North Carolina
Department of State Treasurer
Financial Information
Town of Cove City

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

Institute of Government North Carolina Cities Web Site

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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			2011	2010	2009	2008	2007	2006
	Revenues by Source
		Property Tax	$26,629	18,981	19,213	20,026	20,012	19,728
		Utility	129,172	80,118	97,208	49,183	47,190	48,780
		Sales Tax	6,229	6,294	8,216	9,610	10,267	10,012
		Sales & Services	-	-	124	-	-	-
		Intergovernmental	935,426	1,733,489	2,815,457	1,130,758	51,198	215,105
		Debt Proceeds	-	-	375	225	418	215
		Other Miscellaneous	2,125	6,761	13,242	20,799	26,068	11,763
		Total	$1,099,581	1,845,643	2,953,835	1,230,601	155,153	305,603

	Expenditures by Function
		Utility	$1,079,295	1,993,054	2,848,071	1,145,744	61,658	239,711
		Debt Service	18,088	-	-	-	-	-
		Transportation	31,915	26,091	26,925	29,730	43,319	29,296
		General Government	44,678	50,882	58,553	45,683	49,242	46,528
		Public Safety	-	-	-	-	-	-
		Other	72,660	2,885	-	-	-	-
		Total	$1,246,636	2,072,912	2,933,549	1,221,157	154,219	315,535

	Expenditures by Object
		Salaries & Wages	$48,594	45,731	48,308	58,267	39,087	39,362
		Capital Outlay	929,269	1,912,877	2,767,681	1,084,466	7,991	191,139
		Other Operating + Debt Service	268,773	114,304	117,560	78,424	107,141	85,034
		Total	$1,246,636	2,072,912	2,933,549	1,221,157	154,219	315,535


	Per Capita Revenues by Source
		Property Tax	$66	46	47	48	48	48
		Utility	322	193	236	119	114	119
		Sales Tax	16	15	20	24	25	23
		Sales & Services	-	-	-	-	-	-
		Intergovernmental	2,333	4,167	6,834	2,738	124	525
		Debt Proceeds	-	-	1	1	1	1
		Other Miscellaneous	5	16	32	50	63	29
		Total	$2,742	4,437	7,170	2,980	375	745

	Per Capita Expenditures by Function
		Utility	$2,692	4,791	6,913	2,774	149	585
		Debt Service	45	-	-	-	-	-
		Transportation	80	63	65	72	105	71
		General Government	111	122	142	111	119	114
		Public Safety	-	-	-	-	-	-
		Other	181	7	-	-	-	-
		Total	$3,109	4,983	7,120	2,957	373	770

	Per Capita Expenditures by Object
		Salaries & Wages	$121	110	117	141	94	96
		Capital Outlay	2,317	4,598	6,718	2,626	19	466
		Other Operating	671	275	285	190	260	208
		Total	$3,109	4,983	7,120	2,957	373	770

	Population Group		No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below
		Number of Municipalites in Group	126	112	116	117	117	119
		Average Population In Group	271	256	261	260	259	260
		Town of Cove City Population	401	416	412	413	414	410
	Group Average Per Capita Revenues by Source
		Property Tax	828	614	450	506	464	472
		Utility	932	373	279	369	343	397
		Sales Tax	160	121	146	163	157	148
		Sales & Services	99	65	57	81	75	65
		Intergovernmental	478	442	569	536	462	330
		Debt Proceeds	43	640	29	35	23	242
		Other Miscellaneous	1,296	108	159	241	246	254
		Total	3,836	2,363	1,689	1,931	1,770	1,908

	Group Average Per Capita Expenditures by Function
		Utility	565	582	642	851	468	528
		Debt Service	296	181	71	134	82	175
		Transportation	149	162	114	204	145	154
		General Government	465	336	327	311	293	305
		Public Safety	406	278	234	254	212	239
		Other	681	910	258	348	482	291
		Total	2,562	2,449	1,646	2,102	1,682	1,692

	Group Average Per Capita Expenditures by Object
		Salaries & Wages	579	454	348	400	361	369
		Capital Outlay	379	1,108	627	816	449	501
		Other Operating	1,604	887	671	886	872	822
		Total	2,562	2,449	1,646	2,102	1,682	1,692


General Fund Go to top of page			2011	2010	2009	2008	2007	2006
	General Fund revenues		$74,448	69,634	78,162	86,819	89,234	76,400
	General Fund expenditures		76,593	76,973	85,478	75,413	92,561	75,824
	Operating transfers in		-	-	-	-	-	-
	Operating transfers out		33,101	74,149	5,000	-	-	5,000
	Capital leases and installment purchase proceeds		-	-	-	-	-	-
	Other items		-	-	-	-	-	-
	Excess of revenues and other sources over (under) expenditures and other uses		(35,246)	(81,488)	(12,316)	11,406	(3,327)	(4,424)

	Fund balance available (FBA):
		In dollars	$0	301,802	390,954	307,299	398,216	394,650
		FBA as a % of GF Net Expenditures:
		Unit's FBA %	0.00	199.71	432.10	407.49	430.22	488.28
		Group weighted average FBA %	152.90	120.75	124.89	116.82	119.65	123.14
		State weighted average Non-Electric Group	38.21	38.71	37.89	36.66	37.39	37.38
		State weighted average FBA %	38.21	37.47	37.03	36.35	36.54	36.96


Enterprise Funds: Go to top of page
	Water/Sewer

	Combined financial results:
		Working capital	$61,591	136,020	130,345	97,273	98,840	94,504
		Quick ratio	1.22	1.37	1.25	1.09	15.18	2.07
		Net income	708,775	1,763,956	2,793,694	1,077,362	6,440	180,616
		Cashflow from operations	4,781	(12,179)	95,292	(118,781)	(6,773)	(2,292)
		Depreciation & Amortization Expense	125,188	3,276	4,142	4,142	4,142	4,142



Cash, Investments and Financing Go to top of page			2011	2010	2009	2008	2007	2006

		Population at July 1st of the Previous Year	401	416	412	413	414	410
		Population Group	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below
		Cash &Investments	$393,513	$419,980	$507,161	$404,709	$502,148	$497,383
		Investment Earnings	1,164	5,708	12,242	19,901	25,156	10,757
		Tax Rate Equivalent	0.0068	0.0447	0.0952	0.1501	0.1962	0.0819
		Tax Rate Equivalent Group weighted average	0.0022	0.0052	0.0140	0.0403	0.0513	0.0318
		Tax Rate Equivalent Statewide weighted average	0.0156	0.0247	0.0133	0.0524	0.0920	0.0573
		Latest year of Revaluation	2010	2002	2002	2002	2002	2002
		January 1, Prior Year Assessed Valuation	$17,208,763	12,759,144	12,858,735	13,255,079	12,820,495	13,133,329
		Tax Rate	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500
		Tax Rate Group weighted average	0.2635	0.3115	0.2821	0.2676	0.3651	0.3049
		Tax Rate State Wide	0.4122	0.4090	0.4262	0.4238	0.4450	0.4321
		Assessment -to-Sales Ratio	101.23	99.90	66.15	68.61	82.22	91.33
		Assessment -to-Sales Ratio Group weighted average	101.84	100.94	86.15	87.73	75.64	81.67
		Assessment -to-Sales Ratio Statewide	101.47	98.27	90.81	88.53	88.41	92.28
		Assessed Valuation Adjusted for Assesment to Sales Ratio	$16,999,667	12,771,916	19,438,753	19,319,456	15,592,915	14,380,082
		EffectiveTax Rate	0.1518	0.1499	0.0992	0.1029	0.1233	0.1370
		Group weighted average Effective Tax Rate	0.2683	0.3144	0.2430	0.2348	0.2762	0.2490
		Statewide weighted average Effective Tax Rate	0.4183	0.4020	0.3870	0.3752	0.3934	0.3987
		Percent Collected	95.8300	93.8100	94.2300	94.5600	92.2600	93.3300
		Percent Collected Group weighted average	97.39	95.46	95.87	96.32	97.25	97.71
		Percent Collected Statewide	97.59	97.36	97.34	97.56	97.58	97.55
		Percent Collected Excluding Motor Vehicles	97.93	96.08	96.25	96.85	95.64	96.77
		Percent Collected Excluding Motor Vehicles Group weighted average	97.74	96.03	96.70	97.12	97.74	98.29
		Percent Collected Excluding Motor Vehicles Statewide weighted average	98.35	98.23	98.30	98.65	98.59	98.61
		Percent Collected Motor Vehicles Only	84.65	86.17	87.67	87.57	81.87	83.56
		Percent Collected Motor Vehicles Only Group weighted average	82.85	83.33	82.99	84.77	83.59	84.25
		Percent Collected Motor Vehicles Only Statewide weighted average	87.28	86.34	86.55	86.74	86.71	86.80
		Tax Uncollected	4,601	4,951	5,044	5,283	5,354	5,484
		Tax Rate Equivalent	0.0267	0.0388	0.0392	0.0399	0.0418	0.0418
		Dominant County: Craven
	Debt Information
		Population Group	Under 500	Under 500	Under 500	Under 500	Under 500	Under 500
		Ratings:
		Fitch
		Moody's
		S & P

		General Obligation Debt (GO) where the taxing power of the entrire municipality is pledged to pay the obligation
		Enterprise GO Debt	$0	0	0	0	0	0
		General Government GO Debt	0	0	0	0	0	0
		Total General Obligation Debt	0	0	0	0	0	0
		Per Capita	$0	0	0	0	0	0
		Total Per Capita for the Population Group	#N/A	591	161	155	201	217
		Total Per Capita Statewide	#N/A	449	455	456	478	495
		Total per Assessed Valuation Adjusted for Current Year Sales	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%
		Total per Assessed Valuation Adjusted for Current Year Sales- Group Average	#N/A	0.3447%	0.0782%	0.0794%	0.1282%	0.1208%
		Total per Assessed Valuation Adjusted for Current Year Sales - Statewide	#N/A	0.4104%	0.3909%	0.4132%	0.4706%	0.5275%
		Total Authorized but not Issued General Obligation Debt	$0

		Installment Sales Purchases and Lease Obligations
		--Enterprise	$0	0	0	0	0	0
		--General Government	0	0	0	0	0	0
		Total*	$0	0	0	0	0	0
		* The total only includes the contracts that require Local Government Commission approval.
		Revenue Bond Debt	$0	0	0	0	0	0


Annual Financial Information Report Detail Go to top of page
Line	Section	Description	2011	2010	2009	2008	2007	2006
	Population at July 1st of the Previous Year Adjusted for Boundry Changes		401	416	412	413	414	410

1.5A	FISCAL	Governmental Activities Assets	357,029	395,949	478,734	489,735	481,223	483,220
1.5B	SUMMARY	Governmental Activities Liabilities	1,811	4,631	4,204	3,247	4,351	1,748
3.5A		Business Type Activities Assets	7,112,961	6,528,003	4,780,512	2,454,834	392,666	460,661
3.5B		Business Type Activities Liabilties	385,773	509,590	526,055	994,071	9,265	83,700
6.5A		Fiduciary Funds Assets
6.5B		Fiduciary Funds Liabilties
10.0	PART 2	Current Collections of Unit -Wide Levy	25,162	17,905	18,040	18,473	17,736	18,004
11.0	TAX	Current Collections of Special Tax Districts
12.0	REVENUES	Prior Years' Levy Collections	1,130	808	931	1,287	1,693	1,400
13.0		Penalties and Interest	337	268	242	266	583	324
14.0		Collections of Taxes Previously Written Off
15.0		Animal Tax
15.1		Solid Waste Disposal Tax		286
16.0		1% Local Government Option Sales Tax	3,002	2,932	3,390	3,545	3,827	3,888
17.0		1/2% Local Government Option Sales Tax (40)	1,724	1,671	1,906	2,168	2,293	2,146
18.0		1/2% Local Government Option Sales Tax (42)	1,512	1,523	1,887	2,151	2,275	2,130
18.5		1/2% Local Government Option Sales Tax (44)	-9	168	1,033	1,746	1,872	1,848
19.0		Privilege Licenses	141	165	178	94	130	188
19.2		Privilege -- All other privileges and pemits
20.0		Auto Licenses	820	888	822	804	782	818
21.0		Vehicle Tax for Public Transportation
22.0		Other Licenses
23.0		Local Occupancy Tax
24.0		Prepared Food Tax
25.0		911 Charges
26.0		Gross Short Term lease and Rental Tax
27.0	FEDERAL	Payments In Lieu of Taxes - Federal
28.0	INTERGOV	Equitable Sharing of Fed. Forfeited Prop.
29.0	REVENUES	General Government
30.0		Public Safety
31.0		Transportation - Streets
32.0		Transportation - All Other
33.0		Environmental Protection	61,825	150,390
34.0		Econ. & Phys. Dev. - Housing/Comm. Dev.	72,500	2,500
35.0		Econ. & Phys. Dev. - All Other
36.0		Human Services: Health, Mental Hlt & Hosp
37.0		Human Services: All Other
38.0		Culture & Recreation
39.0	STATE	Payments In Lieu of Taxes - State
40.0	INTERGOV	Unauthorized Substance Tax
41.0	REVENUES	Transitional Hold Harmless	1,754	1,283	532
42.0		Wireless Enhanced 911 Service Charges
42.1		Emergency Telephone Services Fund (ETSF) Revenues (Do not include interest)
42.2		ETSF Interest Income
43.0		Piped Natural Gas Charge Distribution
44.0		Utility Franchise Tax	23,648	24,535	23,907	22,955	21,541	20,613
45.0		Beer and Wine Tax	1,833	588	1,855	1,907	1,853	1,837
46.0		Powell Bill	12,650	12,520	14,186	15,927	14,218	14,487
50.0		Court Fees - Facilities and Arrest Fees
51.0		General Government
52.0		Public Safety
53.0		Transportation - Streets
54.0		Transportation - All Other
55.0		Environmental Protection	761,216	1,541,673	2,774,977	1,089,969	13,586	178,168
56.0		Econ. & Phys. Dev. - Housing/Community Dev
57.0		Econ. & Phys. Dev. - All Other
58.0		Human Services -Health, Mental Health, Hosp
59.0		Human Services - All Other
60.0		Culture and Recreation
61.0	LOCAL	Payments in Lieu of Taxes - Local
62.0	INTERGOV	General Government
63.0	REVENUES	Public Safety
64.0		Transportation - Streets
65.0		Transportation - All Other
66.0		Environmental Protection
67.0		Economic and Physical Development
68.0		Human Services - Health, Mental Hlt & Hosp
69.0		Human Services - All Other
70.0		Culture and Recreation
71.0	PERMITS	Building Permits
72.0	& FEES	Inspection Fees
72.1		Amusements licensing and permit taxes
73.0		Other Permits
74.0	SALES &	Parking Revenues
75.0	SERVICES	Rents and Royalties
76.0		Airport
77.0		Fire Protection Charges
78.0		Solid Waste			124
79.0		Ambulance and Rescue Squad Charges
80.0		Cemeteries
81.0		Recreation Service Revenues
82.0		Library Service Revenues
83.0		Other Cultural and Rec Service Revenues
84.0		Mass Transit - City Operated
85.0		Other Sales and Services
86.0	UTILITY	Water and Sewer Charges	129,172	80,118	97,208	49,183	47,190	48,780
87.0	REVENUES	Electric Charges
88.0		Gas Charges
88.1		Storm Water Fees
89.0	MISC.	Investment Earnings - Bond Proceeds
90.0	REVENUES	Investment Earnings - All Other Funds	1,164	5,708	12,242	19,901	25,156	10,757
91.0		Special Assessments
92.0		Private Contributions and Donations
93.0		Sales of Materials and Fixed Assets
94.0		Sale of Real Property
95.0		Nongovt Contr For Streets & Traffic Signals
96.0		ABC Mixed Drink Surcharge
97.0		ABC Profit Distribution
98.0		Other Miscellaneous Revenues			375	225	418	215
99.0		Proceeds of Sale of Bonds and Notes
100.0		Proceeds of Capital Leases/Install Purchases
101.0		Other	61,825	150,390
102.0	NON-REV	School - Current Levy Collections
103.0	RECEIPTS	Prior Years' Levy Collections
104.0		Tax Collections for Other Units
105.0		Utilities Customer's Deposits			470	395		91
106.0		Deposits Other than Utility					75
107.0		Prepaid Taxes			-6	-13	1,294	15
108.0		Prepaid Privilege Licenses						80
109A	PART 4	Governing Body - Salaries & Wages	1,980	2,350	1,920	1,440
109B	GENERAL	Governing Body - Other Direct	9,576	8,481	7,950	4,887	1,835	6,887
109C	GOVT	Governing Body - Construction
109D		Governing Body - Purchase of P,P&E
110A		Administration - Salaries & Wages	11,653	16,177	14,963	14,447	18,101	19,202
110B		Administration - Other Direct	20,269	23,131	30,756	21,938	23,097	19,566
110C		Administration - Construction
110D		Administration - Purchase of P,P&E	1,200	535	2,447	1,000	1,670	873
111A		Elections - Salaries & Wages
111B		Elections - Other Direct				1,971
111C		Elections - Construction
111D		Elections - Purchase of P,P&E
112A		Finance - Salaries & Wages
112B		Finance - Other Direct					4,539
112C		Finance - Construction
112D		Finance - Purchase of P,P&E
113A		Taxes - Salaries & Wages
113B		Taxes - Other Direct
113C		Taxes - Construction
113D		Taxes - Purchase of P,P&E
114A		Legal - Salaries & Wages
114B		Legal - Other Direct
114C		Legal - Construction
114D		Legal - Purchase of P,P&E
115A		Public Buildings - Salaries & Wages
115B		Public Buildings - Other Direct
115C		Public Buildings - Construction
115D		Public Buildings - Purchase of P,P&E
116A		Court Facilities - Salaries & Wages
116B		Court Facilities - Other Direct
116C		Court Facilities - Construction
116D		Court Facilities - Purchase of P,P&E
117A		Central Services - Salaries & Wages
117B		Central Services - Other Direct
117C		Central Services - Construction
117D		Central Services - Purchase of P,P&E
118A		Gen. Govt. All Other - Salaries & Wages
118B		Gen. Govt. All Other - Other Direct		208	517
118C		Gen. Govt. All Other - Construction
118D		Gen. Govt. All Other - Purchase of P,P&E
119A	PUBLIC	Police & Comm - Traffic Control - Salaries and Wages
119B	SAFETY	Police & Comm - Traffic Control - Other Direct
119C		Police & Comm - Traffic Control - Construction
119D		Police & Comm - Traffic Control - Purchase of P,P&E
120A		Emergency Communications - Salaries & Wages
120B		Emergency Communications - Other Direct
120C		Emergency Communications - Construction
120D		Emergency Communications - Purchase of P,P&E
120B		Emergency Telephone Service Fund (ETSF) Expenditures - Operating
120C		ETSF Expenditures - Capital Construction
120D		ETSF Expenditures - Capital Purchases
121A		Emergency Mgmt - Salaries & Wages
121B		Emergency Mgmt - Other Direct
121C		Emergency Mgmt - Construction
121D		Emergency Mgmt - Purchase of P,P&E
122A		Fire - Salaries & Wages
122B		Fire - Other Direct
122C		Fire - Construction
122D		Fire - Purchase of P,P&E
123A		Inspectors - Salaries & Wages
123B		Inspectors - Other Direct
123C		Inspectors - Construction
123D		Inspectors - Purchase of P,P&E
124A		Rescue Units - Salaries & Wages
124B		Rescue Units - Other Direct
124C		Rescue Units - Construction
124D		Rescue Units - Purchase of P,P&E
125A		Animal Control - Salaries & Wages
125B		Animal Control - Other Direct
125C		Animal Control - Construction
125D		Animal Control - Purchase of P,P&E
126A		Pub. Safety All Other - Salaries & Wages
126B		Pub. Safety All Other - Other Direct
126C		Pub. Safety All Other - Construction
126D		Pub. Safety All Other - Purchase of P,P&E
127A	TRANSPOR	Traffic Engineering - Salaries & Wages
127B	TATION	Traffic Engineering - Other Direct
127C		Traffic Engineering - Construction
127D		Traffic Engineering - Purchase of P,P&E
128A		Streets and Highways - Salaries & Wages	2,580	11,858
128B		Streets and Highways - Other Direct	29,335	14,233	13,956	14,136	11,852	11,829
128C		Streets and Highways - Construction
128D		Streets and Highways - Purchase of P,P&E
129A		Street Cleaning - Salaries & Wages
129B		Street Cleaning - Other Direct
129C		Street Cleaning - Construction
129D		Street Cleaning - Purchase of P,P&E
130A		Powell Bill - Salaries & Wages			11,657	11,059	9,120	9,975
130B		Powell Bill - Other Direct			1,312	4,535	22,347	7,492
130C		Powell Bill - Construction
130D		Powell Bill - Purchase of P,P&E
131A		Parking Facilities - Salaries & Wages
131B		Parking Facilities - Other Direct
131C		Parking Facilities - Construction
131D		Parking Facilities - Purchase of P,P&E
132A		Mass Transit - City - Salaries & Wages
132B		Mass Transit - City - Other Direct
132C		Mass Transit - City - Construction
132D		Mass Transit - City - Purchase of P,P&E
133B		Mass Transit - Private - Other Direct
134A		Airport - Salaries & Wages
134B		Airport - Other Direct
134C		Airport - Construction
134D		Airport - Purchase of P,P&E
135A		Transpor. All Other - Salaries & Wages
135B		Transpor. All Other - Other Direct
135C		Transpor. All Other - Construction
135D		Transpor. All Other - Purchase of P,P&E
136A	ENVIRON	Solid Waste - Salaries & Wages
136B	MENTAL	Solid Waste - Other Direct
136C	PROTECTION	Solid Waste - Construction
136D		Solid Waste - Purchase of P,P&E
137A		Drainage & Watershed - Salaries & Wages
137B		Drainage & Watershed - Other Direct
137C		Drainage & Watershed - Construction
137D		Drainage & Watershed - Purchase of P,P&E
138A		Cemeteries - Salaries & Wages
138B		Cemeteries - Other Direct
138C		Cemeteries - Construction
138D		Cemeteries - Purchase of P,P&E
139A		Environ. All Other - Salaries & Wages
139B		Environ. All Other - Other Direct
139C		Environ. All Other - Construction
139D		Environ. All Other - Purchase of P,P&E
140A	ECONOMIC	Planning & Zoning - Salaries & Wages
140B	& PHYSICAL	Planning & Zoning - Other Direct
140C	DEVELOP	Planning & Zoning - Construction
140D		Planning & Zoning - Purchase of P,P&E
141A		Economic Development - Salaries & Wages
141B		Economic Development - Other Direct
141C		Economic Development - Construction
141D		Economic Development - Purchase of P,P&E
142A		Community Development - Salaries & Wages
142B		Community Development - Other Direct	72,660	2,885
142C		Community Development - Construction
142D		Community Development - Purchase of P,P&E
143A		Housing & Urban Renewal - Salaries & Wages
143B		Housing & Urban Renewal - Other Direct
143C		Housing & Urban Renewal - Construction
143D		Housing & Urban Renewal - Purchase of P,P&E
144A		Special Empl Programs - Salaries & Wages
144B		Special Empl Programs - Other Direct
144C		Special Empl Programs - Construction
144D		Special Empl Programs - Purchase of P,P&E
145A		Econ. Dev. All Other - Salaries & Wages
145B		Econ. Dev. All Other - Other Direct
145C		Econ. Dev. All Other - Construction
145D		Econ. Dev. All Other - Purchase of P,P&E
146A	HUMAN	Health - Salaries & Wages
146B	SERVICES	Health - Other Direct
146C		Health - Construction
146D		Health - Purchase of P,P&E
147A		Mental Health - Salaries & Wages
147B		Mental Health - Other Direct
147C		Mental Health - Construction
147D		Mental Health - Purchase of P,P&E
148A		Social Services - Salaries & Wages
148B		Social Services - Other Direct
148C		Social Services - Construction
148D		Social Services - Purchase of P,P&E
149B		Hospital-City - Other Direct
150B		Hospital-Private - Other Direct
151A		Legal Aid - Salaries & Wages
151B		Legal Aid - Other Direct
151C		Legal Aid - Construction
151D		Legal Aid - Purchase of P,P&E
152A		Human Serv. All Other - Salaries & Wages
152B		Human Serv. All Other - Other Direct
152C		Human Serv. All Other - Construction
152D		Human Serv. All Other - Purchase of P,P&E
153A	CULTURE	Recreation & Parks - Salaries & Wages
153B	RECREATION	Recreation & Parks - Other Direct
153C		Recreation & Parks - Construction
153D		Recreation & Parks - Purchase of P,P&E
154A		Coliseum - Salaries & Wages
154B		Coliseum - Other Direct
154C		Coliseum - Construction
154D		Coliseum - Purchase of P,P&E
155A		Museums - Salaries & Wages
155B		Museums - Other Direct
155C		Museums - Construction
155D		Museums - Purchase of P,P&E
156A		Libraries - Salaries & Wages
156B		Libraries - Other Direct
156C		Libraries - Construction
156D		Libraries - Purchase of P,P&E
157A		Cult. & Recr. All Other - Salaries & Wages
157B		Cult. & Recr. All Other - Other Direct
157C		Cult. & Recr. All Other - Construction
157D		Cult. & Recr. All Other - Purchase of P,P&E
158A	UTILITY	Water & Sewer - Salaries & Wages	32,381	15,346	19,768	31,321	11,866	10,185
158B		Water & Sewer - Other Direct	118,845	65,366	63,069	30,957	43,471	39,260
158C		Water & Sewer - Construction	925,096	1,912,342	2,765,234	1,083,466	6,321	190,266
158D		Water & Sewer - Purchase of P,P&E	2,973
159A		Electric Power - Salaries & Wages
159B		Electric Power - Other Direct
159C		Electric Power - Construction
159D		Electric Power - Purchase of P,P&E
160A		Natural Gas - Salaries & Wages
160B		Natural Gas - Other Direct
160C		Natural Gas - Construction
160D		Natural Gas - Purchase of P,P&E
161.1A		Storm Water - Salaries & Wages
161.1B		Storm Water - Other Direct
161.1C		Storm Water - Construction
161.1D		Storm Water - Purchase of P,P&E
161B	DEBT	Water & Sewer - Interest & Fees
161D	SERVICE	Water & Sewer - Principal	18,088
162B		Electric - Interest & Fees
162D		Electric - Principal
163B		Gas - Interest & Fees
163D		Gas - Principal
164B		School - Interest & Fees
164D		School - Principal
165B		Hospital - Interest & Fees
165D		Hospital - Principal
166B		All Other - Interest & Fees
166D		All Other - Principal
167B	PENSION	Direct Benefit Program - Other Direct
168B	FRINGE	Fringe Benefits Unallocated
169B		Separation Allowance - Law Enforcement
170B		Separation Allowance - Other Employees
171B		Supplemental Retirement - Law Enforcement
172B		Fringe Benefits Other
173A	INTERGOV	Multi-Cnty Libr Dis,Cnty,Or Other - Recipient
173B	EXPEND	Multi-Cnty Libr Dis,Cnty,Or Other - Item #
173C		Multi-Cnty Libr Dis,Cnty,Or Other - Amount
174A		Gen Gov Activities Shared W/ Cnty - Recipient
174B		Gen Gov Activities Shared W/ Cnty - Item #
174C		Gen Gov Activities Shared W/ Cnty - Amount
175A		Highways (Payments to State) - Recipient
175B		Highways (Payments to State) - Item No.
175C		Highways (Payments to State) - Amount
176A		Other - Intergovt. Expenditures - Recipient
176B		Other - Intergovt. Expenditures - Item #
176C		Other - Intergovt. Expenditures - Amount
177A		Other - Intergovt. Expenditures - Recipient
177B		Other - Intergovt. Expenditures - Item #
177C		Other - Intergovt. Expenditures - Amount
178A		Other - Intergovt. Expenditures - Recipient
178B		Other - Intergovt. Expenditures - Item #
178C		Other - Intergovt. Expenditures - Amount
179.0		Current year's levy -- Excluding motor vehicles	22,113.	14,711.00	14,650.00	14,715.00	14,502.00	14,268.00
180.0		Current year's levy -- Motor vehicles (only)	4,143.	4,375.00	4,494.00	4,820.00	4,722.00	5,023.00
181.0	PART 6	Uncollected Taxes - Current Year's Levy Except Mot Veh	458.	576.00	550.00	463.00	632.00	461.00
182.0	OTHER	Uncollected Taxes - CY Levy -Motor Vehicles	636	605	554	599	856	826
183.0	DATA	Percentage of Taxes Collected - All Property %	95.83	93.81	94.23	94.56	92.26	93.33
184.0	DATA	Percentage of Taxes Collected - Exclude Motor Vehicles%	97.93	96.08	96.25	96.85	95.64	96.77
185.0		Percentage of Taxes Collected - Motor Vehicles %	84.65	86.17	87.67	87.57	81.87	83.56
186.0		Ttl Amt Salaries/Wages for Construction
187A		Capital Reserve Schools - July 1, 2009
187B		Capital Reserve Schools - June 30, 2010
188A		Capital Reserve Hospitals - July 1, 2009
188B		Capital Reserve Hospitals - June 30, 2010
189A	PART 7	Cash On Hand & in Bank - Debt Service
189B	CASH &	Cash On Hand & in Bank - Construction Bond
189C	INVEST	Cash On Hand & in Bank - All Other	393,513	419,980	507,161	404,709	502,148	497,383
190A	PART	Appropriations Made During FY - B(1) - B(7)
190B	8	Expenditures Made During FY - B(1) - B(7)
191.0		Investment in Property - B(1) - B(4)
192.0		Amount Expended During FY - B(5) and B(7)
193.0		Amount of Tax Revenues Taken Into Account
194A	PART 9	Amount - Total Revenues	1,194,507	2,070,468	2,958,835	1,230,601	155,153	305,603
194B	FISCAL	Amount - Subtract Refunding Bond Proceeds
194C	SUMMARY	Amount - Subtract Interfund Transfers In	33,101	74,149	5,000
194D		Amount - Net Revenues	1,161,406	1,996,319	2,953,835	1,230,601	155,153	305,603
		Calculated amount	1,161,406	1,996,319	2,953,835	1,230,601	155,153	305,603
		Amounts in AGREEMENT??	Yes	Yes	Yes	Yes	Yes	Yes
		Difference
195A		Amount - Total Expenditures	1,279,737	2,147,061	2,938,549	1,221,157	154,219	315,535
195B		Amount - Subtract Pymts. to Refunded Debt Agent
195C		Amount - Subtract Interfund Transfers Out	33,101	74,149	5,000
195D		Amount - Net Expenditures	1,246,636	2,072,912	2,933,549	1,221,157	154,219	315,535
		Calculated amount	1,246,636	2,072,912	2,933,549	1,221,157	154,219	315,535
		Amounts in AGREEMENT??	Yes	Yes	Yes	Yes	Yes	Yes
		Difference

401A	Part 10	Number of residential accounts billed Water					8,597
401B	Water /	Number of residential accounts billed Sewer
402A	Sewer	Amount processed and/or purchased in units Water	12	12,514,500	12	13,547	12,931
402B	Operations	Amount processed and/or purchased in units Sewer	4
403A		Total amount billed in units - Water	11	8,162,270	11	11,539	12,347
403B		Total amount billed in units - Sewer	4
404A		Of the total in 403A above how many units were Residential W	10	7,764,110	10	711	11,495
404B		Of the total in 403B above how many units were Residential S					9,338
405A		Of the total in 403 above, how many units were Outside Muni W
405B		Of the total in 403 above, how many units were Outside Muni S					8,597
406A		Of the total in 405A above how many units were Residential W
406B		Of the total in 405B above how many units were Residential S
407A		Of the total in 403A, how many units were sold for redistribution
407B		Of the total in 403B how many unit were delivered in bulk	78,651	77,066	79,880	47,908	47,885
408A		Dollars related to 403A above	44,228
408B		Dollars related to 403B above	71,297	73,307	75,087	40,807	44,576
409A		Dollars related to 404A above	39,368
409B		Dollars related to 404B above			1		36,211
410A		Dollars related to 405A above
410B		Dollars related to 405B above					33,340
411A		Dollars related to 406A above
411B		Dollars related to 406B above
412A		Dollars related to 407A above
412B		Dollars related to 407B above	223	234	232	226
421A		Number of residential accounts billed - Water	162
421B		Number of residential accounts billed - Sewer	23	12	12	12
422A		Number of non-residential & bulk accounts billed - Water	20
422B		Number of non-residential & bulk accounts billed - Sewer	2	2	2	2	2	2
423A		Estimated percentage of accounts outside of municipal limits		1	1



950.0		Official	Sonja Gaskins
951.0		Title	Town Clerk
952.0		Date	12/15/2011	12/13/2010	11/25/2009	10/31/2008	10/26/2007	10/11/2006
953.0		Contact	Connie H. Huffman
954.0		Title	CPA
955.0		Phone	252-568-2128
956.0		Fax	252-568-2201
957.0		E-Mail:

Go to top of page Key Ratios and Operations Statistics of Water and Sewer Systems for
Town of Cove City

	2011	2010	2009	2008	2007	2006

Population	401	416	412	413	414	410
Population Group	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below	No Electric 499 and Below
Total Operating Revenues	$0	80,118	97,208	49,183	47,190	48,780
Total Operating Revenues Per Capita	$0	193	236	119	114	119
Group Weighted Average Revenues Per Capita	42	314	272	260	253	396
State Weighted Average Revenues Per Capita	20	273	252	255	255	249

% to Total Operating Revenues
Operating Expenses	0.00%	104.83%	89.48%	135.05%	126.04%	109.85%
Group Weighted Average	131.88%	116.71%	116.15%	122.61%	121.22%	98.78%
State Weighted Average	92.57%	83.23%	87.16%	84.09%	80.04%	79.35%

Operating Margin	0.00%	-4.83%	10.52%	-35.05%	-26.04%	-9.85%
Group Weighted Average	-31.88%	-16.71%	-16.15%	-22.61%	-21.22%	1.22%
State Weighted Average	7.43%	16.77%	12.84%	15.91%	19.96%	20.65%

Operating Transfers In	0.00%	92.55%	5.14%	0.00%	0.00%	10.25%
Group Weighted Average	29.55%	2.65%	5.18%	4.03%	4.82%	3.49%
State Weighted Average	11.39%	1.58%	1.20%	1.31%	1.10%	1.56%

Operating Transfers Out	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Group Weighted Average	2.70%	0.12%	2.42%	0.24%	2.33%	1.69%
State Weighted Average	17.30%	1.55%	2.65%	3.15%	1.85%	2.84%

Net Income before capital contributions	0.00%	89.73%	19.25%	-25.63%	-15.14%	5.02%
Group Weighted Average	349.93%	92.82%	66.51%	-20.77%	122.12%	51.79%
State Weighted Average	212.96%	15.81%	-9.94%	18.14%	25.59%	24.27%

Key Ratios and Cash Flow

Quick Ratio	1.22	1.37	1.25	1.09	15.18	2.07
Group Weighted Average	3.92	3.19	2.91	2.96	2.94	2.93
State Weighted Average	3.94	3.21	2.82	2.96	2.91	2.83

Days Sales in Receivables	8.0	41.5	42.9	47.5	49.3	39.5
Group Weighted Average	5.9	75.3	51.5	50.7	93.9	57.0
State Weighted Average	13.0	57.9	58.5	56.6	61.6	59.8

Days Cash on Hand	0.0	511.5	493.5	551.9	656.8	745.5
Group Weighted Average	-55.2	561.7	627.8	539.3	471.9	460.4
State Weighted Average	-80.4	613.4	559.6	588.2	645.7	570.9

Cash flow from Operations	$4,781	-12,179	95,292	-118,781	-6,773	-2,292

Debt to Equity	0.00	0.02	0.00	0.00	0.00	0.00
Group Weighted Average	0.09	0.07	0.06	0.07	0.08	0.11
State Weighted Average	0.31	0.59	0.54	0.54	0.55	0.55

Debt per Capita	0	362	0	0	0	0
Group Weighted Average	52	322	249	235	243	395
State Weighted Average	34	897	784	781	761	733

Capital Expenditures:	2011	2010	2009	2008	2007	2006
	$0	0	0	0	0	0

	2005	2004	2003	2002
	$0	0	0	0

Capital Contributions: Excluded from income above	$823,041	1,692,063	2,774,977	1,089,969	13,586	178,168


Operating Statistics

Estimated population of the areas served Water	0	0	0	0	206	NA
Estimated population of the areas served Sewer	0	0	0	0	0	NA

Number of Gallons of Water Processed (000) omitted	12	12,514,500	12	13,547	12,931	NA
Number of Gallons of Sewage Processed (000) omitted	4	0	0	0	0	NA

Number of Gallons of Water Billed (000) omitted	11	8,162,270	11	11,539	12,347	NA
Number of Gallons of Sewage Billed (000) omitted	4	0	0	0	0	NA

Ratio of Water Billed to Water Processed	0.90116	0.65223	0.91667	0.85178	0.95484	NA
Ratio of Sewage Billed to Sewage Processed	0.97970					NA

Total Revenue from Water Sales	78,651	77,066	79,880	47,908	47,885	NA
Total Revenue from Sewage Sales	44,228	0	0	0	0	NA

Water Revenue per 1000 gallons of Sales					232.45146	NA
Sewage Revenue per 1000 gallons of Sales						NA

Group Average Sales per thousand Gallons Water	$0.00008	$11.89213	$19.73896	$3,526.31757	$3,934.54117	NA
Group Average Sales per thousand Gallons Sewage	$0.00012	$30.88977	$26.02486	$3,520.56518	$4,077.93505	NA

State Average Sales per thousand Gallons Water	$0.00342	$25.16691	$28.47236	$12,972.02948	$5,350.70834	NA
State Average Sales per thousand Gallons Sewage	$0.00223	$48.57325	$47.83284	$11,816.81710	$3,994.76021	NA

Residential Water Sales per thousand Gallons	$7,245.62907	0.00944	7,508.70000	57.39381	3.87786	NA
Residential Sewage Sales per thousand Gallons	$11,444.18605					NA

Water Sales per thousand Gallons outside Municipal Limits					3.87781	NA
Sewage Sales per thousand Gallons outside Municipal Limits						NA

Total Water Sales per thousand gallons for Redistribution	$0.00000	0.00000	0.00000	0.00000	0.00000	NA
Total Sewage Sales per thousand gallons for Redistribution	$0.00000	0.00000	0.00000	0.00000	0.00000	NA

Financial Graphs and Comparisons

Analysis of Available Fund Balance: General Fund
Analysis of Property Tax Collection %
Analysis of General Obligation Debt
Analysis of Revenue (5 years)
Analyis of Revenue (most recent fiscal year)
Analysis of Expenditures by Function
Analysis of Expenditures by Object

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Analysis of Available Fund Balance: General Fund

	2007	2008	2009	2010	2011
Unit's FBA %	430.22%	407.49%	432.10%	199.71%	0.00%
Group average FBA %	119.65%	116.82%	124.89%	120.75%	152.90%
State average Electric/Non Electric Group FBA %	37.39%	36.66%	37.89%	38.71%	38.21%
State average FBA %	36.54%	36.35%	119.65%	37.47%	38.21%

Municipal Population Group: No Electric 499 and Below

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2007 2008 2009 2010 2011

Municipality 92.26% 94.56% 94.23% 93.81% 95.83%

Pop. Group 97.25% 96.32% 95.87% 95.46% 97.39%

Statewide 97.58% 97.56% 97.34% 97.36% 97.59%

Municipal Population Group: No Electric 499 and Below

	2007	2008	2009	2010	2011
Municipality	92.26%	94.56%	94.23%	93.81%	95.83%
Pop. Group	97.25%	96.32%	95.87%	95.46%	97.39%
Statewide	97.58%	97.56%	97.34%	97.36%	97.59%

Municipal Population Group: No Electric 499 and Below

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2007 2008 2009 2010 2011

Municipality 0 0 0 0 0

Pop. Group 201 155 161 591 #N/A

Statewide 478 456 455 449 #N/A

Municipal Population Group: Under 500

	2007	2008	2009	2010	2011
Municipality	0	0	0	0	0
Pop. Group	201	155	161	591	#N/A
Statewide	478	456	455	449	#N/A

Municipal Population Group: Under 500

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2007 2008 2009 2010 2011

Property Tax $48 48 47 46 66

Utility 114 119 236 193 322

Sales Tax 25 24 20 15 16

Sales & Services 0 0 0 0 0

Intergovernmental 124 2,738 6,834 4,167 2,333

Debt Proceeds 1 1 1 0 0

Other Miscellaneous 63 50 32 16 5

Total $375 2,980 7,170 4,437 2,742

	2007	2008	2009	2010	2011
Property Tax	$48	48	47	46	66
Utility	114	119	236	193	322
Sales Tax	25	24	20	15	16
Sales & Services	0	0	0	0	0
Intergovernmental	124	2,738	6,834	4,167	2,333
Debt Proceeds	1	1	1	0	0
Other Miscellaneous	63	50	32	16	5
Total	$375	2,980	7,170	4,437	2,742

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2011
2011

Category Revenue
Per Capita

Property Tax $26,629
$66

Water/Sewer 0
0

Electric 129,172
322

Other Utilities 0
0

Sales Tax 6,229
16

Sales & Services 0
0

Intergovernment 935,426
2,333

Debt Proceeds 0
0

Miscellaneous 2,125
5

Total $1,099,581
$2,742

Municipal Population Group: No Electric 499 and Below

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2011
2011

Category Expenditures
Per Capita

General Government $44,678
$111

Water/Sewer 0
0

Electric 1,079,295
2,692

Other Utilities 0
0

Debt Service 18,088
45

Transportation 31,915
80

Public Safety 0
0

Other 72,660
181

Total $1,246,636
$3,109

Municipal Population Group: No Electric 499 and Below

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2011
2011

Category Expenditures
Per Capita

Salaries & Wages $48,594
$121

Water/Sewer Capital 0
0

Electric Capital 928,069
2,314

Other Capital 1,200
3

Other Operating 268,773
671

Total $1,246,636
$3,109

Municipal Population Group: No Electric 499 and Below

Last Updated 1/31/2012 4:05:58 PM



	2011	2011
Category	Revenue	Per Capita
Property Tax	$26,629	$66
Water/Sewer	0	0
Electric	129,172	322
Other Utilities	0	0
Sales Tax	6,229	16
Sales & Services	0	0
Intergovernment	935,426	2,333
Debt Proceeds	0	0
Miscellaneous	2,125	5
Total	$1,099,581	$2,742

Municipal Population Group: No Electric 499 and Below

North CarolinaDepartment of State TreasurerFinancial InformationTown of Cove City

Financial Graphs and Comparisons

North Carolina
Department of State Treasurer
Financial Information
Town of Cove City