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Key Debt Ratio: Tax Supported Debt Service vs. ORANGE COUNTY <br /> Governmental Expenditures NORTH CAROLINA <br /> Tax Supported Debt Service vs. Governmental Expenditures TS Debt Service vs. Gov't Expenditures Peer Comparative (Lower is Better) <br /> 14% <br /> Orange County(2017) <br /> 12% <br /> National'Aaa'Median <br /> 10% <br /> 8 NC'Aaa'Median — <br /> 6% Buncombe <br /> Durham <br /> 4% <br /> Forsyth <br /> 2% Guilford <br /> ' ■ ■ - _ — — Mecklenburg <br /> 0% New Hanover <br /> NCO LA Llb �L°� ,gyp �, 3r1 3� union <br /> wake <br /> 0 5 10 15 20 25 <br /> ■ Existing Percent <br /> • Existing Tax Supported Debt Service vs. Governmental Expenditures ■ Rating Considerations: <br /> — FY 2017: 11.72% — Moody's: Moody's criteria allows for a scorecard adjustment if an <br /> issuer has very high or low debt service relative to its budget <br /> • Assumed Future Growth Rates Percent. <br /> — 2016 Adjusted Expenditures: $193,857,534 <br /> — 2017: 1.50% <br /> — 2018 & Beyond: 1.70% — S&P: The Debt and Contingent Liabilities section defines <br /> categories of Net Direct Debt as a /o of Total Governmental Funds <br /> • The County does not have a Financial Policy setting a maximum Tax Expenditures as follows: <br /> Supported Debt Service to Governmental Expenditures. However, the — Very Strong: <8% <br /> County has a policy setting a maximum Debt Service to General Fund — Strong: 8%to 15% <br /> Revenues of 15.0%. <br /> — Adequate: 15%- 25% <br /> — Weak: 25% - 35% <br /> Note: Governmental Expenditures represent the ongoing operating expenditures of the County.In this <br /> analysis,debt service and capital projects expenditures are excluded. — Very Weak: > 35% <br /> DAVENPORT&COMPANY Source: LGC Bond Ledger,2016 CAFR,County Budget Documents,Moody's Investors Service,and S&P <br /> May 9,2017 Orange County, INC 14 <br />