SURRY COUNTY, NORTH CAROLINA Comprehensive Annual Financial Report For the Year Ended June 30, 2008 TABLE OF CONTENTS

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1 2007 GFOA Certificate of Achievement for Excellence in Financial Reporting Letter of Transmittal Organizational Chart List of Principal Officials Introductory Section i ii-x xi xii Financial Section Independent Auditors' Report 1-2 Management's Discussion and Analysis 3-15 Exhibit Basic Financial Statements - Overview Government-Wide Financial Statements: A Statement of Net Assets 16 B Statement of Activities Fund Financial Statements: C Balance Sheet - Governmental Funds 19 D E F Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 21 General Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 22 G Statement of Net Assets - Proprietary Funds 23 H Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds 24

2 Exhibit Basic Financial Statements (continued): I Statement of Cash Flows - Proprietary Funds 25 J Statement of Fiduciary Net Assets - Fiduciary Funds 26 Notes to the Financial Statements Schedule Required Supplemental Financial Data: 1 Law Enforcement Officers' Special Separation Allowance - Required Supplementary Information - Schedule of Funding Progress 58 Supplementary Information: General Fund: 2 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Nonmajor Governmental Funds: 3 Combining Balance Sheet 77 4 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 78 Special Revenue Funds: 5 Combining Balance Sheet - Nonmajor Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Funds Revaluation Fund: Changes in Fund Balance - Budget and Actual 83 8 Fire Districts Fund: Changes in Fund Balance - Budget and Actual 84

3 Schedule Supplementary Information (continued): 9 School Districts Fund: Changes in Fund Balance - Budget and Actual Emergency Wireless 911 Fund: Changes in Fund Balance - Budget and Actual Emergency Telephone 911 Fund: Changes in Fund Balance - Budget and Actual Schools Capital Outlay Fund: Changes in Fund Balance - Budget and Actual Grants Project Fund: Changes in Fund Balance - Budget and Actual 89 Capital Projects Funds: 14 Combining Balance Sheet - Nonmajor Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Funds Schools Capital Project Fund: Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual County Buildings Capital Project Fund: Changes in Fund Balance - Budget and Actual 95 Enterprise Fund: 18 Landfill Fund - Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) Flat Rock / Bannertown Water and Sewer District - Schedule of Revenues and Expenditures - Budget and Actual (Non-GAAP) 98-99

4 Schedule Agency Funds: 20 Flat Rock / Bannertown Capital Project Fund - Schedule of Revenues and Expenditures Budget and Actual (Non-GAAP) 21 Combining Statement of Changes in Assets and Liabilities Supplemental Financial Data: 22 Schedule of Ad Valorem Taxes Receivable - General Fund Analysis of Current Tax Levy Analysis of Current Tax Levy - County-Wide Levy 105 Table Statistical Section: 1 Net Assets by Component Changes in Net Assets Fund Balances of Government Funds Changes in Fund Balances of Governmental Funds Governmental Revenue by Source Governmental Expenditures by Function Governmental Activities Tax Revenues by Source Property Tax Levies and Collections Property Tax Rates- Direct and Overlapping Governments Property Tax Rates- Overlapping Fire Districts Assessed Value and Estimated Actual Value of Taxable Property Principal Property Taxpayers 121

5 Table Statistical Section: 13 Ratios of Outstanding Debt by Type Ratios of General Bonded Debt Outstanding Legal Debt Margin Information Direct and Overlapping Governmental Activities Debt Principal Employers Demographic and Economic Statistics Full-time Equivalent County Government Employees by Function Operating Indicators by Function Capital Asset Statistics by Function

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