Town of Spring Lake, North Carolina

Statement of Revenues, Expenditures, and Changes in Fund Balance

Governmental Funds
For the Year Ended June 30, 2020

Major Funds
Spring Lake Total Total
Acquisitions, Inc. Non-Major Governmental
General Fund Fund Funds Funds
Revenues:
Ad valorem taxes $ 3,174,832 $ - $ - $ 3,174,832
Other taxes and licenses 53,046 - - 53,046
Unrestricted intergovernmental 2,630,599 - - 2,630,599
Restricted intergovernmental 700,979 86,917 - 787,896
Permits and fees 94,067 - - 94,067
Sales and services 19,055 - - 19,055
Contributions/grant proceeds - - 145,846 145,846
Investment earnings 21,353 86 - 21,439
Miscellaneous 416,522 - 150 416,672
Total revenues 7,110,453 87,003 145,996 7,343,452

Expenditures:
Current:
General government 1,696,970 3,441,567 - 5,138,537
Public safety 5,004,531 - 152,126 5,156,657
Economic development 90,363 - - 90,363
Transportation 579,091 - - 579,091
Cultural and recreational 763,902 - - 763,902
Non-departmental 125,599 - - 125,599
Debt service:
Principal 264,619 - - 264,619
Interest and other charges 117,532 86,917 - 204,449
SLA loan payments 86,917 - - 86,917
Total expenditures 8,729,524 3,528,484 152,126 12,410,134

Excess (deficiency) of revenues over expenditures (1,619,071) (3,441,481) (6,130) (5,066,682)

Other financing sources (uses)

Transfers from funds 150,000 - - 150,000
Transfers to funds (149,983) - - (149,983)
Installment purchase proceeds - 3,500,000 - 3,500,000
Capital lease proceeds 454,285 - - 454,285
Total other financing sources (uses) 454,302 3,500,000 - 3,954,302

Net change in fund balances (1,164,769) 58,519 (6,130) (1,112,380)

Fund balances, beginning 1,796,644 - 187,468 1,984,112

Fund balances, ending $ 631,875 $ 58,519 $ 181,338 $ 871,732

The notes to the financial statements are an integral part of this statement.
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