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