2021 Annual Comprehensive Financial Report

7. Changes in Long-Term debt are as follows: Long-term liability activity for the year ended June 30, 2021, was as follows:

The gross amount of assets acquired under capital leases at June 30, 2021, represents computer and communication equipment and amortization is included in depreciation expense over the lease period. 1 Internal Service Funds predominately serve the governmental funds. Accordingly, the related long term liabilities are included as part of the above totals for governmental activities. The Internal Service Funds debt totals are noted below. 2 The General Fund primarily is used to liquidate the liabilities for compensated absences associated with governmental activities. 3 The General Fund primarily is used to liquidate the liabilities for the net pension liabilities and other post-employment benefits associated with governmental activities. Debt obligations recorded in the Coliseum Enterprise Fund, not contemplated to be repaid with the Fund’s own resources, are reported as general government debt for financial reporting purposes, according to guidance in NCGAS Statement No. 1.

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