RALEIGH COUNTY, WEST VIRGINIA
FINANCIAL STATEMENTS
JUNE 30, 2021
STATE OF WEST VIRGINIA
COUNTY OF RALEIGH to wit:
In accordance with West Virginia Code Section 7-5-16, as amended, the Commission hereby causes the publication of the County’s Annual Financial Statement in the form prescribed by the office of the West Virginia State Auditor
STATEMENT OF NET POSITION
June 30, 2021
Primary Government Component Units Governmental Building Recreation Board E-911 Public Airport
Activities Commission Authority of Health Center Library Authority
ASSETS
Current assets:
Cash and cash equivalents $ 25,670,541 $ 3,521,489 $ 101,842 $ 1,181,439 $ 1,435,899 415,910 $ 1,082,011
Receivables:
Taxes 2,038,243 – – – – – – – – – – – –
Accounts – – – – 19,934 110,529 1,480,101 – – 142,121
Inventory, at cost – – – – – – – – – – – – 66,352
Prepaid expenses – – – – – – – – 33,927 – – 6,620
Total current assets 27,708,784 3,521,489 121,776 1,291,968 2,949,927 415,910 1,297,104
Restricted assets:
Restricted cash 1,257,071 – – – – – – 1,441,043 1,140,724 26,754
Capital assets:
Nondepreciable:
Land and other 3,191,151 1,008,000 3,555,233 – – 2,524,931 – – 16,999,854
Construction in progress 100,000 1,189,767 – – – – – – – – 21,409,323
Depreciable:
Buildings 24,935,607 977,621 3,055,229 18,140 5,075,022 – – 8,031,728
Structures and improvements – – – – – – – – – – – – – –
Machinery and equipment 7,948,147 457,628 250,195 68,287 3,688,387 – – 5,595,126
Less: accumulated depreciation ( 11,112,881) ( 867,257) ( 642,450) ( 59,060) ( 4,091,010) – – ( 852,544)
Net pesion asset – – – – – – – – – – – – – –
Total noncurrent assets 26,319,095 2,765,759 6,218,207 27,367 8,638,373 1,140,724 51,210,241
Total assets 54,027,879 6,287,248 6,339,983 1,319,335 11,588,300 1,556,634 52,507,345
DEFERRED OUTFLOWS
Differences between projected and actual investment earnings 979,291 – – 5,336 – – – – – – – –
Employer contributions during measurement period – – – – 16,176 – – – – – – – –
Changes in proportion and differences between employer
contributions and proportionate share of contributions 241,591 – – 9,885 – – 180,108 – – – –
Differences between expected and actual experience 697,406 – – 20,107 – – – – – – – –
Employer contributions subsequent to measurement period 1,294,138 – – – – – – 151,917 – – – –
Total deferred outflows of resources 3,212,426 – – 51,504 – – 332,025 – – – –
LIABILITIES
Current liabilities payable
from current assets:
Accounts payable 5,497,238 – – 3,142 54,337 30,792 4,650 102,396
Payroll payable – – – – 6,574 – – 26,663 51,429 42,341
Other accrued expenses 45,294 – – – – – – – – – – – –
OPEB payable – – – – 83,473 – – – – 766,970 256,276
Due to:
Primary government – – 266,268 – – – – – – – – – –
Noncurrent liabilities:
Bonds payable – due within one year 520,000 – – – – – – – – – – – –
Bonds payable – due in more than one year 6,570,372 – – – – – – – – – – – –
Notes payable – due within one year – – – – – – – – – – – – 15,600
Notes payable – due in more than one year – – – – – – – – – – – – 212,155
Leases payable – due within one year 115,216 – – – – – – 380,121 – – – –
Leases payable – due in more than one year 533,601 – – – – – – 391,335 – – – –
Net pension liability 3,677,119 – – – – – – 178,869 – – – –
Net OPEB liability 837,296 – – – – – – 569,810 – – – –
Compensated absences payable 752,375 – – 4,072 – – 77,751 – – 175,796
Total liabilities 18,548,511 266,268 97,261 54,337 1,655,341 823,049 804,564
DEFERRED INFLOWS
Differences between expected and actual experience 810,610 – – – – – – – – – – – –
Net difference between projected and actual investment
earnings on pension plan investments – – – – – – – – 131,256 – – – –
Difference in assumptions 2,042,052 – – 3,117 – – – – – – – –
Changes in proportion and differences between employer
contributions and proportionate share of contributions 301,568 – – 2,589 – – 258,302 – – – –
Total deferred inflows of resources 3,154,230 – – 5,706 – – 389,558 – – – –
NET POSITION
Net investment in capital assets 17,277,541 2,765,759 6,218,207 27,367 7,249,791 – – 50,955,732
Restricted for:
Debt service 1,257,071 – – – – – – – – – – – –
Capital projects – – 3,154,073 – – – – – – 432,914 26,754
Other purposes – – – – – – – – – – – – – –
Unrestricted 17,002,952 101,148 70,313 1,237,631 2,625,635 300,671 720,295
Total net position $ 35,537,564 $ 6,020,980 $ 6,288,520 $ 1,264,998 $ 9,875,426 733,585 $ 51,702,781
Total liabilities and net position $ 57,240,305 $ 6,287,248 $ 6,391,487 $ 1,319,335 $ 11,920,325 1,556,634 $ 52,507,345
The notes to the financial statements are an integral part of this statement.
RALEIGH COUNTY, WEST VIRGINIA
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2021
Net (Expense) Revenues and
Program Revenues Changes in Net Position
Charges Operating Capital Primary Government Component Units
for Grants and Grants and Governmental Building Recreation Board E911 Public Airport
Expenses Services Contributions Contributions Activities Commission Authority of Health Center Library Authority
Functions / Programs
Primary government:
Governmental activities:
General government $ 9,866,864 $ 4,947,187 $ – – $ – – $ ( 4,919,677)
Public safety 19,312,251 – – – – – – ( 19,312,251)
Health and sanitation 623,544 – – – – – – ( 623,544)
Administrative and general 2,500 – – – – – – ( 2,500)
Culture and recreation 1,244,839 – – – – – – ( 1,244,839)
Social services 175,019 – – – – – – ( 175,019)
Interest on long-term debt 283,896 – – – – – – ( 283,896)
Total governmental activities 31,508,913 4,947,187 – – – – ( 26,561,726)
Component units:
Building Commission 49,077 27,540 – – – – – – $ ( 21,537) $ – – $ – – $ – – $ – – $ – –
Recreation Authority 1,735,131 705,990 1,012,003 – – – – – – ( 17,138) – – – – – – – –
Board of Health 1,543,690 609,704 – – – – – – – – – – ( 933,986) – – – – – –
E-911 Center 3,257,244 3,508,415 – – – – – – – – – – – – 251,171 – – – –
Public Library 1,396,491 61,849 1,322,765 – – – – – – – – – – – – ( 11,877) – –
Airport Authority 1,552,923 1,414,587 566,626 – – – – – – – – – – – – – – 428,290
Total component units $ 9,534,556 $ 6,328,085 $ 2,901,394 $ – – – – ( 21,537) ( 17,138) ( 933,986) 251,171 ( 11,877) 428,290
General revenues:
Ad valorem property taxes 21,907,608 – – – – – – – – – – – –
Alcoholic beverages tax 277,361 – – – – – – – – – – – –
Hotel occupancy tax 768,347 – – – – – – – – – – – –
Animal tax 10,934 – – – – – – – – – – – –
Gas and oil severance tax 99,497 – – – – – – – – – – – –
Amusement tax 308,561 – – – – – – – – – – – –
Other taxes 177,615 – – – – – – – – – – – –
Coal severance tax 1,763,884 – – – – – – – – – – – –
Licenses and permits 193,439 – – – – – – – – – – – –
Intergovernmental:
Federal 7,180,849 – – – – 210,631 – – – – – –
State 814,667 – – – – 503,096 – – – – – –
Local – – 4,200,000 – – 114,953 – – – – – –
Unrestricted investment earnings 122,287 30 1,112 1,651 8,407 132,521 5,830
State OPEB support revenue 150,207 – – – – – – – – – – – –
Refunds 372,013 – – – – – – – – – – – –
Reimbursement 356,668 – – – – – – – – – – – –
Miscellaneous 761,822 – – – – – – – – – – – –
Total general revenues 35,265,759 4,200,030 1,112 830,331 8,407 132,521 5,830
Change in net position 8,704,033 4,178,493 ( 16,026) ( 103,655) 259,578 120,644 434,120
Net position – beginning, restated (Note III.I.) 26,833,531 1,842,487 6,304,546 1,368,653 9,615,848 612,941 51,268,661
Net position – ending $ 35,537,564 $ 6,020,980 $ 6,288,520 $ 1,264,998 $ 9,875,426 $ 733,585 $ 51,702,781
The notes to the financial statements are an integral part of this statement.
RALEIGH COUNTY, WEST VIRGINIA
BALANCE SHEET – GOVERNMENTAL FUNDS
June 30, 2021
Coal Fire Rescue Reallocation TIF TIF Debt Other Nonmajor Total
Severance Levy Plan 2021 Severance Tax Service Governmental Governmental
General Tax Fund Fund Fund Fund Fund Funds Funds
ASSETS AND DEFERRED OUTFLOWS
Assets:
Current:
Cash and cash equivalents $ 8,359,749 $ 1,202,042 $ 1,768,597 $ 7,125,596 $ 3,661,803 $ – – $ – – $ 3,552,754 $ 25,670,541
Receivables:
Taxes 1,658,137 – – 380,106 – – – – – – – – – – 2,038,243
Due from:
Other funds – – – – – – – – – – – – – – 625 625
Restricted cash – – – – – – – – – – – – 1,257,071 – – 1,257,071
Total assets $ 10,017,886 $ 1,202,042 $ 2,148,703 $ 7,125,596 $ 3,661,803 $ – – $ 1,257,071 $ 3,553,379 $ 28,966,480
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities:
Accounts payable 231,743 7,836 145,830 – – – – 4,753,202 – – 358,627 5,497,238
Payroll payable – – – – – – – – – – – – – – – – – –
Other accrued expenses – – – – – – – – – – – – 45,294 – – 45,294
Due to:
Other funds 625 – – – – – – – – – – – – – – 625
Total liabilities 232,368 7,836 145,830 – – – – 4,753,202 45,294 358,627 5,543,157
Deferred Inflows:
Unavailable revenue – taxes 1,351,842 – – 303,078 – – – – – – – – – – 1,654,920
Total deferred inflows of resources 1,351,842 – – 303,078 – – – – – – – – – – 1,654,920
Total liabilities and deferred
inflows of resources 1,584,210 7,836 448,908 – – – – 4,753,202 45,294 358,627 7,198,077
Fund balances:
Restricted – – 196,176 – – 7,125,596 3,661,803 – – 1,211,777 2,869,574 15,064,926
Committed 6,803,198 – – – – – – – – – – – – 340,574 7,143,772
Assigned – – 998,030 1,699,795 – – – – – – – – – – 2,697,825
Unassigned 1,630,478 – – – – – – – – ( 4,753,202) – – ( 15,396) ( 3,138,120)
Total fund balances 8,433,676 1,194,206 1,699,795 7,125,596 3,661,803 ( 4,753,202) 1,211,777 3,194,752 21,768,403
Total liabilities, deferred inflows
and fund balances $ 10,017,886 $ 1,202,042 $ 2,148,703 $ 7,125,596 $ 3,661,803 $ – – $ 1,257,071 $ 3,553,379 $ 28,966,480
The notes to the financial statements are an integral part of this statement.
RALEIGH 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 $ 21,768,403
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.) 25,062,024
Certain revenues are not available to fund current year expenditures and therefore are deferred in the funds. (Note III.B.) 1,654,920
Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. (Note III.G.) ( 13,005,979)
Net pension asset is not reported in the funds – –
Deferred inflows and deferred outflows of resources are not reported in the funds 58,196
Net position of governmental activities $ 35,537,564
RALEIGH COUNTY, WEST VIRGINIA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES –
GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2021
American Coal County
Coal Fire Rescue Reallocation TIF TIF Debt Other Nonmajor Total
Severance Levy Plan 2021 Severance Tax Service Governmental Governmental
General Tax Fund Fund Fund Fund Fund Funds Funds
REVENUES
Taxes:
Ad valorem property taxes $ 15,942,265 $ – – $ 3,957,253 $ – – $ – – $ – – $ 1,043,197 $ 776,127 $ 21,718,842
Alcoholic beverages tax 277,361 – – – – – – – – – – – – – – 277,361
Hotel occupancy tax 768,347 – – – – – – – – – – – – – – 768,347
Animal tax – – – – – – – – – – – – – – 10,934 10,934
Gas and oil severance tax 99,497 – – – – – – – – – – – – – – 99,497
Amusement tax – – – – – – – – – – – – – – 308,561 308,561
Other taxes 117,813 – – 29,083 – – – – – – – – – – 146,896
Coal severance tax – – 868,461 – – – – 895,423 – – – – – – 1,763,884
Licenses and permits 124,129 – – – – – – – – – – – – 69,310 193,439
Intergovernmental:
Federal 11,751 – – – – 7,124,757 – – – – – – 44,341 7,180,849
State 812,863 – – – – – – – – – – – – 1,804 814,667
Charges for services 1,286,174 – – – – – – – – – – – – 3,290,895 4,577,069
Fines and forfeits – – – – – – – – – – – – – – 370,118 370,118
Interest and investment earnings 60,637 18,187 16,997 839 12,736 – – 242 12,649 122,287
Refunds 190,140 – – 33,636 – – – – – – – – 148,237 372,013
Reimbursements 154,168 152,500 – – – – 50,000 – – – – – – 356,668
Payments in lieu of taxes 24,637 – – 6,082 – – – – – – – – – – 30,719
Miscellaneous 11,962 – – 794 – – – – – – – – 749,066 761,822
Total revenues 19,881,744 1,039,148 4,043,845 7,125,596 958,159 – – 1,043,439 5,782,042 39,873,973
EXPENDITURES
Current:
General government 9,437,803 1,127,204 – – – – – – – – – – 1,024,793 11,589,800
Public safety 9,611,297 736,696 3,546,918 – – – – – – – – 5,821,719 19,716,630
Health and sanitation 144,298 63,000 – – – – 400,660 – – – – – – 607,958
Administrative and general – – – – – – – – – – – – 2,500 – – 2,500
Culture and recreation 1,232,943 10,000 – – – – – – – – – – – – 1,242,943
Social services 27,519 47,500 – – – – – – – – – – 100,000 175,019
Debt service:
Principal – – – – – – – – – – – – 630,000 – – 630,000
Interest – – – – – – – – – – – – 283,896 – – 283,896
Total expenditures 20,453,860 1,984,400 3,546,918 – – 400,660 – – 916,396 6,946,512 34,248,746
Excess (deficiency) of revenues
over expenditures ( 572,116) ( 945,252) 496,927 7,125,596 557,499 – – 127,043 ( 1,164,470) 5,625,227
OTHER FINANCING SOURCES (USES)
Transfers in 713,607 – – – – – – – – – – – – – – 713,607
Transfers (out) – – – – – – – – – – – – – – ( 713,607) ( 713,607)
Total other financing
sources (uses) 713,607 – – – – – – – – – – – – ( 713,607) – –
Net change in fund balances 141,491 ( 945,252) 496,927 7,125,596 557,499 – – 127,043 ( 1,878,077) 5,625,227
Fund balances – beginning,
Restated Note (III.I.) 8,292,185 2,139,458 1,202,868 – – 3,104,304 ( 4,753,202) 1,084,734 5,072,829 16,143,176
Fund balances – ending $ 8,433,676 $ 1,194,206 $ 1,699,795 $ 7,125,596 $ 3,661,803 $ ( 4,753,202) $ 1,211,777 $ 3,194,752 $ 21,768,403
The notes to the financial statements are an integral part of this statement.
RALEIGH 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 $ 5,625,227
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.) 783,554
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.). ( 1,203,295)
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 unavailable/unearned
revenues. (Note III.B.) 188,766
Prior year unavailable/unearned revenues: 1,849,477
Current year unavailable/unearned revenues: 2,038,243
The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial
resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued,
whereas these amounts are deferred and amortized in the statement of activities. This amount is the net effect of these differences in the treatment of long-term debt and related items. (Note III.G.) 640,650
Certain pension and OPEB expenses in the statement of activities are recognized on the accrual basis of accounting in accordance with GASB 68. (Note V.)
Amount of pension and OPEB expenditures at fund level. 1,294,138
PERS: 633,999
DSRS: 307,339
OPEB: 352,800
Amount of pension expenses recognized at government-wide level. (Note V.) 1,114,641
PERS: ( 168,632)
DSRS: ( 12,686)
OPEB: ( 933,323)
State OPEB support revenue is recognized on the accrual basis of accounting in accordance with GASB 75. 150,207
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.) 110,145
Change in net position of governmental activities $ 8,704,033
The notes to the financial statements are an integral part of this statement.