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08/89/02 11;13:45 <br /> <br />Cabarrus County-> <br /> <br />784 928 2881 TO:Blair Bennett <br /> <br />Press Release <br /> <br />FitchRatings <br /> <br />Fitch <br />One Stat~'S~et Plaza <br />New york, NY 10004 <br />¢12) 908-08t0 <br />www.fit~hmtlng~,com <br /> <br />officials, no'more layoffs at Pillowtex are expected. <br /> <br />The county maintains substantial reserves well in excess of state guidelines <br />and of its own policy to maintain the undesignated general fund balance at 15% <br />of expenditures and transfers out. Unaudited results for fiscal 2002 show a $19 <br />million fund balance drawdown, $11 million of which was for capital projects. <br />Sa'les tax proceeds for fiscal 2002 are estimated to be $2.4 million lower than <br />for the prior year. Even with the fund balance drawdown, undesignated general <br />fund balance will increase from the fiscal 2001 level of 22% to an estimated <br />24.9% of spending in fiscal 2002. In addition, the county established a $2.5 <br />million capital reserve account in fiscal 2000 that has increased to an <br />estimated $7.4 million in fiscal 2002. The reserve is restricted for capital <br />projects and requires board approval. <br /> <br />Debt levels are very moderate. Capital plans for schools will continue, and <br />the county plans to address'them through additional borrowings and cash funding. <br />The county may issue additional COPS for school needs in fiscal 2003. <br /> <br />Contact: Rebecca Rhynhart 1-212-908-0658 or Amy Laskey 1-212-908-0568,' New <br />York. <br /> <br />Media Relations:.Matt 8urkhard 1-212-908-0540, New York. <br /> <br /> <br />