b"Debt SnapshotThe Debt Service Fund is responsible for the accumulation of sucient resources to meet the debt payment requirement of the County incompliance with the South Carolina State Constitution, Article X, Section 14 eective December 1, 1977, as amended. This section providesthat a local unit cannot at any time have total debt outstanding in an amount that exceeds 8 percent of its assessed property value withoutbenet of referendum. Excluded from the limitation are: bonded indebtedness levies assessed on properties located in an area receiving specialbenets from the taxes collected; and bonded indebtedness existing on December 1, 1977.Beaufort County is in compliance with this requirement. The Countys outstanding debt subject to the eight percent limit is approximately$87,825,875 at June 30, 2021. The following table and graph reect the Countys eight percent debt limit. It is important that Beaufort Countymaintains available debt capacity.Constitutional 8% Debt LimitTotal Assessment at June 30, 2021 $2,255,274,140Constitutional Debt Limit8% $180,421,931Outstanding 8% Debt $87,825,875Available Capacity $92,596,056Other Limitations - Long-term borrowing is restricted to capital improvements or projects that cannot be nanced from current operations.Current operations will not be nanced with long-term debt.$24,752,408-$3,125,740 (-11.21% vs. 2022 year)The County strives to maintain the highest possible bond rating. In 2021 Standard & Poors armed its long-term rating on Beaufort CountysOutstanding General Obligation Bonds of AA+. On June 2, 2021, Standard & Poors raised its rating on Beaufort Countys Series 2021 GORefunding Bonds to AA+. On May 27, 2021, Moodys Investors armed Beaufort Countys rating for the Countys GO Bonds to Aa1. In order tomaintain the ratings, the County must furnish annual audit reports and budgets, and if applicable, updated operating and construction progressdata. With the anticipated bond issues, it is imperative that the County strive to maintain and improve it's bond rating.Beaufort County, SC | Budget Book 2024 Page 499"