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CABARRUS COUNTY FINANCIAL AND BUDGETARY POLICIES <br /> <br />I. OBJECTIVES <br /> <br />A. To link long-term financial planning with short-term daily operations <br />B. To maintain the County's stable financial position <br />C. To ensure that Commissioner's adopted policies are implemented in an efficient and effective <br /> manner <br />D. To secure the highest possible credit and bond ratings by meeting or exceeding the <br /> requirements of bond rating agencies through sound, conservative financial decision making <br />E. To comply with North Carolina Budget and Fiscal Control Policies <br /> <br />II. OPERATING BUDGET <br /> <br />The County's Annual B~dget Ordinance will be balanced in accordance with the Local <br />Government Budget and Fiscal Control Act (N.C.G.S. 159-8 (a)). <br /> <br />The County's Annual Budget Ordinance will be adopted by July 1 (N.C.G.S. 159-13 (a)). <br /> <br />A. Revenue Policy <br /> <br />The County seeks to implement a diversified taxing policy that will ensure"reas0nable <br />stability for operation at continuous service levels, but that will provide elasticity necessary <br />for responding quickly to increased service demands due to new development. Revenue <br />management includes within its focus, an ongoing process for reviewing and analyzing each <br />revenue source to ensure that proceeds from each source are at an optimum level. Projected <br />revenues will be estimated conservatively and will be based on historical trends, growth <br />patterns, and the economy. To meet these objectives the County observes the following <br />guidelines: <br /> <br />1. Ad Valorem Tax <br /> <br />As provided by the North Carolina Local Budget and Fiscal Control Act, estimated <br />revenue from the Ad Valorem Tax levy will be budgeted as follows: <br /> <br />a. Assessed valuation will be estimated based on historical trends and growth patterns <br /> in a conservative manner. <br />b. The estimated percentage of collection will not exceed the percentage of the levy <br /> actually realized in cash as of June 30 during the preceding fiscal year, in <br /> accordance with state law. <br />c. The tax rate will be set each year based on the cost of providing general <br /> governmental services and paying debt service. <br /> <br /> <br />