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

Comprehensive audit report detailing financial highlights, fund balances, tax revenues, and comparative data for Town of Nags Head in 2007. Insights into governmental activities, fund balances, and revenue-expenditure trends provided by MARTIN STARNES & ASSOCIATES, CPAs.

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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) $ 6,578,854 • General fund revenues $ 10,878,506 • General fund expenditures $ 10,692,979

  3. Audit Highlights • Increase in GF fund balance $ 1,119,381 • Fund balance – GF $ 9,945,933 • Unreserved fund balance $ 6,859,833 • Unreserved fund balance is 64% of general fund expenditures.

  4. Audit Highlights • 2007 Property tax revenues $ 4,482,387 • 2006 Property tax revenues $ 4,440,726 • 2007 Collection rate 99.96 % • 2006 Collection rate 99.97%

  5. Fund Balance History

  6. Property Valuation History

  7. Comparative Averages for NC Municipalities Without Electrical Systems and Permanent Population of 2,500 – 9,999 Town Nags HeadAverage Available GF fund bal. $ 6,859,833 $ 2,199,906* Expenditures $ 10,692,979 $ 3,512,822* • * Reference: LGC memos # 1050 (6/30/06 averages) • Note: Town of Nags Head’s figures are as of 6/30/07, except as noted. Amounts are not adjusted for coastal/seasonal adjustments in population from tourism.

  8. Comparative Averages for NC Municipalities Without Electrical Systems and Permanent Population of 2,500 – 9,999 Town of Nags HeadAverage Property Tax Rate .1475% .2921%* Tax Collection %’s 99.96% 96.72%* • * Reference: LGC memos # 1050 (6/30/06 averages) • Note: Town of Nags Head’s figures are as of 6/30/07, except as noted. Amounts are not adjusted for coastal/seasonal adjustments in population from tourism.

  9. Net Cost of Services Provided – Governmental Activities

  10. General Fund Revenues

  11. General Fund Revenues 2006 and 2007

  12. General Fund Revenues 2006 and 2007

  13. General Fund Revenues 2006 and 2007

  14. General Fund Expenditures

  15. General Fund Expenditures 2006 and 2007

  16. General Fund Expenditures 2006 and 2007

  17. Water Fund • Operating revenues 2006 $ 2,556,310 • Operating revenues 2007 $ 2,636,011 • 2006 Operating Loss $ 223,923 • 2007 Operating Loss $ 169,561

  18. Storm Water Fund • Operating revenues 2006 $ 110,796 • Operating revenues 2007 $ 141,620 • 2006 Operating Income $ 10,083 • 2007 Operating Income $ 34,278

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

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