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13 <br /> Debt Metrics <br /> • Debt to Assessed Value Ratio <br /> — Measures total tax supported debt as a percentage of total assessed value <br /> — One measure of ability to pay debt service <br /> — As assessed value increases, the same tax rate generates more revenue <br /> — County policy to keep total outstanding debt service at or below 3% of total assessed value <br /> — Current ratio is 1 .28% <br /> — All of the financing scenarios maintain a debt to assessed value ratio of 3% or less <br /> • Debt Service to General Fund Revenue Ratio <br /> — Measures the amount of debt service due annually to projected general fund revenues <br /> — Another measure of ability to pay debt service except on an annual basis <br /> — Debt service is the first obligation in budgeting <br /> — If debt service is growing faster than general fund revenue, less funding is available for everything else <br /> — County policy establishes a target of 15% of general fund revenues dedicated to debt service annually <br /> — Current ratio is 13.6% <br /> ORANGE COUNTY <br /> 7 T'.TC)RT H CARC}LINA <br />