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Newspaper Archive of
The Preston County Journal
Kingwood, West Virginia
November 23, 2011     The Preston County Journal
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November 23, 2011
 
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10-THE PRESTON COUNTY JOURNAL-Wednesday, NOVEMBER 23, 2011-Kingwood, WV LEGAL NOTICE PRESTON COUNTY, WEST VIRGINIA STATEMENT OF NET ASSETS June 30, 2011 Primary Government Component Units " Governmental Preston County Preston County Board of Health Development Authority $3,319,666 $274,277 $536,760 ASSETS Current assets: Cash and cash equivalents Investments Receivables: Taxes Accounts Prepaid expenses Capital assets: Nondepreciable: Larld Depreciable: Buildings Structures and improvements Infrastructure Machinery and equipment Less accumulated depreciation Other debits: Unamortized bond discount Total assets LIABILITIES Current liabilities payable from cur- rent assets: Accounts payable Other accrued expenses OPEB payable Noncurrent liabilities: Bonds payable - due within one year Bonds payable - due in more than one year Compensated absences payable Total liabilities NET ASSETS Invested in capital assets, net of related debt Unrestricted Total net assets Total liabilities and net assets Preston County Farmland Protection $417,977 269,600 595,191 34,446 (682) 5,004 50,000 6,661,061 20,420 694,334 315,000 (102,479) 2,104,622 (2,672,539) 29,167 $10,457,034 $273,595 $1,133,619 $687,577 119,388 1,766 1,294,357 51,320 985 35,749 210,237 2,172,694 106,934 5,000 3,905,376 51,320 41o,734 The notes to the financial statements are an integral part of this statement. 4,095,633 222,275 2,456,025 222,275 1,091,885 687,577 6,551,658 $273,595 1,091,885 687,577 $10, 457,034 $1,133,619 $687, 577 Functions / Programs Primary government: Governmental activities: General government Public safety Health and sanitation Culture and recreation Total primary government Component Units: Preston County Board of Health Preston County Development Authority Preston County Farmland Protection Total component Units STATEMENT OF ACTIVITIES For the Fiscal Year Ended June 30, 2011 Primary Program Revenues Government Charges Operating Capital for Grants and Grants and Governmental Expenses Services ContribuUons Contributions Activities Net Expense Revenues and Changes in Net Assets Component Units Board of Developmental Farmland Health Authority Protection 101,038 $4,121,356 $1,500,850 $416,447 $(2,204,059) 4,308,372 (4,207,334) 68,103 (68,103) 99,823 __ $101,038 (99,823)  $416.447 (6,579,319) 543,568 154,504 451,053 185,465 27,474 103222 354,579  $181,978 554,275 ,  General revenues: ' : ' "' " ........ ' " $61,989 (54,769) (354,579) 61,989 (354,579) Ad valorem property taxes 5,032,148 Alcoholic beverages tax 1,231 Hotel Occupancy tax 105,377 Gas and oil severance tax 42,638 Other taxes 178,991 Coal severance tax 166,020 Licenses and permits 191,743 Unrestricted investment earnings 34,721 Refunds 94,098 Miscellaneous 512,500 Total general revenues Change in net assets Net assets - beginning Net assets - ending 145,981 169 2,216 905 81 6359,467 250 2 216 146,886 (219,852) (52,553) (207,693) The notes to the financial statements are an integral part of this statement. BALANCE SHEET - GOVERNMENTAL FUNDS June 30, 2011 Coal Other Nonmajor Total Severance Governmental Governmental General Tax E-911 Funds Funds ASSETS Current: Cash and cash equivalents Receivables: Taxes Accounts Due from: Other funds Total assets LIABILITIES AND FUND BALANCES Liabilities: Accounts payable Accrued interest payable OPEB payable Due to: Other funds Deferred revenues: Taxes Total liabilities Fund balances: Restricted Assigned Unassigned Total fund balances Total liabilities and fund balances $2,101,055 $209,453 $122,961 $886,197 $3,319,666 595,191 595,191 34,446 34,446 95,000 95:000 2,730,692 209,453 122,961 981,197 4,044,303 106,295 6,579 6,514 119,388 1,766 1,766 1,062,299 183,810 48,248 1,294,357 95,000 95,000 462,630 462630 1,631,224 192,155 149,762 1,973,141 944,935 944,935 209,453 209,453 1,099,468 69,194 (113,500) 916,774 1,099,468 209,453 69,194 831,435 2,071,162 $2,730,692 $209.453 $1221961 $981,197 $4,044,303 RECONCILIATION OF BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS June 30, 2011 Total fund balances on the governmental fund's balance sheet Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and are therefore not reported in the funds. (Note IV-C) Certain revenues are not available to fund current year expenditures and therefore are deferred in the funds. (Note IV-B) Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. (Note II-A, IV-F) Net assets of governmental activities $2,071,162 6,478,564 462,630 (2,46O,698) $ 6,551,658 LEGAL NOTICE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Fiscal Year Eqded June 30, 2011 Coal Severance General Tax E-911 REVENUES Taxes: Ad valorem property taxes Alcoholic beverages tax Hotel occupancy tax Gas and oil severance tax Other taxes Coal severance tax Licenses and permits Intergovernmental: Federal State Local Charges for services Fines and forfeits interest and investment earnings Refunds Payments in lieu of taxes Miscellaneous Total revenues EXPENDITURES Current: General government Public safety Streets and transportation Health and sanitation Administrative and general Culture and recreation Benefits paid Insurance premiums Social Services Capital outlay Education Economic development Debt service: Principal Interest Bond issuance costs Total expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Bonds issued Proceeds from the sale of assets Capital leases Total other financing sources (uses) Net change in fund balances Fund balances - beginning Fund balances - ending Other nonmajor Governmental Funds Total Governmental Funds $4,731,239 1,231 105,377 42,638 145,981 164,210 101,038 187,679 $ $ $ 166,020 464,533 704,562 34,148 22,533 1,411 3,850 94,098 9,421 224,554 5,156 R RPRR 1R74R1 71R RRR 23,589 27,533 165,052 63,716 94,306 203,301 6,927 282.790 RR714 $4,731,239 1,231 105,377 42,638 169,570 166,020 191,743 101,038 352,731 63,718 1,263,401 237,449 34,721 94,098 9,421 512,500 R,nTR,RQ 3,980,861 2,120,105 68,103 99,823 19,999 2,403,516 235,647 495,765 4,236,507 5,019,386 68,103 99,823 140,967 132,256 18 864 292,087 6:409:RR (81,179) 141,542 (233,313) 1R2:2RR 24DR RIR 7KR P7R 9.71R.'q 15,176 (1,689,948) 116,938 (1,639,013) 133,000 100,313 374,855 (141,542) (374,855) (91,771) (172,950) 1,272,418) 1,099,468 133,000 (41,229) 15,176 (1,556,948) 75,709 (1,639,013) 194,277 1,487,754 755,726 3.710.175 209,45========3  831,43.5 The notes to the financial statements are an integral part of this statement. RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Fiscal Year Ended June 30, 2011 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds $(1,639,013) Capital outlays are reported as an expenditure in the governmental funds but are considered an asd''a the g0vemmenf-Wlde level Thi i the amount of capital assets that wre,purchased during the fiscal year. (1 :l:li IV-.} n r R: " l ......... ' " '097'029 Capital outlays are'reported as:an expenditure in the governmental funds. In the statement of"' ' ' activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the difference between prior and current year deferred revenues. (Note I I-B) (311,994) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. This is the difference between prior and current year deferred revenues. (Note II-B) 300,909 Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. (Note II-B), IV-F) 333,217 Change in net assets of governmental activities STATEMENT OF REVENUES, EXPENDITURES REVENUES Taxes: Ad valorem property taxes Alcoholic beverage tax Hotel occupancy tax Gas and oil severance tax Other taxes Licenses and permits Intergovernmental: Federal State Charges for serviceg Fines and forfeits Interest and investment earnings Refunds Payments in lieu of taxes Miscellaneous Total revenues EXPENDITURES Current: General government Public safety Health and sanitation Culture and recreation Capital outlay Total expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) Net change in fund balance Fund balances - beginning Fund balances - ending The notes to the financial state- ments are an integral part of this statement. AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL- GENERAL FUND For the Fiscal Year Ended June 30, 2011 Actual Actual Bud oeted Amount Modified Adjustments • Amounts Accrual Budget Budget D.dgiaal Final Basis BaStS Bails 1219,6521 Variance with Final Budget Positive (Neoatlve) $4,728,663 $4,728,663 $4,731,239 $74,861 $4,806,100 $77,437 2,000 2,000 1,231 1,231 (769) 60,000 60,000 105,377 105,377 45,377 50,000 50,000 42,638 42,638 (7,362) 130,000 130,000 145,981 145,981 15,981 164,210 164,210 164,210 36,800 101,038 101,038 64,238 198,133 187,679 187,679 (10,454) 387,750 387,950 464,533 464,533 76,583 1,500 1,500 34,148 (34,148) (1,500) 70,000 70,000 22,533 34,148 56,681 (13,319) 75,000 142,333 94,098 94,098 (48,235) 1,000 1,000 9,421 9,421 8,421 113,800 142 875 224,554 224,554 81,679 5.1Q.713.5,95-1.,254. 6.RgR;fiRD 74;RR1 fi.4n._r,41 4 R7 3,973,130 4,994,187 3,980,861 (294,713) 3,686,148 1,308,039 2,091,093 2,132,283 2,120105 (215,323) 1,904,782 227,501 95,390 97,300 68,103 (112) 67,991 29,309 65,000 99,823 99,823 99,823 170,100 170100 140967 140,967 29,133 6,394,713 7,493,693 6,409,859 (510,148) 5,899,711 1,593,982 (775,000) (1,542,439) (81,179) 585,009 503,830 2,046,269 75,000 82,516 141,542 141,542 59,026 __  (233,313) (233,313) 75,000(150, (91,771) (91,771) 59,026 (700,000)(1,693,236) (172,950) 585,009 412,059 2,105,295 700,000 1,693,236 1,272,418 416,578 1,688,996 (4240) $ -- $1,099,468 $1,001,587 $2,101,055 $2,101,055 REVENUES Taxes: Coal severance tax Intei'est and investment earnings Total revenues STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL- COAL SEVERANCE TAX FUND For the Fiscal Year Ended June 30, 2011 Bud oeted Amounts Actual Modified Adjustments Final Accrued Basis Budget $5,000 $5,000 $166,020 Basis 1,411 5,000 5,000 167,431 Actual Vadance with Amounts Final Budget Budget Positive Basis (NeolvQ) $166,020 $161,020 1,411 1,411 167.431 16¢1 (Continued on Page 1)