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112 <br /> Ten Largest Taxpayers for the Fiscal Year ended June 30,2025 <br /> Percentage <br /> Assessed of Assessed <br /> Name Type of Enterprise Valuation Value <br /> Duke Energy Carolinas LLC Public Utility $215,868,421 0.93% <br /> Thermo Fish Scientific Manufacturing 156,860,793 0.67 <br /> NR Edge Apartments Property Apartments/Retail 111,079,512 0.48 <br /> Chapel Hill Foundation Real Estate Holdings Inc Apartments/Retail 111,042,700 0.48 <br /> Mre Propco LP(Medline) Industrial 85,057,500 0.36 <br /> BIR Chapel Hill LLC Apartments/Retail 80,124,700 0.34 <br /> 83 ChartleyNC Owner LLC Apartments/Retail 79,278,502 0.34 <br /> Piedmont Electric Member Corp Public Utility 77,142,270 0.33 <br /> Northwestern Mutual Life Insurance Co Apartment Rentals 68,912,285 0.30 <br /> Townhouse Apartments LLC Apartment Rentals 68,284,199 0.29 <br /> $1,053,650,882 3.89% <br /> Source:Annual Comprehensive Financial Report of the County for fiscal year ended June 30,2025. <br /> FISCAL YEAR 2025-26 BUDGET COMMENTARY <br /> The adopted General Fund Budget for fiscal year 2025-26 totals $306.04 million, representing an <br /> approximately 4% increase over the fiscal year 2024-25 adopted budget. The County is on a four-year <br /> revaluation cycle. The most recent revaluation became effective January 1, 2025. This updated County- <br /> wide property revaluation applies to all real property assessments. The total tax base increased from$23.6 <br /> billion in fiscal year 2024-25 to$33.3 billion in fiscal year 2025-26 or 42.6%. The tax base increase results <br /> in a statutorily required decrease in the tax rate from 86.29 cents to a revenue neutral rate of 62.64 cents <br /> per $100 of assessed value. To fund the fiscal year 2025-26 budget, the property tax rate was set at 63.83 <br /> cents per$100 of assessed value,which is 1.19 cents above the revenue-neutral rate which is projected to <br /> generate $3.9 million in additional revenue. Education funding continues to be a priority in the fiscal year <br /> 2025-26 budget. Per-pupil expenditure for Orange County Schools increases to $5,877, while funding for <br /> the Chapel Hill-Carrboro City Schools increases to$8,560(including revenue from the special district tax). <br /> The budget also reflects continued support for Behavioral Health and Housing programs and increasing the <br /> Longtime Homeowners Assistance program and reallocating funds to Emergency Housing Assistance. The <br /> budget includes a 2% pay increase for all permanent county employees effective July 1, 2025, and the <br /> official adoption of an$18.18/hour living wage for both permanent and temporary employees. The budget <br /> increases funding for the Orange County Campus of Durham Technical Community College by 8%, <br /> reflecting the increasing demand for non-instructional services from county residents.The fiscal year 2025- <br /> 26 budget goals are consistent with the County Strategic Plan and Financial Policies. <br /> CYBERSECURITY <br /> The County, like many other large public and private entities, relies on a large and complex <br /> technology environment to conduct its operations and faces multiple cybersecurity threats involving, but <br /> not limited to, hacking, phishing viruses, malware and other attacks on its computing and other digital <br /> networks and systems (collectively, "Systems Technology"). As a recipient and provider of personal, <br /> private, or sensitive information, the County may be the target of cybersecurity incidents that could result <br /> in adverse consequences to the County and its Systems Technology,requiring a response action to mitigate <br /> the consequences. The County has hired a Security Officer that dual reports to the County Manager and <br /> Chief Investment Officer. The County deploys regular training to all County employees throughout the <br /> year. <br /> 39 <br />