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36 <br /> Gary Donaldson said the Board passed that several years ago and is currently at 1.6%, <br /> so well within the tax supported debt. He said that we are well within the threshold of tax <br /> supported debt. He said that it compares it to the assessed value. <br /> Commissioner Bedford asked if this shows how much they could tax if they needed. <br /> Gary Donaldson said it's one measure but looking at what impact on operating budget <br /> would be is going to be the deciding factor. He said that regarding her question on the CIP, to <br /> understand what is being funded in years 6-10, they need to know on the county side when they <br /> would plan for issuances. <br /> Commissioner Bedford asked how changing debt from year 3 to year 4 never changes <br /> the results. <br /> Bonnie Hammersley said it is because it is already in the model as existing debt. <br /> Commissioner Bedford said that she understands now. <br /> Commissioner Richards said she appreciates the model. She said she is not clear on <br /> where ARPA funding is considered. <br /> Gary Donaldson said all that money is in a separate fund outside of the general fund, <br /> per guidance from the UNC School of Government. <br /> Commissioner Richards asked how to forecast for that money when it runs out. <br /> Bonnie Hammersley said the reason it is not in the model is because it is not in the <br /> general fund, which is the best way to handle this money according to the experts. She said <br /> that because it is one time money, it cannot be historically looked at or tracked for in the future. <br /> She said that she will make recommendations for the money and commissioners will either <br /> agree or make a budget amendment. She said the hope is that by 2024, the demand for the <br /> services funded by ARPA will have decreased and will not be needed at the same level. She <br /> said that she will bring forward recommendations on where the demands are from departments. <br /> Commissioner Richards asked if demand is already outspending the budget. <br /> Bonnie Hammersley said her budget meetings will be in March. She said that spending <br /> and demand are currently doing fine and on schedule. <br /> Commissioner Richards said there is a housing need, so why would the money not be <br /> invested in a way that could impact housing long term. <br /> Bonnie Hammersley said there is a 3-year plan for the money and most of the money <br /> that's factored in, is going to housing. <br /> Travis Myren said one of the things the model can do is plan to use property tax revenue <br /> to continue ARPA-funded projects into the future if they are still wanted and needed when the <br /> money runs out. <br /> Commissioner Hamilton said the total debt is a percentage of assessed value and would <br /> be interested in knowing what percentage would be if also at 3% approved target. <br /> Bonnie Hammersley said it is unusual for a county to get close to its percentage of <br /> assessed value. She said that the assessed value is $22 Billion, and the county is about <br /> midway to 3%. <br /> Gary Donaldson said that the model is dynamic and flexible and that looking at 3% will <br /> provide large numbers. He said the rating agencies look at debt service to budget. He said that <br /> is the metric they look at more so rather than the total debt. <br /> Bonnie Hammersley said there is an expectation from rating agencies that the county <br /> would increase taxes to cover those costs. <br /> Commissioner Greene said during budget season she wants to talk about how to <br /> transition ARPA money and budget for those programs other ways. <br /> Commissioner Bedford said it has been both CARES and ARPA money that has been <br /> used for housing and other programs. <br /> Bonnie Hammersley said all the CARES money has been spent. <br /> Gary Donaldson noted that it all had to be spent by 12/31/21. <br />