HomeMy WebLinkAboutAlamance County - Public Financial ReportA L A M A N C E C O U N T Y
N O R T H C A R O L I N A
C I T I Z E N S ' F I N A N C I A L
R E P O R T
F o r t h e f i sc al ye a r end ed Ju n e 30 , 2 021
P r epa r ed by t h e
Alam a n ce Coun ty F inanc e D ep a r t ment
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Manager's Message
Abou t Alamance County
Alamance County at a Glance
E conomy and Industry
Alamance County Government Overview
Dolla rs In: General Fund Rev enue
Dolla rs Out: General Fund Expenditu res
Net Positio n: Government al and Bus iness-Type Activities
Inco me Statement : Combined Financial Statements
Fund B alan ce
Debt: How much do we owe?
In Conclusion
Downtown Burlinton
Photo Credit: Ron King
Alamance Historic Courthouse
T A B L E O F C O N T E N T S
G F O A A W A R D
The Government Finance Officers Association of the United States and Canada (GFOA) has
given an Award for Outstanding Achievement in Popular Annual Financial Reporting to
Alamance County for its Popular Annual Financial Report for the fiscal year ended June 30,
2020. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a
prestigious national award recognizing conformance with the highest standards for preparation of
state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial
Reporting, a government unit must publish a popular annual financial report, whose contents
conform to program standards of creativity, presentation, understandability, and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a
period of one year only. Alamance County has received this award for its Popular Annual
Financial Report for all years beginning with and since 2018. The current report continues to
conform to the popular annual financial reporting requirements and will be submitted to the
GFOA to determine its eligibility for another certificate.
National Law Enforcement
Memorial
In an effort to provide transparency and accountability to our residents, Alamance County
Government presents the 2020-21 Citizens' Financial Report. This report is an overview of the
Annual Comprehensive Financial Report that was prepared in conformance with Generally
Accepted Accounting Principles (GAAP) and audited by Martin Starnes & Associates, CPAs,
P.A., Information highlights the General Fund which accounts for the majority of operations for the
County, but differs from the GAAP financial statements because accounting data has been
summarized.
The County has responded to the COVID-19 pandemic by remaining open to provide services to
our citizens all while protecting the health and safety of our employees and citizens through
telework and other protective building modifications. The Health Department, Emergency
Management, EMS and other public safety departments have led the efforts to set up a call center
to provide information to our citizens, offer testing sites and providing shelter and quarantine care
for COVID patients.
The County, along with Alamance-Burlington School System and Alamance Community College,
continue to move forward with capital facility plan which will better meet the needs of our growing
population. Initial site plans and development have begun for the bond construction projects.
We hope that this report is a reflection of our mission and the work our departments and partner
organizations have provided to residents this year. We invite you to look over this basic report as
well as the complete Annual Comprehensive Financial Report available on our website, and we
encourage you to reach out to us with any questions you may have.
T O T H E R E S I D E N T S O F A L A M A N C E C O U N T Y
1 2 4 W . E L M S T R E E T , G R A H A M | W W W .A L A M A N C E -N C .C O M
M A N A G E R 'S M E S S A G E
S H E R R Y H O O K
INTERIM COUNTY MANAGER
Top Row: Commissioner William T. "Bill" Lashley, Commissioner Craig Turner
Bottom Row: Vice Chair Steve Carter, Chair John Paisley, Commissioner Pamela T, Thompson
BOARD OF
COMMISSIONERS
2020-21
ALAMANCE COUNTY
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Alamance County was formed in 1849, but its roots date back to the pre-Revolutionary War
era and "The Battle of Alamance." Its history is rich with a hardworking community who
provided for their families by working on farms or in textile mills. Economic and
technological changes brought new growth and new opportunities for jobs and education.
County Government is responsible for providing citizens with a wide range of services
including sheriff and fire protection, solid waste management, health and social services, and
cultural and recreational activities. In addition to the direct services provided, the County also
extends significant financial support to the school system, boards, agencies, and commissions.
EMPLOYER
ESTABLISHMENTS
3,346
UNEMPLOYMENT
5.0%
MEDIAN
HOUSEHOLD
INCOME
$44,107
MEDIAN AGE
38.8
City of Burlington
Burlington Carousel
A B O U T A L A M A N C E C O U N T Y
POPULATION
170,698
PUBLIC SCHOOL
ENROLLMENT
22,827
Photo Credit: Ron King
Saxapahaw
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Alamance County is a growing community located in
central North Carolina. It encompasses a land area of 431
square miles which includes both rural and urban areas. Its
location off of the I-85/I-40 corridor between the Triangle
and the Triad have helped to ensure its future with
continued growth and development. Currently, Alamance
County is home to approximately 170,000 residents with
fifteen communities in diverse areas throughout the
county.
A L A M A N C E C O U N T Y
A T A G L A N C E
MUNICIPAL POPULATIONS
Population
170,698
COUNTY POPULATION
65%Caucasion
Alamance County is made up of a number of municipalities
and towns with the City of Burlington as the largest in
population and the City of Graham as the county seat.
Approximately 62% of residents live in urban areas
predominantly along Interstate 40 with mostly rural areas in
the northern and southern part of the county.
Burlington .................
Graham .......................
Elon .............................
Mebane* .....................
Gibsonville* .................
Haw River ....................
Green Level ..................
Swepsonville ................
Village of Alamance.....
Ossipee.............................
53,276
15,568
12,752
12,054
3,765
2,488
2,330
1,509
1,170
605
Photo Credit: Ron King
Saxapahaw
Paramount Theatre
Buster Sykes Farm
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* A portion of these cities cross into a neighboring
county; population figures are within Alamance County
*U.S. Census Data , NC State Demographics Website and the
Alamance County Chamber of Commerce
2%Other
13%
20%AfricanAmerican
DEMOGRAPHICS
Hispanic
This past year, Alamance County has seen an increase in job creation as well as a decrease in
unemployment both of which have positively impacted the county's economy. While our
economy has historically been driven by the textile industry, recent growth and development
have brought a wider array of industries to the community including health care and education.
The past five years have included major corporate announcements along with expansions of new
and existing businesses and industries which has resulted in increased diverse job opportunities.
Growth is expected to continue bringing additional property and sales tax revenues further
strengthening the economy.
E C O N O M Y & I N D U S T R Y
EMPLOYMENT BY INDUSTRYTOP EMPLOYERS
8%
18%
14%
23%
18%
7%
9%
1%
Education & Government
Manufacturing,Trade, & Utilities
Retail & Other Services
Medical & Healthcare
Leisure & Hospitality
Professional Services2%
Financial &Insurance
Info. Services &Technology
Real Estate& Construction
Alamance-Burlington School System.........................
LabCorp of America........................................................
Cone Health Alamance Regional.................................
Elon University..................................................................
Walmart Stores Inc..........................................................
City of Burlington..............................................................
Alamance County Government........................................
Honda Power Equipment......................................................
GKN Driveline North America..........................................
Alamance Community College.........................................
3,500
3,000
2,000
1,500
1,200
1,100
950
850
800
650
Honda Power Equipment
Ribbon Cutting
Lab Corp
* See AlamanceChamber.com for additional economic development/industry information
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Groundbreaking Ceremony for
Stokes Cook & Associates
A L A M A N C E C O U N T Y
G O V E R N M E N T O V E R V I E W
Public Safety
911 *CAD entries
Emergency Management events
EMS calls for service
Fire inspections
Number of residential inspections
Sheriff calls for service
Economic and Physical Development
Cooperative Extension students served
through embryology sessions
Soil and Water customers assisted
Human Services
Number of Food & Nutrition Services applications
Health Clinic patients (unduplicated)
Dental Clinic patients (unduplicated)
Family Justice Center clients served
Veterans served
Cultural and Recreational
Library visitors
Park visitors
2017
223,439
48
35,081
1,506
16,711
72,605
400
9,320
6,303
6,250
3,311
1,583
5,508
547,012
533,269
2018
243,455
59
35,886
925
18,575
82,571
1,011
5,107
6,130
6,430
3,626
1,425
6,468
465,393
534,199
2019
258,706
114
33,308
1,279
16,149
82,432
1,251
3,680
5,405
6,436
3,532
1,198
6,749
477,240
521,052
911 Center
EMS
North Park Garden
*CAD is the link between dispatchers and responders
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2020
276,984
103
34,561
1,180
17,525
104,776
542
3,067
7,414
5,946
3,231
887
5,203
361,591
700,567
2021
277,254
262
36,767
1,092
17,107
102,960
727
1,475
7,399
4,379
2,979
1,595
5,630
87,723
716,885
Government Activities Revenue
Property Tax
Sales and Use Tax
Grants
Fees
Other
Total Revenue
2017
$77,536,930
28,159,495
24,598,059
12,571,963
2,678,834
$145,815,319
2019
$84,468,666
31,520,453
18,971,127
16,155,564
2,810,873
$153,926,683
Alamance County Government's resources and services are funded through several different
revenue streams. In fiscal year 2020-21, the county collected general fund revenues of
$182,684,019 with the majority received through property and sales and use taxes which makes
up almost 80% of total revenue.
The County's property tax rate was adopted at .67 per $100 valuation for fiscal year 2020-21 to
maintain County operations through the COVID-19 pandemic. Other sources of revenue include
grants, fees for service, and other various revenue streams.
D O L L A R S I N
G E N E R A L F U N D R E V E N U E
GOVERNMENTAL ACTIVITIES REVENUE
56.28%
2.07%
18.53%
12.75%
10.37%
Property Tax
Grants
Fees
Other
Sales & Use Tax
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*Amounts are expressed in millions
*Alamance County Annual Comprehensive Financial Report FY 20-21 Exhibit D General Fund
2020
$97,870,813
32,221,239
22,178,457
18,025,563
3,597,841
$173,893,913
2021
$101,979,571
39,442,964
21,734,927
18,226,826
1,299,8731
$182,684,019
2018
$79,987,712
29,828,338
18,071,523
15,547,730
3,484,762
$146,920,065
Governing Body
County Manager's Office
Legal Department
Human Resources
Finance and Purchasing
Tax Department
Register of Deeds
Board of Elections
Information Technology
Geographic Inf. Systems
Maintenance
Sheriff's Office
Detention Facility
School Resource Officers
Judicial Services
Central Communications (911)
Emergency Medical Services
Permits and Inspections
Emergency Management
Fire Marshal's Office
Planning
Cooperative Extension
Economic Development
Soil Conservation
Tourism Development Authority
Alamance County Government provides a wide range
of services to residents ranging from public safety,
heath and social services, veterans support, and parks.
The county also provides significant funding to the
Alamance-Burlington School System and Alamance
Community College.
The operating fund from which the County accounts
for the money coming in and the expenditures paid out
is the General Fund.
For Fiscal Year 2020-21, general fund expenditures
totaled $155,930,554. This decrease of approximately $4
million or 2.51%, when compared to 2019-20 was
primarily due to the impact of federal Coronavirus
Relief and American Rescue Plan funds.
D O L L A R S O U T
G E N E R A L F U N D E X P E N D I T U R E S
Public Health
Dental Clinic
Social Services
Veterans' Services
Libraries
Parks
Public Schools
Community College
GENERAL GOVERNMENT
PUBLIC SAFETY
ECONOMIC & PHYSICAL DEVELOPMENT
HUMAN SERVICES
CULTURAL SERVICES
EDUCATION
General Fund Services
Emergency Management
Training Exercise
Buster Sykes Orchard and Farm
Cooperative Extension
Live Burn Exercise
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Government Activities Expenses
General Government
Public Safety
Transportation
Environmental Protection
Economic & Physical Development
Human Services
Cultural & Recreation
Education
Debt Service
Total
2017
$15,964,205
33,448,614
464,448
71,147
2,148,930
36,408,854
4,545,456
41,985,810
9,241,362
$144,278,826
2018
$15,580,626
37,083,685
478,516
68,340
3,195,802
31,395,230
5,565,255
45,345,109
10,399,830
$149,112,393
2019
$14,203,886
36,436,504
478,708
79,488
2,488,307
30,650,334
4,765,706
47,202,481
10,854,783
$147,160,197
Economic Dev.1.81%
Human Services19.77%
Debt Service
5.60%
D O L L A R S O U T
G E N E R A L F U N D E X P E N D I T U R E S
2020-21 GOVERNMENTAL
ACTIVITIES EXPENDITURES EDUCATION
FUNDING
31.99%Education
Public Safety
25.04%
Trans. & Other0.18%
General Gov.11.36%
Culture & Rec
4.18%
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*Amounts are expressed in millions
*Alamance County Annual Comprehensive Financial Report FY 20-21 Exhibit D
2020
$17,290,097
40,770,898
487,589
69,695
3,894,592
31,062,838
5,983,710
50,097,454
10,292,392
$159,949,265
2021
$17,711,739
39,050,886
287,298
105,050
2,825,001
30,823,700
6,514,838
49,886,020
8,726,022
$155,930,554
N E T P O S I T I O N
G O V E R N M E N T A L A N D B U S I N E S S -T Y P E
A C T I V I T I E S
Alamance County's Net Position as discussed in the Management's Discussion and Analysis
Figure 2 section of the Annual Comprehensive Financial Report provides insight into the
County's financial position as of June 30, 2021. It includes a summary of what the County
owns (assets and deferred outflows) and owes (liabilities and deferred inflows).
Total net position is the difference between Total assets (what we own), including Deferred
outflows, and Total liabilities (what we owe), including Deferred inflows.
Balance Sheet
Current assets
Non-current assets
Total assets
Deferred outflows
Current liabilities
Long-term liabilities
Total liabilities
Deferred inflows
Net position
Invested in capital assets
Restricted
Unrestricted
Total over (under) net position
2017
$77,227,425
74,761,728
151,989,153
12,891,033
2,887,342
128,536,521
131,423,863
607,195
68,981,608
15,799,919
(51,932,399)
$32,849,128
2018
$80,199,157
71,489,941
151,689,098
10,488,737
2,830,835
177,871,824
180,702,659
9,451,596
63,374,046
16,070,192
(107,420,658)
*$(27,976,420)
2019
$93,556,692
59,592,666
153,149,358
15,279,634
3,310,413
158,639,426
161,949,839
26,963,585
54,344,231
16,591,160
(91,419,823)
$(20,484,432)
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*Implementation of GASB 75 in FY18 required a “restatement” that decreased our Net Position by $58,561,180 to disclose our Other Post Employment
Benefits (OPEB) obligations.
2020
$115,318,749
60,047,315
175,366,064
17,579,598
16,372,057
149,791,990
166,164,047
21,854,259
54,379,583
17,457,213
(66,909,440)
$ 4,927,356
2021
$319,870,619
62,097,998
381,968,617
34,218,656
36,697,794
338,968,454
375,666,248
16,786,473
56,421,001
21,200,559
(53,887,008)
$ 23,734,552
I N C O M E S T A T E M E N T
C O M B I N E D F I N A N C I A L S T A T E M E N T S
Alamance County’s Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental funds is similar to a corporate profit and loss report in that it reflects all
revenues and expenditures during the fiscal year ended June 30, 2021.
As compared to last fiscal year, total revenue increased 9.97%, mostly due to federal
Coronavirus Relief and American Rescue Plan funds, strong sales and use tax collections,
program fees and services. The large increase in Other Financing Sources is a result of the
County selling bonds for school and community college construction and renovation projects.
Statement of Revenues and Expenditures
Revenues
Property tax
Sales and use tax
Other taxes and licenses
Grants
Program fees and services
Other revenue
Contributions
Total Revenue
Expenditures
Governmental activities
Education
Debt service
Total expenditures
Revenues over (under) expenditures
Other Financing Sources
Net Change in Fund Balance
2017
$ 82,647,767
28,159,495
1,662,790
27,027,144
12,571,963
1,071,054
153,140,213
98,526,500
57,506,617
10,060,285
166,093,402
(12,953,189)
17,532,598
$ 4,579,409
2018
$ 85,315,860
29,828,338
1,856,364
20,505,950
15,547,730
1,920,689
1,200,000
155,914,992
99,456,270
49,616,136
10,399,830
159,472,236
(3,557,244)
4,258,489
$ 701,245
2019
$ 90,014,904
31,520,453
2,076,177
22,219,897
14,079,387
2,867,863
3,200,000
165,978,681
95,861,679
50,615,496
10,854,783
157,331,958
8,646,723
389,235
$ 9,035,958
10
*Alamance County Annual Comprehensive Financial Report FY 20-21 Exhibit D
2020
$ 103,513,028
32,221,239
1,904,663
26,811,551
16,120,900
3,480,988
184,052,369
108,559,889
56,054,240
10,441,738
175,055,867
8,996,502
3,841,191
$ 12,837,693
2021
$ 109,333,484
39,442,964
3,027,573
34,545,492
15,199,253
1,053,103
(200,000)
202,401,869
117,778,184
61,073,815
9,252,359
188,104,358
14,297,511
175,629,206
$ 189,926,717
Fund Balance
Non-spendable:
Notes Receivable
Restricted:
Stabilization by State Statute
Restricted, all other
Committed*
Assigned
Unassigned
Total Revenue
2017
$11,152,730
3,030,708
7,467,331
26,350,853
$48,001,62
2018
$ 390,988
11,455,111
3,228,097
1,114,195
11,636,038
20,885,793
$48,710,222
2019
$ 330,836
9,958,759
2,008,298
8,022,871
13,191,538
18,385,801
$51,898,103
F U N D B A L A N C E
The County’s fund balance consists of revenues that were not spent in previous years. Fund
Balance is divided into five categories: non-spendable, restricted, committed, assigned, or
unassigned. These classifications tell how much of the fund balance must be reserved for a
specific use as required by the funding source, the Board, management, or the law.
Fund Balance may be “restricted” for a specific purpose because of the funding source and Fund
Balance may be “committed” for a specific purpose by our governing body. North Carolina
enacted a “stabilization” law that identifies a certain portion of fund balance as a “safety net” in
case of emergencies, economic crises, or other circumstances that may impact the County’s
finances.
“Unassigned” describes the portion of Fund Balance that has no restrictions on how it may be
used. In its fiscal policies, the County set a goal to have an unassigned general fund balance equal
to 20% of general fund expenditures; and funds in excess of 20% may be transferred to a capital
reserve fund. That would mean that, if needed, the County had enough unassigned fund balance
to pay for 3 months of operations.
GENERAL FUND
The County set a goal to have an
unassigned fund balance equal to
20% of the total of annual
expenditures. *Amounts are expressed in millions
23%
Unassigned Fund Balance
Unassigned Fund Balance
11
*Alamance County Annual Comprehensive Financial Report FY 20-21 Exhibit C
2020
$ 270,684
9,804,975
4,091,433
5,457,507
12,697,510
24,587,727
$56,909,836
2021
$ 210,532
11,935,813
7,628,195
11,520,640
4,484,164
35,766,923
$56,909,836
D E B T
H O W M U C H D O W E O W E ?
Alamance County builds and maintains facilities for our public schools, community college,
criminal courts system, and county services through the issuance of debt. While the County pays
the debt for school facilities, the building, land, etc., all property belongs to the school system or
community college.
North Carolina state statutes limit the amount of general obligation outstanding debt to 8% of
Alamance County's assessed valuation of property taxes. Our legal debt limit is $1,010,050,972.
County debt is comprised of three components:
1. General Obligation Debt: Debt backed by the full faith and credit of the county. As of June 30,
2021, the county's general obligation debt is rated AA by Standard & Poor’s rating agency and
Aa2 by Moody’s Investors. Bond ratings are similar to personal credit scores - the higher the
bond rating, the lower the interest.
2. Revolving and Installment Loan Debt: Debt with fixed payments that the county uses for
equipment purchases and facility construction.
3. Capital Leases: Leases with contract terms longer than a year are defined as capital leases, and
the lease item is considered a purchased asset.
Outstanding Debt
General Obligation Bonded Debt
Revolving & Installment Loan Debt
Capital Leases
Total Debt
2017
$53,426,960
9,422,069
1,688,251
$64,537,280
2018
$47,932,174
9,946,932
2,336,724
$60,215,830
2019
$42,337,388
7,244,490
1,618,599
$51,200,477
2017 2018 2019 2020 2021
250
200
150
100
50
0
*Amounts are expressed in millions
OUTSTANDING DEBT
DEBT PER PERSONFY 2020-21
$1,257.20
12
*Alamance County Annual Comprehensive Financial Report FY 20-21 MD&A Figure 5
2020
$36,777,602
7,533,585
2,169,382
$46,480,569
2021
$205,490,867
6,728,727
2,382,359
$214,601,953
I N C O N C L U S I O N
This brief overview primarily represents Alamance County's revenue and operating
costs.
To learn more about the County's financial funds or view the 2020-21 Annual
Comprehensive Report, please visit the Alamance County Finance
Department's website. www.alamance-nc.com/finance
ALAMANCE COUNTY IS COMMITTED TO:
Preserving Agriculture: A vibrant, protected rural economy supporting
locally owned and operated farms
World Class Education: A commitment to world-class education to encourage
a prosperous community and individual success for all from cradle to career
Smart Growth and Development: Planned growth that strikes a balance
between a thriving economy and an appreciation of natural and agricultural
resources
Public Health and Safety: Develop and implement activities that provide for
the well-being of all citizens in a responsive, respectful, and engaged manner
Government Accountability and Resource Management: A commitment to
provide leadership through innovative and effective management. Promote
trust by providing transparency, openness, and appreciating citizen concerns.
Downtown Burlington
Sheriff's Office
No-Till Drill Program
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Alamance County Government
124 West Elm Street
Graham, NC 27253
336-228-1312
www.alamance-nc.com