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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 S.portsplex Governmental Purposes Totals
<br /> Ending Principal Principal Principal
<br /> June 30 Principal and Interest Principal and Interest Principal and Interest
<br /> 2025 $ 1 , 1315407 $ 1 ,433 ,301 $ 185444, 652 $24,330,301 $ 1 % 576,059 $25 , 763 ,602
<br /> 2026 1 , 08 % 135 15354,226 1750105081 22,335 , 550 18 , 09%216 23 , 68% 776
<br /> 2027 1 ,2875576 1 , 5035818 1757285423 22,2953586 1 % 015 , 999 23 , 79%404
<br /> 2028 8155578 9895921 12,96%422 165912, 555 1357855000 175902,476
<br /> 2029 6915808 8389138 12,395 , 192 15 , 866, 610 1350875000 16,704,748
<br /> 2030-2034 2,457,732 2, 877, 767 4537643266 57,428 , 134 48,2215998 60,3055901
<br /> 2035 -2039 15246, 000 1 ,3 % 033 3351315000 38,251 ,680 34,377,000 3 % 61 %713
<br /> 2040-2044 301 , 000 314,267 16, 172, 000 171135 ,000 16A73 ,000 17,449 ,267
<br /> TOTALS $9,020,236 $ 10567%471 $ 173 ,975 , 036 $21459225616 $ 182,9955272 $2255602, 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 Ratio ' 100% 100% 100% 100%
<br /> Real Property $ 17,3335962,055 $ 19 ,776,8835656 $203915 ,5063497 $20 ,399 ,712,524
<br /> Personal Property 1576956595485 1 , 8845947 ,740 13504 ,9969150 2 ,2082133 ,210
<br /> Public Service Companies2 346,3323873 3643879, 155 386 ,793 , 191 41154843411
<br /> Less Tax-Exempt Property (77,9343293 ) (825177 )022) (819256 )223 ) (8490645353 )
<br /> Total Assessed Valuation3 $ 19,449 ,954,413 $21 ,944 ,533 ,529 $221807,295 ,838 $23 ,019 ,330 , 145
<br /> Tax Rate per $ 1003 0 . 8679 0 . 8187 0 . 8312 0 . 8353
<br /> Levy $ l % 8931588 $ 179 ,7425965 $ 18634645351 $ 192,24209
<br /> ' 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 /> 3 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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