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Commissioner Pelissier said that this does not paint a pretty picture about the debt service capacity. She asked what is now in the CIP that might require issuance of debt. She would like to see more projections, including some other things that would be anticipated in the next couple of years. She said that if she tried to make a decision about what she sees in this PowerPoint, that it might not be the right decision. Frank Clifton said that the reality is that if the County does not have the debt capacity in its plan, then it will not be able to build projects as planned. He said that the Board of County Commissioners needs to revisit those capital plans. He wants the Board to be able to know what the County can pay for. Even if the public will support a bond issue, the County still has to pay for the bond issue and debt service. He said that the 15% margin is a market rating guide and he would not want the County to stay above the 15% for too long. Commissioner Pelissier said that she would like to see some of the "nice to do" things versus the essential things out beyond 2012. Frank Clifton said that staff can do some of that for the Board. He said that most things will have to be deferred until the revenue streams change or something of that nature. Commissioner Gordon said that she endorsed what Commissioner Pelissier said to know what is included in the CIP in the longer term. She said that one thing is that there is a need fora middle school in 2013-14 in CHCCS. Another thing is moving dental clinics to a permanent location in the Southern Human Services Center, and upfitting that building. Commissioner Hemminger asked about the fund balance and it was answered 10.5%. Commissioner Yuhasz said that when he looks at the chart of projected new finance, the largest numbers come from financing new schools. He said that the County Commissioners need to go back to the school systems and say that there is a problem financing schools that cost$31 million. He said that the school systems need to look at ways to reduce these costs. Commissioner Jacobs asked that the Board get some information on how a Chapel Hill Special Use Permit works if a project is initiated within a five-year period. There is a process going on now for Elementary#11. He would like to know so that an opportunity is not missed. Commissioner Jacobs made reference to the debt management policy and said that the policy was adopted in 1988 and it says that, "the County will strive to maintain its annual debt service costs at a level no greater than 15% of General Fund Expenditures." It does not say that this is the limit. He said that the documents say that it is a limit, but it is not a cap. Commissioner Pelissier said that there is a big difference between a policy and the credit rating. Frank Clifton said that he will get some background information on this. Gary Humphreys said that 15% is the average. Commissioner Pelissier said that the policy needs to explain this and make reference to this. Commissioner Pelissier asked about the budget growth rate in the last few years before the economy went down. Gary Humphreys said that the budget growth rate has been 7%, but this has not been done for a couple of years. Commissioner Jacobs said that he is not advocating anything but identifying what the actual policy and then make some decisions. He said that he remembers talking about the growth rate that should be adopted. He said that the Board talked at one time about going over the 15% one year and then showing it was an aberration so that it would not affect the bond rating. He said that the policy should have these stipulations. Commissioner Yuhasz pointed out that a lot of the growth over the y ears has been from an increase in taxes and the County cannot continue to do this. Commissioner Gordon asked about the $14.9 million for Hillsborough Commons and how they arrived at this figure. She noted that this amount was for 10 acres whereas previously the value on the county tax rolls was $6.5 million for 11 acres. She asked whether the property was worth $14.9 million now. Frank Clifton said that he would research this. He said that if the