North Carolina
Department of State Treasurer
Financial Information
City of Kannapolis

Financial Profile | General Fund | Enterprise Funds | Cash, Investments and Financing
Annual Financial Information Report Detail | Water/Sewer Information
Financial Graphs and Comparisons
Download Excel 97 Version of Financial Summary

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Note: All data unless otherwise specified is for the 12 month period ending June, 30th of the designated year

Municipality Revenues and Expenditures Financial Profile Go to top of page			2007	2006	2005	2004	2003	2002
	Revenues by Source
		Property Tax	$12,121,715	11,282,250	10,782,943	9,853,321	10,587,837	10,529,023
		Utility	13,624,058	11,136,835	10,068,384	9,294,390	8,091,824	7,340,444
		Sales Tax	5,221,276	4,953,702	4,901,069	4,706,519	3,634,491	3,530,084
		Sales & Services	324,505	179,690	190,175	226,568	214,085	209,008
		Intergovernmental	4,016,743	4,145,982	4,067,073	4,439,560	4,392,742	3,873,346
		Debt Proceeds	6,766,680	2,589,280	4,503,000	237,905	5,590,480	23,318,055
		Other Miscellaneous	8,449,136	3,449,014	3,974,054	1,508,607	2,538,324	2,054,835
		Total	$50,524,113	37,736,753	38,486,698	30,266,870	35,049,783	50,854,795

	Expenditures by Function
		Utility	$8,242,533	8,696,710	8,282,051	10,125,046	15,964,837	13,715,242
		Debt Service	7,874,770	6,876,762	6,445,869	6,611,524	5,511,705	5,917,081
		Transportation	7,642,842	7,419,736	4,940,876	4,702,408	3,513,764	2,641,196
		General Government	4,384,853	4,168,325	2,842,177	2,525,526	2,483,855	3,648,574
		Public Safety	10,323,412	10,110,276	8,894,632	8,432,062	8,179,042	8,054,416
		Other	6,553,639	6,315,939	4,635,776	4,941,820	4,803,641	6,419,915
		Total	$45,022,049	43,587,748	36,041,381	37,338,386	40,456,844	40,396,424

	Expenditures by Object
		Salaries & Wages	$11,021,757	12,371,725	9,655,837	8,894,909	8,250,659	7,849,890
		Capital Outlay	7,729,357	9,776,871	4,918,549	7,266,355	12,460,517	14,278,342
		Other Operating + Debt Service	26,270,935	21,439,152	21,466,995	21,177,122	19,745,668	18,268,192
		Total	$45,022,049	43,587,748	36,041,381	37,338,386	40,456,844	40,396,424


	Per Capita Revenues by Source
		Property Tax	$294	281	275	255	277	279
		Utility	330	277	257	240	212	194
		Sales Tax	125	124	125	122	94	93
		Sales & Services	8	4	5	6	6	6
		Intergovernmental	97	103	104	115	115	103
		Debt Proceeds	164	65	115	6	146	617
		Other Miscellaneous	205	86	101	39	66	54
		Total	$1,223	940	982	783	916	1,346

	Per Capita Expenditures by Function
		Utility	$200	217	211	262	417	363
		Debt Service	191	171	164	171	144	157
		Transportation	185	185	126	122	92	70
		General Government	105	104	74	64	65	96
		Public Safety	250	252	227	218	214	213
		Other	159	157	118	128	126	170
		Total	$1,090	1,086	920	965	1,058	1,069

	Per Capita Expenditures by Object
		Salaries & Wages	$267	308	246	230	216	208
		Capital Outlay	187	244	126	188	326	378
		Other Operating	636	534	548	547	516	483
		Total	$1,090	1,086	920	965	1,058	1,069

	Population Group		No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999
		Number of Municipalites in Group	35	33	32	30	29	28
		Average Population In Group	20,975	20,933	20,289	20,607	20,737	20,660
		City of Kannapolis Population	41,298	40,141	39,187	38,679	38,248	37,785
	Group Average Per Capita Revenues by Source
		Property Tax	390	373	362	348	327	305
		Utility	318	318	290	277	253	249
		Sales Tax	157	150	144	135	116	108
		Sales & Services	65	63	58	56	55	53
		Intergovernmental	143	152	156	150	150	164
		Debt Proceeds	168	73	149	117	76	145
		Other Miscellaneous	152	132	112	81	93	83
		Total	1,393	1,261	1,271	1,164	1,070	1,107

	Group Average Per Capita Expenditures by Function
		Utility	303	279	266	257	321	319
		Debt Service	126	136	127	128	121	109
		Transportation	124	129	127	114	102	98
		General Government	144	146	144	136	109	111
		Public Safety	320	312	305	291	267	275
		Other	261	234	222	212	204	232
		Total	1,278	1,236	1,191	1,138	1,124	1,144

	Group Average Per Capita Expenditures by Object
		Salaries & Wages	442	432	425	405	378	386
		Capital Outlay	249	219	242	199	232	270
		Other Operating	587	585	524	534	514	488
		Total	1,278	1,236	1,191	1,138	1,124	1,144


General Fund Go to top of page			2007	2006	2005	2004	2003	2002
	General Fund revenues		$22,157,681	20,597,824	21,685,213	18,564,227	19,834,330	18,089,402
	General Fund expenditures		24,454,137	22,409,228	19,639,692	19,001,792	19,239,922	18,516,842
	Operating transfers in		325,051	1,002,801	102,574	-	-	-
	Operating transfers out		1,195,332	927,473	2,584,785	707,460	112,891	443,815
	Capital leases and installment purchase proceeds		-	59,608	37,600	-	101,550	113,627
	Other items		4,486,953	-	-	-	-	-
	Excess of revenues and other sources over (under) expenditures and other uses		1,320,216	(1,676,468)	(399,090)	(1,145,025)	583,067	(757,628)

	Fund balance available (FBA):
		In dollars	$4,293,535	1,881,613	4,490,655	4,871,732	6,016,988	6,024,571
		FBA as a % of GF Net Expenditures:
		Unit's FBA %	16.74	8.08	20.24	24.72	31.26	31.97
		Group weighted average FBA %	40.29	37.51	37.21	36.30	35.49	35.41
		State weighted average Non-Electric Group	37.15	36.43	36.89	36.42	36.42	36.10
		State weighted average FBA %	36.37	36.31	36.75	36.35	36.06	35.26


Enterprise Funds: Go to top of page
	Water/Sewer

	Combined financial results:
		Working capital	($431,476)	(2,894,001)	(1,552,255)	1,066,453	3,992,763	10,059,093
		Quick ratio	0.90	0.46	0.75	1.22	1.77	2.95
		Net income	8,172,152	2,931,130	4,208,916	1,172,581	195,978	1,775,328
		Cashflow from operations	5,227,940	4,713,437	3,693,011	2,880,507	2,393,482	3,117,213
		Depreciation & Amortization Expense	2,226,669	1,950,959	1,547,323	1,424,539	1,358,869	1,381,170



Cash, Investments and Financing Go to top of page			2007	2006	2005	2004	2003	2002

		Population at July 1st of the Previous Year	41,298	40,141	39,187	38,679	38,248	37,785
		Population Group	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999	No Electric 10,000 to 49,999
		Cash &Investments	$12,732,050	9,576,680	12,654,465	12,376,938	14,487,132	15,820,626
		Investment Earnings	171,481	379,898	264,906	325,195	377,425	454,470
		Tax Rate Equivalent	0.0072	0.0168	0.0122	0.0165	0.0192	0.0236
		Tax Rate Equivalent Group weighted average	0.0516	0.0381	0.0208	0.0095	0.0163	0.0283
		Tax Rate Equivalent Statewide weighted average	0.0919	0.0573	0.0415	0.0340	0.0332	0.0386
		Latest year of Revaluation	2004	2004	2004	1999	1999	1999
		January 1, Prior Year Assessed Valuation	$2,371,208,845	2,259,901,993	2,174,556,872	1,971,146,131	1,963,710,886	1,926,307,496
		Tax Rate	0.4970	0.4970	0.4970	0.5300	0.5300	0.4900
		Tax Rate Group weighted average	0.4796	0.4686	0.4680	0.4734	0.4794	0.4628
		Tax Rate State Wide	0.4455	0.4321	0.4448	0.4566	0.4594	0.4510
		Assessment -to-Sales Ratio	96.03	98.33	100.00	89.45	94.02	96.83
		Assessment -to-Sales Ratio Group weighted average	90.41	93.21	94.44	95.74	89.44	91.69
		Assessment -to-Sales Ratio Statewide	88.41	92.28	92.35	92.18	89.54	90.62
		Assessed Valuation Adjusted for Assesment to Sales Ratio	$2,469,237,577	2,298,283,325	2,174,556,872	2,203,628,989	2,088,609,749	1,989,370,542
		EffectiveTax Rate	0.4773	0.4887	0.4970	0.4741	0.4983	0.4745
		Group weighted average Effective Tax Rate	0.4336	0.4368	0.4419	0.4533	0.4288	0.4244
		Statewide weighted average Effective Tax Rate	0.3939	0.3987	0.4108	0.4209	0.4113	0.4087
		Percent Collected	97.47	96.71	96.09	90.67	96.82	96.64
		Percent Collected Group weighted average	97.52	97.52	97.36	96.78	96.45	96.55
		Percent Collected Statewide	97.84	97.55	97.42	97.31	96.96	97.05
		Percent Collected Excluding Motor Vehicles	98.60	97.78	97.26	91.43	97.91	97.90
		Percent Collected Excluding Motor Vehicles Group weighted average	98.34	98.57	98.42	97.80	97.63	98.04
		Percent Collected Excluding Motor Vehicles Statewide weighted average	98.60	98.61	98.36	98.26	98.10	98.26
		Percent Collected Motor Vehicles Only	87.40	87.65	85.82	84.52	87.62	86.49
		Percent Collected Motor Vehicles Only Group weighted average	86.37	87.44	86.80	87.01	86.62	86.29
		Percent Collected Motor Vehicles Only Statewide weighted average	86.72	86.80	87.31	87.62	86.77	87.42
		Tax Uncollected	151,947	370,856	423,307	983,267	340,641	326,277
		Tax Rate Equivalent	0.0064	0.0164	0.0195	0.0499	0.0173	0.0169
		Dominant County: Cabarrus
	Debt Information
		Population Group	25,000 to 49,999	25,000 to 49,999	25,000 to 49,999	25,000 to 49,999	25,000 to 49,999	25,000 to 49,999
		Ratings:
		Fitch
		Moody's	A3	A3	A3	A3	A3	A3
		S & P	BBB+	BBB+	BBB+	BBB+	BBB+	BBB+

		General Obligation Debt (GO) where the taxing power of the entrire municipality is pledged to pay the obligation
		Enterprise GO Debt	$0	90,000	390,000	695,000	1,010,000	1,365,000
		General Government GO Debt	0	0	0	0	0	0
		Total General Obligation Debt	0	90,000	390,000	695,000	1,010,000	1,365,000
		Per Capita	$0	2	10	18	26	36
		Total Per Capita for the Population Group	243	283	320	318	348	419
		Total Per Capita Statewide	474	495	505	548	590	585
		Total per Assessed Valuation Adjusted for Current Year Sales	0.0000%	0.0039%	0.0179%	0.0315%	0.0484%	0.0686%
		Total per Assessed Valuation Adjusted for Current Year Sales- Group Average	0.2706%	0.3405%	0.4122%	0.4305%	0.4722%	0.5703%
		Total per Assessed Valuation Adjusted for Current Year Sales - Statewide	0.4676%	0.5275%	0.5588%	0.6442%	0.6979%	0.7131%
		Total Authorized but not Issued General Obligation Debt

		Installment Sales Purchases and Lease Obligations
		--Enterprise	$3,957,576	1,209,402	438,645	0	125,548	363,057
		--General Government	13,081,807	8,653,815	9,036,930	7,093,573	8,374,521	9,417,450
		Total*	$17,039,383	9,863,217	9,475,575	7,093,573	8,500,069	9,780,506
		* The total only includes the contracts that require Local Government Commission approval.
		Revenue Bond Debt	$31,411,274	33,848,142	35,973,669	38,013,285	39,822,400	35,930,200


Annual Financial Information Report Detail Go to top of page
Line	Section	Description	2007	2006	2005	2004	2003	2002
	Population at July 1st of the Previous Year Adjusted for Boundry Changes		41,298	40,141	39,187	38,679	38,248	37,785

1A	Non GASB34	General Fund Assets						9,213,559
1B	FISCAL	General Fund Liabilities						1,807,971
2A	SUMMARY	Debt-service Assets
2B		Debt service Liabilities
3A		Enterprise Assets						71,522,111
3B		Enterprise Liabilities						42,517,916
4A		Internal Service Assets						88,254
4B		Internal service Liabilities						6,279
5A		Special Revenue Assets						76,708
1.5A	GASB34	Governmental Activities Assets	138,566,457	131,121,799	121,525,505	121,234,253	38,656,339
1.5B	FISCAL	Governmental Activities Liabilities	19,162,119	16,138,942	14,460,198	11,837,245	12,809,448
3.5A	SUMMARY	Business Type Activities Assets	82,320,141	76,714,534	76,613,167	74,865,293	76,678,761
3.5B		Business Type Activities Liabilties	36,604,519	39,171,064	42,000,827	44,461,869	47,447,918
6.5A		Fiduciary Funds Assets	19,728	6,461	144,362	279,290	406,857
6.5B		Fiduciary Funds Liabilties
5B		Special Revenue Liabilities						17,415
6A		Trust & Agency Assets						515,674
6B		Trust & Agency Liabilities
7A		Capital Project Assets						2,788,378
7B		Capital Project Liabilities						346,450
8A		General Fixed Assets						32,544,867
9B		General Long term debt - Liabilities						12,945,483
10	PART 2	Current collections of unit-wide levy	11,659,350	10,937,439	10,417,022	9,573,467	10,336,044	9,394,341
11	TAX	Current collection of special tax districts
12	REVENUES	Prior years' levy collections	350,695	344,811	365,921	279,854	251,793	1,006,182
13		Penalties and interest	111,670					128,500
14		Collection of taxes previously written off
15		Animal tax
16		1% Local government sales and use tax	2,150,914	2,085,100	2,219,200	2,175,441	1,758,782	1,802,350
17		1/2% Local government sales and use taxes (Article 40)	1,061,144	979,714	893,746	870,672	882,113	867,752
18		1/2% Local government sales and use taxes (Article 42)	1,050,879	970,907	885,579	860,567	874,147	859,982
18.5		1/2% Local government sales and use taxes (Article 44)	958,339	917,981	902,544	799,839	119,449
19		Licenses Privilege				127,723	117,039
19.1		Privilege - Occupational & business licensing & permit taxes	147,455	118,386	124,290
19.2		Privilege -- All other privileges and pemits
20		General Municipal Vehicle Tax	214,362	164,722	159,316	154,171	154,210	150,632
21		Vehicle Tax for Public Transportation	160,159	164,722	159,315	85,533
22		Other licenses - Include CATV	267,060	327,980	287,029	182,285	176,062	178,794
23		Local occupancy tax
24		Prepared food tax
25		911 charges
26		Gross Receipts Tax on Short Term Vehicles Leases	4,368	3,905	4,450	3,848	4,497	14,037
27	FEDERAL	FEDERAL Payment in lieu of taxes
28	INTERGOV	Equitable sharing of Federally forfeited property	9,496		6,868	13,335	8,646	27,938
29	REVENUES	General government
30		Public safety	36,931		34,620	277,867	435,289	20,825
31		Transportation - Streets
32		Transportation - All other
33		Utility franchise tax
34		Housing/community development	572,626	491,675	404,618	593,848	509,512	903,252
35		All Other
36		Human services: Health, mental health, hospitals
37		All other
38		Culture and recreation		288,344
39	STATE	State Payment in Lieu of Taxes
40	INTERGOV	Controlled substance tax	6,132	9,141	79,959	27,136	14,834	2,997
41	REVENUES	Intangibles tax reimbursement + Transistional Hold Harmless Revenues						212,658
42		Wireless Enhanced 911 Service Charges
43		Piped Natural Gas Charge Distribution
44		Utility franchise tax	1,180,235	1,021,585	1,024,098	1,065,688	1,324,348	681,316
45		Beer and Wine tax	181,387	173,086	171,205	164,265	159,958
46		Powell Bill	1,266,278	1,282,688	1,261,996	1,132,497	1,233,800	1,282,336
47		Food stamp purchases tax reimbursement						10,804
48		Inventories tax reimbursements						230,139
49		Senior Citizens Exemption - 50%						8,123
50		Court fees - Facilities and arrest fees	33,929	43,801	33,063	33,199	38,413	37,603
51		General Government					250,000
52		Public safety				48,940	144,779
53		Transportation - Streets	100,789	708,890	153,270			78,550
54		Transportation - All other	33,431		699,300	1,076,465	184,858	11,747
55		Environmental protection	258,230
56		Econ. & Phys. Dev. - Housing/Comm. Dev.		26,192	188,477	1,040	62,235	282,986
57		Econ. & Phys. Dev. - All Other
58		Human Services: Health, mental health, hospitals
59		All Other
60		Culture and recreation	325,578	70,310
61	LOCAL	LOCAL Payment in lieu of taxes
62	INTERGOV	General government						26,000
63	REVENUES	Public safety	11,701	1,000	9,599	5,280	26,070	26,072
64		Transportatin - Streets		7,500				30,000
65		Transportation - All other
66		Environmental protection		21,770
67		Economic and physical development
68		Human Services: Health, Mental Health & Hosp
69		Human Services: All Other
70		Culture and recreation
71	PERMITS	Building permits
72	& FEES	Inspection fees	79,038	86,500	68,000	32,326	52,829	39,740
72.1		Amusements licensing and permit taxes
73		Other permits
74	SALES &	Parking revenues		215	690	500	865	745
75	SERVICES	Rents and royalties	88,637	74,713	91,872	126,483	117,705	113,712
76		Airport
77		Fire protection charges	1,769	1,599	1,726	6,923	8,224	7,605
78		Solid waste	83,557
79		Ambulance and rescue squad charges
80		Cemeteries
81		Recreation service revenues	100,931	48,219	44,766	39,115	31,589	34,858
82		Library service revenues
83		Other cultural and recreational service revenues
84		Mass transit - city operated
85		Other sales and services	49,611	54,944	51,121	53,547	55,702	52,088
86	UTILITY	Water and sewer charges	13,406,101	11,136,835	10,068,384	9,294,390	8,091,824	7,340,444
87	REVENUES	Electric charges
88		Gas charges
88.1		Storm Water Fees	217,957
89	MISC.	On bond proceeds	512,471	221,409	243,552	22,617	85,043	193,173
90	REVENUES	On general and all other funds	171,481	379,898	264,906	325,195	377,425	454,470
91		Special assessments	10,041	283,706	13,881		9,325
92		Private contribution and donations	965,282	126,263	65,504	89,321	174,174	49,821
93		Sales of materials and fixed assets		19,024		55,385	29,650	14,367
94		Sales of real property	5,058,595	1,161,305	2,283,341	52,405	850,975
95		Nongovernment contributions for streets and traffic signals			1,561	2,550	3,862	4,530
96		Mixed drink surcharge
97		ABC profit distribution	3,375		673	4,041	2,265	7,375
98		Other miscellaneous revenues	855,449	391,194	298,236	371,207	500,968	947,896
99		Proceeds of the sale of bonds and notes	741,930				5,324,000	19,922,600
100		Proceeds of capital leases and installment purchases	6,024,750	2,589,280	4,503,000	237,905	266,480	3,395,455
101		Other
102	NON-REV	Supplemental schools taxes - current levy collections
103	RECEIPTS	Prior years' levy collections
104		Tax collections for units other than reporting unit
105		Utilities customers' deposits	2,883	5,884	1,191	9,080	7,505	-1,543
106		Deposits other than utility
107		Prepaid taxes	10,819	4,502	-2,081	-14,028	-323,720	265,885
108		Prepaid privilege licenses	-12,034	16,715	31,297	16,878
109A	PART 4	Governing body - Salaries	75,248	51,129	46,750	46,952	45,700	49,250
109B	GENERAL	Governing body - All other Direct	63,124	42,987	31,326	31,409	22,766	132,972
109C	GOVT	Governing body - Construction
109D		Governing body - Land, Equipment and Existing Structures						4,951
110A		Administration - Salaries	594,570	657,061	472,497	506,341	475,519	541,585
110B		Administration - All other Direct	2,280,567	1,778,039	1,321,368	1,075,514	1,037,620	1,399,656
110C		Administration - Construction			42,475		8,490	439,297
110D		Administration - Land, Equipment and Existing Structures	267,067	106,282			108,564	351,118
111A		Elections (cost of) - Salaries
111B		Elections (cost of) - All other Direct
111C		Elections (cost of) - Construction
111D		Elections (cost of) - Land, Equipment and Existing Structures
112A		Finance - Salaries	405,651	433,676	348,102	328,507	321,825	320,437
112B		Finance - All other Direct	253,780	182,598	242,621	226,880	216,685	158,838
112C		Finance - Construction
112D		Finance - Land, Equipment. and Existing Structures		477,337
113A		Taxes - Salaries
113B		Taxes - All other Direct
113C		Taxes - Construction
113D		Taxes - Land, Equipment, and Existing Structures
114A		Legal - Salaries
114B		Legal - All other Direct	245,316	236,174	141,623	135,512	79,073	73,951
114C		Legal - Construction
114D		Legal - Land, Equipment, and Existing Structures
115A		Public Buildings - Salaries
115B		Public Buildings - All other Direct
115C		Public Buildings - Construction
115D		Public Buildings - Land, Equipment, and Existing Structures
116A		Court Facilities - Salaries
116B		Court Facilities - All other Direct
116C		Court Facilities - Construction
116D		Court Facilities - Land, Equipment, and Existing Structures
117A		Central Facilites - Salaries
117B		Central Facilities - All other Direct
117C		Central Facilites - Construction
117D		Central Facilites - Land, Equipment, and Existing Structures
118A		General Government All Other - Salaries
118B		General Government All Other - All other Direct
118C		General Government All Other - Construction
118D		General Government All Other - Land, Equipment, and Existing Structures
119A	PUBLIC	Police and Communications - Salaries	4,277,277	4,935,834	3,881,812	3,875,702	3,815,236	3,132,252
119B	SAFETY	Police and Communications - All other Direct	1,820,244	1,074,027	1,693,921	1,693,832	1,602,978	1,294,025
119C		Police and Communications - Construction
119D		Police and Communications - Land, Equipment and Existing Structures	469,652	250,440	266,251	169,906	575,786	442,240
120A		Emergency Communications - Salaries						559,498
120B		Emergency Communications - All other Direct						217,914
120C		Emergency Communications - Construction
120D		Emergency Communications - Land, Equipment and Existing Structures
121A		Emergency Management - Salaries
121B		Emergency Management - All other Direct
121C		Emergency Managment - Construction
121D		Emergency Management - Land, Equipment, and Existing Structures
122A		Fire - Salaries	2,426,567	2,560,596	1,855,158	1,495,498	1,250,923	1,158,885
122B		Fire - All other Direct	856,685	372,672	772,270	712,530	628,205	598,058
122C		Fire - Construction	102,343	145,857	96,634
122D</

North CarolinaDepartment of State TreasurerFinancial InformationCity of Kannapolis

North Carolina
Department of State Treasurer
Financial Information
City of Kannapolis