues and Expenditures - Budget and Actual -
(Non-GAAP) - Water and Sewer Fund 83 - 84
Schedule of Revenues and Expenditures - Budget and Actual -
(Non-GAAP) - Solid Waste Fund 85 - 86
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Nonmajor Capital Projects Fund:
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
- Electric Capital Projects Fund – Superior Essex Project 87
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual
- W&S Capital Projects Fund – Sewer System Rehabilitation Project 88
Capital Assets Used in the Operation of Governmental Funds:
Comparative Schedule of Capital Assets, by Source 89
Schedule of Capital Assets, by Function and Activity 90
Other Supplemental Schedules:
Schedule of Cash and Investment Balances 91
Schedule of Ad Valorem Taxes Receivable 92
Analysis of Current Tax Levy 93
STATISTICAL SECTION (Unaudited) Page
Net Position by Components 94
Changes in Net Position 95 - 96
Governmental Activities Tax Revenues by Source 97
Fund Balances of Governmental Funds 98
Changes in Fund Balances – Governmental Funds 99
General Governmental Tax Revenues by Source 100
Assessed Value of Property 101
Property Tax Rates - Direct and Overlapping 102
Principal Property Taxpayers 103 - 105
Property Tax Levies and Collections 106
Legal Debt Margin Information 107
Computation of Direct and Overlapping Bonded Debt 108
Ten Largest Utility Customers 109
Demographic Statistics 110
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Principal Employers 111
Full-time Equivalent City Government Employees by Function 112
Operating Indicators by Function 113
Capital Asset Statistics by Function 114
COMPLIANCE SECTION Page
Report on Internal Control Over Financial Reporting And On Compliance
and Other Matters Based on an Audit of Financial Statements Performed In
Accordance with Government Auditing Standards 115 - 116
Report on Compliance For Each Major Federal Program; Report on Internal
Control Over Compliance; In Accordance with OMB Circular A-133 and the
State Single Audit Implementation Act 117 - 118
Schedule of Findings and Questioned Costs 119 - 120
Summary Schedule of Prior Year Findings 121
Schedule of Expenditures of Federal and State Awards 122 - 123
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INTRODUCTORY SECTION
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Description:W&S Capital Projects Fund – Sewer System Rehabilitation Project. 88 Schedule of Findings and Questioned Costs. 119 - 120. Summary Schedule of Prior Year Findings
[email protected] for more information. 22
