Laserfiche WebLink
Additional information on the County’s capital assets can be found in note 2 section E of the Basic <br />Financial Statements. <br />Long-term Debt <br />. As of June 30, 2012, Cabarrus County had total debt outstanding of $376,781,107 of <br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all <br />other debt is covered by pledged collateral and is subject to appropriation. <br />As mentioned in the financial highlights section of this document, Cabarrus County maintained for the 3rd <br />consecutive year its Aa1 rating from Moody’s and an AA+ rating from Fitch. For the 4th consecutive year, <br />a rating of AA+ from Standard and Poor’s has been maintained. These bond ratings are a clear indication <br />of the sound financial condition of Cabarrus County. <br />The State of North Carolina limits the amount of general obligation debt that a unit of government can <br />issue to 8 percent of the total assessed value of taxable property located within that government’s <br />boundaries. The legal debt margin for Cabarrus County is $1,303,548,780. Additional information <br />regarding Cabarrus County’s long-term obligations can be found beginning in note 2 section J of this <br />report. <br />Economic Factors and Next Year’s Budgets and Rates <br />Cabarrus County is a part of the Charlotte Metropolitan Statistical Area (MSA), which before the current <br />economic downturn, has proved beneficial in that the County has continued to experience economic <br />growth during national and state economic downturns. As a direct result of current economic conditions, <br />23 <br />