View the entire document as one PDF file (1,600 KB)

The links below go directly to the respective sections of the financial report

INTRODUCTORY SECTION
Letter of Transmittal (html)

Town of Cary Mission Statement and Statement of Values (html)

Certificate of Achievement for Excellence in Financial Reporting (html)

Members of Town Council (html)
Appointed and Administrative Staff (html)
Town Boards and Commissions (html)
Area Map and History of the Town of Cary (html)
Responsibilities of Town Government (html)
Organizational Chart (html)

FINANCIAL SECTION
Independent Auditors' Report html
Management's Discussion and Analysis (html)

Exhibit

BASIC FINANCIAL STATEMENTS

Entity-Wide Financial Statements

A - Statement of Net Assets (html)
B - Statement of Activities (html)

Governmental Fund Financial Statements
C - Balance Sheet - Governmental Funds (html)
D - Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets (html)
E - Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds (html)
F - Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities (html)
G - General Fund - Budgetary Comparison Statement (html)
H - Amphitheatre Special Revenue Fund - Budgetary Comparison Statement (html)
I - Transit Special Revenue Fund - Budgetary Comparison Statement (html)
J - 911 Special Revenue Fund - Budgetary Comparison Statement (html)

K - Economic Development Special Revenue Fund - Budgetary Comparison Statement (html)

Proprietary Fund Financial Statements

L - Statement of Net Assets - Proprietary Funds (html)
M - Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds (html)
N - Statement of Cash Flows - Proprietary Funds (html)

Fiduciary Fund Financial Statements

O - Statement of Fiduciary Net Assets - Fiduciary Funds - Pension Trust Fund - Law Enforcement Separation Allowance (html)
P - Statement of Changes in Fiduciary Net Assets - Fiduciary Funds - Pension Trust Fund - Law Enforcement Separation Allowance (html)

Notes to the Basic Financial Statements (html)

REQUIRED SUPPLEMENTARY INFORMATION

Law Enforcement Officers' Separation Allowance Required Supplemental Information (html)

SUPPLEMENTARY INFORMATION

Schedule

Capital Project Fund

1 - Capital Project Fund - Sub-Fund Combining Balance Sheet (html)
2 - Capital Project Fund - Sub-Fund Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances (html)
3 - Street Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (html)
4 - Parks and Recreation Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (html)
5 - Fire Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (html)
6 - General Governmental Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (html)
7 - General Capital Reserve Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (html)

Utility System Enterprise Fund

8 - Utility Systems Enterprise Fund - Sub-Fund Combining Statement of Net Assets (html)
9 - Utility Systems Enterprise Fund - Sub-Fund Combining Schedule of Revenues, Expenses, and Changes in Fund Net Assets (html)
10 - Utility System Operations Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Net Assets - Budget and Actual (NON-GAAP) (html)
11 - Water Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Net Assets - Budget and Actual (NON-GAAP) (html)
12 - Sewer Project Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Net Assets - Budget and Actual (NON-GAAP) (html)
13 - Utility System Capital Reserve Sub-Fund - Schedule of Revenues, Expenditures, and Changes in Fund Net Assets - Budget and Actual (NON-GAAP) (html)

Internal Service Funds

14 - Internal Service Funds - Combining Statement of Net Assets (html)
15 - Internal Service Funds - Combining Schedule of Revenues, Expenses, and Changes in Fund Net Assets (html)
16 - Internal Service Funds - Combining Statement of Cash Flows (html)
17 - Garage Internal Service Fund - Schedule Of Revenues, Expenditures, and Changes In Fund Net Assets - Budgeted and Actual (NON-GAAP) (html)
18 - Health Insurance Internal Service Fund - Schedule of Revenues, Expenditures, and Changes in Fund Net Assets - Budgeted and Actual (NON-GAAP) (html)

Other Fund Schedules

19 - Pension Trust Fund - Law Enforcement Officers' Special Separation Allowance - Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual (NON-GAAP) (html)

20 - Community Development Block Grant Special Revenue Fund Budgetary Comparison Statement – Multi-year (html)

Table

STATISTICAL SECTION (Unaudited)

1 - Net Assets by Component, Last Six Fiscal Years (html)
2 - Changes in Net Assets, Last Six Fiscal Years (html)
3 - Fund Balances, Governmental Funds, Last Ten Fiscal Years (html)
4 - Changes in Fund Balances, Governmental Funds, Last Six Fiscal Years (html)

5 - Governmental Fund Expenditures by Function, Last Ten Fiscal Years (html)

6 - Governmental Fund Revenues by Source, Last Ten Fiscal Years (html)

7 - Assessed Value of Taxable Property, Last Ten Fiscal Years (html)

8 - Comparison of Town of Cary and Wake county Assessed Values, Last Ten Fiscal Years (html)

9 - Property Tax Rates-Direct and Overlapping Governments, Last Ten Fiscal Years (html)

10 - Principal Property Taxpayers, Nine Years Ago and Current Year (html)

11 - Property Tax Levies and Collections, Last Ten Fiscal Years (html)

12 - Ad Valorem Taxes Receivable, Current Year and Last Nine Fiscal Years (html)

13 - Analysis of Current Tax Levy (html)

14 - Ratios of Outstanding Debt by Type, Last Ten Fiscal Years (html)

15 - Ratio of Net General Bonded Debt to Assessed Value and Bonded Debt per Capita, Last Ten Fiscal Years (html)

16 - Computation of Legal Debt Margin, Last Ten Fiscal Years (html)

17 - Computation of Direct and Overlapping Debt (html)

18 - Bond Coverage Combined Enterprise System Bonds, Last Ten Fiscal Years (html)

19 - Ratio of Annual Debt Service Expenditures for Bonded Debt to Total General Expenditures, Last Ten Fiscal Years (html)

20 - Demographic Statistics, Last Ten Fiscal Years (html)

21 - Principal Employers, Nine Years Ago and Current Year (html)

22 - Commercial Activity, Last Ten Fiscal Years (html)

23 - Employee Position Authorization by Department, Last Ten Fiscal Years (html)

24 - Operating Indicators by Function/Program, Last Seven Fiscal Years (html)

25 - Capital Assets by Function/Program, Last Seven Fiscal Years (html)

26 - Insurance in Force, July 1, 2006 – June 30, 2007 (html)

27 - Top Ten Utility Customers (html)

28 - Utility Rate Information, Fiscal Year 2007 Approved Operating Budget Ordinance (html)

COMPLIANCE SECTION

Federal and State Awards Compliance

Schedule of Expenditures of Federal and State Awards (html)

Notes to Schedule of Expenditures of Federal and State Awards (html)

Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit Performed in Accordance with Government Auditing Standards (html)

Independent Auditors' Report on Compliance with Requirements Applicable to Each Major Federal Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 and the State Single Audit Implementation Act (html)

Independent Auditors' Report on Compliance with Requirements Applicable to Each Major State Program and Internal Control Over Compliance in Accordance with Applicable Sections of OMB Circular A-133 and the State Single Audit Implementation Act (html)

Schedule of Findings and Questioned Costs (html)

Corrective Action Plan (html)

Summary Schedule of Prior Year Audit Findings (html)

Covenant Compliance

Independent Auditors' Report on Revenue Bond Covenant Compliance (html)

Revenue Bond Statement of Revenues, Expenses, Debt Service, and Debt Service Coverage (html)