Town of Nags Head2009 Audited Financial Statements

Audit Highlights

Unqualified Opinion

No questioned costs

Cooperative Staff

General Fund Summary

11,105,240

11,904,369

11,269,409

12,547,107

$10,000,000

$10,500,000

$11,000,000

$11,500,000

$12,000,000

$12,500,000

2008 2009

Revenues Expenditures

Fund Balance Serves as a measure of the Town’s financial

resources available Assets – Liabilities = Fund Balance

3 Classifications: Reserved Unreserved Designated (Available) Unreserved Undesignated (Available)

Total Fund BalanceGeneral Fund

8,999,672

9,505,611

9,945,933

$8,400,000

$8,600,000

$8,800,000

$9,000,000

$9,200,000

$9,400,000

$9,600,000

$9,800,000

$10,000,000

$10,200,000

2007 2008 2009

$505,939

Total Fund BalanceGeneral Fund Total Fund Balance $8,999,672 Required Reservations -1,392,711 Unreserved Fund Balance $7,606,961 Designated for Subsequent years -737,063 Unreserved 2009 $6,869,898

Unreserved 2008 $7,347,800 Decrease in Undesignated FB $ 477,902

Unreserved Fund Balance as a Percent of Expenditures – General Fund

64%69%

61%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2007 2008 2009

Ad Valorem Taxes

4,482,387 4,512,391 4,515,775

4,000,000

4,100,000

4,200,000

4,300,000

4,400,000

4,500,000

4,600,000

2007 2008 2009

Other Taxes and Licenses

4,129,003 4,043,3973,711,933

$-$500,000$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000$4,500,000$5,000,000

2007 2008 2009

Intergovernmental Revenues

554,749

1,166,242

1,827,795

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2007 2008 2009

General Government

2,187,826 2,196,1712,365,335

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

2007 2008 2009

Public Safety

4,128,1894,705,907

4,209,660

$-$500,000$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000$4,500,000$5,000,000

2007 2008 2009

Environmental Protection

1,493,863

1,950,111

1,483,905

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

2007 2008 2009

Public Works

1,417,4551,711,105

3,279,819

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2007 2008 2009

Debt Service

1,465,6461,341,075

1,208,388

$-$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000$2,000,000

2007 2008 2009

Enterprise FundsSummary of Budgetary Results

Water Stormwater

Cash $3,988,036 $303,521 Operating Revenues $2,398,309 $112,368 Operating Expenditures $2,837,488 $125,505 Operating Income (loss) $ (439,179) $(13,137) Change in Net Assets $ (654,744)

$(11,353)

Enterprise FundsRequired Cash Flow

Unrestricted Debt Service From Operations Net

Assets Water $130,283 $(25,614) $3,660,893

Stormwater $13,764 $(11,449) $ 307,840

Comparison to June 30, 2008

Water $154,455 $44,903 $3,877,353

Stormwater $13,764 $134,872 $320,047

Water FundQuick Ratio

4

4.2

4.4

4.6

4.8

5

5.2

5.4

2007 2008 2009

Water

StormwaterQuick Ratio

0

5

10

15

20

25

2007 2008 2009

Stormwater

Discussion

&

Questions

Town of Nags Head