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<br /> Capital Assets
<br /> (net of depreciation)
<br /> As of June 30,2008 and 2007
<br /> Primary Government
<br /> Governmental Activities Business-type Activities Total
<br /> 2008 2007 2008 2007 2008 2007
<br /> Land $ 28,187,574 $ 22,999,168 $ 753,877 $ 753,877 $ 28,941,451 $ 23,753,045
<br /> Infrastructure assets 162,915,082 157,241,475 - - 162,915,082 157,241,475
<br /> Ground and site improvements - - 82,598 86,352 82,598 86,352
<br /> Buildings and improvements 247,018,221 219,677,063 428,189 452,804 247,446,410 220,129,867
<br /> Equipment 45,506,721 36,237,623 13,652 13,230 45,520,373 36,250,853
<br /> Construction work in progress 125,041,851 109,766,441 - - 125,041,851 109,766,441
<br /> Total $608,669,449 $545,921,770 $1,278,316 $1,306,263 $609,947,765 $547,228,033
<br /> Additional information on the County's capital assets can be found in note 6 to the basic financial
<br /> statements.
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<br /> Long-term debt. Long-term debt is comprised of bonds of$257.1 million and State Revolving
<br /> Fund loans of$29.4 million. At the end of the current fiscal year,the County had total bonded
<br /> debt outstanding of$257.1 million. This entire amount was comprised of general obligation `
<br /> bonds which are backed by the full faith and credit of the County.
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<br /> The County's total bonded debt decreased by$12.2 million(5 percent)during the current fiscal j
<br /> year due to normal principal reduction.
<br /> The County maintained an"A+"rating from Standard&Poor's,which was upgraded to"AA-"
<br /> on November 9,2008,an"A1"rating from Moody's and an"A+"rating from Fitch for general
<br /> obligation debt.
<br /> State statutes limit the amount of general obligation debt the County may issue to 15 percent of
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<br /> the total assessed value of all county real property as established for tax purposes on the last tax
<br /> assessment rolls. The current debt limitation for the County is$3.9 billion,which is in excess of
<br /> the County's outstanding general obligation debt. Currently the County's outstanding debt
<br /> represents seven percent of our debt limitation.
<br /> At the end of the current fiscal year,the County also had loans outstanding from the State Water
<br /> Pollution Control Revolving Fund amounting to$29.4 million and notes payable to the U.S.
<br /> Department of Agriculture,Farmers Home Administration amounting to$1.0 million.
<br /> Additional information on the County's long-term debt can be found in note 10 to the basic
<br /> financial statements. i
<br /> ECONONIIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br /> • The unemployment rate for the County is 3.3 percent,which is up from the prior year rate of j
<br /> 2.8 percent.
<br /> • The number of visitors to the County for the most recent calendar year was 1,598,831,up less
<br /> than one percent from the previous year's count of 1,597,056. w
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<br /> Both of these factors were considered in preparing the County's budget for the 2009 fiscal year.
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