Cabarrus County Rating Book 4 06 09 Presentation to Bond Rating Board

1. Cabarrus County, North Carolina April 2009

2. Presentation Topics Introduction……………………………………………...……………..1 Economic Diversity…………………………………...………………..2 County Finances………………………………………….…………….3 Economic Outlook & Fiscal Adjustments…………………..………….4 Historical, Current & Future Debt Profile……………………..……….5 Funding the Capital Plan……………..…………………………………6 App A: Economic Outlook Data ……….……………...…………………………………….A App B: Regional Commuting Patterns …………...….……………………………..…….…B App C: Cabarrus County Economic Development Strategy………………………………...C App D: Companies in NC Research Campus and County Motorsports Directory …………D App E: Tour Map and Philip Morris Marketing Brochure…………………………………..E Cabarrus County, North Carolina Tab

3. Introduction Cabarrus County, North Carolina

5. Governing Board Cabarrus County, North Carolina H. Jay White Sr. (Chairman) Grace M. Mynatt (Vice Chairman) Robert W. "Bob" Carruth Elizabeth "Liz" Poole Coy C. Privette http://www.cabarruscounty.us/Commissioners/

11. A Balanced, Diverse Economy 53.7 % of County residents work in the County Cabarrus County, North Carolina

16. Economic Diversity: Life Sciences (continued) Cabarrus County, North Carolina The M.U.R.D.O.C.K. Study: “A Framingham Study for the Molecular Age” The M easurement to U nderstand R eclassification of D isease O f C abarrus/ K annapolis Study https://www.murdock-study.com/ Duke leaders, including Drs. Rob Califf, John McHutchison, and Geoff Ginsburg, are providing scientific oversight to the MURDOCK Study. “ Ultimately, this unprecedented research opportunity will help to re-write the textbook of medicine by applying modern-day technologies to identify genomic linkages within and across major chronic diseases and disorders that are some of today's leading causes of illness and death. These connections will initiate disease reclassification by identifying novel patterns and characteristics that may predict risk or response to therapy and reveal underlying pathways with therapeutic potential.”

32. County Finances Cabarrus County, North Carolina

33. General Fund Revenues Expenditures and Changes in Fund Balance Cabarrus County, North Carolina

34. Cabarrus County, North Carolina Revenues & Expenditures

35. Cabarrus County Assessed Valuation $’s in Billions *As of January 31, 2009 Assessed Valuation Cabarrus County, North Carolina

36. Taxable AV & Tax Collection Average annual growth of real property AV from 1999-2008 of 10.55%. Average annual growth in personal property AV from 1999-2008 of 3.94% Average annual growth in total AV from 1999-2008 of 8.76%. Cabarrus County, North Carolina

39. Ten Largest County Taxpayers June 30, 2008 Cabarrus County, North Carolina

40. Largest Employers and Diversified Economy Cabarrus County, North Carolina

41. Retail Sales Cabarrus County, North Carolina (1) The data for the Fiscal Years 1998-2008 in the chart above sets forth gross retail sales. Beginning July 1, 2005, the North Carolina Department of Revenue began to compile information only for taxable retail sales in compliance with the Streamlined Sales Tax Agreement. In North Carolina, certain sales (for example, qualifying food items) are not subject to sales tax. Due to the changes in the State's method of compiling retail sales information described above, there is no comparable data for taxable retail sales available for previous fiscal years.

43. Unemployment Figures Cabarrus County, North Carolina * FY2009 First Quarter Results Only

44. Undesignated Fund Balance as Percentage of Expenditures Source: Cabarrus County Finance Department. Cabarrus County, North Carolina

45. Economic Outlook and Fiscal Adjustment Financially Strong Bottom Line Cabarrus County, North Carolina

46. 2009 & 2010 Fiscal Challenges Cabarrus County, North Carolina

48. Sales Ratio – Assessed Value/Sales Price Cabarrus County, North Carolina

50. Fiscal Solutions FY 2010 through FY 2014 Cabarrus County, North Carolina

52. Fiscal Solutions FY 2010 through FY 2014 (Continued) Cabarrus County, North Carolina

56. Historical, Current, & Future Debt Profile Cabarrus County, North Carolina

58. Debt Statistics Cabarrus County, North Carolina

60. Bonded Debt to Taxable Property Assessed Valuation Source: Cabarrus County Finance Department. Cabarrus County, North Carolina

62. Funding the Capital Plan Cabarrus County, North Carolina

66. Cabarrus County, North Carolina Series 2009, Certificates of Participation Purpose: School Project Needs – New Money (Possible Refunding) Size: $120 million (Up to $180 million w/ Refunding) Security: Appropriation Credit First Initial Interest Payment: January 1, 2010 First Principal Payment: January 1, 2012 Structure: Level Principal Cabarrus County, North Carolina

67. Cabarrus County, North Carolina Financing Schedule Debt Rating/ Insurance: April 30, 2009 POS Mailing: May 6, 2009 Pricing: May 20/21, 2009 Closing: June 4, 2009 Cabarrus County, North Carolina

68. Appendix A Cabarrus County Economic Outlook Data Cabarrus County, North Carolina

69. Appendix B Regional Commuting Patterns Cabarrus County, North Carolina

70. Appendix C Cabarrus County Economic Development Vision, Mission and Strategy Cabarrus County, North Carolina

71. Appendix D NC Research Campus Company Descriptions And County Motorsports Directory Cabarrus County, North Carolina

72. Appendix E County Tour Map And Philip Morris Marketing Brochure Cabarrus County, North Carolina