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County Policies ORANGE COUNTY <br /> NORTH CAROLINA <br /> ■ The County Board adopted a series of financial policy guidelines on April 5, 2011, including: <br /> — A Cash Management and Investment Policy. <br /> — A General Fund Balance Policy: <br /> — The County will strive to maintain an unassigned fund balance in the General Fund of 17% percent of budgeted general <br /> fund operating expenditures each fiscal year. The amount of unassigned fund balance maintained during each fiscal <br /> year should not fall below 8% percent of budgeted general fund operating expenditures, as recommended by the North <br /> Carolina Local Government Commission. <br /> — Tax Supported Debt Policies: <br /> — The County will maintain its net bonded debt at a level not to exceed 3% percent of the assessed valuation of taxable <br /> property within the County. <br /> — The County will strive to maintain its annual debt service costs at a level no greater than 15% percent of general fund <br /> revenues, including installment purchase debt. This is a recommended "best practice" from the Government Finance <br /> Officers Association. <br /> DAVENPORT&COMPANY <br /> May 9,2017 Orange County, NC 8 <br />