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The University of North Carolina at Chapel Hill and University Hospitals in the Town of Chapel Hill and their associated service, teaching and research programs have a reputation for excellence in the educational and medical fields. The County is also the place of residence for many technical, professional and executive people who work in the Research Triangle Park and neighboring cities of Durham, Raleigh, and Burlington. The Research Triangle refers to an area located among three municipalities: Chapel Hill, Durham and Raleigh. In addition to the University of North Carolina at Chapel Hill, universities located in these municipalities include Duke University and North Carolina Central University in the City of Durham and North Carolina State University in the City of Raleigh. The proximity of these universities makes the Research Triangle area well suited for many types of research activities. The Research Triangle Park (the "Park"), located 10 miles east of the County, contains 7,000 acres of land which has been reserved for research and research-oriented manufacturing. Since its inception in the 1950's, more than 170 private and governmental organizations have located facilities in the Park. According to the Research Triangle Foundation, the Park represents a capital investment exceeding $4.0 billion. As of July 2012, approximately 53,000 people were employed at the Park with an annual payroll of approximately $4.5 billion with an average salary of $68,000. Approximately 87% of the employees in the Park work for multinational corporations. Because of its close proximity to the County and the fact that many of the Parks' employees reside in the County, the impact of the Park on the County's economy is significant. An industrial strip along Interstate Highway 85 in the western portion of the County is the location of several manufacturing firms. This area is the projected location for future growth of industrial and commercial concerns. In addition to this area, the County designated over 2,450 acres in three strategically placed areas along Interstates 85 and 40 as Economic Development Districts. The County's location, midway between the Piedmont Triad and Research Triangle metropolitan areas, makes these sites extremely attractive. The districts offer development potential for light industrial, warehouse/flex space, office, retail and business service. Numerous tracts, ranging in size from 20 to 100 acres or more, are available. Utility extension development is another economic development initiative undertaken by the County. This project encourages economic development in the County by providing funds to finance utility extension development for commercial entities. Using the monies in this fund, the County provides a portion of the upfront water/sewer infrastructure costs for businesses. As the various projects are completed, some portion of the resultant increased property tax revenue is used to repay the fund. These funds then "revolve" to address water/sewer needs of other commercial development projects. Fiscal Outlook. The adopted 2012-13 budget included General Fund appropriation of $180.0 million, which is an increase of $1.8 million from prior years' original budget, and a$5.2 million reduction from the final amended budget. Reflective of previous fiscal years, the County continued its traditional commitment to public schools earmarking nearly one-half of the County's 2010-11 General Fund Budget of $180.0 million for education. Funding appropriated for education totaled $88.2 in the fiscal year 2012-13 budget. The Board adopted and maintained aproperty tax rate of .858 cents per hundred for Fiscal Year 2012-13 which represents the third straight year that the property tax rate was not increased to balance the budget.The assessed value for the upcoming year is estimated to be nearly $15.9 billion with a tax rate of $0.858 per $100 of value year. There is only a nominal appropriation from fund balance in the 2012-12 budget that will be used to assist in funding critical needs programs that have been affected by the slow recovery from the current economic recession. The Board of County Commissioners remains committed to grow and stabilize the fund balance as the County continues to contend with the flat and declining revenues which have resulted from the continued recession. The Boards adoption of the same property tax reflects their continued desire to not increase the burden on the citizens during these difficult times. The County's financial condition remains strong and stable. iii