Annual Comprehensive Financial Report - 2021

10 County of Johnston North Carolina Annual Comprehensive Financial Report For the Fiscal Year Ended June 30 , 2021PageCounty of Johnston North Carolina Annual Comprehensive Financial Report For the Fiscal Year Ended June 30 , 2021 Prepared by the Johnston County Finance DepartmentPagePage pageNumber5COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s INTRODUCTORY SECTION Letter of Transmittal 3 - 10 Certificate of Achievement for Excellence in Financial Reporting 11 List of Principal Officials 12 Organization Chart 13 Map of Johnston County , North Carolina 14 FINANCIAL SECTION INDEPENDENT AUDITORS REPORT 17 - 19 MANAGEMENT'S DISCUSSION AND ANALYSIS 20 - 31 BASIC FINANCIAL STATEMENTS Government - wide Financial Statements Statement of Net Position 1 34 Statement of Activities 2 35 Fund Financial Statements Balance Sheet - Governmental Funds 3 36 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 3a 37 Statement of Revenues , Expenditures , and Changes in Fund Balances - Governmental Funds 4 38 Reconciliation of the Statement of Revenues , Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 4a 39 Statement of Revenues , Expenditures and Changes in Fund Balances - Budget And Actual - General Fund 5 41 Statement of Net Position - Proprietary Funds 6 42 Statement of Revenues , Expenses , and Changes in Fund Net Position - Proprietary Funds 7 43 Statement of Cash Flows - Proprietary Funds 8 - 9 44 - 45 iPagePage pageNumber6COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED Statement of Fiduciary Net Position - Fiduciary Funds 10 46 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 11 47 NOTES TO THE FINANCIAL STATEMENTS 48 - 101 REQUIRED SUPPLEMENTAL FINANCIAL DATA Schedule of Countys Proportionate Share of Net Pension Asset LGERS A - 1 104 Schedule of the ABC Boards Proportionate Share of Net Pension Liability LGERS A - 2 105 Schedule of the TDAs Proportionate Share of Net Pension Liability LGERS A - 3 106 Schedule of the Airport Authoritys Proportionate Share of Net Pension Liability LGERS A - 4 107 Schedule of County Contributions LGERS A - 5 108 Schedule of ABC Board Contributions LGERS A - 6 109 Schedule of TDA Contributions LGERS A - 7 110 Schedule of Airport Authority Contributions LGERS A - 8 111 Schedule of the Countys Proportionate Share of the Net Pension Liability ROD A - 9 112 Schedule of County Contributions ROD A - 10 113 Schedule of Changes in Total Pension Liability - Law Enforcement Officers Special Separation Allowance A - 11 114 Schedule of Total Pension Liability as a Percentage of Covered Payroll - Law Enforcement Officers Special Separation Allowance A - 12 115 Schedule of Changes in the Total OPEB Liability and Related Ratios A - 13 116 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES General Fund - Schedule of Revenues , Expenditures and Changes in Fund B - 1 118 - 128 Balance - Budget and Actual iiPagePage pageNumber7COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED Schedules of Revenues , Expenditures and Changes in Fund Balances - Budget B - 1a 129 and Actual - Revaluation Fund Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual - School Bond Fund B - 2 130 Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP - ARPA Coronavirus SLFRF B - 3 131 Combining Balance Sheet - Non - Major Governmental Funds C - 1 134 Combining Statement of Revenues , Expenditures , and Changes in C - 2 135 Fund Balances - Non - Major Governmental Funds Combining Balance Sheets - Non - Major Special Revenue Funds C - 3 136 Combining Statement of Revenues , Expenditures , and Changes in Fund Balances - Non - Major Special Revenue Funds C - 4 137 Schedules of Revenues , Expenditures and Changes in Fund Balances - Budget and Actual Moccasin Creek Drainage District - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 5 138 Heritage Commission Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 6 139 Communication Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 7 140 Research Training Zone - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 8 141 Voluntary Ag District - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 9 142 Fines and Forfeitures - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 10 143 Representative Payee Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 11 144 Deed of Trust Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual C - 12 145 iiiPagePage pageNumber8COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED Combining Balance Sheet - Non - Major Capital Projects Funds C - 13 148 Combining Statement of Revenues , Expenditures , and Changes in Fund Balances - - Non - Major Capital Projects Funds C - 14 149 Schedule of Revenues and Expenditures - Budget and Actual Industrial Development Infrastructure - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP C - 15 150 Public Safety Center Project - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP C - 16 151 Combining Statement of Net Position - Non - major Enterprise Funds D - 1 154 Combining Statement of Revenues , Expenses , and Changes in Net Position - Non - major Enterprise Funds D - 2 155 Combining Statement of Cash Flows - Non - major Enterprise Funds D - 3 156 - 157 Administrative Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual Non - GAAP D - 4 159 Solid Waste Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual Non - GAAP D - 5 160 - 161 Landfill Entrance & Attendant Facilities - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 5a 162 Landfill Site Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 5b 163 Phase 6 - A MSW Landfill Site Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 5c 164 Water Fund - Schedule of Revenues , Expenditures and Changes in Fund Balance - Budget and Actual Non - GAAP D - 6 166 - 167 WTP 25 MGD Exp Future Planning - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6a 168 NCDOT Waterline Projects - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6b 169 WTP 20 MGD Upgrade 6d - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6c 170 ivPagePage pageNumber9COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED WTP Efficiency Project - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6d 171 Post Clearwell Chemical Feed Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6e 172 AWIA Risk & Resiliency Assessment - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6f 173 NC 96 Economic Development Water Main Extension - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6g 174 Buffalo Road BPS & Transmission Main - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6h 175 385 West Transmission Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6i 176 White Memorial Church Road Water Main - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 6j 177 Wastewater Treatment Fund - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7 178 - 179 Wastewater SDF Capital Reserve Fund - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7a 180 Biosolids Facilities Improvement - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7b 181 Buffalo WWPS Upgrade and Force Main Replacement - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7c 182 Pine Level Wastewater Pump Station Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7d 183 McGees Crossroads Sewer Upgrade - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7e 184 Swift Creek Interceptor - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7f 185 WWTP 4MGD Expansion - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7g 186 Selma Equalization & WWPS Facilities - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7h 187 vPage0COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED 20 70 BUS 70 Bypass Force Main - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7i 188 East Clayton WWPS Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7j 189 Landfill Equalization & WWPS Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7k 190 Reedy Branch WWPS & FM - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7l 191 WWTP Flood Mitigation FEMA - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7m 192 NC 42 Sewer Line School Bond Project - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7n 193 Sewer Rehabilitation Sewer - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7o 194 Olive Branch WWPS & FM Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7p 195 ECIA Transmission Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7q 196 Wilsons Mills WWPS Upgrades - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7r 197 Wastewater Hydraulic Modeling - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7s 198 Selma Flow Equalization & WWPS Facilities - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7t 199 Utility Capital Reimbursement - Eastfield - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 7u 200 Water District Funds - Combining Statement of Net Position D - 8 201 Water District SDF Capital Reserve Fund - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8a 202 Elevation Water District FY 18 Hydraulic Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8b 203 viPage1COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s FINANCIAL SECTION CONTINUED Buffalo Water District FY 18 Hydraulic Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8c 204 Wilsons Mills Water District FY 18 Hydraulic Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8d 205 Wilsons Mills Water District WTP Service Line - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8e 206 Archer Lodge WD 500,000 Gallon Elevated Storage Tank - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8f 207 Ingrams WD 2018 Hydraulic Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8g 208 McGees WD Ph 1 & 2 - NC 210 WM Improvements - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 8h 209 Section 8 Housing Assistance Payments Fund - Project No NC 19 - V164 - 006 - Schedule of Revenues and Expenditures - Budget and Actual Non - GAAP D - 9 210 Water Districts - Consolidating Information Statement of Net Position - Combined Water District Operating Fund E - 1 212 - 213 Schedule of Revenues and Expenditures - Combined Water District Operating Fund E - 2 214 - 215 Combining Statement of Fiduciary Assets and Liabilities - Custodial Funds F - 1 218 Combining Statement of Changes in Fiduciary Assets and Liabilities - Custodial Funds F - 2 219 OTHER SCHEDULES Schedule of Ad Valorem Taxes Receivable G - 1 222 Analysis of Current Tax G - 2 , G - 2a 223 - 224 Ten Largest Taxpayers G - 2b 225 STATISTICAL SECTION Net Position by Component 1 230 - 231 Changes in Net Position 2 232 - 235 Fund Balances of Governmental Funds 3 236 - 237 viiPage2COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s STATISTICAL SECTION CONTINUED Changes in Fund Balances of Governmental Funds 4 238 - 239 Governmental Activities Tax Revenues by Source 5 240 Assessed Value and Estimated Actual Value of Taxable Property 6 241 Property Tax Rates - Direct and Overlapping Governments Per 100 of Assessed Valu 7 242 Construction Information 8 243 Principal Property Taxpayers 9 244 Property Tax Levies and Collections 10 245 Schedules of Outstanding Debt Payable Governmental Activities 11 , 12 246 Schedules of Outstanding Debt Payable Business - type Activities 13 , 14 , 15 247 - 249 Ratios of Outstanding Debt by Type 16 250 Ratios of Net General Bonded Debt Outstanding 17 251 Direct and Overlapping Governmental Activities Debt 18 252 Legal Debt Margin Information 19 254 - 255 Pledged Revenue Coverage Information Water System Revenue Bonds 20 256 Demographic and Economics Statistics 21 257 Principal Employers 22 258 Full - time Equivalent County Government Employees by Function 23 259 Operating Indicators by Function Program 24 260 - 261 Capital Assets Statistics by Function 25 262 COMPLIANCE SECTION Report On Internal Control Over Financial Reporting And On Compliance and Other Matters Based On An Audit Of Financial Statements Performed In Accordance With Government Auditing Standards 265 - 266 Independent Auditors ' Report on Compliance with Requirements Applicable to each Major Federal Program and Internal Control over Compliance in Accordance with Uniform Guidance and the State Single Audit Implementation Act 267 - 269 viiiPage3COUNTY OF JOHNSTON , NORTH CAROLINA TABLE OF CONTENTS Year Ended June 30 , 2021 Exhibit s Page s COMPLIANCE SECTION CONTINUED Independent Auditors ' Report on Compliance with Requirements Applicable to each Major State Program and Internal Control over Compliance in Accordance with OMB Uniform Guidance and the State Single Audit Implementation Act 271 - 272 Schedule of Findings and Questioned Costs 273 - 277 Corrective Action Plan 278 - 279 Summary Schedule of Prior Audit Findings 280 Schedule of Expenditures of Federal and State Awards 281 - 285 ixPage5Introductory SectionPage7Johnston County J Chad McLamb , CPA Deputy County Manager Director POST OFFICE BOX 1049 of Finance 919 989 - 5112 SMITHFIELD , NC 27577 January 24 , 2022 The Board of County Commissioners Rick J Hester , County Manager Citizens of Johnston County , North Carolina It is our pleasure to submit this Annual Comprehensive Financial Report for the fiscal year ended June 30 , 2021 North Carolina law requires that local governments in the State publish a complete set of financial statements annually The financial statements must be presented in conformity with generally accepted accounting principles " GAAP " and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants Pursuant to those requirements , we hereby issue the annual financial report of Johnston County for the fiscal year ended June 30 , 2021 This report consists of management's representation concerning the finances of Johnston County Consequently , management assumes full responsibility for the completeness and reliability of all of the information presented in this report To provide a reasonable basis for making these representations , management of the County has established a comprehensive internal control framework that is designed to protect the government's assets from loss , theft , or misuse and to compile sufficient reliable information for the preparation of Johnston County's financial statements in conformity with GAAP Since the cost of internal controls should not outweigh the benefits , the County's comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement As management , we assert that , to the best of our knowledge and belief , this financial report is complete and reliable in all material respects Johnston County's financial statements contained herein have been audited by Thompson , Price , Scott , Adams & Co , PA , a firm of licensed certified public accountants The goal of the independent audit was to provide reasonable assurance that the financial statements of Johnston County for the fiscal year ended June 30 , 2021 are free of material misstatement The independent audit involved examining , on a test basis , evidence supporting the amounts and disclosures in the financial statements ; assessing the accounting principles used and significant estimates made by management ; and evaluating the overall financial statement presentation The independent auditor concluded , based upon the audit , that there was a reasonable basis for rendering an unmodified opinion that Johnston County's financial statements for the fiscal year ended June 30 , 2021 are fairly presented in conformity with GAAP This opinion can be found at the beginning of the Financial Section of this report The independent audit of the financial statements of the County was part of a broader , federally mandated " Single Audit " designed to meet the special needs of federal grantor agencies The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements , but also on the audited government's internal 3Page8controls and legal requirements , with special emphasis on internal controls and legal requirements involving the administration of federal and state awards These reports are contained in the Compliance Section of this report GAAP require that management provide a narrative introduction , overview , and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis " MD & A " This letter of transmittal is designed to complement MD & A and should be read in conjunction with it MD & A can be found immediately following the report of the independent auditors Financial Reporting Entity The financial statements include all funds of the County , including all activities considered to be part of controlled by or dependent on the County Control by , or dependence on , the County was determined in accordance with the criteria established by the Governmental Accounting Standards Board " GASB " and included in the GASB's guidance in defining the governmental reporting entity The financial reporting entity includes all funds of the County , as well as its component units Component units are legally separate entities for which the County is financially accountable Discretely presented component units are reported in a separate column in the general purpose financial statements to emphasize their legal separation from the County and to distinguish their financial positions , results of operations , and cash flows from those of the County The Johnston County Airport Authority , the Johnston County Board of Alcoholic Control , and the Johnston County Tourism Development Authority are included as discretely presented component units in the reporting entity Profile of Johnston County The County was incorporated in 1746 and was formed largely from Craven County Located in the mid - central section of the State and the western segment of the coastal plains region , the County contains approximately 795 square miles The County is uniquely positioned within the geographic center of the State The Town of Smithfield , the County seat , and the Town of Benson are located midway along the Eastern Seaboard of the United States and benefit from the intersection of transcontinental Interstate 40 and Interstate 95 The estimated 2020 population of the County was 217,723 according to the North Carolina Office of State Budget and Management Smithfield , the County seat , had an estimated 2020 population of 11,378 ; Clayton 26,517 ; Selma 6,368 ; Benson 3,998 ; Four Oaks 2,191 ; Kenly 1,303 ; Princeton 1,326 ; Pine Level 2,062 ; Wilson's Mills 2,554 ; Micro 462 and Archer Lodge 4,836 According to the 2020 data from the United States Census Bureau , the County is the fastest growing county in the State The townships along the Johnston County Wake County line have experienced significant growth over the past 25 to 30 years , with more people moving further southeast along Interstate Highway 40 into the McGee's Crossroads area in recent years With recent economic development and as the population expands and transportation networks improve , the County is experiencing growth further east into central areas of the County , including the towns of Wilson's Mills , Smithfield , Selma , Four Oaks and Pine Level A 4Page9significant factor to such growth is the County's proximity to the Research Triangle Park and to the City of Raleigh , the State's capitol and the major urban center of the State's Coastal Plains region where urban development is heavily concentrated The County offers diversified housing options which , when coupled with the job growth of the region , favorably positions the County to capitalize upon new and expanding commercial and industrial opportunities Major transportation network improvement projects under construction are anticipated to further open the County to growth opportunities US Highway 70 from the City of Raleigh to the Town of Morehead City has been designated " Future Interstate 42 " and a high priority corridor by the US Department of Transportation Planned improvements have begun to bring the highway to a fully controlled access highway interstate in the future which should enhance economic growth prospects for the County and the entire Highway 70 Corridor In addition , the Southeast Extension of the Interstate NC Highway 540 project in southeastern Wake County is under construction This project will extend the Triangle Expressway from the Town of Apex to the Town of Knightdale , passing through northern Johnston County and completing the 540 Outer Loop around the greater Raleigh area Work is also continuing to improve traffic on a 12 - mile stretch of Interstate 40 from Raleigh to the Interstate 40 NC Highway 42 interchange in the Clayton Cleveland area of the County Completion of these projects will also enhance growth prospects for the County The County has a Commissioner - Manager form of government with seven Commissioners comprising the governing body The Commissioners are elected at large on a staggered basis The Board of County Commissioners the " Board " holds policy - making and legislative authority The Board annually adopts a balanced budget and establishes a tax rate for the support of County programs The County Manager has the responsibility for administering these programs in accordance with policies and the annual budget adopted by the Board The County Manager is appointed by and serves at the pleasure of the Board The County provides a wide range of services including public safety , human services , and general administration funds and provides funds for education and cultural and recreational activities In addition , the County owns and operates water , sewer and solid waste systems and a storm water program This annual financial report includes all funds of the County including all activities considered to be part of controlled by or dependent on the County The annual budget serves as the foundation for the County's financial planning and control As required by the North Carolina Budget and Fiscal Control Act , the County adopts an annual budget for all governmental and proprietary operating funds except those authorized by project ordinance that are multi - year in nature The adopted budget is prepared by fund , function and department The County Manager has the authority to approve transfers between the same functions but the Board must approve transfers outside of function appropriations and those that alter the total appropriation of any fund Budget to actual comparisons are provided in this report for each individual governmental fund that has an annual budget adopted A project ordinance is used to establish a budget for a project that extends over more than one fiscal year Project - length budget to actual comparisons for each capital project fund are also included in this report Factors Affecting Financial Condition Local Economy - The County is experiencing continued economic growth , with an overall economy that is diversified with a balance of industrial , expanding commercial , and agriculture enterprises The production of pharmaceutical products , heavy equipment , electronic components 5Page0and other products , along with durable goods assembly operations and distribution centers have provided relatively stable employment to County residents and have been the object of significant expansions and capital expenditures over the years The County is also becoming a center for the medical services industry and related employment and in recent years , the County has experienced growth in the retail sector The County's economy continues to be heavily influenced by residential development , particularly in the western and northern portions of the County in and around the Town of Clayton , the Cleveland and McGee's Crossroads communities , but recently in more central areas of the County As mentioned above , contributing to the County's growth is its proximity to the Research Triangle Park and employers in and around the City of Raleigh The County also benefits from its proximity to numerous institutions of higher education including North Carolina State University in the City of Raleigh , The University of North Carolina in the Town of Chapel Hill , Duke University and North Carolina Central University in the City of Durham and East Carolina University in the City of Greenville The County's industrial and commercial sectors have continued to grow with continued economic development bringing more employers to the County and with existing company expansions It is anticipated that economic development and population growth will continue to significantly impact the County and its infrastructure needs in the future Long - Term Financial Planning - The County maintains capital funding strategies to identify current and future capital needs and determine appropriate funding sources for those capital needs , including debt and pay - as - you - go funding The capital funding strategies are updated at least annually and are also used to determine future debt capacity affordability as well as the timing and amount of future debt issuances The County has Board - adopted formal Financial Policy Guidelines to guide its overall financial and debt management practices In November 2018 , a bond referendum was held in the County and voters approved 61,000,000 in general obligation school bonds and 15,000,000 in general obligation community college bonds The final 225 million school bonds and 135 million community college bonds from this referendum were issued in May 2021 The Board and County staff are planning for future capital improvements needed to address space needs for County , judicial , public school and community college facilities The County maintains a 20 - year public utilities capital improvement plan which includes over 300 million in planned capital improvements The County anticipates that the majority of its water and wastewater financing needs will be met with low interest revolving loans from the State and through a recently established revenue bond program Solid waste capital needs are anticipated to be met primarily through the use of accumulated reserves Financial Policies Information Single Audit - As a recipient of federal and State assistance , the County is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs This internal control structure is subject to periodic evaluation by management and the Finance Department staff of the County As a part of the County's single audit described earlier , tests are made to determine the adequacy of the internal control structure , including that portion related to federal and State financial assistance programs , as well as to determine that the County has complied with applicable laws and regulations The results of the County's single audit for the fiscal year ended June 30 , 2021 6Page1provided no instances of material weaknesses in the internal control structure or significant violations of applicable laws and regulations Cash and Investment Management Policies and Practices - The investment policy of the County is guided in a large part by State statute Investments are made in accordance with North Carolina General Statute " NCGS " 159 - 30 and all depositories are collateralized according to NCGS 159 - 31 County policy stipulates that funds shall be invested with emphasis on safety and liquidity , with no less than 20 of funds available for investment to be maintained in liquid investments at any point in time Cash temporarily idle during the year was invested in interest - bearing accounts , principally with the North Carolina Capital Management Trust , KS Bank and First - Citizens Bank and Trust Company All County deposits are maintained with financial institutions which collateralize deposits in excess of amounts insured by the FDIC by the Pooling Method The governmental fund types recorded investment income of 62,098 for fiscal year 2020 - 21 The County's fund balance policy was amended during fiscal year 2020 - 21 and now stipulates that available fund balance in the general fund at the close of each fiscal year should be at least 20 of the total annual general fund operating budget of the County increased from 15 The policy further states that if available fund balance in the general fund at the close of a fiscal year falls below 20 , the Board will adopt a plan as part of the following year's budget process to restore the available fund balance to the policy level within 36 months from the date of the budget adoption As of June 30 , 2021 , the County's available fund balance in the general fund was 129,951,222 or 529 Debt Administration - The County's general obligation bond ratings of Aa1 by Moody's Investor Services and AA + by Standard & Poor's were affirmed during fiscal year 2020 - 21 The County's key financial ratios relating to debt and associated formal financial policy guidelines adopted by the Board are as follows County Policy Actual at 6 30 21 Net Debt as a Percentage of Estimated Market Value of Not - to - exceed Taxable Property 40 13 Debt Service Expenditures as a Percentage of Total General Less than Fund Revenues 20 130 Payout of Aggregate Outstanding Approximately Tax - Supported Debt Principal 50 in 10 Years 720 Adherence to the County's debt management policies is crucial in light of the County's projected continued growth and infrastructure requirements Risk Management - The County is exposed to various risks of loss related to assets , liabilities claimed by third parties , employee injury and natural disasters The County is insured for property replacement covering buildings and contents , motor vehicles and equipment Bodily injury limits related to vehicles are 1 million per person and 2 million per accident The County claims governmental immunity from all liability except to the limited coverage above 7Page2The County self - insures workers ' compensation claims up to statutory limits through a self - funded risk financing pool administered by the North Carolina Association of County Commissioners There has been no significant reduction in insurance coverage from the previous year and settled claims have not exceeded insurance policy limits in the last three years The County has flood insurance on certain public utilities property , with coverage varying with the value of the property Pension Plans - County employees are required to participate in one of several multiple - employer , defined benefit pension plans administered by the State of North Carolina In addition to the pension plans administered by the State , the County administers a single - employer defined benefit plan , a supplemental retirement income plan and a single - employer defined benefit retiree healthcare benefits plan for certain qualified employees All of these plans are discussed in the notes to the financial statements Major Initiatives - Activities undertaken by the County during the fiscal year ended June 30 , 2021 confirmed the ongoing commitment by the County to meet the needs of citizens for services and infrastructure As the fastest growing county in the State , the increasing population places additional demands on the County to meet the needs of its citizens The year's activities as highlighted below demonstrate the County's response to the demands and needs • Johnston County's general obligation bond ratings of Aa1 by Moody's Investors Service and AA + by Standard and Poor's Rating Services were affirmed during fiscal year 2020 - 21 • The Financial Policy Guidelines adopted by the Board continue to determine how the County budgets and plans for the future financially • The County continually updates its seven - year General Fund capital improvements plan , as it plans for future space needs for the County , as well as the needs of the court system and education partners The Board approved the hiring of and issued Requests for Qualifications for a consultant to complete a space needs assessment for the County • County officials continue to collaborate with the Johnston County Board of Education and the Johnston Community College Board of Trustees regarding future capital facility needs Voters in the County approved 61,000,000 general obligation school bonds and 15,000,000 general obligation community college bonds at a referendum on November 6 , 2018 The remaining 36 million school and community college bonds were issued in May 2021 Planning continues for a possible referendum for school and community college capital needs in November 2022 • Construction continues on the County's new detention center on NC Highway 70 East in Smithfield In addition , the County advertised for bids on a new Public Safety Facility on the same site in June 2021 and construction began in August 2021 These projects address overcrowding at our current detention center , as well as the need for more space for public safety facilities , including the Sheriff's office , Emergency Services and Emergency 9 - 1 - 1 operations These facilities will allow the transition of the courthouse for primarily judicial uses to be expedited • The Board of Commissioners approved several incentive grants for new and or expanding businesses in the County and the Economic Development office of the County continues to encourage and facilitate development opportunities The Board remains aggressive with economic development efforts - recruiting new industry and encouraging existing industries to grow Recent economic development announcements along the Interstate - 95 corridor are especially exciting , including a May 2021 announcement by Amazoncom , the Seattle - based e - retailing firm , of its intention to invest approximately 8Page3 100 million to build a state - of - the - art import processing center in the Town of Smithfield Construction commenced shortly thereafter • The Board authorized and work began on an update to the County's Comprehensive Land Use Plan , with completion expected in January 2022 • The County is undergoing many changes with regards to transportation and major transportation network projects are underway or scheduled in the next few years The County has also agreed to participate in the Triangle Region Commuter Rail Study • The Board authorized the County Manager to contract with a broadband consultant to examine our strengths and weaknesses , especially in the rural areas • The County's recently formed Parks , Greenways and Open Space Program continues to coordinate with municipal and rural athletic recreation associations in the County and to coordinate the Mountains to the Sea Trail project In September 2020 , the County purchased property in the Cleveland area of the County designated for development as part of the Parks , Greenways and Open Space program , making the 70 - plus acre parcel the first parkland purchase by the County in its history The County has been awarded 500,000 in federal funding from the North Carolina Land and Water Conservation fund , as well as a 500,000 grant through the North Carolina Parks and Recreation Trust Fund These funds will help offset the cost of this parkland property • The Board applied for and received a 900,000 Community Development Block Grant to assist residents affected financially by the COVID - 19 pandemic with utility , rent and mortgage payments through the Department of Social Services In addition , the County was allocated 6,313,949 in Emergency Rental Assistance ERA - 1 funds from the US Treasury to provide rental and utility assistance to eligible households who have been financially impacted by the COVID - 19 pandemic County staff developed an Emergency Rental Assistance Program and will be able to access additional funds through the State and the US Treasury once its ERA - 1 allocation is exhausted • The County received 3,656,014 in Coronavirus Aid , Relief and Economic Security " CARES " Act funds from the North Carolina Pandemic Recovery Office in May , 2020 and 4,062,840 in July 2020 The County used the funds primarily for Emergency Services Department payroll expenses , freeing up funds budgeted for those expenses for other uses • The County received 20,330,82350 of its 40,661,647 allocation from the American Recovery Plan Act " ARPA " in June 2021 The County has formed a task force to analyze and prioritize the County's needs for expenditure of the funds To date , 22 million of the County's ARPA funds have been allocated for water infrastructure projects • The County continues to plan for future water and wastewater infrastructure needs through an updated 20 - year Public Utilities Capital Improvements Plan Several water and wastewater capital projects were completed during fiscal year 2020 - 21 In addition , the County continued and or began several more water and wastewater capital projects funded by State Revolving Fund loans administered by the North Carolina Department of Environmental Quality County staff worked during fiscal year 2020 - 21 to establish a water and sewer revenue bond program The first water and sewer revenue bonds were issued in August 2021 in the public bond market with excellent first - time water and sewer revenue bond credit ratings of Aa2 by Moody's Investors Service and AA + by Standard and Poor's Rating Services • The Board voted to eliminate solid waste decals effective July 1 , 2023 and voted to hire a consultant to assist with future funding options 9Page4Awards and Acknowledgments Awards - Certificate of Achievement for Excellence in Financial Reporting Government Finance Officers Association of the United States and Canada " GFOA " awarded a Certificate of Achievement for Excellence in Financial Reporting to Johnston County for its annual comprehensive financial report for the fiscal year ended June 30 , 2020 This is the eleventh consecutive year in which the government has achieved this prestigious reward In order to be awarded a Certificate of Achievement , a governmental unit must publish an easily readable and efficiently organized annual comprehensive financial report , the contents of which conform to program standards This report must satisfy both generally accepted accounting principles and applicable legal requirements A Certificate of Achievement award is valid for a period of one year only We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate Acknowledgements - Preparation of the Annual Comprehensive Financial Report would not have been possible without the dedicated efforts of the entire Johnston County Finance Department , other County departments and the auditing staff of Thompson , Price , Scott , Adams & Co , PA The information in this report illustrates the progressive leadership and support provided by the Johnston County Board of Commissioners Without the Board's guidance and initiative in planning and conducting the operations of the County , the County would not be able to operate in a fiscally stable and responsible manner Respectfully submitted , J Chad McLamb , CPA Deputy County Manager Director of Finance 10Page511Page6COUNTY OF JOHNSTON , NORTH CAROLINA LIST OF PRINCIPAL OFFICIALS June 30 , 2021 BOARD OF COUNTY COMMISSIONERS R S Butch Lawter , Jr , Chairman Patrick E Harris , Vice - Chairman Larry Wood Tony Braswell Ted G Godwin Fred J Smith , Jr Richard D Braswell OFFICERS County Manager Rick J Hester Deputy County Manager Director of Finance J Chad McLamb , CPA Register of Deeds Craig Olive Tax Administrator Jocelyn Andrews Sheriff Steve Bizzell 12Page7Johnston County Citizens Johnston County Board of Commissioners County Manager General Government Public Safety Public Solid Economic & Physical Human Services Utilities Waste Development Administration Legal Sheriff E - 911 Planning Economic Social Health & Finance Development Services Human Tax Emergency Cooperative Inspections Soil & Veterans Resources Management Extension Water Airport Housing Services Assistance Elections Register of Child Animal Parks , Deeds Support Control Greenways & Open Space Court Buildings Facilities & Grounds Geographic Technology Information Services Systems Elected Appointed Board 13Page8Johnston County , North Carolina 14Page9Financial SectionPage1Thompson , Price , Scott , Adams & Co , PA PO Box 398 1626 S Madison Street Whiteville , NC 28472 Telephone 910 642 - 2109 Fax 910 642 - 5958 Alan W Thompson , CPA R Bryon Scott , CPA Gregory S Adams , CPA INDEPENDENT AUDITORS ' REPORT To the Board of County Commissioners County of Johnston Smithfield , North Carolina Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities , the business­type activities , the aggregate discretely presented component units , each major fund , and the aggregate remaining fund information of the County of Johnston , North Carolina , as of and for the year ended June 30 , 2021 , and the related notes to the financial statements which collectively comprise the County of Johnstons basic financial statements as listed in the table of contents Managements Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America ; this includes the design , implementation , and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement , whether due to fraud or error Auditors Responsibility Our responsibility is to express opinions on these financial statements based on our audit We did not audit the financial statements of the Johnston County ABC Board Those statements were audited by other auditors whose report has been furnished to us , and our opinion , insofar as it relates to the amounts included for the Johnston County ABC Board , is based solely on the report of the other auditors We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement The financial statements of Johnston County ABC Board were not audited in accordance with Government Auditing Standards An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment , including the assessment of the risks of material misstatement of the financial statements , whether due to fraud or error In making those risk assessments , the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances , but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control Accordingly we express no such opinion An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management , as well as evaluating the overall presentation of the financial statements 17Page2We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions Opinions In our opinion , based upon our audit and the report of the other auditors , the financial statements referred to above present fairly , in all material respects , the respective financial position of the governmental activities , business - type activities , the aggregate discretely presented component units , each major fund , and the aggregate remaining fund information of the County of Johnston , North Carolina as of June 30 , 2021 , and the respective changes in financial position and cash flows , where applicable , thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Managements Discussion and Analysis on pages 20 through 31 , the Local Government Employees Retirement System Schedules of the Countys Proportionate Share of the Net Pension Liability and County Contributions , the Register of Deeds Supplemental Pension Fund Schedule of the Countys Proportionate Share of the Net Pension Asset and Schedule of County Contributions , the Law Enforcement Officers Special Separation Allowance schedules , and the Other Postemployment Benefits Schedule of Changes in the Total OPEB Liability and Related Ratios on pages 104 through 110 , respectively , be presented to supplement the basic financial statements Such information , although not a part of the basic financial statements , is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational , economic , or historical context We and other auditors have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America , which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with managements responses to our inquiries , the basic financial statements , and other knowledge we obtained during our audit of the basic financial statements We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance Supplementary and Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County of Johnstons basic financial statements The combining and individual fund statements , budgetary schedules , other schedules as well as the accompanying Schedule of Expenditures of Federal and State Awards , as required by Title 2 US Code of Federal Regulations CFR Part 200 , Uniform Administrative Requirements , Cost Principles , and Audit Requirements for Federal Awards are presented for purpose of additional analysis and are not a required part of the basic financial statements 18Page3The combining and individual fund financial statements , budgetary schedules , other schedules and the Schedule of Expenditures of Federal and State Awards are the responsibility of management and were derived from and related directly to the underlying accounting and other records used to prepare the basic financial statements Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures , including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves , and other additional procedures in accordance with auditing standards generally accepted in the United States of America by us and other auditors In our opinion , based on our audit , the procedures performed as described above , and the report of the other auditors , the combining and individual fund financial statements , budgetary schedules , other schedules , and the Schedule of Expenditures of Federal and State Awards are fairly stated , in all material respects , in relation to the basic financial statements as a whole Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated January 4 , 2022 , on our consideration of the County of Johnstons internal control over financial reporting and on our tests of its compliance with certain provisions of laws , regulations , contracts , and grant agreements and other matters The purpose of the report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing , and not to provide an opinion on internal control over financial reporting or on compliance That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County of Johnstons internal control over financial reporting and compliance ______________________________________ Thompson , Price , Scott , Adams & Co , PA Whiteville , NC January 4 , 2022 19Page4As management of Johnston County , we offer readers of Johnston County's financial statements this narrative overview and analysis of the financial activities of Johnston County for the fiscal year ended June 30 , 2021 We encourage readers to read the information presented here in conjunction with additional information that we have furnished in the County's financial statements , which follow this narrative Financial Highlights The assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources of Johnston County's primary ? government at the close of the fiscal year by 221,806 net position The primary government's total net position increased by 67,772,517 , primarily due to increase in property tax , sales tax , and ? charges for services As of the close of the current fiscal year , Johnston County's governmental funds reported combined ending fund balances of ? 239,366,240 , an increase of 89,650,560 in comparison with the prior year Approximately 3263 percent of this total amount , or 78,116,283 , is restricted or non - spendable At the end of the current fiscal year , legally available fund balance for the General Fund was 129,951,222 , or 5290 percent of total ? general fund expenditures for the fiscal year Johnston County's total debt increased by 69,345,636 during the current fiscal year includes premium on issuance as well The key ? factors in this increase was primarily due to the issuance of clean water revolving loans to finance the construction of water and wastewater facility improvements , the issuance of School Bonds , and the issuance of bonds for the Detention Center , offset by debt service payments made for the year The County issued 36,000,000 in School and Community College bonds , 35,105,000 in Detention Center bonds , and refunded most enterprise fund debt during the year The County also received 128 million in draw loan loans associated with Water , Waste Water , and Water district projects Johnston County maintained its Aa1 from Moodys Investors and maintained their AA + rating from Standard and Poor's rating ? services Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to Johnston County's basic financial statements The County's basic financial statements consist of three components ; 1 government - wide financial statements , 2 fund financial statements , and 3 notes to the financial statements see Figure 1 The basic financial statements present two different views of the County through the use of government - wide statements and fund financial statements In addition to the basic financial statements , this report contains other supplemental information that will enhance the reader's understanding of the financial condition of Johnston County 20Page5Required Components of Annual Financial Report Figure 1 Management's Basic Discussion and Financial Analysis Statements Government - wide Notes to the Fund Financial Financial Statements Financial Statements Statements Summary Detail Basic Financial Statements The first two statements Exhibits 1 and 2 in the basic financial statements are the Government - wide Financial Statements They provide both short and long - term information about the County's financial status The next statements Exhibits 3 through 11 are Fund Financial Statements These statements focus on the activities of the individual parts of the County's government These statements provide more detail than the government - wide statements There are four parts to the Fund Financial Statements 1 the governmental funds statements ; 2 the budgetary comparison statements ; 3 the proprietary fund statements ; and 4 the fiduciary fund statements The next section of the basic financial statements is the notes The notes to the financial statements explain in detail some of the data contained in those statements After the notes , supplemental information is provided to show details about the County's non - major governmental funds and internal service funds , all of which are added together in one column on the basic financial statements Budgetary information required by the General Statutes also can be found in this part of the statements 21Page6Following the notes is the required supplemental information This section contains funding information about the County's pension plans Government - wide Financial Statements The government - wide financial statements are designed to provide the reader with a broad overview of the County's finances , similar in format to a financial statement of a private - sector business The government - wide statements provide short and long - term information about the County's financial status as a whole The two government - wide statements report the County's net position and how it has changed Net position is the difference between the County's total assets and deferred outflows of resources and the total liabilities and deferred inflows of resources Measuring net position is one way to gauge the County's financial condition The government - wide statements are divided into three categories 1 governmental activities ; 2 business - type activities ; and 3 component units The governmental activities include most of the County's basic services such as public safety , and general administration Property taxes and state and federal grant funds finance most of these activities The business - type activities are those that the County charges customers to provide These include the water and sewer and landfill services offered by Johnston County The final category is the component units Although legally separate from the County , the ABC Board is important to the County because the County is financially accountable for the Board by appointing its members and because the Board is required to distribute its profits to the County The County then distributes the profits among the County and municipalities in the County The County also reports the Tourism Development Authority and the Airport Authority as component units The government - wide financial statements are on Exhibits 1 and 2 of this report Fund Financial Statements The fund financial statements provide a more detailed look at the County's most significant activities A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives Johnston County , like all other governmental entities , uses fund accounting to ensure and reflect compliance or non - compliance with finance - related legal requirements , such as the General Statutes or the County's budget ordinance All of the funds of Johnston County can be divided into three categories governmental funds , proprietary funds , and fiduciary funds Governmental Funds - Governmental funds are used to account for those functions reported as governmental activities in the government - wide financial statements Most of the County's basic services are accounted for in governmental funds These funds focus on how assets can readily be converted into cash flow in and out , and what monies are left at year - end that will be available for spending in the next year Governmental funds are reported using an accounting method called modified accrual accounting This method also has a current financial resources focus As a result , the governmental fund financial statements give the reader a detailed short - term view that helps him or her determine if there are more or less financial resources available to finance the County's programs The relationship between governmental activities reported in the Statement of Net Position and the Statement of Activities and governmental funds is described in a reconciliation that is a part of the fund financial statements Johnston County adopts an annual budget for its General Fund , as required by the General Statutes The budget is a legally adopted document that incorporates input from the citizens of the County , the management of the County , and the decisions of the Board about which services to provide and how to pay for them It also authorizes the County to obtain funds from identified sources to finance these current period activities The budgetary statement provided for the General Fund demonstrates how well the County complied with the budget ordinance and whether or not the County succeeded in providing the services as planned when the budget was adopted The budgetary comparison statement uses the budgetary basis of accounting and is presented using the same format , language , and classifications as the legal budget document The statement shows four columns 1 the original budget as adopted by the board ; 2 the final budget as amended by the board ; 3 the actual resources , charges to appropriations , and ending balances in the General Fund ; and 4 the difference or variance between the final budget and the actual resources and charges Proprietary Funds - Johnston County has one kind of proprietary fund Enterprise Funds are used to report the same functions presented as business - type activities in the government - wide financial statements Johnston County uses enterprise funds to account for its water and sewer activity and for its landfill operations These funds are the same as those separate activities shown in the business - type activities in the Statement of Net Position and the Statement of Activities 22Page7Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government Johnston County has our fiduciary funds , all of which are custodial funds Notes to the Financial Statements - The notes provide additional information that is essential to a full understanding of the data provided in the government - wide and fund financial statements The notes to the financial statements start on page 48 of this report Other Information - In addition to the basic financial statements and accompanying notes , this report includes certain required supplementary information concerning Johnston County's progress in funding its obligation to provide pension benefits to its employees Required supplementary information can be found beginning on page 104 of this report Government - Wide Financial Analysis As noted earlier , net position may serve over time as one useful indicator of a government's financial condition The assets and deferred outflows of resources of Johnston County's primary government exceeded its liabilities and deferred inflows of resources by 221,806 as of June 30 , 2021 The County's net position increased by 67,772,517 for the fiscal year ended June 30 , 2021 Net position is reported in three categories Net investment in capital assets of 211,856,366 , restricted net position of 79,962,630 , and unrestricted net position of 291,597,190 Johnston County's Net Position Figure 2 Governmental Business - type Activities Activities Total 2021 2020 2021 2020 2021 2020 Current and O