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15 <br /> Commissioner Price said the BOCC should move forward with the fiber project. <br /> Commissioner Burroughs said the times in which they are going over the 15% are in <br /> the out years, and asked if it is possible that delaying things in the first year or two may not <br /> help at all. <br /> Travis Myren said staff focused on years in which they would be over the policy, or <br /> those with the highest affordability issues, which were FY 2020-21 and FY 2021-22. He said <br /> borrowing that would occur in FY 2019-20 would start affecting the FY 2020-21 debt service <br /> payments. <br /> Commissioner Jacobs said he agreed that the BOCC needs more clarity on the EAC <br /> project. He said it might be useful to differentiate the few projects that have a financial return <br /> or savings. <br /> Commissioner Jacobs said this is an ambitious CIP that still fits into the County's debt <br /> policy, which he finds to be impressive. <br /> Commissioner Rich asked if Hillsborough's percentage of the fiber costs could be <br /> identified. She said there may be other partners willing to join in on this project. <br /> Commissioner Rich said she would also like further information about affordable <br /> housing options at the EAC. <br /> Chair Dorosin asked if staff would highlight those projects that generate revenue, as <br /> well as those done in partnership with the other municipalities. <br /> 2. Financial Policies Discussion <br /> (General Fund Balance and Debt Management) <br /> Gary Donaldson, Chief Financial Officer, reviewed the following background <br /> information: <br /> BACKGROUND: <br /> On April 5, 2011 the BOCC adopted a series of financial policies including: <br /> General Fund Balance Policy: <br /> • The County will strive to maintain an unassigned fund balance in the General Fund of <br /> 17% percent of budgeted general fund operating expenditures each fiscal year. The <br /> amount of unassigned fund balance maintained during each fiscal year should not fall <br /> below 8% percent of budgeted general fund operating expenditures, as recommended <br /> by the North Carolina Local Government Commission. <br /> Debt Management Policies: <br /> • The County will maintain its net bonded debt at a level not to exceed 3% of the <br /> assessed valuation of taxable property within the County. <br /> • The County will strive to maintain its annual debt service costs at a level no greater <br /> than <br /> 15% of general fund revenues, including installment purchase debt. This is a <br /> recommended "best practice"from the Government Finance Officers Association. <br /> It is a recommended practice to provide regular updates to the BOCC regarding the County's <br /> Financial Policies as a means to communicate the County's financial status. <br /> Gary Donaldson made the following PowerPoint presentation: <br /> Financial Policies Update <br /> Work Session Presentation to the <br /> Orange County Board of County Commissioners <br /> Gary Donaldson, Chief Financial Officer <br />