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Orange County, North Carolina collateralized by the full faith credit, and taxing power of the County. Accordingly, the County is authorized and required by State law to levy ad valorem taxes, without limit as to rate or amount, as may be necessary to pay the debt service on its general obligation bonds. Principal and interest requirements will be provided by an appropriation in the year in which such requirements become due. The majority of the non-general obligation debt is repaid from a combination of school systems impact fees, sales taxes earmarked for school capital, education lottery proceeds, and ad valorem property taxes allocated to school capital. As noted earlier, the government's total net assets increased by $9.85 million. This increase resulted from a combination of an increase in revenues in governmental activities and adecrease in expenses. This was in part, offset by an increase in expenses in business activities.In addition, the following positive operational initiatives and results are noted: in the collection of property taxes by maintaining a collection percentage of approximately 99%, higher than the State-wide average of 97%. Sales taxes exceeded budget by $2.3 million due to the slow, but steady, rec Recession. The County continued to lead the State in per pupil funding for education. th The County issued limited obligation bonds to finance the construction of an 11 elementary school for the Chapel HillCarrboro City School District and purchase of EMS vehicles. The unassigned fund balance in the County's General Fund reflected anincrease of $7.4 million from the prior year. This increase occurred primarily from increased property and sales tax collections and acontinued focus on decreasing expenditures.Unassigned fund balance is expected to increase in future fiscal years as the Board has committed to increasing fund balance with the return of improved economic conditions. 8