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Key Debt Ratio: Debt Service vs. Expenditures <br />Debt Service vs. Governmental Expenditures <br />16% <br />14% <br />12% <br />10% <br />8% <br />6% <br />4% <br />2% <br />0% <br />�Oy00 <br />Existing Policy ( %of Budget) <br />• Existing Debt Service vs. Expenditures <br />— FY 2014: 14.13% <br />• Historical Expenditure Growth <br />— 5-Year Compound Annual Growth Rate: 0.69% <br />— 10 Year Compound Annual Growth Rate: 3.67% <br />• Assumed Future Growth Rates <br />— 2015 & Beyond: 1.0% <br />• The County has an adopted financial policy establishing a maximum <br />Tax Supported Debt Service vs. Budget at 15.0 %. <br />Note: Governmental Expenditures represent the ongoing operating expenditures of the County. For <br />purposes of this analysis, capital outlay and debt service expenditures are excluded. <br />DAVENPORT & COMPANY <br />Debt Service vs. Expenditures Peer Comparative <br />Orange (2014) <br />National'Aaa' <br />National'Aa1' <br />NC'Aaa' <br />NC'Aa1' <br />0 5 10 15 20 <br />Percent <br />■ Aaa North Carolina Counties <br />— Minimum: 13.6% <br />— Median: 19.6% <br />— Max: 25.4% <br />■ Aa1 North Carolina Counties <br />— Minimum: 6.5% <br />— Median: 15.2% <br />— Max: 27.1% <br />25 <br />13 <br />Source: LGC Bond Ledger, County Staff, 2012 CAFR, Budget Documents and Moody's Investors Service <br />September 26, 2013 Orange County, NC 9 <br />