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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)