OTHER-2024-032-Preliminary official statement

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is if Percentage Assessed of Assessed Name Type of Enterprise Valuation Value 'm i NR Edge Apartments Property Apartments/Retail 78 , 566 , 982 0 . 35 Piedmont Electric Membership Public Utility 70 , 666 , 044 0 . 32 Northwestern Mutual Life Insurance Co . Apartment Rentals %0794 , 458 0 . 31 Townhouse Apartments Apartment Rentals 67 , 581 , 700 0 . 30 Industrial Connections & Solutions LLC (ABB ) Office/Industrial 60 , 89 % 638 0 . 27 State Employees Credit Union Bank 57 , 475 , 536 0 . 26 $ 871 , 658 , 227 3 . 90 % E` c 4 Source : Annual Comprehensive Financial Report of the County for fiscal year ended June 30, 2023 . FISCAL YEAR 2023 -24 BUDGET COMMENTARY The adopted General Fund budget for fiscal year 2023 -24 totals $279 . 5 million, which represents a $21 . 4 million or 8 . 2 % increase over the fiscal year 2022-23 adopted budget . The County budget factors in a . 46 cent increase from 83 . 12 cents to 83 . 58 cents per $ 100 of assessed value to fund the County and School continuation budgets . The County is on a four-year revaluation cycle . The next revaluation will be p effective January 1 , 2025 for fiscal year 2025 -26 . The fiscal year 2023 -24 budget assumed a 2 . 1 % increase in assessed value with the tax base increasing from $ 22 . 2 billion to $ 22 . 9 billion or over the prior year . The I real and personal collection rate is budgeted to remain the same at 99 . 2 % . The County budget maintains a goal of allocating 48 . 1 % of General Fund revenues to education spending . The budget increases per pupil h expenditures by $ 538 . 46 to $ 5 , 346 which has consistently been among the highest per pupil appropriations in the State . The fiscal year 2023 -24 appropriations represents 48 . 07 % of total General Fund revenues . The budget appropriates $ 3 . 8 million to fund school health and safety contractual services . The fiscal year 2023 - I 24 budget fully funds all positions of the County and includes a 6 % wage increase effective July 1 , 2023 at a cost of $ 4 . 4 million . Property tax revenues comprise $ 190 . 7 million or 68 % of General Fund revenues . Sales tax revenues comprises 16 % of the budget and has been budgeted to increase 4 % over the fiscal year 2022 -23 projections . The remaining 16% of General Fund revenues are comprised of intergovernmental revenues, charges for services, licenses and permits, and miscellaneous revenues . II CYBERSECURITY c, The County, like many other large public and private entities , relies on a large and complex technology environment to conduct its operations and faces multiple cybersecurity threats involving, but not limited to , hacking, phishing viruses , malware and other attacks on its computing and other digital networks and systems (collectively, " Systems Technology") . As a recipient and provider of personal, private, or sensitive information, the County may be the target of cybersecurity incidents that could result in adverse consequences to the County and its Systems Technology, requiring a response action to mitigate the consequences . The County has hired a Security Officer that dual reports to the County Manager and k== Chief Investment Officer . The County deploys regular training to all County employees throughout the year . Orange County IT takes a multi- layered approach regarding enterprise security and data loss prevention to protect against internal and external threats . ■ Perimeter security is handled by employing state of the art firewall(s) , and intrusion detection and prevention systems as well as email scanning prior to email being delivered to county servers for processing . 39