FISCAL SUMMARY OF NORTH CAROLINA COUNTIES

Transcription

1 FISCAL SUMMARY OF NORTH CAROLINA COUNTIES For the Fiscal Year Ended June 30, 2013 with Comparative Data for the Fiscal Years Ended June 30, 2009, 2010, 2011, and 2012

2 FOREWORD The Fiscal Summary of North Carolina Counties provides comparative financial information about county governments in North Carolina. Graphics have been used to condense and simplify the large amounts of data in this publication. The sectional presentation should facilitate different levels of analysis. The North Carolina Association of County Commissioners greatly appreciates the assistance from staff with the State and Local Government Finance Division, Department of State Treasurer, who provided the fiscal and programmatic data to create this report. Of particular note is Rita Baker with the SLGF Division. Several counties had not reported their financial data as of this publication. The year of data presentation is denoted on the individual county pages. Section A, "Summary Analysis of North Carolina Counties," presents a financial overview for the last five fiscal years. Also, it presents statewide statistics using tables and graphics. Section B, "Individual Analysis of North Carolina Counties," provides comparative financial information for each county, primarily using graphs. It includes information about each county's revenues, expenditures, property taxes, and available fund balance. All of the above information will assist in comparing each county s current operations to its own past performance, to similar counties, and to statewide averages. The comparison should identify inefficiencies, areas of excess expenditures, and untapped revenue sources. The statistics presented in this report were gathered from various sources, and they represent the most recent information. Revenues, expenditures, and tax collection percentages for each county were compiled from the Annual Financial Information Reports (LGC-36) submitted to the Department of the Treasurer. The assessed valuations, tax rates, and last year of revaluation for each county were compiled from the Assessed Valuation and Property Tax Levies reports (TR-1) submitted to the Department of Revenue. The assessment/sales ratios also were provided by the Department of Revenue and are estimates as of January 1 of the preceding fiscal year. Populations are from the AFIR report. Statistics were compiled from audited financial statements and other data files maintained by the Department of the Treasurer. In Sections A and B of the publication, some statistics were rounded. Revenues are reported by source. Expenditures are reported by function. In the table of contents that follows, we have included the appropriate council of governments region and the population beside each county. This additional information should assist local government officials in comparing their own county's financial results with those of similar counties. ii

3 TABLE OF CONTENTS SECTION A: SUMMARY ANALYSIS OF NORTH CAROLINA COUNTIES Page Number Overview of North Carolina Counties A - 2 Summary Graphs of North Carolina Counties A - 10 SECTION B: INDIVIDUAL ANALYSIS OF NORTH CAROLINA COUNTIES County COG Population Page Number Alamance G 153,033 B - 2 Alexander E 37,361 B - 3 Alleghany D 11,028 B - 4 Anson F 26,656 B - 5 Ashe D 27,326 B - 6 Avery D 17,795 B - 7 Beaufort Q 48,008 B - 8 Bertie Q 20,767 B - 9 Bladen N 35,146 B - 10 Brunswick O 112,701 B - 11 Buncombe B 245,228 B - 12 Burke E 90,051 B - 13 Cabarrus F 183,806 B - 14 Caldwell E 82,590 B - 15 Camden R 10,076 B - 16 Carteret P 68,151 B - 17 Caswell G 23,557 B - 18 Catawba E 155,353 B - 19 Chatham J 66,618 B - 20 Cherokee A 27,512 B - 21 Chowan R 14,836 B - 22 Clay A 10,729 B - 23 Cleveland C 97,800 B - 24 Columbus O 58,107 B - 25 Craven P 105,080 B - 26 Cumberland M 331,279 B - 27 Currituck R 24,165 B - 28 Dare R 34,816 B - 29 iii

4 TABLE OF CONTENTS CONTINUED Davidson G 163,683 B - 30 Davie I 41,497 B - 31 Duplin P 60,100 B - 32 Durham J 280,921 B - 33 Edgecombe L 56,039 B - 34 Forsyth I 357,483 B - 35 Franklin K 61,633 B - 36 Gaston F 208,704 B - 37 Gates R 11,957 B - 38 Graham A 8,798 B - 39 Granville K 58,036 B - 40 Greene P 21,435 B - 41 Guilford G 501,058 B - 42 Halifax L 54,308 B - 43 Harnett M 120,900 B - 44 Haywood A 59,276 B - 45 Henderson B 108,340 B - 46 Hertford Q 24,631 B - 47 Hoke N 49,928 B - 48 Hyde R 5,718 B - 49 Iredell F 163,189 B - 50 Jackson A 40,924 B - 51 Johnston J 174,933 B - 52 Jones P 10,615 B - 53 Lee J 59,073 B - 54 Lenoir P 59,546 B - 55 Lincoln F 79,512 B - 56 Macon A 33,939 B - 57 Madison B 21,092 B - 58 Martin Q 24,139 B - 59 McDowell C 45,269 B - 60 Mecklenburg F 962,593 B - 61 Mitchell D 15,397 B - 62 Montgomery G 27,828 B - 63 Moore J 90,414 B - 64 Nash L 95,728 B - 65 New Hanover O 209,846 B - 66 iv

5 TABLE OF CONTENTS CONTINUED Northampton L 21,521 B - 67 Onslow P 190,187 B - 68 Orange J 138,330 B - 69 Pamlico P 13,208 B - 70 Pasquotank R 40,179 B - 71 Pender O 54,259 B - 72 Perquimans R 13,692 B - 73 Person K 39,394 B - 74 Pitt Q 172,569 B - 75 Polk C 20,422 B - 76 Randolph G 142,471 B - 77 Richmond N 46,398 B - 78 Robeson N 134,822 B - 79 Rockingham G 92,977 B - 80 Rowan F 138,252 B - 81 Rutherford C 68,032 B - 82 Sampson M 64,121 B - 83 Scotland N 36,387 B - 84 Stanly F 60,636 B - 85 Stokes I 47,026 B - 86 Surry I 73,754 B - 87 Swain A 14,393 B - 88 Transylvania B 33,189 B - 89 Tyrrell R 4,188 B - 90 Union F 207,896 B - 91 Vance K 45,541 B - 92 Wake J 945,143 B - 93 Warren K 20,746 B - 94 Washington R 12,920 B - 95 Watauga D 52,472 B - 96 Wayne P 124,341 B - 97 Wilkes D 69,625 B - 98 Wilson L 82,020 B - 99 Yadkin I 38,204 B Yancey D 17,857 B v

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7 Section A: SUMMARY ANALYSIS OF NORTH CAROLINA COUNTIES

8 OVERVIEW OF NORTH CAROLINA COUNTIES REVENUES (BY SOURCE) Statewide Summary North Carolina counties continue to feel the effects of the Great Recession, with total revenues down 10 percent in as compared to receipts, despite seeing a 5 percent growth in population during the 5-year period. Nearly all categories of revenue sources experienced decline, with the exception of property taxes reaming flat and other taxes growing by 50 percent. The counties second highest revenue source, sales taxes, was down 10 percent across the state due to economic conditions and counties ceding a half cent sales tax in the 2007 Medicaid Relief Swap for complete and permanent Medicaid relief. Sales tax losses were mitigated in part by a growing number of counties adopting the one-quarter cent sales tax, a Medicaid Relief component granted to counties to diversify the county revenue mix. Counties may enact this new revenue following a favorable referendum. Intergovernmental revenue is down largely due to the smaller amount counties receive from the Public School Building Capital Fund due to the state capping the amount counties receive from the lottery at $100 million the last four years. Intergovernmental revenue for mental health is also down 51 percent during this time period. The smallest counties saw more intergovernmental revenue due to the Medicaid relief package as the counties whose sales tax losses exceeded Medicaid relief received a Medicaid hold harmless. Increased revenue in the Tax category reflects in part the beginning of an improving economy with occupancy rate revenue up 7% and prepared food receipts up 17%. Additionally the deed stamp excise tax is also 17% signs of an improving housing market. Not surprisingly, counties have foregone additional debt financing for capital construction, leading to a 47 percent decrease in Debt Proceeds. The large increase in debt proceeds in the smallest counties reflects a return to the level of borrowing before the economic crash after a sharp decline in Chart 1: Percentage Increase in Per Capita Revenues to Population Grouping Property Tax Tax Sales Tax Revenue Source (Percentage) Sales & Services IGR Debt Proceeds Misc. Total Revenues Statewide % -2-47% -16% - 100,000 and Above 50,000-99,999 25,000-49,999 24,999 and Below -3% 78% -7% -9% -29% -52% -38% -1 6% 2% -1-4% -3% -62% 53% -3% 4% -8% -22% 7% 7% 2% 68% 3% 13% -22% 17% 524% -49% 12% A-2

9 EXPENDITURES (BY FUNCTION) Statewide Summary Given the aforementioned decrease in county revenues, it comes as no surprise that counties greatly curtailed spending, reducing total budgets by 15 percent on average, with the largest cuts coming from the larger counties and the smallest seeing modest growth. During this time, consumer inflation jumped 8 percent, with population increasing by 5 percent. The largest single expenditure category for counties,, saw a 28 percent reduction, with most of the decline resulting from decreased capital spending as compared with current expense. Counties continued to pay off earlier capital investments through debt service, with total debt service payments increasing across all population groups except 50,000 to 99,999 which had a 3 percent decline. Most debt was incurred to finance public schools and community college infrastructure. The substantial decrease in speaks to county Medicaid relief all counties were absolved of funding Medicaid through a phase-out within the five-year period, reducing county expenses by roughly one-half billion dollars. Almost all other county human services expenses also showed decreases, even as recession impacts increased social services and health department caseloads. County health, mental health, and hospital expenses were down 9 percent, while social services administrative spending was down 5 percent. Counties generally looked to internal operations to make budget cuts, decreasing General Government spending by 12 percent. was the one functional spending category that saw an overall increase with court facility construction and operating doubling since 2009 and jail operating expenses up 16 percent. Spending for emergency management and communications were up 7 percent. Chart 2: Percentage Increase in Per Capita Expenditures (By Function) to Function Area (Percentage) Population Grouping Debt Service Human Services General Gov't Public Safety Total Expenditures Statewide -28% 11% -23% -12% 3% -12% ,000 and Above 50,000-99,999 25,000-49,999 24,999 and Below -32% 12% -28% -1 4% -17% -19% -18% -3% -14% -1% - -9% -28% 11% -9% 14% -2% 7% -8% -3% 7% -1% 1% 16% -2% 3% (Note: The function category of properly does not include increases in county school capital reserve funds. If these monies reserved for future school capital outlays had been included with the actual school capital expenditures, the amount of expenditures would increase substantially.) A-3

10 EXPENDITURES (BY OBJECT) Statewide Summary Just as the economic downturn had varying effects on county spending in different function areas, the spending in different object areas also saw a range of impacts statewide. With salaries and wages making up nearly 18 percent of county expenditures it is unsurprising that the Great Recession forced county governments to make cuts to their workforce. Staff reductions, hiring freezes, and furloughs between 2009 and 2013 lead to a 25 percent decrease in spending in salaries and wages. Capital spending was down overall as counties focused on paying the debt service on previous capital projects. The decrease in lottery funds for schools construction also resulted in a 71 percent reduction in county spending for public school capital. This is due not only to the decrease in funds from the State but also an uncertainty in counties of these funds being available in the future to pay for any school construction. expenditures also saw a large cut, 65 percent, as county governments decreased payments to outside governments and community colleges in an effort to balance their budgets without impacting core intra-county functions. Population Grouping Chart 3: Percentage Increase in Per Capita Expenditures (By Object) to Salaries and Wages Capital Outlay Operating Object Area (Percentage) Public School Capital Public School Current Total Expenditures Statewide -2-37% 18% -71% -2% ,000 and Above 50,000-99,999 25,000-49,999 24,999 and Below -28% -41% 16% -73% % -19% -24% 19% -63% 4% -71% -9% -13% -38% 29% -64% -4% -73% -8% -11% -2 31% -58% 13% -26% 3% A-4

11 PROPERTY TAXES Statewide Summary Statewide tax collection percentages generally grew slowly through the five year period between and to percent statewide. North Carolina counties continue to demonstrate prudent financial management by maintaining collection rates at or above 95 percent even with difficult financial conditions. Tax collection rates vary directly with county population, with larger counties generally collecting a greater percentage of the property taxes that they levy. This trend is consistent for all five fiscal years for each population grouping. However, within each population grouping there may be substantial variation in collection rates, meaning that not all small counties have lower tax collection rates and vice versa. Chart 4: Tax Collection Percentages of Current Year Property Tax Levy Population Grouping Fiscal Year Statewide % 97.19% % 100,000 and Above 97.61% 97.66% 97.68% 97.79% 97.82% 50,000-99, % 96.19% 96.18% 96.26% 96.41% 25,000-49, % % 95.66% 95.46% 24,999 and Below % 94.53% 95.13% 95.23% Unlike the high collection rate for other property taxes, the collection rate for motor vehicles are substantially lower than the overall collection rate and have been getting worse over the past five years. Prior to the implementation of the Tag and Tax Program in September 2013 taxes on motor vehicles were collected in arrears of license plate registration and renewal. Collection rates should improve starting in FY as the Tag and Tax program is implemented. Chart 5: Tax Collection Percentages of Current Year Property Tax Levy Motor Vehicles Only Population Grouping Fiscal Year Statewide % % 100,000 and Above 88.83% 88.02% 88.09% 87.74% 87.26% 50,000-99, % 85.46% 85.16% 25,000-49, % % ,999 and Below 84.12% 84.54% 84.04% 83.41% 81.88% A-5

12 No consistent correlation exists between a county's population and its tax rate (i.e. larger counties do not necessarily have higher or lower tax rates than smaller counties). Historically, counties have generally lowered tax rates in the fiscal years immediately following revaluation. With falling real estate values, many counties have had to increase tax rates after recent revaluations, to remain revenue neutral. As a result tax rates have been edging upward the past five years. Chart 6: Average Tax Rates Population Grouping Fiscal Year Statewide ,000 and Above ,000-99, ,000-49, ,999 and Below A-6

13 AVAILABLE FUND BALANCE Statewide Summary Available fund balance represents that portion of total fund balance in the General Fund that could be appropriated to balance the subsequent year's budget. It also represents a reserve that a county keeps for future projects, for emergencies and unexpected expenditures, or for financial opportunities that unexpectedly arise. This amount is defined by G.S (a) as the sum of cash and investments, minus the sum of liabilities, encumbrances, and deferred revenues arising from cash receipts, using the balances as of the end of the fiscal year. There is some confusion with regards as to what constitutes an adequate fund balance. While there are no statutory minimums set forth, at the very least, a county should maintain available fund balance of 8 percent of annual general fund expenditures. This 8 percent floor reflects cash on hand needed to fund a month s worth of expenses. When available fund balance drops below the 8 percent level, a unit may begin to experience cash flow problems as a reminder to readers, counties do not receive most of their property tax receipts until six months into the fiscal year. In determining what an adequate level of fund balance is, a county should compare its own level of fund balance to that of counties of a similar population size and to statewide averages. Counties have relied on fund balances to backfill budget gaps during the recessionary period. With the economy starting to improve some counties have begun to rebuild fund balance. Chart 7: Available Fund Balance as a Percentage of General Fund Expenditures Population Grouping Fiscal Year Statewide 20.57% 21.07% 23.41% 25.27% ,000 and Above 19.31% % 24.73% 26.07% 50,000-99, % 25.33% 26.27% % 25,000-49, % 24.71% % 27.84% 24,999 and Below 20.76% 22.59% 28.02% % Typically, smaller counties have a lower fund balance in dollars and a higher fund balance as a percentage of expenditures. This trend occurs in municipalities also. In smaller counties, a high percentage of fund balance is not large when compared to the size of emergency or unforeseen needs that such units could be required to meet. Larger counties can hold a lower percentage of fund balance in comparison to expenditures because the actual dollar amount of fund balance is very large; therefore, larger counties can more easily absorb unexpected expenditures. Smaller counties need to maintain larger fund balances compared to expenditures to obtain the same safety margin as larger counties. A-7

14 CONCLUSION In the aftermath of the 2008 stock market and housing collapse, North Carolina counties faced unprecedented revenue declines, particularly in sales tax receipts and construction-related fees. Overall, county revenues were down 10 percent, from 2009 to 2013, a continuing a decline not seen since the 1930s. Counties responded by cutting budgets significantly, despite a growing population and higher service demands for county-provided human services programs. All categories of spending save public safety saw budget cuts, including education at a 28 percent decline. Counties were forced to make heavy cuts to their workforce, reducing the amount spent on salaries and wages by 25 percent. Capital spending was down overall as counties focused on repaying the debt service on previous capital projects. Budget cuts at the state level, specifically the General Assembly s decision to appropriate less than the 40 percent of lottery funds designated for school construction resulted in a 71 percent reduction in county spending for public school capital. Counties saw a general decline in property tax collection rates, another indication of the fiscal crisis. County tax base values are also in the decline, leading many counties to increase their property tax rates immediately following revaluation just to remain revenue neutral. Again, this is another negative repercussion of the Great Recession. Despite the fiscal crisis, this publication demonstrates that North Carolina county governments exercise high quality financial management. Overall, counties collect a very high percentage of current tax levies, maintain adequate cash reserves in the general fund, and rely on "hard" revenues (taxes) to provide services. As a result, bond-rating agencies continue to view North Carolina counties favorably when awarding ratings to county bond issues. A-8

15 EXPLANATION OF REVENUE AND EXPENDITURE CATEGORIES The revenue and expenditure information included in this section is summarized below. The information was compiled from the Annual Financial Information Reports (LGC-36). Within each category, data items are reported using the modified accrual basis of accounting, which is the required budgetary basis under North Carolina law. REVENUES BY SOURCE Property Tax - collections of current year and prior year unit-wide tax levies; interest on delinquent taxes; late listing penalties; and other costs of collecting delinquent taxes. Tax - collections of taxes from special tax districts; animal taxes; deed stamp excise taxes; real property transfer taxes; scrap tire disposal taxes; local occupancy taxes; prepared food taxes; white goods disposal tax; and privilege and other license taxes. - collections of the one percent local option sales tax (Article 39), the onehalf of one percent local option sales taxes (Articles 40 and 42), the one quarter of one percent local option sales tax authorized via favorable referendum (Article 46) and the one-half of one percent transportation sales tax in Durham, Mecklenburg, and Orange counties (Article 43). Sales and Services - parking revenues; rents and royalties; airport revenues; fire protection charges; solid waste charges; ambulance and rescue squad charges; cemetery revenues; recreational service revenues; library service revenues; other cultural and recreational service revenues; client and third-party payments for health, mental health, social services, and nursing home services; mass transit revenues; and water/sewer charges. Debt Proceeds- proceeds of the sale of bonds and notes; proceeds of lease-purchase agreements. Intergovernmental - federal, state, and local financial assistance including payments in lieu of taxes; equitable sharing of federally forfeited property; categorical grants; controlled substance taxes; 911 charges; distributions of beer and wine taxes; payments of court costs; Public School Building Capital Outlay Fund revenues; Public School Building Bond Fund revenues; and lottery receipts for school construction. Miscellaneous - building permits; Register of Deeds' fees; building inspection fees; other permits; investment earnings; special assessments; private contributions and donations; sales of materials, fixed assets, and real property; ABC Board bottle taxes; ABC Board profit distributions; proceeds of the sale of bonds and notes; proceeds of lease-purchase agreements; and other Miscellaneous Revenues. EXPENDITURES BY FUNCTION - appropriations to school administrative units and to community college systems for current operations and capital outlays. - principal, interest, and fees paid or accrued on debt. expenditures for the public health, mental health, and social services programs; veterans service officers; legal aid; appropriations to hospitals; county s share of Medicaid administration, Work First expenses, and Special A-9

16 Assistance to Adults; county s share paid to multi-county health district and an area mental health authority; and payments of the 5-cent ABC Board bottle tax. - expenditures for the governing body, administration, elections, finance, revaluations, legal services, Register of Deeds, construction and maintenance of public buildings not related to other functions, court facilities, and net central services. - expenditures for the sheriff's department, jails, emergency communications, emergency management activities, fire protection, building inspections, rescue and ambulance services, animal control, and medical examiners or coroners. - expenditures for transportation, solid waste, drainage and watershed, cemeteries, planning and zoning, economic and community development, agriculture extension programs, special employment programs, culture and recreation, water and sewer, unallocated fringe benefits, and Miscellaneous expenditures. EXPENDITURES BY OBJECT Reported in statewide statistics Salaries and Wages - gross expenditures for salaries and wages. Capital Outlay - expenditures for construction outlays and for the purchase of land, equipment, and existing structures except for amounts included in the Public School Capital category. Operating - expenditures for fringe benefits and all other current operating expenditures except salaries and wages and amounts paid to other governments. Public School Capital - all expenditures for Public School Capital outlays including payments to the Capital Outlay Funds of the school administrative units, expenditures for public school construction, and appropriations of the restricted portions of the onehalf of one percent local option es (Articles 40 and 42). Public School Current - all expenditures for public school current operations including payments to the Local Current Expense Funds of the school administrative units. - appropriations to community college systems for current operations and capital outlays and all other payments made to governments (other than local boards of ). Annual Financial Information Report Detail Detailed county financial information is collected annually in a joint project between the US Census Bureau and the State and Local Government Finance Division. The report consolidates reporting across all of the county funds with the exception of income and expenses of trust and agency funds where the county is not the beneficial owner. Bond sale proceeds that are used to retire existing debt are not included. A-10

17 SUMMARY GRAPHS OF NORTH CAROLINA COUNTIES A-11

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19 Statewide Averages for All North Carolina Counties Debt Proceeds 8% Misc. 3% REVENUES BY SOURCE, IGR 16% Sales & Services 9% 47% $62,271,155 $623 Taxes $7,160,647 $72 $15,833,291 $158 $12,475,547 $125 IGR $21,809,650 $218 Debt Proceeds $9,731,247 $97 Misc. $3,916,779 $39 Total $133,198,316 $1,333 12% Taxes 6% and fees, investment earnings, and other miscellaneous revenues. 13% 27% EXPENDITURES BY FUNCTION, % General Government 8% Human Services 21% 13% * includes $35,352,324 $354 $17,231,714 $172 $26,718,137 $267 $10,258,592 $103 $24,050,093 $241 $16,465,830 $165 Total $130,076,690 $1,302 * includes transportation, environmental protection, economical/physical development, culture and recreation, utility and Public School Current 2 3% Salaries & Wages 18% EXPENDITURES BY OBJECT, Public School Capital 4% Capital Outlay 6% Salaries & Wages $23,329,951 $233 Capital Outlay $7,223,342 $72 Operating $63,575,782 $636 Public School Capital $5,392,016 $54 Public School Current $26,507,537 $265 $4,048,063 $41 Total $130,076,690 $1,302 Operating 49% * includes community college and other intergovernmental expeditures. A - 12

20 Statewide Averages for All North Carolina Counties through $160,000,000 $140,000,000 REVENUES BY SOURCE $120,000,000 Category $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $57,091,173 $60,844,299 $61,093,433 $61,047,658 $62,271,155 Taxes $4,607,587 $4,681,750 $4,738,737 $7,076,356 $7,160,647 $16,177,048 $13,787,486 $13,598,002 $15,536,057 $15,833,291 $11,431,799 $11,385,852 $11,621,326 $12,131,748 $12,475,547 $25,006,869 $22,005,288 $22,573,097 $21,529,351 $21,809,650 Debt Proceeds $17,002,147 $17,653,659 $10,781,779 $9,606,441 $9,731,247 Misc. $4,796,435 $3,575,538 $4,121,464 $3,898,783 $3,916,779 Total = $136,113,058 $133,933,872 $128,527,838 $130,826,394 $133,198,315 $ and fees, investment earnings, other financing sources (e.g. bond) and other miscellaneous revenues. Misc. Debt Proceeds Taxes $160,000,000 $140,000,000 $120,000,000 $100,000,000 EXPENDITURES BY FUNCTION Category $80,000,000 $60,000,000 $40,000,000 $20,000,000 $45,292,330 $39,550,399 $36,993,431 $34,781,468 $35,352,324 $14,321,431 $15,013,111 $15,759,563 $16,879,036 $17,231,714 $31,796,925 $27,448,034 $27,080,855 $26,218,229 $26,718,137 General Gov't $10,969,777 $10,738,375 $11,041,671 $10,053,282 $10,258,592 $21,166,038 $21,442,403 $22,259,530 $23,563,599 $24,050,093 $17,408,344 $16,452,748 $16,220,479 $16,017,399 $16,465,830 Total = $140,954,845 $130,645,070 $129,355,529 $127,513,013 $130,076,690 $ * includes transportation, environmental protection, economical/physical development, culture and recreation, utility and General Gov't $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 EXPENDITURES BY OBJECT Category Salaries & Wages $28,436,698 $28,698,731 $28,584,243 $22,783,043 $23,329,951 Capital Outlay $10,562,530 $8,818,869 $9,250,255 $7,138,690 $7,223,342 Operating $49,418,197 $50,745,376 $51,704,346 $62,225,670 $63,575,782 School Capital $17,224,086 $10,870,315 $8,263,557 $4,926,752 $5,392,016 School Current $24,760,654 $25,479,321 $25,327,230 $26,439,750 $26,507,537 $10,552,680 $6,032,458 $6,225,898 $3,999,107 $4,048,063 Total = $140,954,845 $130,645,070 $129,355,529 $127,513,013 $130,076,690 $ School Current School Capital Operating Capital Outlay Salaries & Wages * includes community college and other intergovernmental expeditures. A - 13

21 Statewide Averages Per Capita for All North Carolina Counties through $1,600 $1,400 REVENUES BY SOURCE $1,200 Category $1,000 $800 $600 $400 $200 $619 $640 $628 $656 $623 Taxes $50 $49 $49 $76 $72 $175 $145 $140 $167 $158 $124 $120 $120 $130 $125 $271 $231 $232 $231 $218 Debt Proceeds $184 $186 $111 $103 $97 Misc. $52 $38 $42 $42 $39 Total = $1,475 $1,409 $1,322 $1,405 $1,333 $ and fees, investment earnings, other financing sources (e.g. bond) and other miscellaneous revenues. Misc. Debt Proceeds Taxes $1,800 $1,600 $1,400 EXPENDITURES BY FUNCTION $1,200 Category $1,000 $800 $600 $400 $200 $491 $415 $380 $374 $354 $155 $158 $162 $181 $172 $345 $289 $279 $282 $267 General Gov't $119 $113 $114 $108 $103 $229 $226 $229 $253 $241 $189 $173 $167 $172 $165 Total = $1,528 $1,374 $1,331 $1,370 $1,302 $ * includes transportation, environmental protection, economical/physical development, culture and recreation, utility and General Gov't $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $ School Current School Capital Operating Capital Outlay Salaries & Wages EXPENDITURES BY OBJECT Category Salaries & Wages $308 $302 $294 $245 $233 Capital Outlay $114 $93 $95 $77 $72 Operating $537 $534 $532 $668 $636 School Capital $187 $114 $85 $53 $54 School Current $268 $268 $261 $284 $265 $114 $63 $64 $43 $41 Total = $1,528 $1,374 $1,331 $1,370 $1,302 * includes community college and other intergovernmental expeditures. A - 14

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23 Section B: INDIVIDUAL ANALYSIS OF NORTH CAROLINA COUNTIES

24 Alamance Population: 153,033 General Obligation Debt COG: Region G Per Capita: $331 Enterprise: Landfill % of Assessed Value: 0.44% Misc. Debt Proceeds 1% #REF! Property T #### 4% Taxe#### $64,529,480 $422 Sales & Se 2 #### Taxes $5,654,924 $37 Debt Proc #### $20,665,419 $136 Misc #### 46% $14,955,584 $98 $27,956,354 $183 Debt Proceeds $5,946,146 $39 Misc. $1,338,197 $9 Total $141,046,104 $922 1 Taxes 4% 6% $39,702,430 $260 $11,013,321 $72 Category 24% Total 29% $32,785,016 $215 #### $12,326,611 $81 Debt Servi #### $32,304,894 $212 Human Se #### $7,312,773 $48 General G #### Total $135,445,045 $886 Public Saf 9% #### 8% #### * includes transportation, environmental protection, 24% $18.14 $15.94 $13.79 $14.00 $20.05 County 14.2% 12.6% 10.9% 11.3% 16.6% Pop. Group Average 19.3% % 26.1% County 96.2% 96.7% 97.3% 97.2% 97.1% 0 Pop. Group Average 97.6% 97.7% 97.7% 97.8% 97.8% 9 Last Year of Revaluation: 2009 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $10,915 $10,255 $11,971 $12,120 $12,353 Sales/Assess Ratio 99.6% 100.2% 103.1% % B - 2

25 Alexander Population: 37,361 General Obligation Debt COG: Region E Per Capita: $0 Enterprise: Water, Sewer, Solid Waste, Landfill % of Assessed Value: 0.0 Misc. Debt Proceeds 1% #REF! Property T #### 3% Taxe#### $15,796,356 $423 Sales & 21% Se #### Taxes $1,049,116 $29 Debt Proc #### 41% $5,154,170 $138 Misc #### $6,559,614 $176 $7,921,186 $213 Debt Proceeds $1,110,592 $30 Misc. $558,827 $15 17% Total $38,149,861 $1,022 14% Taxes 3% 13% 17% $6,796,996 $182 $2,713,237 $73 Category Total $9,020,939 $242 7% #### $5,546,877 $149 Debt Servi #### $10,855,854 $291 27% Human Se #### $5,139,926 $138 General G #### Total $40,073,829 $1,073 22% #### * includes transportation, environmental protection, 14% $3.61 $5.44 $7.61 $8.75 $7.99 County % 26.1% % Pop. Group Average 23.7% 24.6% % 27.8% County 96.1% % 95.6% Pop. Group Average 95.9% % Last Year of Revaluation: 2007 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $2,534 $2,126 $2,558 $2,582 $2,597 Sales/Assess Ratio 91.8% 91.4% 92.6% 101.9% 102.4% B - 3

26 Alleghany Population: 11,028 General Obligation Debt COG: Region D Per Capita: $0 Enterprise: Landfill % of Assessed Value: 0.0 Misc. Debt Proceeds 1% #REF! Property T #### 6% Taxe#### $8,598,633 $780 Sales & Se #### Taxes $128,381 $12 18% Debt Proc #### $1,826,066 $166 Misc #### $1,740,735 $158 $2,978,467 $271 52% Debt Proceeds $960,885 $88 11% Misc. $131,383 $12 Total $16,364,550 $1,484 11% Taxes 1% 19% 21% $3,349,167 $304 Category Total $2,295,815 $209 $2,691,242 $245 #### $1,430,195 $130 Debt Servi #### $3,288,914 $299 Human Se #### $2,986,607 $ % General G #### Total $16,041,940 $1,455 #### * includes transportation, environmental protection, 9% 17% $2.78 $2.49 $2.26 $2.73 $3.14 County 19.4% 18.2% 17.2% 20.4% 23.6% Pop. Group Average 20.8% 22.6% % 25.4% % 93% County 94.4% 95.3% 94.9% 95.8% Pop. Group Average 94.9% 94.8% % 95.2% Last Year of Revaluation: 2007 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $1,798 $1,134 $1,792 $1,795 $1,794 Sales/Assess Ratio 82.8% 94.8% % 120. B - 4

27 Anson Population: 26,656 General Obligation Debt COG: Region F Per Capita: $0 Enterprise: Water, Wastewater % of Assessed Value: 0.0 Misc. Debt Proceeds 2% #REF! Property T #### Taxe#### $13,274,554 $498 Sales & Se #### 36% Taxes $778,503 $30 Debt Proc #### $2,142,009 $81 Misc #### $9,435,884 $354 18% $6,711,143 $252 Debt Proceeds $3,872,992 $146 Misc. $681,119 $26 Total $36,896,204 $1,385 Taxes 2% 6% 26% 27% 1 $5,075,004 $191 4% Category Total $1,240,650 $47 $7,054,476 $265 #### $3,142,684 $118 Debt Servi #### $8,336,600 $313 Human Se #### $9,288,070 $349 21% General G #### Total $34,137,484 $1,281 #### * includes transportation, environmental protection, 24% 9% $6.39 $7.47 $8.85 $8.37 $9.42 County 25.4% 31.1% 36.4% % Pop. Group Average 23.7% 24.6% % 27.8% 9 County 93.4% 92.6% 92.7% 92.3% 92.4% 0 Pop. Group Average 95.9% % % 92% 91% 9 89% Last Year of Revaluation: 2010 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $1,444 $1,282 $1,707 $1,707 $1,722 Sales/Assess Ratio 72.3% 100.6% 96.9% 110.6% 105. B - 5

28 Ashe Population: 27,326 General Obligation Debt COG: Region D Per Capita: $0 Enterprise: Environmental Services % of Assessed Value: 0.0 Misc. Debt Proceeds 1% #REF! Property T #### Taxe#### $16,309,330 $597 2 Sales & Se #### Taxes $324,025 $12 Debt Proc $0 $4,384,414 $161 Misc #### $3,935,932 $145 48% $8,529,790 $313 Debt Proceeds $0 $0 Misc. $349,211 $13 12% Total $33,832,702 $1,239 13% Taxes 1% 18% 1 $5,255,874 $193 Category Total $3,770,115 $138 11% $9,304,829 $341 #### $3,932,914 $144 Public Debt Safety Servi #### $6,099,275 $224 18% Human Se #### $6,086,895 $223 General G #### Total $34,449,902 $1,261 #### * includes transportation, environmental protection, 27% 11% $10.29 $10.66 $10.78 $9.72 $11.17 County 36.7% % 32.1% 36.7% Pop. Group Average 23.7% 24.6% % 27.8% 9 County % 93.8% 94.1% 93.9% 0 Pop. Group Average 95.9% % % 92% 91% Last Year of Revaluation: 2011 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $3,710 $3,393 $3,762 $4,045 $4,131 Sales/Assess Ratio % 98.8% 102.2% 101.7% B - 6

29 Avery Population: 17,795 General Obligation Debt COG: Region D Per Capita: $0 Enterprise: None % of Assessed Value: 0.0 Misc. Debt Proceeds 1% #REF! Property T #### 1 Taxe#### $16,310,682 $917 Sales & Se 4% #### Taxes $2,676,330 $151 Debt Proc $0 $3,775,573 $213 Misc #### $1,059,966 $60 $4,232,081 $238 13% Debt Proceeds $0 $0 58% Misc. $207,020 $12 Total $28,261,652 $1,589 Taxes 9% 14% 18% $4,964,710 $279 Category Total $1,481,748 $84 $4,501,060 $253 #### $3,389,416 $191 Debt Servi #### $9,221,574 $519 Human Se #### $3,697,325 $208 General 34% G #### Total $27,255,833 $1,532 17% #### * includes transportation, environmental protection, 12% $8.35 $6.81 $10.18 $11.00 $8.76 County 32.3% 27.6% 42.6% % Pop. Group Average 20.8% 22.6% % 25.4% % County % 95.4% 96.3% 96.7% 0 Pop. Group Average 94.9% 94.8% % 95.2% Last Year of Revaluation: 2010 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $4,102 $3,732 $4,551 $4,557 $4,559 Sales/Assess Ratio 77.7% 93.3% 97.4% 106.4% 113.9% B - 7

30 Beaufort Population: 48,008 General Obligation Debt COG: Region Q Per Capita: $493 Enterprise: Water % of Assessed Value: 0.43% Revenue By Source #REF! Property T #### Misc. 22% Taxe#### $33,157,777 $691 Sales & Se #### Taxes $286,151 $6 Debt $0 Debt Proceeds 39% $7,373,520 $154 Misc #### $9,576,136 $200 $15,749,676 $329 Debt Proceeds $0 $0 19% Misc. $18,517,421 $386 Total $84,660,681 $1,764 11% 17% Expenditures By Function $15,111,911 $315 Category Total $4,878,118 $102 6% $15,095,660 $315 44% #### $4,670,247 $98 Debt Servi #### $9,975,825 $208 Human Se #### $39,707,669 $828 General G #### 17% Total $89,439,430 $1,864 #### * includes transportation, environmental protection, 11% Taxes 9% $9.95 $8.65 $11.24 $12.99 $16.97 County % 21.8% 25.6% 33. Pop. Group Average 23.7% 24.6% % 27.8% % 93% County % % 94.8% 0 Pop. Group Average 95.9% % Last Year of Revaluation: 2010 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $4,113 $3,815 $5,612 $5,716 $5,755 Sales/Assess Ratio 69.3% 98.9% 99.6% 104.4% 107.8% B - 8

31 Bertie Population: 20,767 General Obligation Debt COG: Region Q Per Capita: $0 Enterprise: Water % of Assessed Value: 0.0 Misc. 2% #REF! Property T #### Taxe#### 22% $9,507,995 $458 Sales & Se #### Taxes $101,209 $5 Debt Proc #### Taxes $1,674,766 $81 Misc #### $4,207,310 $203 4% $4,745,695 $229 Debt Proceeds Debt Proceeds $22,425,551 $1,080 51% Misc. $973,410 $47 Total $43,635,936 $2,102 11% $13,582,158 $655 14% Category Total $3,353,354 $162 $5,124,877 $247 #### 42% $2,581,982 $125 Debt Servi #### $4,455,725 $215 8% Human Se #### $3,127,541 $151 General G #### Total $32,225,637 $1,552 #### * includes transportation, environmental protection, 16% $5.13 $6.03 $7.30 $6.06 $6.42 County 26.1% 33.4% 39.4% % Pop. Group Average 20.8% 22.6% % 25.4% % County % 96.4% % 0 Pop. Group Average 94.9% 94.8% % 95.2% Last Year of Revaluation: 2012 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $1,087 $1,013 $1,094 $1,104 $1,215 Sales/Assess Ratio 82.7% 87.2% 86.7% 95.9% 97.9% B - 9

32 Bladen Population: 35,146 General Obligation Debt COG: Region N Per Capita: $350 Enterprise: Water, Hospital, Solid Waste % of Assessed Value: 0.47% Misc. #REF! Property T #### 16% Taxe#### $20,535,754 $585 Sales & Se #### Taxes $228,853 $7 Debt Proc #### 32% $4,477,245 $128 Misc #### $9,515,541 $271 $8,618,008 $246 Taxes Debt Proceeds $11,150,000 $318 Misc. $10,287,651 $293 Total $64,813,052 $1,845 7% Debt Proceeds 17% 13% 22% 1 $7,266,671 $207 Category Total $24,597,240 $700 $12,377,226 $353 #### $4,759,554 $136 Debt Servi #### $9,801,835 $279 33% Human Se #### $16,377,254 $466 13% General G #### Total $75,179,780 $2,140 General Government #### * includes transportation, environmental protection, 6% 16% $9.70 $10.09 $12.04 $9.72 $13.07 County 25.7% 26.8% % 35. Pop. Group Average 23.7% 24.6% % 27.8% 9 County 92.8% 91.9% % 92.3% 0 Pop. Group Average 95.9% % % 92% 91% 9 89% Last Year of Revaluation: 2007 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $2,723 $1,884 $2,583 $2,585 $2,642 Sales/Assess Ratio % 91.6% % B - 10

33 Brunswick Population: 112,701 General Obligation Debt COG: Region O Per Capita: $600 Enterprise: Water, Wastewater % of Assessed Value: 0.28% Misc. 13% #REF! Property T #### Debt Proceeds Taxe#### 1% $108,945,817 $967 Sales & Se #### Taxes $3,484,388 $31 Debt Proc #### $16,941,795 $151 Misc #### $49,838,486 $443 46% $24,156,654 $215 Debt Proceeds $2,220,258 $20 Misc. $29,325,627 $261 Total $234,913,025 $2,085 21% Taxes 2% 7% 31% 2 $42,097,218 $374 Category Total $22,550,378 $201 $25,326,909 $225 #### $21,879,843 $195 Debt Servi #### 11% $32,453,428 $288 Human Se #### $65,028,351 $577 General G #### Total $209,336,127 $1,858 #### * includes transportation, environmental protection, 12% 16% $47.86 $47.02 $51.72 $52.88 $60.19 County 29.3% 30.9% 35.1% 34.6% 38.9% Pop. Group Average 19.3% % 26.1% 99% County 95.4% % 94.7% Pop. Group Average 97.6% 97.7% 97.7% 97.8% 97.8% 9 93% 92% Last Year of Revaluation: 2011 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $33,032 $15,421 $33,492 $24,256 $24,563 Sales/Assess Ratio 101.9% 113.6% 97.3% 103.1% 107.8% B - 11

34 Buncombe Population: 245,228 General Obligation Debt COG: Region B Per Capita: $182 Enterprise: Solid Waste, Parking Deck, Human Service % of Assessed Value: 0.1 Misc. 1% #REF! Property Debt T #### Proceeds 18% Taxe#### $156,626,746 $639 Sales & Se #### Taxes $27,960,120 $115 Debt Proc #### $58,665,856 $240 Misc #### 4 $23,278,016 $95 $49,769,185 $203 13% Debt Proceeds $71,204,114 $291 Misc. $4,652,912 $19 Total $392,156,949 $1,600 6% 1 9% 23% $84,770,249 $346 Category Total $35,928,123 $147 $79,176,626 $323 Public Safety #### $22,521,890 $92 3 Debt Servi #### $108,860,398 $444 Human Se #### $34,558,687 $141 General G #### Total $365,815,973 $1,492 #### * includes transportation, environmental protection, 6% Taxes 7% 22% $52.26 $50.94 $52.18 $50.25 $51.86 County 20.8% 20.4% 20.9% 19.4% 19.8% Pop. Group Average 19.3% % 26.1% 10 99% 99% County 98.7% 98.6% 98.7% 98.8% Pop. Group Average 97.6% 97.7% 97.7% 97.8% 97.8% Last Year of Revaluation: 2006 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $28,222 $26,195 $29,075 $29,280 $29,676 Sales/Assess Ratio % % B - 12

35 Burke Population: 90,051 General Obligation Debt COG: Region E Per Capita: $40 Enterprise: Water, Sewer, Waste % of Assessed Value: 0.06% Debt Proceeds Misc. #REF! 1% Property T #### Taxe#### 21% $35,266,516 $392 Sales & Se #### Taxes $3,720,925 $42 Debt Proc #### $10,402,633 $116 Misc #### $12,310,251 $137 44% $17,046,924 $190 Debt Proceeds $338,000 $4 16% Misc. $465,248 $6 Total $79,550,497 $884 13% Taxes 14% 23% $17,820,570 $198 Category Total $6,937,499 $78 $18,066,581 $201 #### $6,379,892 $71 Debt 23% Servi #### $17,923,608 $200 Human Se #### 9% $10,864,130 $121 General G #### Total $77,992,280 $867 #### * includes transportation, environmental protection, 8% 23% $12.06 $12.23 $11.35 $9.83 $11.62 County 16.7% 17.4% 16.4% 14.4% 17.2% Pop. Group Average 23.9% 25.3% 26.3% % County 95.8% 96.7% 96.6% 96.7% 96.4% 0 Pop. Group Average 96.1% 96.2% 96.1% 96.3% 96.4% 9 Last Year of Revaluation: 2007 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $6,689 $5,160 $6,690 $6,725 $6,828 Sales/Assess Ratio 95.1% % 100. B - 13

36 Cabarrus Population: 183,806 General Obligation Debt COG: Region F Per Capita: $481 Enterprise: Landfill % of Assessed Value: 0.46% Debt Proceeds Misc. #REF! 3% 2% Property T #### 13% Taxe#### $134,533,786 $732 Sales & Se #### Taxes $1,005,312 $6 Sales & s Proc #### $36,874,221 $201 6% Misc #### $13,958,037 $76 $30,011,328 $164 Debt Proceeds $7,320,999 $40 Misc. $3,746,729 $21 59% 16% Total $227,450,412 $1,238 Taxes 1% 16% 7% 29% $63,229,560 $345 Category Total $50,659,346 $276 $34,071,107 $186 #### $19,809,530 $108 Debt Servi #### $35,448,726 $193 9% Human Se #### $14,581,982 $80 General G #### Total $217,800,251 $1,185 #### * includes transportation, environmental protection, 16% 23% $41.48 $54.78 $63.76 $63.14 $83.96 County 20.7% 28.8% 33.3% % Pop. Group Average 19.3% % 26.1% 99% County 98.1% % 96.6% 96.7% 0 Pop. Group Average 97.6% 97.7% 97.7% 97.8% 97.8% Last Year of Revaluation: 2012 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $20,694 $15,354 $21,216 $21,112 $18,673 Sales/Assess Ratio 99.7% 103.6% 107.1% 97.8% 99.7% B - 14

37 Caldwell Population: 82,590 General Obligation Debt COG: Region E Per Capita: $30 Enterprise: Water % of Assessed Value: 0.04% Debt Proceeds Misc. #REF! Property T #### 4% Taxe#### $39,022,556 $473 Sales & Se 24% #### Taxes $368,196 $5 Debt Proc $0 $8,134,653 $99 Misc #### $10,283,851 $125 48% $19,553,041 $237 Debt Proceeds $0 $0 Misc. $3,413,011 $42 Total $80,775,308 $979 13% Taxes 1% 26% $20,522,469 $249 $5,096,254 $62 Category Total $22,004,519 $267 21% #### $5,832,168 $71 Debt Servi #### $16,365,114 $199 Human Se #### $7,816,198 $95 General G #### 7% Total $77,636,722 $941 8% #### * includes transportation, environmental protection, 28% $11.20 $12.00 $12.32 $12.44 $12.07 County 15.2% 17.8% 17.9% 18.7% 18.1% Pop. Group Average 23.9% 25.3% 26.3% % 9 County 93.2% 92.8% 92.9% 92.4% 93.1% 0 Pop. Group Average 96.1% 96.2% 96.1% 96.3% 96.4% 93% 92% 91% 9 89% Last Year of Revaluation: 2005 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $5,515 $5,109 $5,452 $5,518 $5,646 Sales/Assess Ratio % 96.6% % B - 15

38 Camden Population: 10,076 General Obligation Debt COG: Region R Per Capita: $0 Enterprise: Water, Sewer % of Assessed Value: 0.0 Misc. #REF! Property Debt Proceeds T #### 3% Taxe#### $6,868,293 $682 Sales & Se #### Taxes $1,846,295 $184 Debt Proc #### 3 $1,036,294 $103 Misc #### $1,418,869 $141 $5,964,597 $592 Debt Proceeds $572,000 $57 3 Misc. $1,908,412 $190 Total $19,614,760 $1,947 7% 11% Taxes $2,019,000 $201 Category Total 14% $2,564,190 $255 4 $1,316,928 $131 #### $1,779,734 $177 Debt Servi #### $3,312,515 $329 Human Se #### 7% $7,468,062 $742 General G #### Total $18,460,429 $1,833 #### * includes transportation, environmental protection, 18% $5.15 $6.69 $1.93 $4.71 $4.51 County 41.8% 60.3% % 38. Pop. Group Average 23.7% 22.6% % 25.4% County 96.1% 95.9% 82.9% 96.1% 95.6% 0 Pop. Group Average 94.9% 94.8% % 95.2% Last Year of Revaluation: 2007 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $1,121 $564 $1,245 $1,178 $1,176 Sales/Assess Ratio 104.4% 104.3% 111.7% % B - 16

39 Carteret Population: 68,151 General Obligation Debt COG: Region P Per Capita: $596 Enterprise: Water % of Assessed Value: 0.29% Debt Proceeds Misc. #REF! Property T #### 4% Taxe#### 17% $44,326,318 $651 Sales & Se #### Taxes $10,856,709 $160 Debt Proc #### $13,718,008 $202 Misc #### $4,376,577 $65 48% $15,747,255 $232 Debt Proceeds $8,515 $1 Misc. $3,856,501 $57 1 Total $92,889,883 $1,364 Taxes 11% 23% 27% $25,364,930 $373 Category Total $8,812,271 $130 $14,814,576 $218 #### $5,715,976 $84 Debt Servi #### $17,598,740 $259 Human Se #### $21,208,954 $312 Public General Safety G #### Total $93,515,447 $1,373 19% 9% #### * includes transportation, environmental protection, 6% 16% $32.61 $36.33 $34.73 $39.29 $38.95 County 43.6% % 51.3% 47.9% Pop. Group Average 23.9% 25.3% 26.3% % County 97.1% 97.1% % 97.2% 0 Pop. Group Average 96.1% 96.2% 96.1% 96.3% 96.4% 9 Last Year of Revaluation: 2011 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $19,099 $8,656 $19,316 $15,083 $15,169 Sales/Assess Ratio 106.6% 112.7% % 108.4% B - 17

40 Caswell Population: 23,557 General Obligation Debt COG: Region G Per Capita: $76 Enterprise: Solid Waste, Transportation % of Assessed Value: 0.11% Debt Proceeds Misc. 1% #REF! Property T #### 1% Taxe#### $10,029,741 $426 Sales & Se #### 29% Taxes $413,560 $18 Debt Proc #### $2,340,947 $100 Misc #### 41% $3,850,280 $164 $7,118,850 $303 Debt Proceeds $146,400 $7 Misc. $372,599 $16 Total $24,272,377 $1,031 16% Taxes 2% 11% 3% $3,048,865 $130 Category Total $978,427 $42 $8,958,608 $381 #### $2,791,488 $119 Debt Servi #### $9,355,504 $398 34% Human Se #### $2,647,943 $113 General G #### 32% Total $27,780,835 $1,180 #### * includes transportation, environmental protection, $3.86 $4.44 $5.35 $6.32 $6.20 County 16.6% % 29.1% 28. Pop. Group Average 20.8% 22.6% % 25.4% % County % 95.8% 96.4% 96.4% 0 Pop. Group Average 94.9% 94.8% % 95.2% Last Year of Revaluation: 2008 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $1,463 $1,302 $1,471 $1,480 $1,505 Sales/Assess Ratio % 98.8% 96.7% 98. B - 18

41 Catawba Population: 155,353 General Obligation Debt COG: Region E Per Capita: $21 Enterprise: Solid Waste, Water, Sewer % of Assessed Value: 0.02% Misc. #REF! Debt Proceeds 3% Property T #### 16% Taxe#### $84,410,735 $544 Sales & Se #### Taxes $5,740,173 $37 Debt Proc #### $27,938,071 $180 Misc #### 39% $20,112,026 $130 $36,803,483 $237 17% Debt Proceeds $33,686,768 $217 Misc. $5,278,540 $34 Total $213,969,796 $1,378 9% 13% Taxes 3% 3 $57,519,211 $371 Public Category Safety Total $17,776,370 $115 18% $48,179,528 $311 #### $15,581,376 $101 Debt Servi #### $35,090,445 $226 Human Se #### $20,265,133 $131 General G #### Total $194,412,063 $1,252 8% #### 9% * includes transportation, environmental protection, $36.66 $39.63 $41.02 $38.49 $37.40 County 21.2% 24.4% 25.7% 24.3% 23.6% Pop. Group Average 19.3% % 26.1% County 96.3% 96.3% 96.3% 95.9% 95.9% 0 Pop. Group Average 97.6% 97.7% 97.7% 97.8% 97.8% 9 9 Last Year of Revaluation: 2011 Tax Rate per $100 $ $ $ $ $ A.V (in Millions) $14,757 $13,380 $14,882 $15,092 $15,687 Sales/Assess Ratio 97.4% 97.9% % B - 19