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March 26, 2007 (Regular Meeting) Page 317 General Fund operating surpluses, the total General Fund Balance equaled $47.9 million (29.58 of General Fund revenues) at the end of 2006. Key factors driving the surpluses have been better than budgeted property taxes, strong growth in assessed value over the past several years, solid tax growth and general under-spending of appropriations. The return to surplus operations, following four years of weakened financial performance, reflects the county's implementation of new financial policies that limit operating expenditures to the amount of recurring revenuesevery year, thus ensuring structural balance. In addition, the county has formalized its reserve policy, setting a 158 General Fund balance floor, with excess monies being transferred to the Capital Reserve Fund to be used for county capital needs, particularly pay-as-you-go financing. Moving forward, Moody's expects that the county will maintain. its strengthened financial position given the institutionalization of these practices." The 2007 COPS issue sold on February 22, 2007 had a 9.398 TIC (true interest cost) rate. The County sold in the upwards of 60 to 708 of the bonds in the retail market on the first day. All parties involved in the transaction were very please with the results of the sales as well as the interest rate. The Board also authorized the County to refinance the Installment Financing of $15 million with the COPS issue to obtain a better interest rate. First Charter stepped up to the table and made an offer that the County did not walk away from. The original agreement indicated an interest rate during the first year of 9.31 and the subsequent 19 years at 9.94. The renegotiated rate offered by First Charter was 4.19. This agreement is close to finalization. In closing, she reported the County's bond counsel has approved the agreement and will be forwarded to the Local Government Commission for execution. A report on the 2006-2007 accomplishments of the Cabarrus Health Alliance was included as part of the Agenda as well as its Overall Agency Goals & Objectives Report for the second quarter of FY 06/07. (I-3) Cabarrus Helpin .Hearts S Handa (Ch3) 2006 Annual Report The 2006 Chi Annual Report was included as part of the Agenda. (J) GENERAL COMMENTS HY BOARD MEMEERS Commissioner Privette commented on the introduction of legislation entitled, "Cabarrus Quick Take" and asked if the bill was approved locally. John Day, County Manager, reported this legislation has not been before the Board and staff did not request the legislation. Commissioner Privette recommended the County's legislative delegation be asked to postpone any action on this matter until the Board can get an explanation. He said the deadline for local bills is tomorrow. Vice Chairman Juba asked Commissioner Privette to investigate the issue and report back. Commissioner Mynatt reported on her attendance of a land-use planning meeting that was held earlier today in Charleston, South Carolina. Commissioner White stated he enjoyed listening to citizens' comments this evening and encouraged citizens to continue to make their comments and questions known to the Board. _(K) WATER & SEWER DISTRICT OF CABARRU9 COUNTY No items of business. (L) CLOSED SESSION