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MARTIN STARNES & ASSOCIATES, CPAs, P.A. HICKORY, NC

MARTIN STARNES & ASSOCIATES, CPAs, P.A. HICKORY, NC. Audit Highlights. Unqualified opinion General fund cash (total) $ 5,486,498 General fund revenues $ 13,382,828 General fund expenditures $ 13,230,086. Audit Highlights. Increase in GF fund balance $ 492,150

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MARTIN STARNES & ASSOCIATES, CPAs, P.A. HICKORY, NC

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  1. MARTIN STARNES & ASSOCIATES, CPAs, P.A. HICKORY, NC

  2. Audit Highlights • Unqualified opinion • General fund cash (total) $ 5,486,498 • General fund revenues $ 13,382,828 • General fund expenditures $ 13,230,086

  3. Audit Highlights • Increase in GF fund balance $ 492,150 • Fund balance – GF $ 8,826,552 • Unreserved fund balance $ 7,069,915 • Unreserved fund balance is 53% of general fund expenditures.

  4. Audit Highlights • 2006 Property tax revenues $ 4,440,726 • 2005 Property tax revenues $ 3,781,918 • 2006 Collection rate 99.97 % • 2005 Collection rate 99.96 %

  5. Fund Balance History

  6. Property Valuation History

  7. Comparative Averages for NC Municipalities Without Electrical Systems and Population of 2,500 – 9,999 Town Nags HeadAverage Available GF fund bal. $ 7,069,915 $ 1,611,577* Expenditures $ 13,230,086 $ 4,200,886* Available Fund Balance as a % of Expenditures 53% 42% • * Reference: LGC memos # 1050 (6/30/05 averages) • Note: Town of Nags Head’s figures are as of 6/30/06, except as noted

  8. Comparative Averages for NC Municipalities with Population of 10,000-49,999 Town of Nags HeadAverage Property Tax Rate .1475% .3626%* Tax Collection %’s 99.97% 97.00%* • * Reference: LGC memos # 1050 (6/30/05 averages) • Note: Town of Nags Head’s figures are as of 6/30/06, except as noted

  9. Net Cost of Services Provided – Governmental Activities

  10. General Fund Revenues

  11. General Fund Revenues 2005 and 2006

  12. General Fund Revenues 2005 and 2006

  13. General Fund Revenues 2005 and 2006

  14. General Fund Expenditures

  15. General Fund Expenditures 2005 and 2006

  16. General Fund Expenditures 2005 and 2006

  17. Water Fund • Operating revenues 2005 $ 2,451,355 • Operating revenues 2006 $ 2,556,310 • 2005 Operating Loss $ 159,091 • 2006 Operating Loss $ 223,923

  18. Storm Water Fund • Operating revenues 2005 $ 36,776 • Operating revenues 2006 $ 110,796 • 2005 Operating Income $ 36,776 • 2006 Operating Income $ 10,083

  19. MARTIN STARNES & ASSOCIATES, CPAs, P.A. HICKORY, NC

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