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15 <br /> 1 Chair Dorosin asked if staff would highlight those projects that generate revenue, as well <br /> 2 as those done in partnership with the other municipalities. <br /> 3 <br /> 4 2. Financial Policies Discussion <br /> 5 (General Fund Balance and Debt Management) <br /> 6 Gary Donaldson, Chief Financial Officer, reviewed the following background information: <br /> 7 <br /> 8 BACKGROUND: <br /> 9 On April 5, 2011 the BOCC adopted a series of financial policies including: <br /> 10 General Fund Balance Policy: <br /> 11 • The County will strive to maintain an unassigned fund balance in the General Fund of <br /> 12 17% percent of budgeted general fund operating expenditures each fiscal year. The <br /> 13 amount of unassigned fund balance maintained during each fiscal year should not fall <br /> 14 below 8% percent of budgeted general fund operating expenditures, as recommended <br /> 15 by the North Carolina Local Government Commission. <br /> 16 Debt Management Policies: <br /> 17 • The County will maintain its net bonded debt at a level not to exceed 3% of the <br /> 18 assessed valuation of taxable property within the County. <br /> 19 • The County will strive to maintain its annual debt service costs at a level no greater than <br /> 20 15% of general fund revenues, including installment purchase debt. This is a <br /> 21 recommended "best practice"from the Government Finance Officers Association. <br /> 22 <br /> 23 It is a recommended practice to provide regular updates to the BOCC regarding the County's <br /> 24 Financial Policies as a means to communicate the County's financial status. <br /> 25 Gary Donaldson made the following PowerPoint presentation: <br /> 26 <br /> 27 Financial Policies Update <br /> 28 Work Session Presentation to the <br /> 29 Orange County Board of County Commissioners <br /> 30 Gary Donaldson, Chief Financial Officer <br /> 31 May 9, 2017 <br /> 32 <br /> 33 Key County Financial Policies <br /> 34 • April 2011 BOCC Adopted Financial Policies: <br /> 35 — Debt Management Policies for 1) Debt Service to Revenues (15% metric) and <br /> 36 Debt to Assessed Value (3% metric) <br /> 37 — Fund Balance Policy for Unassigned Fund Balance (17% metric) <br /> 38 <br /> 39 Debt to Assessed Value Ratio <br /> 40 <br />