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30 <br /> 1 Commissioner McKee said that in 2034 the county will pay 20.20% of the General Fund <br /> 2 budget towards debt service. He said this feels like the federal government, and they can do it, <br /> 3 but the county cannot. <br /> 4 Vice-Chair Hamilton said that the debt payment will be used to pay the bond which was <br /> 5 approved to invest in schools. She said that these kinds of investments are intended to improve <br /> 6 efficiency on the operational side. <br /> 7 Commissioner McKee said he was using the federal government as an example of <br /> 8 inefficiencies. <br /> 9 Vice-Chair Hamilton said that it is a different situation and should not be used as a <br /> 10 comparison to the county budget. <br /> 11 Commissioner McKee said he only used that as a reference because in 2034, the county <br /> 12 would be paying 20% toward debt service. <br /> 13 Vice Chair Hamilton said that might be fine because they may be making investments that <br /> 14 will reduce that. She said they also have the power to make budget amendments to change what <br /> 15 is going into the capital side. She said they can decide as a board to make the changes. <br /> 16 Commissioner McKee said that he does not exempt himself for voting for things the last <br /> 17 15 years that have gotten them to where they are. He said it is a cumulative thing. He said that <br /> 18 there is a point where they will reach a tipping point of where they are paying so much for the debt <br /> 19 service that they have to cut back on actual services. <br /> 20 Commissioner Fowler said the debt to assessed value is safely under the rate of 3% and <br /> 21 on the revenue side, she appreciates the pay-go because it helps provide the revenue side. She <br /> 22 said if it is converted to debt, it will not help these numbers. She said that it may be doable at half <br /> 23 and half, but she said it is important because it helps the debt service to general fund revenue <br /> 24 ratio. <br /> 25 Chair Bedford said this is why diversified revenue sources and commercial developments <br /> 26 are helpful. <br /> 27 Commissioner Fowler said it helps in some ways and in other ways it makes the problem <br /> 28 worse. <br /> 29 <br /> 30 Slide #10 <br /> Questions <br /> ORANGE COUNTY <br /> NORTI I CAROLINA <br /> 31 <br /> 32 <br /> 33 A motion was made by Vice-Chair Hamilton, seconded by Commissioner Fowler, to open <br /> 34 the public hearing. <br /> 35 <br /> 36 VOTE: UNANIMOUS <br />