2024 Annual Comprehensive Report

Construction in progress for governmental-type and business-type capital assets totaled $47,042,121 and $359,688,767 respectively as of June 30, 2024 compared to $25,761,075 and $258,463,345 last year. The City adopted the FY 2025-2034 Capital Improvements Program (CIP) totaling $2,829,789,301 for projects as outlined below: Table C-2 CIP Expenditures – 10 Year Plan CIP Expenditure Category by Service Area % of Total CIP Infrastructure 79.6% Community Services 15.1% Public Safety 5.3% 100.0% Table C-3 CIP Funding Sources – 10 Year Plan CIP Funding Source % of Total CIP Revenue Bonds 39.6% Enterprise Funds 23.4% Grants/Other 18.8% Unauthorized Bonds 18.2% 100.0% Additional information on the City’s capital assets can be found in Note I.D.6 and IV.D of this report. B. Long-Term Debt As of June 30, 2024, the City had total bonded debt outstanding (at par) of $894,527,063 with $286,595,000 backed by the full faith, credit and taxing power of the City, $50,210,000 backed by Hotel/Motel occupancy tax of the City, $38,115,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the County, $60,195,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $10,195,000 backed by property tax revenue, $449,217,063 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system). Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)

2t