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<br /> Other Long-Term Commitments
<br /> The County currently has a variety of financing agreements for vehicles and other equipment.In
<br /> addition, the County has financed school, public buildings, landfill and water and sewer projects through
<br /> installment financing agreements which, as of June 30, 2024, had a combined principal balance of
<br /> approximately$183 million. Annual requirements to service these obligations are as follows:
<br /> Fiscal Year Landfill and Sportsplex Governmental Purposes Totals
<br /> Ending Principal Principal Principal
<br /> June 30 Principal and Interest Principal and Interest Principal and Interest
<br /> 2025 $1,131,407 $1,433,301 $18,444,652 $24,330,301 $19,576,059 $25,763,602
<br /> 2026 1,089,135 1,354,226 17,010,081 22,335,550 18,099,216 23,689,776
<br /> 2027 1,287,576 1,503,818 17,728,423 22,295,586 19,015,999 23,799,404
<br /> 2028 815,578 989,921 12,969,422 16,912,555 13,785,000 17,902,476
<br /> 2029 691,808 838,138 12,395,192 15,866,610 13,087,000 16,704,748
<br /> 2030-2034 2,457,732 2,877,767 45,764,266 57,428,134 48,221,998 60,305,901
<br /> 2035-2039 1,246,000 1,368,033 33,131,000 38,251,680 34,377,000 39,619,713
<br /> 2040-2044 301,000 314,267 16,172,000 17,135,000 16,473,000 17,449,267
<br /> TOTALS $9,020,236 $10,679,471 $173,975,036 $214,922,616 $182,995,272 $225,602,087
<br /> Debt Outlook
<br /> [County to review/update] The County has an extensive ten-year capital improvement program
<br /> underway to provide public safety, school facilities, government facilities, affordable housing, and park
<br /> improvements. The County's program will be funded through bond proceeds, installment financing
<br /> proceeds, and pay-as-you go funds for specific County capital projects as identified in its long-term debt
<br /> model. The County Manager's recommended ten-year capital investment program contemplates total
<br /> borrowings of approximately $ million including $_million in Limited Obligation Bonds in fiscal
<br /> year 20_and $300 million in pending voter approval of Referendum General Obligation Bonds for both
<br /> school districts beginning in fiscal year 2027. The County has factored in an estimated future tax rate
<br /> increases of 8.88 cents in FY2025-26 to fund the capital program.
<br /> TAX INFORMATION
<br /> General Information
<br /> Fiscal Year Ended or Ending June 30,
<br /> 2021 2022 2023 2024
<br /> Assessed Valuation
<br /> Assessment Ratiol 100% 100% 100% 100%
<br /> Real Property $17,333,962,055 $19,776,883,656 $20,915,506,497 $20,399,712,524
<br /> Personal Property 1,769,659,485 1,884,947,740 1,504,996,150 2,208,133,210
<br /> Public Service CompanieS2 346,332,873 364,879,155 386,793,191 411,484,411
<br /> Less Tax-Exempt Property (77,934,293) (82,177,022) (81,256,223) (84,064,353)
<br /> Total Assessed Valuation' $19,449,954,413 $21,944,533,529 $22,807,295,838 $23,019,330,145
<br /> Tax Rate per$1003 0.8679 0.8187 0.8312 0.8353
<br /> Levy $168,893,588 $179,742,965 $186,464,351 $192,242,699
<br /> 1 Percentage of appraised value has been established by statute.
<br /> 2 Valuation of railroads,telephone companies and other utilities as determined by the North Carolina Property Tax Commission.
<br /> 'Revaluation of real property became effective with the 2021-22 tax levy.Real property was previously reappraised for 2017-18
<br /> and the next appraisal will be effective in 2025-26.
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