FAYETTE COUNTY, WEST VIRGINIA
STATEMENT OF NET POSITION
June 30, 2022
Primary
Government
Governmental Board of Urban Renewal Public Farmland
Activities Health Authority Library Protection Board
ASSETS
Current assets:
Cash and cash equivalents $ 20,291,956 $ 898,304 $ 855,540 $ 2,126,351 $ 270,572
Investments 2,146,781 – – – – – – 781,766
Receivables:
Taxes 474,482 – – – – – – – –
Accounts – – 426,821 – – – – – –
Loans 64,565 – – – – – –
Due from:
Other governments 198,221 – – – – – – – –
Total current assets 23,176,005 1,325,125 855,540 2,126,351 1,052,338
Capital assets:
Nondepreciable:
Land 2,082,664 – – 751,825 – – – –
Land Development – land for resale – – – – 427,378 – – – –
Land improvements – – – – 133,677 – – – –
Depreciable:
Buildings 17,463,711 1,011,339 – – – – – –
Improvements – – – – 2,128,590 – – – –
Vehicles 2,146,075 – – – – – – – –
Machinery and equipment 8,682,790 281,150 28,922 2,779 – –
Books – – – – – – 236 – –
Intellectual property – – – – 20,100 – – – –
Less: accumulated depreciation ( 22,401,496) ( 142,267) ( 1,078,245) – – – –
Less: accumulated amortization – – – – ( 45) – – – –
Other debits:
Net OPEB assets 40,435 – – – – – – – –
Net pension assets 2,354,358 – – – – – – – –
Total assets 33,544,542 2,475,347 3,267,742 2,129,366 1,052,338
DEFERRED OUTFLOWS
Unamortized loss on bond refunding 91,482 – – – – – – – –
Changes in employer proportion and differences
between contributions and proportionate share of
contributions 256,464 – – – – – – – –
Difference in assumptions 846,948 – – – – – – – –
Differences between expected and actual
experience 472,145 – – – – – – – –
Employer contributions subsequent to
measurement date 738,766 – – – – – – – –
Total deferred outflows of resources 2,405,805 – – – – – – – –
LIABILITIES
Current liabilities payable
from current assets:
Accounts payable 519,626 51,272 – – 85,394 – –
Payroll payable – – 10,259 – – 33,566 – –
Accrued interest payable 17,084 – – 43,527 – – – –
Other liability – – – – – – – – – –
Deferred revenues:
Taxes 8,301,522 – – – – – – – –
Noncurrent liabilities:
Bonds payable – due within one year 65,000 – – – – – – – –
Bonds payable – due in more than one year 1,648,898 – – – – – – – –
Notes payable – – – – 2,098,214 – – – –
Notes payable – due within one year – – 49,590 – – – – – –
Notes payable – due in more than one year – – 651,451 – – – – – –
Net OPEB liability – – – – – – – – – –
Compensated absences payable 294,255 33,573 – – – – – –
Net pension liability – – – – – – – – – –
Total liabilities 10,846,385 796,145 2,141,741 118,960 – –
DEFERRED INFLOWS
Differences between projected and
actual investment earnings 4,348,862 – – – – – – – –
Difference in assumptions 902,357 – – – – – – – –
Differences between expected and
actual experience 400,101 – – – – – – – –
Changes in employer proportion and differences
between contributions and proportionate
share of contributions 98,663 – – – – – – – –
Total deferred inflows of resources 5,749,983 – – – – – – – –
NET POSITION
Net investment in capital assets 6,259,846 354,078 75,554 3,015 – –
Unrestricted 13,094,133 1,325,124 1,050,447 2,007,391 1,052,338
Total net position $ 19,353,979 $ 1,679,202 $ 1,126,001 $ 2,010,406 $ 1,052,338
The notes to the financial statements are an integral part of this statement.
FAYETTE COUNTY, WEST VIRGINIA
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2022
Net (Expense) Revenues and
Program Revenues Changes in Net Position Component Units Charges for Operating Grants Capital Grants Primary Government
Expenses Services and Contributions and Contributions Governmental Activities Board of Health Urban Renewal Authority Public Library Farmland Protection
Functions / Programs
Primary government:
Governmental activities:
General government $ 7,430,088 $ 3,238,191 $ 2,134,014 $ – – $ ( 2,057,883)
Public safety 7,287,805 – – 143,543 – – ( 7,144,262)
Health and sanitation 26,069 – – – – – – ( 26,069)
Culture and recreation 1,445,638 – – 1,877 – – ( 1,443,761)
Social services 19,500 – – – – – – ( 19,500)
Interest on long-term debt 67,409 – – – – – – ( 67,409)
Total governmental activities 16,276,509 3,238,191 2,279,434 – – ( 10,758,884)
Total primary government $ 16,276,509 $ 3,238,191 $ 2,279,434 $ – – ( 10,758,884)
Component units:
Board of Health 1,448,256 157,585 1,682,074 – – – – 391,403 $ – – $ – – $ – –
Urban Renewal Authority 54,426 – – – – – – – – – – ( 54,426) – – – –
Public Library 892,525 16,590 305,576 – – – – – – – – ( 570,359) – –
Farmland Protection Board 265,551 – – – – – – – – – – – – – – ( 265,551)
Total component units $ 2,660,758 $ 174,175 $ 1,987,650 $ – – – – 391,403 ( 54,426) ( 570,359) ( 265,551)
General revenues: Ad valorem property taxes 10,626,847 – – 42,783 546,365 – –
Other taxes 1,016,185 – – – – – – 219,261
Coal severance tax 649,199 – – – – – – – –
Licenses and permits 10,585 – – – – – – – –
Intergovernmental:
Local – – 7,500 – – 31,100 – –
Interest 37,449 1,020 335 3,366 2,616
Gain(loss) on securities – – ( 4,173) – – – – – –
Miscellaneous 1,492,903 2,112 – – 16,910 129,466
Total general revenues 13,833,168 6,459 43,118 597,741 351,343
Change in net position 3,074,284 397,862 ( 11,308) 27,382 85,792
Net position – beginning 16,279,695 1,281,340 1,137,309 1,983,024 966,546
Net position – ending $ 19,353,979 $ 1,679,202 $ 1,126,001 $ 2,010,406 $ 1,052,338
The notes to the financial statements are an integral part of this statement.
FAYETTE COUNTY, WEST VIRGINIA
BALANCE SHEET – GOVERNMENTAL FUNDS
June 30, 2022
Coal Other Nonmajor Total
Severance American Fire Governmental Governmental
General Tax Rescue Act Excess Levy Funds Funds
ASSETS
Current:
Cash and cash equivalents $ 6,435,625 $ 300,937 $ 7,672,252 $ 2,122,352 $ 3,760,790 $ 20,291,956
Investments 122,140 137,979 – – 1,223,083 663,579 2,146,781
Receivables:
Taxes 313,999 – – – – 79,400 81,083 474,482
Loans – – 47,725 – – – – 16,840 64,565
Due from:
Other funds – – – – – – – – 3,000 3,000
Other governments 69,458 32,294 – – – – 96,469 198,221
Total assets $ 6,941,222 $ 518,935 $ 7,672,252 $ 3,424,835 $ 4,621,761 $ 23,179,005
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities:
Accounts payable 438,828 – – – – 2,010 78,788 519,626
Other accrued expenses – – – – – – – – 17,084 17,084
Due to:
Other funds – – 3,000 – – – – – – 3,000
Unearned revenue:
Federal and state grants – – – – 7,663,431 – – 638,091 8,301,522
Total liabilities 438,828 3,000 7,663,431 2,010 733,963 8,841,232
Deferred Inflows:
Unavailable revenue – taxes 268,569 – – – – 67,853 68,309 404,731
Total deferred inflows of resources 268,569 – – – – 67,853 68,309 404,731
Fund balances:
Restricted – – – – 8,821 3,354,972 3,819,489 7,183,282
Committed 2,073,350 – – – – – – – – 2,073,350
Assigned – – 515,935 – – – – – – 515,935
Unassigned 4,160,475 – – – – – – – – 4,160,475
Total fund balances 6,233,825 515,935 8,821 3,354,972 3,819,489 13,933,042
Total liabilities, deferred inflows
and fund balances $ 6,941,222 $ 518,935 $ 7,672,252 $ 3,424,835 $ 4,621,761 $ 23,179,005
The notes to the financial statements are an integral part of this statement.
FAYETTE COUNTY, WEST VIRGINIA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES –
GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2021
Coal Other Nonmajor Total
Severance American Fire Governmental Governmental
General Tax Rescue Act Excess Levy Funds Funds
REVENUES
Taxes:
Ad valorem property taxes $ 6,887,477 $ – – $ – – $ 1,757,602 $ 1,892,723 $ 10,537,802
Other taxes 1,012,697 – – – – – – 3,488 1,016,185
Coal severance tax – – 364,344 – – – – 284,855 649,199
Licenses and permits 30 – – – – – – 10,555 10,585
Intergovernmental:
Federal 978,490 – – 573,437 6,105 280,933 1,838,965
State 440,469 – – – – – – – – 440,469
Charges for services 1,235,318 – – – – 14,527 1,681,761 2,931,606
Fines and forfeits 130,730 – – – – – – 175,855 306,585
Interest and investment earnings 14,820 712 8,325 4,607 8,985 37,449
Miscellaneous 884,323 7,551 – – 23 601,006 1,492,903
Total revenues 11,584,354 372,607 581,762 1,782,864 4,940,161 19,261,748
EXPENDITURES
Current:
General government 7,068,757 64,040 573,437 – – 687,506 8,393,740
Public safety 2,742,472 70,000 – – 2,238,946 2,747,568 7,798,986
Health and sanitation 26,069 – – – – – – – – 26,069
Culture and recreation 900,910 – – – – – – 592,190 1,493,100
Social services – – 19,500 – – – – – – 19,500
Capital outlay 72,125 24,000 – – – – – – 96,125
Debt service:
Principal – – – – – – – – 58,380 58,380
Interest – – – – – – – – 67,409 67,409
Total expenditures 10,810,333 177,540 573,437 2,238,946 4,153,053 17,953,309
Excess (deficiency) of revenues
over expenditures 774,021 195,067 8,325 ( 456,082) 787,108 1,308,439
OTHER FINANCING SOURCES (USES)
Transfers in 483,141 – – – – – – 400,859 884,000
Transfers (out) ( 273,450) – – – – – – ( 610,550) ( 884,000)
Total other financing
sources (uses) 209,691 – – – – – – ( 209,691) – –
Net change in fund balances 983,712 195,067 8,325 ( 456,082) 577,417 1,308,439
Fund balances – beginning 5,250,113 320,868 496 3,811,054 3,242,072 12,624,603
Fund balances – ending $ 6,233,825 $ 515,935 $ 8,821 $ 3,354,972 $ 3,819,489 $ 13,933,042
The notes to the financial statements are an integral part of this statement.
FAYETTE COUNTY, WEST VIRGINIA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO
THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2021
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances – total governmental funds $ 1,308,439
Capital outlays are reported as an expenditure in the governmental funds but are considered an asset at the
government-wide level. This is the amount of capital assets that were purchased during the fiscal year. (Note III-C) 155,053
Capital outlays are reported as an expenditure in the governmental funds. In the statement of activities the cost of
those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount
of depreciation expense charged during the year. (Note III-C). ( 595,077)
Changes in debt service balances for bond of $60,000, bond discount of $1,620 and refunding of $4,752. 53,628
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues
in the funds. This is the difference between prior and current year deferred revenues. 89,045
Prior year deferred revenues: $315,686
Current year deferred revenues: $404,731
Certain pension and OPEB expenses in the statement of activities are recognized on the accrual basis of accounting
in accordance with GASB 68. (Notes V and VI)
Amount of pension and OPEB expenditures at fund modified accrual level: 738,766
Amount of pension and OPEB expenses recognized at government-wide level: 1,196,888
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore,
are not reported as expenditures in governmental funds. (Note III-G) 127,542
Change in net position of governmental activities $ 3,074,284
The notes to the financial statements are an integral part of this statement.
FAYETTE COUNTY, WEST VIRGINIA
RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
June 30, 2021
Total fund balances on the governmental fund’s balance sheet $ 13,933,042
Amounts reported for governmental activities in the statement of net
position are different because:
Capital assets used in governmental activities are not financial resources
and are therefore not reported in the funds. (Note III-C) 7,973,744
Other long-term assets that are not available to pay for current-year
expenditures and therefore are deferred in the funds. (Note III-G) 2,394,793
Certain revenues are not available to fund current year expenditures
and therefore are deferred in the funds. (Note III-B) 404,731
Deferred outflow for unamortized loss on bond refunding. 91,482
Deferred inflows and outflows related to pension and OPEB activity
are not required to be reported in the funds but are required to be
reported at the government-wide level (Notes V and VI):
Deferred outflow (inflow) Other
Deferred outflow (inflow) – Changes in employer portion and differences
between contributions and proportionate share of expense 157,801
Deferred outflow – Employer contributions after measurement date 738,766
Deferred inflow – Differences between projected and actual investment
earnings ( 4,348,862)
Deferred outflow (inflow) – Differences between expected and actual
experience. 72,044
Deferred outflow (inflow) – Differences in assumptions. ( 55,409)
Long-term liabilities are not due and payable in the current period and
therefore are not reported in the funds. (Note III-G) ( 2,008,153)
Net position of governmental activities $ 19,353,979
The notes to the financial statements are an integral part of this statement.