RES-2009-088 Resolution for the Sale of Refunding Bonds

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40 in the adopted budget for Fiscal Year 2010 the Undesi nated Fund Bal- ance for FYE is the same amount as the Unreserved Fund Balance. The adopted 2009-2010 budget included General Fund appropriation of $177.6 million which is a reduction of $5.4 million from prior years original budget. Property was revalued in 2009. The Board adopted a tax revenue neu- tral tax rate of.858 cents per hundred for fiscal 2009-10 which reduced the tax rate to generate the same total tax revenue as the previous fiscal year. The adopted budget for FYE 2010 contains ap- propriations to meet debt service payments on all County debt including projected debt service pay- ments related to these bonds. Pension Plans The County participates in the North Carolina Local Governmental Employees' Retirement System. North Carolina Local Governmental Employees'Retirement System—The North Carolina Lo- cal Governmental Employees'Retirement System is a service agency administered through a board of trustees by the State for public employees of counties, cities,boards, commissions and other simi- lar governmental entities. While the State Treasurer is the custodian of system funds, administra- tive costs are borne by the participating employer governmental entities. The State makes no contributions to the system. The system provides, on a uniform system-wide basis, retirement and, at each employer's op- tion, death benefits from contributions made by employers and employees. Employee members con- tribute six percent of their individual compensation. Each new employer makes a normal contribution plus, where applicable, a contribution to fund any accrued liability over a 24-year pe- riod. The normal contribution rate, uniform for all employers, is currently 4.80 percent of eligible payroll for general employees and 5.27 percent of eligible payroll for law enforcement officers. The accrued liability contribution rate is determined separately for each employer and covers the liabili- ty of the employer for benefits based on employees'service rendered prior to the date the employer joins the system. Members qualify for a vested deferred benefit at age 50 with at least 20 years of creditable ser- vice;at age 60 after at least five years of creditable service to the unit of local government. Unre- duced benefits are available: at age 65,with at least five years of service; at age 60,with at least 25 years of creditable service;or after 30 years of creditable service,regardless of age.Benefit payments are computed by taking an average of the annual compensation for the four consecutive years of membership service yielding the highest average. This average is then adjusted by a percentage formula, by a total years of service factor, and by an age service factor if the individual is not eligible for unreduced benefits. Contributions to the system are determined on an actuarial basis. For information concerning the County's participation in the North Carolina Local Governmen- tal Employees'Retirement System and the Supplemental Retirement Income Plan of North Carolina see the Notes to the County's Audited Financial Statements in Appendix D. Financial statements and required supplementary information for the North Carolina Local Governmental Employees'Retirement System are included in the Comprehensive Annual Financial Report("CAFR")for the State.Please refer to the State's CAFR for additional information. Other Post-Employment Benefits Under the County Personnel Ordinance the County administers a single employer defined ben- efit Retiree Healthcare Benefits Plan. This plan provides post employment health care benefits to retirees of the County provided they participate in the North Carolina Local Government Employees Retirement System and have at least ten years of creditable service with the County or either age 65 22