General Fund: Budget to Actual Expenditures

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
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Comparative Averages for NC Municipalities
Without Electrical Systems and Population of
2,500 9,999

• 
  Town Nags Head Average
• 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 Heads 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 Head Average
• Property Tax Rate .1475
  .3626
• Tax Collection s 99.97
  97.00
• Reference LGC memos 1050 (6/30/05 averages)
• Note Town of Nags Heads figures are as of
  6/30/06, except as noted

9
Net Cost of Services Provided Governmental
Activities
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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