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730 13
th
Avenue Drive SE • Hickory, North Carolina 28602 • Phone 828-327-2727 • Fax 828-328-2324
13 South Center Street • Taylorsville, North Carolina 28681 • Phone 828-632-9025 • Fax 828-632-9085
Toll Free Both Locations 800-948-0585
• Web Site: www.martinstarnes.com
INDEPENDENT AUDITORS' REPORT


To the Board of Commissioners
Gaston County, North Carolina

We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of Gaston County, North
Carolina as of and for the year ended June 30, 2008, which collectively comprise the County’s basic
financial statements as listed in the table of contents. These financial statements are the responsibility of
Gaston County’s management. Our responsibility is to express an opinion on these basic financial
statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the basic financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the basic financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall basic financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,


and the aggregate remaining fund information of Gaston County, North Carolina, as of June 30, 2008, and
the respective changes in financial position and cash flows, where applicable, thereof and the respective
budgetary comparison for the General Fund and Public Assistance Fund for the year then ended in
conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report dated November 12,
2008, on our consideration of Gaston County’s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.

Management’s Discussion and Analysis, Schedule of Employer Contributions and the Notes to the
Required Schedules of Funding Progress, Employer Contributions, Notes to the Required Schedules for
the Law Enforcement Officers’ Special Separation Allowance and Other Post Employment Benfits are
not a required part of the basic financial statements but are supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and presentation
of the required supplementary information. However, we did not audit the information and express no
opinion on it.
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Our audit was performed for the purpose of forming an opinion on the financial statements that
collectively comprise the basic financial statements of Gaston County, North Carolina. The introductory
section, combining and individual fund financial statements, budget and actual schedules, other
supplemental schedules and statistical tables are presented for purposes of additional analysis and are not

a required part of the basic financial statements. The combining and individual major fund financial
statements and schedules, budget and actual schedules and other supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a
whole. The introductory section and the statistical section have not been subject to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion
on them.



Martin Starnes & Associates, CPAs, P.A.
November 12, 2008

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Management’s Discussion and Analysis


The management of Gaston County provides the readers of the County’s financial statements the
following narrative summary and analysis of the financial activities of Gaston County for the fiscal year
ended June 30, 2008. This narrative should be read in conjunction with other information that we have
furnished in the County’s financial statements, which follows this narrative.

Financial Highlights

• The assets of Gaston County exceeded its liabilities at the end of the fiscal year by $101,881,478
(net assets) compared to $97,952,373 at June 30, 2007.
• The County’s net assets of governmental activities increased by $2,616,620.

• As of June 30, 2008, fund balance in the General Fund was $68,321,949, an increase of
$5,009,170 in comparison with the prior year. Approximately 64% of this total amount,
$43,732,759 is available for spending at the government’s discretion while the difference is either
reserved for a specific purpose or restricted by State statute.
• Gaston County’s total debt, excluding compensated absences, net pension obligations and other
post-employment benefits, increased by $9,981,952 during the current fiscal year. The primary
factor in this increase was the issuance of $24,900,000 in community college bonds.
• The County holds the following bond ratings:
Moody’s Aa3
Standard & Poor’s A+

Overview of the Financial Statements

This discussion and analysis are an introduction to Gaston County’s basic financial statements. The
County’s basic financial statements consist of three components: (1) government-wide financial
statements, (2) fund financial statements and (3) notes to the financial statements (see Figure 1). The
basic financial statements present two different views of the County through the use of government-wide
statements and fund financial statements. In addition to the basic financial statements, this report contains
other supplemental information that will enhance the reader’s understanding of the financial condition of
Gaston County.













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Required Components of the Annual Financial Report
Figure 1



Summary Detail


Basic Financial Statements

The first two statements (pages 13 and 14) in the basic financial statements are the Government-Wide
Financial Statements. They provide both short and long-term information about the County’s financial
condition.

The next statements (pages 16 through 26) are Fund Financial Statements. These statements focus on
the activities of the individual parts of Gaston County government. These statements provide more detail
than the government-wide statements. There are four parts to the fund financial statements: (1) the
governmental funds statements; (2) the budgetary comparison statements; (3) the proprietary fund
statements; and (4) the fiduciary fund statements.

The next section of the basic financial statements is the notes. The notes to the financial statements
explain in detail some of the data contained in those statements. After the notes, there is required
supplemental information concerning Gaston County’s progress in funding its obligation to provide

certain pension benefits to law enforcement officers. This information is found on pages 62 and 63. In
addition, supplemental information is provided to show details about the County’s non-major
governmental funds, all of which are added together in one column on the basic financial statements.
Budgetary information required by the North Carolina General Statutes also can be found in this section
of the statements. The supplemental information is included on pages 64 through 108.

Management’s
Discussion and
Anal
y
sis
Basic
Financial
Statements
Government-
Wide
Financial
Statements
Notes to the
Financial
Statements
Fund
Financial
Statements
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Government-Wide Financial Statements


The government-wide financial statements are designed to provide the reader with a broad overview of
the County’s finances, similar in format to a financial statement of a private-sector business. The
government-wide statements provide short and long-term information about the County’s financial
condition as a whole.

The two government-wide statements are divided into two categories: (1) governmental activities and (2)
business-type activities. The governmental activities include most of the County’s basic services such as
public safety, health and social services, parks and recreation, and general administration. Property taxes
and State and federal grants finance most of these activities. The business-type activities are those that
the County charges customers to provide. In Gaston County, only landfill services are reported as a
business-type activity.

Fund Financial Statements

The fund financial statements provide a more detailed look at the County’s most significant activities. A
fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. Gaston County, like all other governmental entities in
North Carolina, uses fund accounting to ensure and reflect compliance (or noncompliance) with finance-
related legal requirements, such as the General Statutes or the County’s budget ordinance. All of the
funds of Gaston County can be divided into two categories: governmental funds and proprietary funds.

Governmental Funds - Governmental funds are used to account for those functions reported as
governmental activities in the government-wide financial statements. Most of the County’s basic services
are accounted for in governmental funds. These funds focus on how assets can readily be converted into
cash flow, both in and out, and what monies are left at year-end that will be available for spending in the
next year. Governmental funds are reported using an accounting method called modified accrual
accounting which provides a current financial resources focus. As a result, the governmental fund
financial statements give the reader a detailed short-term view that helps him or her determine if there are
more or less financial resources available to finance the County’s programs. The relationship between

government activities (reported in the Statement of Net Assets and the Statement of Activities) and
governmental funds is described in a reconciliation that is a part of the fund financial statements.

Gaston County adopts an annual budget for its General Fund, as required by the General Statutes. The
budget is a legally adopted document that incorporates input from the citizens and management of the
County and the decisions of the Board of Commissioners about which services to provide and how to pay
for them. It also authorizes the County to obtain funds from identified sources to finance these current
period activities. The budgetary statement provided for the General Fund demonstrates how well the
County complied with the budget ordinance and whether or not the County succeeded in providing the
services as planned when the budget was adopted. The budgetary comparison statement uses the
budgetary basis of accounting and is presented using the same format, language, and classifications as the
legal budget document. The statement shows four columns: (1) the original budget as adopted by the
Board; (2) the final budget as amended by the Board; (3) the actual resources, charges to appropriations,
and ending balances in the General Fund and other governmental funds, and (4) the difference or variance
between the final budget and the actual resources and charges. To account for the difference between the
budgetary basis of accounting and the modified accrual basis, a reconciliation showing the differences in
the reported activities is shown at the end of the budgetary statement.

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Proprietary Funds - Gaston County has one kind of proprietary fund. Enterprise Funds are used to
report the same functions presented as business-type activities in the government-wide financial
statements. Gaston County uses an enterprise fund to account for its solid waste services. This fund is the
same as the function shown in the business-type activities in the Statement of Net Assets and the
Statement of Activities.

Agency (Fiduciary) Funds - Agency funds are used to account for assets the County holds on behalf of

others. Gaston County has five agency funds.

Notes to the Financial Statements - The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements.

Other Information - In addition to the basic financial statements and accompanying notes, this report
includes certain required supplementary information concerning Gaston County’s progress in funding its
obligation to provide pension benefits to its employees. Required supplementary information can be
found beginning on page 62 of this report.

Government-Wide Financial Analysis

As noted earlier, net assets may serve over time as one useful indicator of a government’s financial
condition. The assets of Gaston County exceeded liabilities by $101,881,478 as of June 30, 2008. The
County’s net assets increased by $3,929,105 for the fiscal year ended June 30, 2008.

The largest portion of net assets in the amount of $86,530,626 reflects the County’s investment in capital
assets (e.g., land, buildings, machinery, and equipment); less any related debt still outstanding that was
issued to acquire those items. Gaston County uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although Gaston County’s investment in
its capital assets is reported net of the outstanding related debt, the resources needed to repay that debt
must be provided by other sources, since the capital assets cannot be used to liquidate these liabilities.
The remaining balances are divided between restricted and unrestricted. Restricted amounts are balances
that are either restricted by third parties or legal restraints. Unrestricted amounts are the amounts
available to fund future operations.

The deficit in unrestricted net assets results from a situation somewhat unique to North Carolina in that
the counties record the debt for school bonds issued, but title to the land and buildings resides with the
school system. The County’s outstanding school debt at June 30, 2008 was $142,400,668.














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Gaston County’s Net Assets
Figure 2


2008 2007 2008 2007 2008 2007
Current and other assets 201,532,305$ 182,137,468$ 5,540,933$ 3,977,232$ 207,073,238$ 186,114,700$
Capital assets 112,933,521 114,124,788 8,794,819 7,537,270 121,728,340 121,662,058
Total assets 314,465,826 296,262,256 14,335,752 11,514,502 328,801,578 307,776,758
Long-term liabilities
outstanding, net of
current portion 185,024,147 170,949,719 4,400,403 3,864,125 189,424,550 174,813,844
Other liabilities 35,768,422 34,255,901 1,727,128 754,641 37,495,550 35,010,542
Total liabilities 220,792,569 205,205,620 6,127,531 4,618,766 226,920,100 209,824,386

Net assets:
Invested in capital assets,
net of related debt 77,988,668 77,807,277 8,541,958 7,123,331 86,530,626 84,930,608
Restricted 2,533,268 60,736,328 - - 2,533,268 60,736,328
Unrestricted 13,151,321 (47,486,969) (333,737) (227,595) 12,817,584 (47,714,564)
Total net assets 93,673,257$ 91,056,636$ 8,208,221$ 6,895,736$ 101,881,478$ 97,952,372$
Governmental Activities
Business-Type Activities Total


Certain aspects of the County’s financial operations positively influenced the total unrestricted
governmental net assets:

• Sales tax revenues increased as the local economy continues to improve.
• The County continues to improve its property tax collection percentage.
• The County continues to monitor and control expenditures.








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Gaston County Changes in Net Assets

Figure 3


2008 2007 2008 2007 2008 2007
Revenues:
Program revenues:
Charges for services 29,270,903$ 27,855,961$ 6,084,901$ 4,560,038$ 35,355,804$ 32,415,999$
Operating grants and contributions 24,311,731 23,793,835 - 3,440,348 24,311,731 27,234,183
Capital grants and contributions 10,865,076 8,031,406 - - 10,865,076 8,031,406
General revenues:
Property taxes 122,206,198 114,386,061 - - 122,206,198 114,386,061
Other taxes 39,420,512 37,929,311 - - 39,420,512 37,929,311
Other 8,404,282 8,258,772 129,070 127,415 8,533,352 8,386,187
Total revenues 234,478,702 220,255,346 6,213,971 8,127,801 240,692,673 228,383,147
Expenses:
General government 22,471,943 21,498,972 - - 22,471,943 21,498,972
Public safety 49,395,878 44,380,699 - - 49,395,878 44,380,699
Environmental protection 57,169 50,228 - - 57,169 50,228
Economic and physical development 12,844,466 8,845,674 - - 12,844,466 8,845,674
Human services 68,086,490 66,275,575 - - 68,086,490 66,275,575
Cultural and recreational 5,316,324 4,766,556 - - 5,316,324 4,766,556
Education 66,152,636 49,937,579 - - 66,152,636 49,937,579

Interest and fees on long-term debt 7,537,176 7,537,663 - - 7,537,176 7,537,663
Solid Waste -
- 4,901,486 3,903,228 4,901,486 3,903,228
Total expenses 231,862,082
203,292,946 4,901,486 3,903,228 236,763,568 207,196,174
Increase (decrease) in net assets 2,616,620 16,962,400 1,312,485 4,224,573 3,929,105 21,186,973
Net assets, July 1 91,056,637 74,094,237 6,895,736 2,671,163 97,952,373 76,765,400

Net assets, June 30 93,673,257$ 91,056,637$ 8,208,221$ 6,895,736$ 101,881,478$ 97,952,373$
Governmental Activities Business-Type Activities Total


Governmental activities - Governmental activities increased the County’s net assets by $2,616,620
thereby accounting for 66.60% of the total change in the net assets of Gaston County.

Business-type activities - Business-type activities increased Gaston County’s net assets by $1,312,485,
which was 33.40% of the total increase of the County’s net assets. The key factor in this increase was:

• Revenues grew approximately 33.44% while operating expenses only increased by 25.22%. This
resulted in an operating gain $1,183,415 for the landfill.




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Financial Analysis of the County’s Funds


As noted earlier, Gaston County uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.

Governmental Funds - The focus of Gaston County’s governmental funds is to provide information on
near-term inflows, outflows and balances of usable resources. Such information is useful in assessing
Gaston County’s financing requirements. Specifically, unreserved fund balance can be a useful measure

of a government’s net resources available for spending at the end of the fiscal year.

The General Fund is the chief operating fund of the County. At the end of the current fiscal year,
unreserved fund balance of the General Fund was $43,732,759, while total fund balance increased to
$68,321,949. As a measure of the General Fund’s liquidity, it may be useful to compare both unreserved
fund balance and total fund balance to total fund expenditures and transfers-out. Unreserved fund balance
represents 23.28% of total General Fund expenditures and transfers-out, while total fund balance
represents 36.37% of that same amount. Those levels compare to 22.21% and 36.09%, respectively, in
the prior year.

At June 30, 2008, the governmental funds of Gaston County reported a combined fund balance of
$177,433,970, an 11.74% increase over last year. The primary reason for the increase is the growth in the
Capital Improvement Fund balance. The Capital Improvement Fund balance increase approximately
$11,768,693. This is mostly due to the issuance of $24,900,000 general obligation bonds for the school
system.

General Fund Budgetary Highlights - During the fiscal year, the County revised the budget on several
occasions. Generally, budget amendments fall into one of three categories: (1) amendments made to
adjust the estimates that are used to prepare the original budget ordinance once exact information is
available; (2) amendments made to recognize new funding amounts from external sources, such as federal
and State grants; and (3) increases in appropriations that become necessary to maintain services. Various
budget amendments accounted for a $2,413,635 increase in the revenue estimates for the General Fund,
the result of additional State and federal funding and increase in sales and services revenues. Other
amendments appropriated a total of $13,368,133 from the fund balance of the General Fund.

Proprietary Funds - Gaston County’s proprietary fund provides the same type of information found in
the government-wide statements but in more detail. Unrestricted net assets of the Solid Waste Fund at the
end of the fiscal year amounted to $(333,737). The total increase in net assets for that fund was
$1,312,485. Other factors concerning the finances of this fund have already been addressed in the
discussion of Gaston County’s business-type activities.


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Capital Asset and Debt Administration

Capital Assets - Gaston County’s investment in capital assets for its governmental and business-type
activities as of June 30, 2008, totals $121,728,340 (net of accumulated depreciation). These assets
include land, buildings, machinery and equipment, park facilities, and vehicles.

Major capital asset transactions during the year include:

• Beginning the construction of a new cell at the landfill.
• Acquired new vehicles for the County’s public safety agencies and other departments to replace aging
models

Gaston County’s Capital Assets
Figure 4

2008 2007 2008 2007 2008 2007
Land 19,713,831$ 19,713,831$ 1,135,881$ 1,135,881$ 20,849,712$ 20,849,712$
Buildings and
improvements 85,883,370 87,649,853 5,547,696 6,007,271 91,431,066 93,657,124
Equipment 3,276,747 4,303,432 182,883 187,919 3,459,630 4,491,351
Vehicles and
motorized
equipment 3,519,479 2,312,697 605,525 206,199 4,125,004 2,518,896
Construction

in progress 540,094
144,975 1,322,834 - 1,862,928 144,975
Total 112,933,521$
114,124,788$ 8,794,819$ 7,537,270$ 121,728,340$ 121,662,058$
Governmental Activities
Business-Type Activities Total



Additional information on the County’s capital assets can be found in note 2E of the Basic Financial
Statements.

Long-Term Debt - As of June 30, 2008, Gaston County had total bonded debt outstanding of
$161,875,000, all of which is debt backed by the full faith and credit of the County.

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Gaston County’s Outstanding Debt
General Obligation Bonds
Figure 5

2008 2007 2008 2007 2008 2007
General
obligation bonds
161,875,000$
145,910,000$ -$ -$ 161,875,000$ 145,910,000$

Governmental Activities
Business-Type Activities Total


Pursuant to the North Carolina General Statutes, the County’s outstanding general obligation debt is
subject to a legal limitation based on eight (8) percent of the total assessed valuation of taxable property
located within the government’s bounties. As of June 30, 2008, the County’s legal debt limit was
$1,126,071,799. The outstanding debt subject to this limit was $191,577,670, leaving a net legal debt
margin of $934,494,129.

Additional information regarding the County’s long-term debt can be found beginning on page 43 of this
report.

Economic Factors and Next Year’s Budgets and Rates

Economic Factors

The following key indicators reflect the economic condition of the County:

• Unemployment in the County was 5.9% for June 2008 and slightly more than 5.7% at June 2007.
Comparable rates for the State of North Carolina were 5.9% and 4.7%, respectively.
• Construction within the County decreased approximately 22.96% with 5,648 permits issued on
construction of $379,012,620. This included residential permits of 4,966 and commercial/other
permits of 682 with construction cost of $281,718,675 and $97,293,945, respectively.
• Population growth experienced a slight increase of approximately 3,462 from a year ago, the current
population being 200,972.
• Gaston County is located within the Charlotte, North Carolina Metropolitan Area, one of the fastest
growing and most affluent areas in the country. The Charlotte Metropolitan Area is the second
largest financial center in the United States.


Budget Highlights for the Fiscal Year Ending June 30, 2009

Governmental Activities: Property tax revenues are expected to grow by about 2.1% over the prior year
actually number. Total sales taxes budgeted reflect a decrease of approximately 16.03% from 2007-08.
This sales tax decrease is a result of the Medicaid Relief passed by the State legislature. For fiscal year
2008-09, Article 44 sales tax was reduced by approximately 50%, this amount goes to the State to help
offset the addition Medicaid cost that the State was incurring. The Board of Commissioners adopted the
2008-09 Budget with a 1/2 cent decrease in the property tax rate, appropriating about $8,069,353 of fund
balance in the General Fund and $4,917,070 in the Public Assistance Fund to balance the budget. The
Medicaid Relief Act helps explain the reduction in the property tax rate.

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Budgeted expenditures and transfers in the General Fund are $197,852,196. The largest component of
those expenditures is the funding of the compensation and benefits of the County’s employees. The
County budgeted the merit step plan and a market adjustment for all employees who were considered
below market. The County also continued to prolong the lag time between personnel vacancies and the
hiring of replacement personnel to help lessen the impact of salary increases. The County maintained
approximately the same level of other operating appropriations in most departments. The Board of
Commissioners increased its appropriation for school operating expenditures by $3,733,017 over the
previous fiscal year. The County again implemented no major new programs or initiatives for 2008-09.

Business-Type Activities: The landfill fee rate structure for the County will remain unchanged in the
2007-08 fiscal year and estimated revenues were budgeted 24.62% less than the actual results for 2007-
08. Appropriations for general operations in the Solid Waste Fund were increased by 1.78%, or
approximately $76,139, compared to the amended 2007-08 budget.


Requests for Information

This report is designed to provide an overview of the County’s finances for those with an interest in this
area. Questions concerning any of the information found in this report or requests for additional
information should be directed to the Gaston County Finance Director, P.O. Box 1578, Gastonia, North
Carolina 28053-1578.



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BASIC FINANCIAL STATEMENTS – OVERVIEW



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Exhibit A
GASTON COUNTY, NORTH CAROLINA
STATEMENT OF NET ASSETS
JUNE 30, 2008
Total
Governmental Business-Type Primary
Activities

Activities Government
Assets:
Current assets:
Cash and cash equivalents
129,190,942$ 4,878,275$ 134,069,217$
Ad valorem taxes receivable, net
5,524,917 - 5,524,917
Accounts receivable, net
19,834,415 652,800 20,487,215
Inventories
119,266 9,858 129,124
Prepaid items
171,078 - 171,078
Restricted cash and cash equivalents
46,691,687
- 46,691,687
Total current assets
201,532,305
5,540,933 207,073,238
Capital assets:
Land, improvements and construction in progress
20,253,925 2,458,715 22,712,640
Other capital assets, net of accumulated depreciation
92,679,596
6,336,104 99,015,700
Total capital assets
112,933,521
8,794,819 121,728,340
Total assets
314,465,826

14,335,752 328,801,578
Liabilities:
Current liabilities:
Accounts payable and accrued liabilities 15,371,929 1,183,326 16,555,255
Unearned revenue 2,596,495 - 2,596,495
Due in less than one year
17,799,998
543,802 18,343,800
Total current liabilities
35,768,422
1,727,128 37,495,550
Long-term liabilities:
Due in more than one year
185,024,147
4,400,403 189,424,550
Total liabilities
220,792,569
6,127,531 226,920,100
Net Assets:
Investment in capital assets, net of related debt 77,988,668 8,541,958 86,530,626
Restricted for:
Education 208,644 - 208,644
Volunteer fire districts 788,561 - 788,561
Law enforcement 965,320 - 965,320
Register of Deeds 570,743 - 570,743
Unrestricted net assets
13,151,321
(333,737) 12,817,584
Total net assets
93,673,257$

8,208,221$ 101,881,478$
The accompanying notes are an integral part of the financial statements.
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GASTON COUNTY, NORTH CAROLINA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2008
Operating Capital
Charges for Grants and Grants and
Functions/Programs
Expenses Services Contributions Contributions
Primary Government:
Governmental Activities:
General government 22,471,943$ 3,442,812$ -$ 431,543$
Public safety 49,395,878 11,344,157 213,981 -
Environmental protection 57,169 2,341,484 - -
Economic and physical development 12,844,466 678,096 - 3,643,954
Human services 68,086,490 11,295,861 23,637,885 3,289,579
Cultural and recreation 5,316,324 168,493 459,865 -
Education 66,152,636 - - 3,500,000
Interest expense and fees
7,537,176
- - -
Total governmental activities
231,862,082
29,270,903 24,311,731 10,865,076
Business-Type Activities:
Solid waste
4,901,486

6,084,901 - -
Total business-type activities
4,901,486
6,084,901 - -
Total primary government
236,763,568$
35,355,804$ 24,311,731$ 10,865,076$
General Revenues:
Ad valorem taxes
Sales tax
Real estate transfer taxes
Investment earnings
Miscellaneous revenues
Total general revenues
Change in net assets
Net Assets:
Beginning of year - July 1
End of year - June 30
Program Revenues
The accompanying notes are an integral part of the financial statements.
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Exhibit B
Governmental Business-Type
Activities
Activities Total
(18,597,588)$ -$ (18,597,588)$
(37,837,740) - (37,837,740)
2,284,315 - 2,284,315

(8,522,416) - (8,522,416)
(29,863,165) - (29,863,165)
(4,687,966) - (4,687,966)
(62,652,636) - (62,652,636)
(7,537,176)
- (7,537,176)
(167,414,372)
- (167,414,372)
-
1,183,415 1,183,415
-
1,183,415 1,183,415
(167,414,372)
1,183,415 (166,230,957)
122,206,198 - 122,206,198
39,420,512 - 39,420,512
903,780 - 903,780
7,500,502
129,070 7,629,572
-
- -
170,030,992
129,070 170,160,062
2,616,620 1,312,485 3,929,105
91,056,637
6,895,736 97,952,373
93,673,257$
8,208,221$ 101,881,478$
Net (Expense) Revenue and Changes in Net Assets
Primary Governmen

t
The accompanying notes are an integral part of the financial statements.
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GASTON COUNTY, NORTH CAROLINA
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2008
Public Capital
Assistance Improvements
General
Fund Fund
Assets:
Cash and cash equivalents 63,465,998$ 16,805,701$ 43,594,387$
Ad valorem taxes receivable-net 5,264,303 - -
Accounts receivable 16,396,425 2,736,746 579,655
Inventories 119,266 - -
Prepaid items 171,078 - -
Restricted cash and cash equivalents
-
- 46,691,687
Total assets
85,417,070$
19,542,447$ 90,865,729$
Liabilities and Fund Balances:
Liabilities:
Accounts payable and accrued liabilities 8,379,322$ 2,484,746$ 4,232,355$
Deferred revenue
8,715,799
- -

Total liabilities
17,095,121
2,484,746 4,232,355
Fund Balances:
Reserved for inventories and prepaid items 290,344 - -
Reserved for encumbrances 1,652,886 176,844 2,568,971
Reserved for State statute 16,058,402 2,736,746 579,655
Reserved for Medicaid maximization 5,403,772 - -
Reserved for Gaston County Schools capital projects - - 208,644
Reserved for Gaston County Schools bonds - - 46,292,576
Reserved for Gaston County Schools deficit reduction - - 2,664,185
Reserved for volunteer fire districts - - -
Reserved for police - - -
Reserved for sheriff civil processing fees 391,693 - -
Reserved for Department of Tourism 318,700 - -
Reserved for Gaston County Schools - installment purchases - - 190,467
Reserved for Visitors Center - - 27,616
Reserved for Register of Deeds automation funds 473,393 - 97,350
Unreserved:
Designated for future healthcare benefits 1,591,032 - -
Designated for insurance reserves 508,968 - -
Designated for subsequent year’s expenditures 8,720,807 5,250,887 33,210,840
Designated for Gaston County Library 77,036 - -
Undesignated 32,834,916 8,893,224 793,070
Unreserved, reported in nonmajor funds:
Designated for subsequent year’s expenditures - Special Revenue - - -
Designated for subsequent year’s expenditures - Debt Service - - -
Undesignated - Special Revenue - - -
Undesignated - Debt Service
-

- -
Total fund balances
68,321,949
17,057,701 86,633,374
Total liabilities and fund balances
85,417,070$
19,542,447$ 90,865,729$
The accompanying notes are an integral part of the financial statements.
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