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Pender County finance chief, bond advisors outline debt plan as board weighs library, school and courthouse options
Summary
Meg Blue, Pender County finance director, told commissioners at the county retreat that the countys combined general funds total about $128,000,000, other governmental funds about $44.5 million and utility funds about $26.6 million as the board begins the budget cycle.
Meg Blue, Pender County finance director, told commissioners at the countys retreat that the countys combined general funds total about $128,000,000, other governmental funds about $44.5 million and utility funds about $26.6 million as the board begins the budget cycle.
The numbers matter because recent borrowing for the health and human services building, a law enforcement center and school projects has pushed several debt ratios above the countys policy thresholds even while the county maintains well-above-policy reserves. "Your unassigned fund balance as a percent of expenditures in fiscal 2024 was almost 60%," Ted Cole of Davenport Public Finance said, citing audit figures and Moodys-style comparatives.
At issue for the board: (1) whether to issue the remaining roughly $34 million in voter-authorized general obligation (GO) school bonds in fiscal 20272828and 2028), (2) how much of the countys excess reserves to spend for capital (including a possible $15 million toward a new library) and (3) whether to…
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