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expenditures. General government spending is the second largest spending category equal to about 24% of the total. The county's pace of spending is expected to be in line with or marginally exceed revenue growth trends, absent policy action, due to the need to meet the demands of an expanding population. Employee wages and benefits are the main expenditure driver. Wages and benefits are collectively bargained. County employees are largely represented by two unions; the county recently renewed one of its contracts for a three-year term and is in negotiations with the other union. Under state law, if impasse is declared, both parties are required to engage in a non-binding mediation process after which the local government may impose contract terms for one year. The county was able to manage the budget through the great recession by privatizing certain services, implementing hiring and wage freezes and layoffs, and using reserves. It has since increased staffing levels in recent years and reinstated pay increases; however, staffing levels are still below prerecession levels and the county's high proportion of public safety spending may present some practical restrictions on future expenditure flexibility. Fixed costs associated with. debt and retiree liabilities are equal to about 10% of total government spending., Long -Term Liability Burden The county's long -tern liability burden is equal to less than 3% of personal income and is expected to remain very low. The county's overall debt totals $145 million or about 1.5% of personal income and mainly reflects the overlapping obligations of the county school board. The county's direct debt amortizes at an aggressive pace with more than 90% of principal to be repaid within 10 years. Capital needs are manageable and largely related to transportation and utility system improvements financed from gas and sales tax revenues, impact fees, user fees and grants. The county does not contemplate any additional debt issuance at the present time. County officials are seeking voter approval to extend the existing sales tax levy for 15 years, upon its expiration in 2019. The tax levy currently generates about $16 million annually; the county plans to continue to use the funds to support its infi-astructure and capital. needs on a pay-as-you-go basis. The county participates in the state -administered Florida Retirement System; a cost sharing multiple employer pian. FRS is adequately funded with an asset to liability ratio estimated at 82%, using a Fitch adjusted 7% discount rate. The county's net pension liability totaled $98 million as of the most recent report. The county historically fiords 100% of the ARC. Operating Performance Fitch believes that the county's broad revenue raising ability and spending flexibility provide it with the ability to maintain reserves well in excess of a level consistent with a'aaa' financial resilience assessment through economic cycles. Fitch's Analytical Sensitivity Tool (FAST) generates a general fund revenue decline of nearly 4% in a moderate economic downturn scenario. Fitch believes that the county is well positioned to manage through economic cycles while maintaining a high level of financial resilience, due to its financial reserve policy (unassigned reserves equal to 20% of total operational spending), ample revenue raising ability and solid ability to manage expenditures. The county has demonstrated robust financial management by maintaining ample reserves. The county chose to draw on fund balance to pay down its debt during fiscal 2012 and fiscal 2013. For fiscal 2015, the county planned a $1.4 million drawdown of reserves, due to the expected use of funds previously set aside for legal expenses. Despite the operating deficits that occurred in each of these years, the county's unassigned reserve levels have remained in excess of 50% of total expenditures (after transfers). The county has well-defined fund balance policies, which outline a minimum unassigned fund balance equal, to 20% of budgeted operating spending. The county also maintains a separate 5% reserve for both budget stabilization and emergency use. County officials