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111 <br /> Percentage <br /> Assessed of Assessed <br /> Name Type of Enterprise Valuation Value <br /> NR Edge Apartments Property Apartments/Retail 78,566,982 0.35 <br /> Piedmont Electric Membership Public Utility 70,666,044 0.32 <br /> Northwestern Mutual Life Insurance Co. Apartment Rentals 68,794,458 0.31 <br /> Townhouse Apartments Apartment Rentals 67,581,700 0.30 <br /> Industrial Connections& Solutions LLC (ABB) Office/Industrial 60,899,638 0.27 <br /> State Employees Credit Union Bank 57,475,536 0.26 <br /> $871,658,227 3.90% <br /> Source:Annual Comprehensive Financial Report of the County for fiscal year ended June 30,2023. <br /> FISCAL YEAR 2023-24 BUDGET COMMENTARY <br /> The adopted General Fund budget for fiscal year 2023-24 totals $279.5 million, which represents <br /> a $21.4 million or 8.2% increase over the fiscal year 2022-23 adopted budget. The County budget factors <br /> in a .46 cent increase from 83.12 cents to 83.58 cents per $100 of assessed value to fund the County and <br /> School continuation budgets. The County is on a four-year revaluation cycle. The next revaluation will be <br /> effective January 1,2025 for fiscal year 2025-26. The fiscal year 2023-24 budget assumed a 2.1%increase <br /> in assessed value with the tax base increasing from$22.2 billion to$22.9 billion or over the prior year.The <br /> real and personal collection rate is budgeted to remain the same at 99.2%. The County budget maintains a <br /> goal of allocating 48.1% of General Fund revenues to education spending. The budget increases per pupil <br /> expenditures by$538.46 to$5,346 which has consistently been among the highest per pupil appropriations <br /> in the State. The fiscal year 2023-24 appropriations represents 48.07%of total General Fund revenues.The <br /> budget appropriates$3.8 million to fund school health and safety contractual services.The fiscal year 2023- <br /> 24 budget fully funds all positions of the County and includes a 6%wage increase effective July 1,2023 at <br /> a cost of$4.4 million. Property tax revenues comprise $190.7 million or 68% of General Fund revenues. <br /> Sales tax revenues comprises 16%of the budget and has been budgeted to increase 4%over the fiscal year <br /> 2022-23 projections. The remaining 16% of General Fund revenues are comprised of intergovernmental <br /> revenues,charges for services, licenses and permits, and miscellaneous revenues. <br /> CYBERSECURITY <br /> The County, like many other large public and private entities, relies on a large and complex <br /> technology environment to conduct its operations and faces multiple cybersecurity threats involving, but <br /> not limited to, hacking, phishing viruses, malware and other attacks on its computing and other digital <br /> networks and systems (collectively, "Systems Technology"). As a recipient and provider of personal, <br /> private, or sensitive information, the County may be the target of cybersecurity incidents that could result <br /> in adverse consequences to the County and its Systems Technology,requiring a response action to mitigate <br /> the consequences. The County has hired a Security Officer that dual reports to the County Manager and <br /> Chief Investment Officer. The County deploys regular training to all County employees throughout the <br /> year. <br /> Orange County IT takes a multi-layered approach regarding enterprise security and data loss <br /> prevention to protect against internal and external threats. <br /> ■ Perimeter security is handled by employing state of the art firewall(s), and intrusion detection <br /> and prevention systems as well as email scanning prior to email being delivered to county <br /> servers for processing. <br /> 39 <br />