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4 <br /> quality. The yield rate as of December 31,2024, was 4.34%.compared to 5.38% on December 31, 2023. This <br /> decline is commensurate with Federal Reserve actions. The portfolio composition is indicated below. <br /> December 31, 2024 <br /> ■Overnight Repo <br /> ■Term Repo <br /> ■Fixed Rate Agencies <br /> Floating Rate Agencies <br /> Fixed Rate Treasuries <br /> ■Floating Rate Treasuries <br /> General Fund Expenditures <br /> General Fund expenditures are 46.8% of budgeted expenditures as compared to 41.6% the prior fiscal year. <br /> The higher variance is primarily due to the County advancing the Chapel Hill-Carrboro City School (CHCCS) <br /> district their current expense amounts in the second quarter, as CHCCS awaited their Special Tax District <br /> revenues. <br /> All the Functional Leadership teams' expenditures are consistent with historical spending rates except Support <br /> Services. Support Services includes insurance upfront payments. <br /> The second quarter report will notate any material variance areas of concern. <br /> • Education appropriations are 63.5% of its budget as compared with 52.9% the prior fiscal year, again <br /> due to upfront current expense appropriations to CHCCS. The remaining Education budget includes <br /> School Health and Safety Contracts, Durham Tech Current Expense and Recurring Capital. <br /> 4 <br />