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<br /> , <br /> operated by the Essex-Windsor Solid Waste Authority. Although the county's <br /> related liability will double as a result of the settlement terms, reflecting the full <br /> impact of all funds advanced (raising the county's own direct debt burden to <br /> almost 40% of expected 2005 operating revenue), related interest payments <br /> will be greatly reduced, diminishing total associated payments over the <br /> lifetime of the financing agreement by half. This one-time increase is factored <br /> in to the forecast of the county's own direct debt remaining below 50% of <br /> operating revenue. Furthermore, all debt related to the landfill financing is self- <br /> supported by tipping fees. Most importantly, uncertainty surrounding the final <br /> outcome of these lawsuits has been removed. The landfill financing <br /> represents the county's only involvement with MFP. Essex has no other <br /> significant contingent liabilities. <br /> Outlook <br /> The stable outlook reflects Standard & Poor's expectation that Essex's credit <br /> quality should remain steady in the coming years to the extent that Essex <br /> maintains its current approach to funding capital expenditure with minimal <br /> debt issuance, no large unexpected borrowing is undertaken by its lower tier <br /> members, and economic performance remains relatively stable. <br /> Table 1 County of Essex Economic Summary <br /> Total % aged 14 % aged 65 Median <br /> population years or years or age <br /> younger older <br /> Population summary" 166,573 21.6 11.2 36.2 <br /> Economic statistics <br /> 2004 2003 2002 2001 2000 <br /> Population (% 1.8 1.8 1.8 1.8 1.8 <br /> change)'11 <br /> Tertiary employment 66.3 NA 63.4 64.7 62.8 <br /> (% of total) <br /> Secondary <br /> employment (% of 30.4 N.A. 32.5 31.0 33.0 <br /> total) <br /> Employment (% 0.3 0.0 2.0 0.3 2.7 <br /> change) <br /> Unemployment rate 9.2 7.2 7.5 7.2 5.8 <br /> (%) <br /> Income support (3.0) (3.7) (5.3) (10.8) (5.5) <br /> caseload (% change) <br /> Assessment base (% 2.7 12.8 9.0 2.7 11.5 <br /> change)!l <br /> Value of building 2.6 (9.8) NA N.A. NA <br /> permits (% change) <br /> Housing starts (% (7.3) 11.2 8.2 (0.7) (9.0) <br /> change) "Data as of 2001. Median age is for the County of Essex; other data is for the county <br /> less the separated City of Windsor. 'lJAnnualized census results for the County of Essex <br /> less the City of Windsor. !llncludes both unit growth and market value changes. N.A.- <br /> Not available. <br /> Table 2 County of Essex Financial Summary <br /> (%) 2004 2003 2002 2001 2000 <br /> Operating revenue (% change) 7.2 8.7 8.1 23.4 (9.1) <br /> Operating expenditure (% change) 7.8 7.6 10.7 20.2 (10.6) <br /> Protection selVices"/operating expenditure 0.2 0.2 0.2 0.2 0.2 <br /> Transportation selVicesWoperating <br /> Page 3 of 4 <br />