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Home My WebLink AboutCabarrus County - Public Financial ReportCollaborative Resilience CABARRUS COUNTY, NORTH CAROLINA POPULAR ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2021 Collaboration remains at the heart of our mission. Community partnerships flourish when everyone works collectively toward a common goal. Whether it’s celebrating those who serve or helping small businesses rebound from the pandemic, Cabarrus County remains committed to neighbors and friends. Throughout this report, you’ll find these Cabarrus Collaborations, which showcase the cooperative programs and events that helped shape our year. ii Cabarrus County, North Carolina Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Table of Contents Overview 1 Manager’s Message 2 Our Home 3 Our Economy 4 Our Work 5 GFOA Certification 7 Cabarrus County Values, Mission and Vision 8 Key Roles in the Budget Process 10 Fiscal Year 2021 Financial Overview 11 Fund Financial Statements 13 Government-Wide Financial Statements 15 Major Financial Changes 17 Capital Assets 18 Property Taxes 19 Phone Listing 20 Financial Excellence The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Cabarrus County for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2020. The County also received the GFOA’s Distinguished Budget Presentation Award for its annual budget document for the fiscal year ended June 30, 2020. FY20 Audit Opinion Auditors Martin Starnes & Associates, CPAs, P.A., found: Cabarrus County’s financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Cabarrus County, North Carolina, as of June 30, 2021, and the respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. To read the full audit, visit cabarruscounty.us/comprehensivefinancialFY21. This report does not include all information on the County’s Funds or Component Units. FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report iiicabarruscounty.us Commissioners, left to right: Vice Chair Blake Kiger, Barbara Strang, Chair Steve Morris, Diane Honeycutt, Lynn Shue Overview Fiscal Year 2021 Cabarrus County Board of Commissioners Goals 1. Preserve and enhance the quality of life through public policy that promotes cross-jurisdictional collaboration, encourages growth while balancing its impact and looks ahead. 2. Provide for public safety by communicating preparedness and safety awareness, responding to routine and catastrophic events and maintaining and restoring the well-being of citizens. 3. Use resources wisely by seeking to collaborate, share costs, minimize risk and protect County assets and investments. 4. Support community connections through purposeful and strategic communication, enhanced education, active community participation and increased access to and utilization of services. Board of Commissioners Board Members Chair: Steve Morris smmorris@cabarruscounty.us Vice Chair: Blake Kiger fbkiger@cabarruscounty.us Member: Diane Honeycutt drhoneycutt@cabarruscounty.us Member: Lynn Shue lwshue@cabarruscounty.us Member: Barbara Strang bstang@cabarruscounty.us Board of Commissioners Meeting Information Work Sessions*: First Monday of each month, 4 p.m., Governmental Center, Multipurpose Room Regular Meetings*: Third Monday of each month, 6:30 p.m., Governmental Center, Meeting Chambers Public invited to comment up to three minutes at each regular meeting. Agendas and minutes are available. Meeting Broadcast Livestream: cabarruscounty.us/live Live Tweets: twitter.com/cabarruscounty Cabarrus County Television: Cabarrus County Spectrum Cable, Channel 22 On-demand playback: youtube.com/cabarruscounty *Dates, locations and times subject to change 1 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Manager’s Message Dear fellow Cabarrus County residents, Our community is strong. Nothing has proven that more than the challenges of the past year. A successful response to the pandemic illustrates the value of investment in preparation, training and technology. Our work in the community continues. Public safety services remain necessary, often even more so with the pandemic. Schools must be built and maintained to accommodate the growing number of families in our community. The mind-clearing effects of parks and recreation services are at an all-time high. Even when the world seems to stop, important work continues. Now, more than ever, transparency in all we do is key to public confidence. You should know how we spend and invest your tax dollars, and this report is one of the ways we make that happen. The information in the following pages comes from financial statements in the Cabarrus County Annual Comprehensive Financial Report. We’ve also highlighted a few of the important initiatives from the year. As required by North Carolina statute, this report is created in accordance with Generally Accepted Accounting Principles (GAAP) and is audited by an independent certified public accounting firm. The Annual Comprehensive Financial Report can be found for review at cabarruscounty.us/comprehensivefinancialFY21. We thank you for taking the time to review this report. We hope it provides some context for the decisions we make. If you have any questions about the information contained within or the process of arriving at that information, we welcome you to contact us at outreach@cabarruscounty.us. Mike Downs | County Manager | Cabarrus County cabarruscounty.us 2 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report R O C K Y R I V E R ROC K Y R IVER C O D D L E C R E E K KANNAPOLIS HARRISBURG MT. PLEASANT MIDLAND LOCUST CONCORD CenterGovernmentCabarrusCounty 29 601 49 49 Demographics 225,804 Population (April 1, 2020 estimated, Census) 21.2% Population Increase (April 2010 to April 2020, Census) 4.4% Unemployment Rate (November 2021, AccessNC) $67,328 Median Family Income (For the years between 2015 and 2019, Census) 80.7% Urban 19.3% Rural Urban/Rural Representation (November 2021, AccessNC) Municipalities Located Within Cabarrus County City of Concord City of Locust Town of Midland Town of Harrisburg City of Kannapolis Town of Mt. Pleasant Our Home Cabarrus County, incorporated in 1792, is located in the Piedmont of North Carolina. Cabarrus is bordered on the north by Rowan and Iredell counties, on the east by Stanly County, on the south by Union County and on the west by Mecklenburg County. There are six municipalities in the roughly 230,400 acres of the county. The county seat and largest city, Concord, is roughly 18 miles northeast of Charlotte and 124 miles southwest of Raleigh. 3 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Our Economy 10 Largest Employers in the County June 30, 2021 Employer Number of Employees 2021 2020 Cabarrus County Schools 4,264 3,964 Atrium Health 4,131 4,269 Amazon 2,500 2,500 Cabarrus County Government 1,220 1,196 Wal-Mart 1,200 1,200 City of Concord 1,106 1,078 Shoe Show 1,000 1,000 FedEx Ground and FedEx Smartpost 807 - Kannapolis City Schools 751 724 Corning 650 650 Food Lion - 750 Source: Cabarrus County Economic Development Corporation (2021) Top 10 Taxpayers 1. Corning, Incorporated 2. Mall at Concord Mills, LP 3. Charlotte Motor Speedway, Incorporated 4. Castle & Cooke North Carolina, LLC / David H Murdock 5. Celgard, LLC 6. Duke Energy Corporation 7. Weinstein Properties 8. The Silverman Group 9. Great Wolf Lodge of the Carolinas 10. Hendrick Automotive Local industries Healthcare Biotechnology Manufacturing Industry and Distribution Retail Aviation Tourism and Hospitality To learn more about the role these industries play in Cabarrus, visit cabarruscounty.us/ comprehensivefinancialFY21. Celebrating ‘communities of strength’ More than 400 luminaries and 200 lanterns created a glowing tribute to those who kept Cabarrus going through the pandemic. Cabarrus County Active Living and Parks staged Lanterns on the Lake as part of Older Americans Month, celebrating first responders, essential workers and those who passed due to COVID-19. “Everyone has gone through the same thing, whether you’re an older adult or a child, everybody has lost somebody,” said Active Living and Parks Program Director Teresa Kiser. “And we’ve all gone through this together.” FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report cabarruscounty.us 4 Our Work Management, Commissioners and staff launched the strategic planning process in November 2018. Multiple forums were held to engage members of the public and help them prioritize the goals most important to them. The County also created a staff- themed assessment to engage employees. After several months of data collection, County staff presented the findings to the Board of Commissioners. The Board then adopted the plan. Strategic Priorities Healthy and Safe Community Goal 1: Sustain a culture where safety is a shared priority for residents, businesses, employees and visitors. Goal 2: Improve the physical and mental circumstances of residents by connecting them to community resources to enhance their quality of life. Goal 3: Promote and engage quality-of-life initiatives to foster a healthy and safe community. Culture and Recreation Goal 1: Create a community that recognizes the basic human need for physical and intellectual development. Goal 2: Enhance policies, facilities and land to foster diverse cultural and recreational opportunities. Sustainable Growth and Development Goal 1: Promote responsible and strategic countywide growth. Goal 2: Promote, support and address sustainable open space, forestry practices and farming. A Thriving Economy Goal 1: Promote, grow and sustain a diverse economic base through collaborative community partnerships. Goal 2: Invest in opportunities that promote self-sufficiency and empowerment to our current and future workforce. Transparent and Accountable Government Goal 1: Ensure an engaged and accountable workforce to provide exceptional service. Goal 2: Perform analysis, forecasting and reporting to ensure effective stewardship of funds and longevity of current and future County assets. Goal 3: Create opportunities for people to see value in the work of County government. Goal 4: Develop creative technological solutions to support County services. Approved by the Board of Commissioners, December 16, 2019. 5 Cabarrus County, North Carolina Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 FY21 Initiatives Include: Coordinated the Census 2020 Cabarrus County Complete Count Committee. Continued collaboration with City of Concord, City of Kannapolis and Town of Harrisburg Development Services with County to develop and implement online plan submittal and central permitting process. Collected more than $12 million in child support on behalf of children in Cabarrus County. Provided over $1 million of heating and cooling assistance to eligible households. Served more than 30,000 meals to senior adults at LunchPlus Club sites. Continued the work of the Mental Health Advisory Board to create public awareness, increase access to care and provide crisis response, along with addressing the opioid crisis. Entered a partnership with Kannapolis City Schools to provide all students access to digital library materials with their student ID numbers, increasing access to academic and literacy resources. Making a joyful noise If you make your way to Frank Liske Park, as thousands do each year, you may be tempted to play a few notes. Go right ahead! Rotary Harmony Park is a musical playground featuring six instruments purchased by the Rotary Club of Cabarrus County. Contrabass chimes are positioned in the center and are surrounded by a harp, tuned drums and a manta ray metallophone. Lilypad cymbals and a tenor tree round out the installation. cabarruscounty.us 6 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report 7 Cabarrus County, North Carolina Our Values Family. From generation to generation, our family values nurture our community. We invest in our youth and their success. We take pride in our community accomplishments and welcome those who seek a supportive community. Faith. We are a community of diverse beliefs, united in mutual support of others. Faith inspires compassion among our people and guides our strong moral fiber. Collaboration. We celebrate our accomplishments based on our mutual goals. We work together, play together and take pride in our thriving community. Tradition. While building a progressive future, we make time to appreciate what makes our lives special. We come together to share experiences and pass on ideals that are uniquely shaped by each generation. Our Mission We embrace growth and continued improvement of quality of life for all citizens. Collaboration is at the heart of our mission—people, communities and government working together and focused on our successful future. Our Vision We have a bright and prosperous future through well-managed growth that delivers an exceptional business and living environment for those who seek it. Cabarrus County respects tradition while focusing on progress. We enjoy strong collaboration among our businesses. We are united by our shared values of family, faith, collaboration and tradition. These instill our exceptional work ethic and great sense of community. We embrace freedom and opportunity, which leads to our diverse talents and mindsets. By recognizing our talents, which are driven by our values, and working together for our future, this is the place where America thrives. Honoring. Remembering. As part of national Law Day events, local law enforcement officers, the families of fallen officers, and members of the community gather each year at the Cabarrus County Government Center for two purposes: To honor the lives of fallen officers and to award a deserving veteran law enforcement officer. Kannapolis Police Lt. Allen H. Tomlin earned the 2021 Eury Award, which honors a 20-plus-year veteran who embodies the integrity of Lt. Eury, who was killed while honorably protecting Cabarrus residents. Eury Award winners demonstrate a true commitment to law enforcement and service to the community. Sadly, this year’s event added a seventh name to the fallen officer memorial. Concord Police Officer Jason Nicholas Shuping, who was killed on December 16, 2020. FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report cabarruscounty.us 8 9 Cabarrus County, North Carolina Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Key Roles in the Budget Process Departments  Determine needs and requests (projects and personnel)  Present budget requests to County staff  Present at budget retreat/workshops Taxpayer / Citizen  Consumes information  Participates in meetings and educational sessions  Provides input throughout process Management  Assesses needs and requests of internal departments  Assesses needs of outside entities  Reviews budget requests and makes necessary adjustments  Balances the budget  Presents at budget retreat/workshops  Presents budget to the Board Board of Commissioners  Formulates Strategic Plan  Sets the goals and priorities of the County  Reviews budget  Holds budget retreat/workshops  Adopts budget Budget To learn more about the budget process, visit cabarruscounty.us/ budget. cabarruscounty.us 10 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report FY21 Financial Overview Understanding the Annual Comprehensive Financial Report This annual report highlights information presented in Cabarrus County’s FY21 Annual Comprehensive Financial Report, the year-end evaluation of the budget that began July 1, 2020 and ended June 30, 2021. Commissioners approved the FY21 Annual Comprehensive Financial Report at their January 2021 regular meeting. The Annual Comprehensive Financial Report includes: Organizational information Auditor’s report Management’s discussion and analysis Financial statements Notes to the financial statements Supplemental financial data and information Funds Schedules Statistics Compliance To help convey the complex information presented in the Annual Comprehensive Financial Report, we’ll divide the information into these two sections: Fund Financial Statements Government-Wide Financial Statements To view the Annual Comprehensive Financial Report, visit cabarruscounty.us/ comprehensivefinancialFY21. For questions regarding the report, email finance@cabarruscounty.us. Repurposing iconic grounds Most folks who grew up in the Cabarrus community know of the imposing structures along Old Charlotte Road in Concord. The crumbling, graffiti-covered buildings at the old Stonewall Jackson Training School once housed “troubled” youth as the State’s first juvenile detention facility. In early 2021, County officials began working with a variety of organizations to assess the buildings for historical value and structural integrity. The reason? A redevelopment is underway and the project could finally transform the area. 11 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina 12cabarruscounty.us FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report Fund Balance and Quick Facts FY21 The General Fund’s fund balance increased $24.7 million from the prior year The General Fund is the chief operating fund of Cabarrus County. The County’s total fund balance was $122.4 million of which $83 million was available for commitments, assignments and appropriations. The governing body of Cabarrus County has determined that the County should maintain an available fund balance of 15% of General Fund expenditures in case of unforeseen needs or opportunities and to meet the cash flow needs of the County. Cabarrus County’s total debt increased by $12.1 million, or 3.3%, during the current fiscal year. Due to normal debt service payments, COPS and LOBS debt decreased by $29.3 million, General Obligation Bond debt decreased by $6.4 million, capital leases by $107,867 and installment financing by $511,019. A draw direct borrowing finance agreement was established last fiscal year, and the current liability is $54.9 million. Fund Financial Statements Through the budget process, the County designates resources into funds, or groupings of related accounts. Governmental entities in North Carolina use fund accounting to ensure and reflect compliance (or non-compliance) with finance-related legal requirements, such as the N.C. General Statutes or the County’s Budget Ordinance. The General Fund This is the County’s primary operating fund. This fund accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Community Investment Fund is a legally budgeted fund under North Carolina General Statutes; however, for statement presentation, in accordance with GASB 54, it is consolidated in the General Fund. Services within General Fund: General Government Board of Commissioners Board of Elections County Manager’s Office Communications & Outreach Finance Human Resources Information Technology Services Infrastructure & Asset Management Register of Deeds Tax Administration Public Safety Construction Standards Emergency Management Emergency Medical Services Fire Marshal’s Office Sheriff’s Office Human Services Cooperative Extension Department of Human Services Veterans Services Economic and Physical Development Economic Development Commission Planning & Development Environmental Protection Construction & Demolition Landfill Waste Reduction Soil & Water Conservation Education Cabarrus County Schools Kannapolis City Schools Rowan-Cabarrus Community College Cultural and Recreational Active Living & Parks Cabarrus Arena & Events Center Fair Library System 13 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Ad Valorem Taxes $214,594,269 61.5% Investment Earnings, Donations, and Miscellaneous $820,137 0.3% Other Taxes & Licenses $63,462,569 18.2% Intergovernmental Revenues $26,885,811 7.7% Sales & Services $12,628,803 3.6% Permits & Fees $10,712,602 3.1% Transfers In $5,274,239 1.5% Debt Proceeds $14,355,000 4.1% Education $88,881,382 27.4% Public Safety $48,844,595 15.1% General Government $28,404,642 8.8% Human Services $44,217,974 13.7% Principal Retirement $36,220,656 11.2% Interest & Fees$12,331,4563.8% Environmental Protection $688,341 0.2% Transfers Out $37,624,563 11.6% Economic & Physical Development $6,252,802 1.9% Culture & Recreation $6,306,384 1.9% Payment to Escrow Agent $14,188,795 4.4% By Function General Fund Revenue by Source General Fund Expenditures Operations $234,877,579 72.5 % Personnel Services $86,256,413 26.6% Capital Outlay $2,827,598 0.9 % By Category Budget Quick Reference: Revenues Ad Valorem Taxes Revenue derived from property tax. Local Option Sales Taxes/ Other Taxes Tax revenues distributed to the County that are collected for sales taxes, cable franchise fees, etc. Intergovernmental Grants/Other State and federal grant money received in support of County programs, and revenues collected from other governmental units that are not grant related. Permits & Fees Fees collected for various services or privileges performed or approved by the County. Sales & Services Fees collected by various departments for goods or services rendered to the public, other departments or other governments. Investment Earnings Revenue earned on savings held by the County for investment. Miscellaneous Revenues collected that do not fit other categories. Other Financial Sources Includes interfund transfers and fund balance appropriations. Expenditures Personnel Services Personnel management, cost-of-living salary adjustments and merit pay raises. Operations Day-to-day functions. Capital Outlay Expenditures budgeted to purchase or add to fixed assets costing between $5,000 and $100,000. cabarruscounty.us 14 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report Government-Wide Financial Statements Statement of Net Position Governmental Activities 2021 2020 Current and other assets $ 229,963,113 $ 166,028,311 Capital assets 237,169,103 213,471,842 Total assets 467,132,216 379,500,153 Deferred outflows of resources 40,478,087 30,013,765 Long-term liabilities outstanding 471,648,101 438,292,492 Other liabilities 45,866,943 22,014,742 Total liabilities 517,515,044 460,307,234 Deferred inflows of resources 12,445,938 14,091,247 Net Position Net investment in capital assets 171,326,199 159,939,882 Restricted 122,256,741 30,339,063 Unrestricted (315,933,619) (255,163,508) Total net position $ (22,350,679) $ (64,884,563) Similar in format to private-sector financial statements, government- wide financial statements present a comprehensive retrospective of the County’s revenue collected and the amount spent. There are three types of government- wide financial statements: governmental activities, business-type activities and component units. The information on the following pages focuses only on governmental activities. Statement of Net Position Shows what the government has in relation to assets (what we own) and liabilities (what we owe). In FY21, the County’s Total Net Position was $(22,350,679), an increase of $42,533,884 from FY20. The increase is primarily due to construction of the courthouse and other in-progress projects, along with additions in stabilization by State statute and the outstanding debt on the County’s financial report for school systems and the community college that are not assets owned by the County. Statement of Activities Shows the revenues (sources of income) and expenses (uses of money) that yield the annual change in net position. Learn more about the County’s business-type activities and component units in the Annual Comprehensive Financial Report at cabarruscounty.us/ comprehensivefinancialFY21. 15 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Changes in Net Position Governmental Activities 2021 2020 Revenues Program revenues: Charges for services $ 27,273,923 $ 23,863,274 Operating grants and contributions 34,429,999 26,505,813 Capital grants and contributions 2,300,000 2,300,000 General revenues: Property taxes 221,375,407 185,141,095 Local option sales tax 62,507,935 52,970,080 ABC revenues 220,443 130,203 Other taxes and licenses 810,546 824,515 Investment earnings 259,485 2,642,249 Miscellaneous 312,545 - Total revenues 349,490,283 294,377,229 Expenses General government 33,792,440 31,253,702 Public safety 69,942,162 60,955,287 Economic and physical development 6,495,321 4,693,056 Environmental protection 879,312 690,214 Human services 45,911,170 41,391,469 Education 127,347,465 129,178,290 Cultural and recreation 9,484,202 9,265,753 Interest on long-term debt 13,264,142 13,098,803 Landfill - - Total expenses 307,116,214 290,526,574 Increase (decrease) in net position before transfers 42,374,069 3,850,655 Increase (decrease) in net position 42,374,069 3,850,655 Net position, beginning (64,884,563) (68,735,218) Restatement 159,815 - Net position, beginning, restated (64,724,748) (68,735,218) Net position ending $ (22,350,679) $ (64,884,563) FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report cabarruscounty.us 16 Major Financial Changes Outstanding Debt Long-Term Debt. As of June 30, 2021, Cabarrus County’s total debt outstanding for its governmental and business-type activities totals $442,251,816. This includes General Obligation Bonds that are backed by the full faith and credit of the County and other debt that is covered by pledged collateral and is subject to appropriation. Outstanding Debt Governmental Activities 2021 2020 General obligation bonds $ 36,745,541 $ 43,132,041 Certificates of participation/ Limited obligation bonds 341,351,782 322,857,803 Capital lease obligations 334,435 442,302 Installment financing 2,389,979 2,900,998 Accrued landfill closure and postclosure care costs - - Compensated absences 5,229,482 4,488,562 Net pension liability (LGERS) 29,456,310 21,627,785 Net pension liability (LEOSSA) 13,003,554 8,474,799 Total OPEB liability 43,137,018 34,368,202 Total $ 471,648,101 $ 438,292,492 General Obligation Bond Ratings Cabarrus County has installment bond ratings of AA / Aa2 / AA and general obligation bond ratings of AA+ / Aa1 / AA+. AA+ Rating S&P Global Ratings Aa1 Rating Moody’s Investors Service AA+ Rating Fitch Ratings Conserving unique landscapes In late 2020, Cabarrus County purchased a 616-acre land parcel from The Conservation Fund through a three-year purchase agreement. The area, in northwestern Cabarrus, features a variety of unique landscapes, such as an upland depression swamp forest, a dry oak hickory forest and an active farm. Ultimately, plans are to develop an open-space passive park while conserving a large amount of the unique land. 17 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Capital Assets Capital assets. Cabarrus County's investment in capital assets for its governmental and business-type activities as of June 30, 2021, totals $237.2 million (net of accumulated depreciation). These assets include buildings, building improvements, land, land improvements, reservoir, equipment, furniture and fixtures, vehicles and construction in progress. Major capital asset transactions during the year include: Purchased one vehicle for County Manager, four for Construction Standards, two for Animal Control, two ambulances and one vehicle for Emergency Medical Services, one for ground maintenance, one for Infrastructure and Asset Management, 10 for Human Services, one for Information Technology Services, 28 for Sheriff’s Office and one recycling truck for Waste Reduction and Recycling. Two land purchases, including 616 acres for Northeast Area Park project and 13.62 acres for radio tower project. Various construction projects in progress at the end of the year included the new Courthouse, Public Safety Training Center, Rob Wallace Park Phase II, Frank Liske Park restroom for lower lot, Arena light system control replacement, IT fibers infrastructure improvements, design for a new EMS Headquarters, radio ethernet backhaul and edge project, enterprise physical security project, Operations Center upfit, Camp T.N. Spencer Park overlook, Government Center skylight repair, West Cabarrus High School turf field and Frank Liske Park barn improvements. Capital Assets (net of accumulated depreciation) Governmental Activities 2021 2020 Land $ 22,554,842 $ 21,533,301 Land improvements 5,616,962 6,278,851 Buildings 121,916,108 128,046,528 Building improvements 14,496,425 15,090,119 Equipment 2,779,580 3,554,595 Furniture and fixtures 116,765 162,930 Vehicles 5,376,947 4,892,112 Reservoir 21,199,593 21,221,358 Construction in progress 43,111,881 12,692,048 Total $ 237,169,103 $ 213,471,842 Capital assets have an initial minimum individual cost of $5,000 and an estimated useful life in excess of one year. Capital assets, which include property, plant and equipment, are reported in the applicable governmental or business- type activities columns in the government-wide financial statements. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. cabarruscounty.us 18 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report Property Taxes Cabarrus County receives funding through ad valorem – or property – taxes. Commissioners set the ad valorem tax rate when they adopt the annual budget ordinance. Owners of residential, commercial and industrial properties pay this tax. Entities that receive tax exemptions must pay tax when the property falls outside the scope of the exclusion. Simplifying the payment process For the first time, residents are able to download myCabCo, an official Cabarrus County app that provides instant access to a multitude of government services through its modern, secure solution utilizing a single login, various payment methods, receipts and official documents. FY21 tax collection rate was 99%. 99% Cabarrus County’s FY21 Tax Collection Rate $0.74 FY21 Property Tax Rates per $100 of valuation Supporting the supporters Funding of $1.1 million can do wonders for the organizations that exist to help others. This year, Cabarrus County earmarked that amount through Nonprofit Resiliency Grants. The grants were designed to aid local nonprofits who suffered economic hardship, instability and safety concerns amid the COVID-19 pandemic. Funding helped services that: Maintain and expand educational opportunities Address health and wellness challenges Provide food assistance Support housing needs and provide assistance with other household expenses “We are able to directly impact our citizens with education, mental health, housing and food assistance—critical areas of need at this time,” said Cabarrus County Commissioner Diane Honeycutt. 19 Popular Annual Financial Report • FISCAL YEAR ENDED JUNE 30, 2021 Cabarrus County, North Carolina Phone Listing Culture and Recreation Active Living & Parks ...........................................................................704-920-3484 Cabarrus Arena & Events Center ........................................................704-920-3976 Fair .......................................................................................................704-786-7221 Library .................................................................................................704-920-2050 Environmental Protection Construction & Demolition Landfill .....................................................704-920-2950 Household Hazardous Waste Facility ..................................................704-920-3278 Soil & Water Conservation District .....................................................704-920-3300 General Government Board of Commissioners & County Manager’s Office ........................704-920-2100 Board of Elections................................................................................704-920-2860 Communications & Outreach ..............................................................704-920-2336 Finance .................................................................................................704-920-2104 Human Resources ................................................................................704-920-2200 Information Technology Services .........................................................704-920-2487 Infrastructure & Asset Management ....................................................704-920-3213 Register of Deeds ................................................................................704-920-2112 Tax Administration ...............................................................................704-920-2166 Human Services Cooperative Extension ........................................................................704-920-3310 Department of Human Services ..........................................................704-920-1400 Veterans Services .................................................................................704-920-2868 Planning and Development Community Development ...................................................................704-920-2192 Planning................................................................................................704-920-2141 Zoning ..................................................................................................704-920-2137 Public Safety Construction Standards .......................................................................704-920-2128 Emergency Management .....................................................................704-920-2143 Emergency Medical Services Non-emergency ....................................704-920-2600 Fire Marshal’s Office ............................................................................704-920-2143 Sheriff’s Office Non-emergency ..........................................................704-920-3000 FISCAL YEAR ENDED JUNE 30, 2021 • Popular Annual Financial Report cabarruscounty.us 20 PO Box 707 Concord NC 28026 704.920.2100 cabarruscounty.us Connect With Us Facebook @CabarrusCounty @CabCoALP @CabarrusCountyLibrary @CabarrusSheriff @CabarrusCountyCE Twitter @CabarrusCounty @CabCoEM Instagram @CabarrusCounty @CabCoALP @CabarrusCountyLibrary YouTube @CabarrusCounty CabCoTV Livestream cabarruscounty.us/live Cabarrus Update Newsletter Text CTW to 22828