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Capital Assets
<br /> (net of depreciation)
<br /> June 30,2019 and 2018
<br /> Primary Government
<br /> Governmental Activities Business-type Activities Total
<br /> 2019 20-1-8 Lo 19 2018 2019 2018
<br /> Land and improvements 263,470,318 $256,390,951 $ 753,877 $ 753,877 $ 264,224,195 $257,144,828
<br /> Infrastructure assets 3 12,87 8,757 309,295,827 - 312,878,757 309,295,827
<br /> Ground and site improvements - 49,199 53,546 49,199 53,546
<br /> Buildings and improvements 627,746,572 631,727,813 538,410 574,454 628,284,982 632,302,267
<br /> Easements 6,250,078 6,169,006 - - 6,250,078 6,169,006
<br /> Equipment 59,337,103 58,918,798 24,068 20,666 59,361,171 58,939,464
<br /> Construction work in progress 58,455,811 50,591,695 - - 58,455,811 50,591,695
<br /> $1,32.8,138,639— $1,313,094,090 $ 1,365,554 --�1,40-2,543 T,329,504,193 $1,314,496,633
<br /> Total $I
<br /> Additional information oil the County's capital assets can be found in note 6 to the basic financial
<br /> statements.
<br /> Long-term debt. Long-term debt is primarily comprised of bonds of$382.4 million, State
<br /> Revolving Fund loans of$39.7 million and Bond Anticipation Notes of$30,0, At the end of the
<br /> current fiscal year, the County had total bonded debt Outstanding of$382.4 million, This entire
<br /> arnount was comprised of general obligation bonds which are backed by the full faith and credit
<br /> of the County.
<br /> The County's total bonded debt decreased by$25.0 million (6 percent)during the current fiscal
<br /> year due to the retirerrient of$25.0 of bonds.
<br /> At the end of the fiscal year, the County held all "AA+"rating from Fitch and ail "Aa2" rating
<br /> from Moody's for general obligation debt.
<br /> State statutes limit the arnOLmt of general obligation debt the County may issue Lip to 15 percent
<br /> of the total assessed value of all county real property as established for tax purposes on the last
<br /> tax assessment rolls. The current debt limitation for the County is$4.8 billion, which is in excess
<br /> of the County's outstanding general obligation debt. Currently the County's Outstanding debt
<br /> represents 9 percent Of Our debt limitation.
<br /> Additional information oil the County's long-term debt can be found in note 10 to the basic
<br /> financial statements.
<br /> ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br /> • The unemployment rate for the County for the current fiscal year is at approximately 3.7
<br /> percent, which is 0.7 percent higher than at the end of the prior fiscal year, This is the
<br /> first increase in unemployment since 2009, when the rate was 11.5 percent.
<br /> • The number of domestic and international visitors to the County for the Current fiscal
<br /> year was approximately 1.67 million,with an approximately 35 percent decrease from the
<br /> previous year's count of 2,60 million.
<br /> These factors were considered in preparing the County's budget for the 2020 fiscal year.
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