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26 .nee <br />Observations <br />■ The County has a well managed capital structure with a historically balanced funding approach. <br />— History of pay -go capital funding. <br />— Rapid amortization of debt financing with an above average 10 -year payout ratio. <br />■ The County compares favorably in most key debt ratios to North Carolina and national credit rating medians. <br />— Debt capacity exists under these key debt ratios and adopted financial policy guidelines. <br />— The County's Debt Service vs. Budget Ratio could be a limiting factor as it relates to future debt capacity. <br />■ The County has identified near -term and long -term capital needs through a formalized ten year Capital Improvement Plan. <br />— Identified balanced funding approach utilizing both pay -go capital and debt financing. <br />■ Evaluating debt capacity and debt affordability in conjunction with the annual CIP process will be critical as the County <br />undertakes the planned capital investments. <br />— Maintaining strong credit ratings and compliance with financial policies. <br />— Ensuring debt affordability under identified revenue sources. <br />DAVENPORT & COMPANY <br />September 26, 2013 Orange County, NC 23 <br />