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					COUNTY OF FAUQUIER, VIRGINIA

Table 4

Changes in Fund Balances Governmental Funds                                                                                                                Page 1 of 4
Last Ten Fiscal Years
(modified accrual basis of accounting)


                                                                                                                Fiscal Year
                                                                       2000                 2001                  2002                  2003                 2004
Revenues
   General property and other local taxes                        $   67,739,540        $   69,992,044       $    74,762,676       $    81,254,445     $     86,178,471
   Permits, privilege fees, and regulatory licenses                     739,401             1,130,335             1,169,124             1,508,077            1,598,890
   Fines and forfeitures                                                259,781               362,610               432,297               504,517              504,771
   Revenue from use of money and property                             2,294,315             2,911,023             1,599,080             1,727,060            1,182,326
   Charges for services                                                 423,316               925,564               790,848             1,074,405            1,596,119
   Gifts and donations                                                        -                     -                     -                     -              503,539
   Recovered costs                                                      853,977               157,924               461,620               145,617              180,538
   Miscellaneous                                                         51,380                66,485            10,130,575               471,701                    -
   Intergovernmental:
      Contribution from School Board (2)                               5,267,760            5,485,229             9,450,982             3,789,103            1,188,192
      Commonwealth of Virginia                                         9,944,767           14,153,911            18,695,882            18,673,462           19,993,164
      Contribution from Culpeper County                                        -                    -                     -                     -                    -
      Federal Government                                               1,456,157            1,742,273             1,914,743             2,421,379            2,863,540

            Total revenues                                           89,030,394            96,927,398           119,407,827           111,569,766          115,789,550

Expenditures
   Current operating:
      General government administration                               6,160,903             6,948,055             7,729,740             7,688,368           10,000,219
      Judicial administration                                         2,132,796             1,925,457             2,107,733             2,186,402            2,651,525
      Public safety                                                  11,217,942            11,112,953            12,684,365            17,634,118           15,284,971
      Public works                                                    3,808,739             5,380,379             6,152,615             6,002,496            8,588,341
      Health and welfare                                              4,721,916             4,934,176             5,324,034             5,787,402            6,498,599
      Education (2)                                                  44,520,355            48,469,865            58,276,418            57,933,386           70,255,695
      Parks, recreation, and cultural                                 2,657,226             3,180,143             4,241,026             5,731,577            6,864,198
      Community development                                           3,750,168             2,681,114             3,124,838             3,707,282            4,710,489
      Nondepartmental                                                   480,747               187,107               365,507               523,408              552,652
      Capital outlay                                                  7,190,220               109,323                     -                     -                    -
   Debt service:
      Principal retirement (1)                                         3,684,273            3,822,773             3,737,074             4,484,717            6,066,327
      Interest & fiscal charges (1)                                    2,473,086            2,465,371             2,451,475             2,916,590            2,723,740

            Total expenditures                                       92,798,371            91,216,716           106,194,825           114,595,746          134,196,756

Excess (deficiency) of revenues over (under) expenditures             (3,767,977)           5,710,682            13,213,002            (3,025,980)         (18,407,206)

Other financing sources (uses)
       Transfers in (2)                                                3,459,293            11,359,163            6,601,874             8,364,435            7,444,089
       Transfers (out) (2)                                            (3,504,083)          (11,591,137)          (6,710,683)           (8,403,077)          (7,644,624)
       Construction bond proceeds                                              -                     -                    -                     -                    -
       Issuance of debt (1)                                            3,500,000             7,650,000           14,043,998             1,700,000           11,630,000
       Refunding bond issued                                                   -                     -                    -                     -                    -
       Payments to refunding bond escrow                                       -                     -                    -                     -                    -
       Premiums on issuance of debt                                            -                     -                    -                     -              772,947

            Total other financing sources (uses)                       3,455,210            7,418,026            13,935,189             1,661,358           12,202,412

Net change in fund balances                                      $      (312,767)      $   13,128,708       $    27,148,191       $    (1,364,622)    $     (6,204,794)

(1) In Virginia, the County issues debt to finance the construction of school facilities for the School Board because the School Board does not
    have borrowing or taxing authority, therefore the debt service payments related to School facilities are presented as debt service of the Primary
    Government. Debt service as a percentage of noncapital expenditures for the Total Reporting Entity more appropriately reflects the unique Virginia
    school debt requirements.
(2) The County implemented GASB 34, the new reporting standard, in FY 2003. Prior to the implementation of GASB 34, the County's contribution
    to the School Board was reported as a transfer out. Implementation of GASB 34 required that the contribution to the School Board be reported as
    an education expenditure. For comparability FY 2000 through FY 2002 have been restated to reflect contribution to the School Board as education
    expenditures. In addition, debt service payments have been restated to reduce education and increase debt service from FY 2000 through FY 2002.
(3) The amount reported for "capital outlay primary government only" matches the reconciling item for capital outlay in the reconciliation between the
    government-wide statement of activities and the statement of revenues, expenditures, and changes in fund balance for governmental funds (Exhibit 6).
    The amount reported for "capital outlay Component Unit - School Board only" matches the reconciling item for capital outlay in the reconciliation
    between the government-wide statement of activities and the statement of revenues, expenditures, and changes in fund balance for the
    Discretely Presented Component Unit - School Board (Exhibit 30).
                                                                                                                                                    Page 2 of 4




                                          Fiscal Year
      2005               2006                2007             2008               2009
                                                                                              Revenues
$    93,092,244    $ 105,484,892      $ 117,395,045       $ 125,634,196    $ 132,573,715         General property and other local taxes
      2,212,566        1,921,717          2,287,326           1,575,699        1,213,148         Permits, privilege fees, and regulatory licenses
        486,847          529,420            526,235             403,870          483,483         Fines and forfeitures
      1,647,513        2,499,258          4,595,057           3,643,296        1,272,923         Revenue from use of money and property
      1,240,303        1,380,707          1,299,009           1,749,725        2,475,872         Charges for services
        887,490        1,035,693          4,395,470             140,246            2,441         Gifts and donations
        154,483          257,337            241,385             270,601          517,063         Recovered costs
         80,100          723,786            222,369             457,724          169,889         Miscellaneous
                                                                                                 Intergovernmental:
        526,788          1,316,810                   -                -                  -          Contribution from School Board (2)
     20,660,061         22,290,152          22,520,192       23,687,021         23,577,653          Commonwealth of Virginia
              -            369,556                   -                -                  -          Contribution from Culpeper County
      2,557,472          2,663,034           3,126,629        2,647,758          4,165,645          Federal Government

    123,545,867        140,472,362        156,608,717       160,210,136        166,451,832              Total revenues

                                                                                              Expenditures
                                                                                                 Current operating:
      9,133,896          9,391,807          10,820,861       10,654,666         10,747,190         General government administration
      5,334,255          4,933,976           2,913,670        3,065,299          2,966,916         Judicial administration
     19,869,721         19,157,429          21,101,417       23,453,213         24,314,107         Public safety
      5,539,741          6,193,511           6,483,272        8,319,953          6,729,594         Public works
      7,201,697          8,024,745           8,618,127        9,880,305          9,942,056         Health and welfare
     67,244,700         81,797,232          95,373,503      129,784,456         90,092,039         Education (2)
      5,691,502         11,725,937          17,173,878        7,269,368          6,868,414         Parks, recreation, and cultural
      5,795,456          5,092,111           6,670,589        8,186,119          8,553,281         Community development
        579,410            640,050             550,225          391,617            816,428         Nondepartmental
              -                  -                   -                -                  -         Capital outlay
                                                                                                 Debt service:
      4,976,092          5,138,726           5,711,745        6,900,170          8,739,019         Principal retirement (1)
      3,109,014          2,962,402           3,609,954        5,149,438          6,386,481         Interest & fiscal charges (1)

    134,475,484        155,057,926        179,027,241       213,054,604        176,155,525              Total expenditures

    (10,929,617)       (14,585,564)        (22,418,524)     (52,844,468)        (9,703,693) Excess (deficiency) of revenues over (under) expenditures

                                                                                              Other financing sources (uses)
      9,902,280          7,927,776          11,551,635        7,738,049          3,583,913          Transfers in (2)
    (10,115,839)        (8,075,717)        (11,467,873)      (7,772,511)        (3,588,665)         Transfers (out) (2)
              -         11,540,000                   -                -                  -          Construction bond proceeds
      3,720,000            643,395          39,615,000       34,075,000                  -          Issuance of debt (1)
              -                  -                   -                -          2,115,000          Refunding bond issued
              -                  -                   -                -         (2,285,637)         Payments to refunding bond escrow
        282,235                  -           2,262,669        1,832,846            205,787          Premiums on issuance of debt

      3,788,676         12,035,454          41,961,431       35,873,384            30,398               Total other financing sources (uses)

$    (7,140,941)   $    (2,550,110)   $     19,542,907    $ (16,971,084)   $    (9,673,295) Net change in fund balances
COUNTY OF FAUQUIER, VIRGINIA

Table 4

Changes in Fund Balances Governmental Funds                                                                                                                Page 3 of 4
Last Ten Fiscal Years
(modified accrual basis of accounting)


                                                                                                                Fiscal Year
                                                                       2000                 2001                  2002                  2003                 2004

Debt Service as a Percentage of Noncapital Expenditures: (2)

Primary Government:


Total debt service                                               $     6,157,359       $    6,288,144       $     6,188,549       $     7,401,307     $      8,790,067

Total expenditures                                                    92,798,371           91,216,716           106,194,825           114,595,746          134,196,756
Capital outlay primary government only (3)                             2,124,467            2,566,454             7,593,418             9,028,008            7,437,757
   Non-capital expenditures                                           90,673,904           88,650,262            98,601,407           105,567,738          126,758,999
Debt service as a percentage of noncapital
    expenditures: Primary Government only                                  6.79%                7.09%                 6.28%                 7.01%                6.93%



Component Unit - School Board:


Schools expenditures excluding County contribution                    20,560,482           22,503,838            21,294,224            32,953,449           36,016,109
Capital outlay Component Unit School Board only (3)                   19,058,070            9,898,068             4,852,106             6,124,463           15,749,994
    Non-capital expenditures                                           1,502,412           12,605,770            16,442,118            26,828,986           20,266,115

Total Reporting Entity:

Total debt service                                                     6,157,359           6,288,144            6,188,549             7,401,307           8,790,067
Total non-capital expenditures                                    $   92,176,316       $ 101,256,032        $ 115,043,525         $ 132,396,724       $ 147,025,114

Debt service as a percentage of noncapital
   expenditures: Total Reporting Entity                                    6.68%                6.21%                 5.38%                 5.59%                5.98%

(1) In Virginia, the County issues debt to finance the construction of school facilities for the School Board because the School Board does not
    have borrowing or taxing authority, therefore the debt service payments related to School facilities are presented as debt service of the Primary
    Government. Debt service as a percentage of noncapital expenditures for the Total Reporting Entity more appropriately reflects the unique Virginia
    school debt requirements.
(2) The County implemented GASB 34, the new reporting standard, in FY 2003. Prior to the implementation of GASB 34, the County's contribution
    to the School Board was reported as a transfer out. Implementation of GASB 34 required that the contribution to the School Board be reported as an
    education expenditure. For comparability FY 2000 through FY 2002 have been restated to reflect contribution to the School Board as education
    expenditures. In addition, debt service payments have been restated to reduce education and increase debt service from FY 2000 through FY 2002.
(3) The amount reported for "capital outlay primary government only" matches the reconciling item for capital outlay in the reconciliation between the
    government-wide statement of activities and the statement of revenues, expenditures, and changes in fund balance for governmental funds (Exhibit 6).
    The amount reported for "capital outlay Component Unit - School Board only" matches the reconciling item for capital outlay in the reconciliation
    between the government-wide statement of activities and the statement of revenues, expenditures, and changes in fund balance for the
    Discretely Presented Component Unit - School Board (Exhibit 30).
                                                                                                                                              Page 4 of 4




                                        Fiscal Year
      2005              2006               2007              2008              2009

                                                                                           Debt Service as a Percentage of Noncapital Expenditures: (2)

                                                                                           Primary Government:

$     8,085,106   $     8,101,128   $      9,321,699   $    12,049,608   $    15,125,500 Total debt service

    134,475,484       155,057,926       179,027,241        213,054,604       176,155,525 Total expenditures
     11,543,894        12,209,038        14,448,161          4,665,840         3,473,135   Capital outlay primary government only (3)
    122,931,590       142,848,888       164,579,080        208,388,764       172,682,390      Non-capital expenditures
                                                                                           Debt service as a percentage of noncapital
          6.58%             5.67%              5.66%             5.78%             8.76%       expenditures: Primary Government only



                                                                                           Component Unit - School Board:


     39,528,052        41,363,609         47,200,710        47,144,282        46,216,452 Schools expenditures excluding County contribution
      7,511,716         1,441,275          2,172,271         2,327,141         1,594,750 Capital outlay Component Unit School Board only (3)
     32,016,336        39,922,334         45,028,439        44,817,141        44,621,702     Non-capital expenditures

                                                                                           Total Reporting Entity:

    8,085,106         8,101,128         9,321,699         12,049,608        15,125,500 Total debt service
$ 154,947,926     $ 182,771,222     $ 209,607,519      $ 253,205,905     $ 217,304,092 Total non-capital expenditures

                                                                                           Debt service as a percentage of noncapital
          5.22%             4.43%              4.45%             4.76%             6.96%      expenditures: Total Reporting Entity