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Summary of Existing Financial Policies ORANGE COUNTY <br /> NORTH CAROLINA <br /> Debt General Fund Debt Debt Outstanding as a% <br /> Outstandingto Service to General Govt.Debt Service to 10-Year of Governmental <br /> Assessed Value Fund Revenues Govt.Expenditures Payout Ratio Revenues <br /> Orange FY16 Ratios 1.09% 12.79% 12.19% 88.2% 81.62% <br /> Orange Policy Limits < 3.00% < 15.00% N/A N/A N/A <br /> < 8.00%(AAA) < 30.00%(AAA) <br /> < 15.00%(AA) < 60.00%(AA) <br /> S&P Rating Threshold < 3.00% N/A < 25.00%(A) > 65% < 120.00%(A) <br /> < 0.75%(Aaa) < 33.00%(Aaa) <br /> < 1.75%(Aa) < 67.00%(Aa) <br /> Moody's Rating Threshold' < 4.00%(A) N/A N/A4 N/A4 < 300.00%(A) <br /> Other North Carolina`Aaa'Counties Policy Limits <br /> Buncombe < 3.00% N/A < 18.00% > 65% N/A <br /> Durham2 < 3.00% N/A < 15.00% N/A N/A <br /> Forsyth N/A N/A < 15.00%5 N/A N/A <br /> Guilford2 < 3.00% N/A < 15.00%5 N/A N/A <br /> Mecklenburg3 < 2.00% N/A < 18.00%5 > 64% N/A <br /> New Hanover < 1.60% N/A < 20.00%5 N/A N/A <br /> Union < 3.00% < 15.00%5 N/A > 50% N/A <br /> Wake3 < 1.75% N/A < 20.00% > 70% N/A <br /> 'Moody's rating methodology uses Operating Revenues and Operating Expenditures for purposes of calculating certain debt ratios. <br /> 2County's policies refer to G.O.Bonds only. <br /> 3Numbers shown are county's targets rather than an official policy. <br /> 4Although Moody's does not give specific guidance for these ratios,they will give a scorecard adjustment for a very high or low ratio. <br /> 5Calculation is based on annual debt service as a percentage of the budget <br /> DAVENPORT&COMPANY Source:Orange County 2016 CAFR,Locality's Budget and/or Debt Policy <br /> May 9,2017 Orange County, NC 9 <br />