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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, [Update][as of June 30, 2024, had a combined principal balance
<br /> of approximately $183 million]. Annual requirements to service these obligations are as follows [Update
<br /> table]:
<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 /> The County has embarked on an extensive ten-year capital improvement program to finance school
<br /> facilities,government facilities,and affordable housing.The capital program will be funded through general
<br /> obligation bond proceeds, installment financing proceeds, and pay-as-you-go funds.
<br /> [Update/confirm][The County Manager's recommended ten-year capital investment program
<br /> contemplates$621.6 million of County funded debt including up to$77 million in limited obligation bonds
<br /> in fiscal year 2025]. On November 5,2024,County voters approved a$300 million general obligation bond
<br /> referendum for both school districts by a 67% approval margin. The general obligation bonds will finance
<br /> school replacements and renovations with issuance expected to begin in fiscal year 2027, resulting in
<br /> estimated future incremental tax rate increases totaling 10.01 cents.
<br /> TAX INFORMATION
<br /> General Information [Update Table]
<br /> 2022 2023 2024 2025 2026
<br /> Assessed Valuation
<br /> Assessment Ratio' 100% 100% 100% 100% 100%
<br /> Real Property $19,776,883,656 $20,915,506,497 $20,399,712,524 $20,750,046,777 $
<br /> Personal Property 1,884,947,740 1,504,996,150 2,208,133,210 2,224,115,929
<br /> Public Service
<br /> Com anieS2 364,879,155 386,793,191 411,484,411 428,558,631
<br /> Tax-Exempt Pro ert3 See Note 3 See Note 3 See Note 3 86,592,786
<br /> Total Assessed Valuation' $21,944,533,529 $22,807,295,838 $23,019,330,145 $23,316,128,562 $F 1
<br /> Tax Rate per$100 0.8187 0.8312 0.8353 0.8629
<br /> Le 5 $179,742,965 $186,464,351 $192,242,699 $201,194,873 $r 1
<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 /> 3 The value of tax-exempt property for fiscal years 2022 through 2024,inclusive,has been subtracted from the assessed valuations
<br /> of real property and personal property listed in this table for each such fiscal year. For the assessed values of tax-exempt property
<br /> in the County for such fiscal years, see the County's Audited Financial Statements in Appendix B. The value of tax-exempt
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