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Orange County, North Carolina Additional information regarding the County's long-term debt can be found in Note 6 on pages 58-64 of this report. Economic Factors and Next Year's Budgets and Rates The County's economy is characterized by a high degree of institutional and public-sector activity, plus office, commercial, and service-oriented businesses. Manufacturing and agriculture are smaller portions of the County's economy. The County enjoys a consistently low unemployment rate. The unemployment rate estimated by the North Carolina Employment Security Commission for September 2012 was 6.3%, one of the lowest in the State. 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, 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 to many types of research activities. land, which has been reserved for research and research-oriented manufacturing. Since its inception in the 1950s, over 145 private and governmental organizations have located facilities in the Park. According to the Research Triangle Foundation, the Park represents a capital investment exceeding $2.8 billion. As of June 2012, approximately 42,000 people were employed at the Park with an annual payroll of approximately $2.7 billion with an average salary of $57,500. Approximately 82% of the employees in the Park work for multi-national corporations. Because of its close proximity to the County and the fact that man is significant. Budget Highlights for the Fiscal Year Ending June 30, 2013 Governmental Activities. The County has approved a $180.0 million General Fund budget for fiscal year 2013 which represents a $1.8 million, or 1.1%, increase from fiscal year 2012. This budget was balanced by not increasing the property tax rate for the upcoming fiscal year. This was the fourth time in twenty years property taxes were not increased. The budgeted per pupil allocation for education was increased to $3,167, which represents a $65.00 per pupil increase from the previous year allocation of $3,096. 14