TITLE: Presentation of Town Manager's Recommended Budget for Fiscal Year 2018-19
PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2018-19, set the time for a public hearing and budget work sessions.
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DEPARTMENT: Town Manager
CONTACT INFORMATION: David L. Andrews, 918-7315 and Arche L. McAdoo, 918-7439
INFORMATION: By state law, the Town Manager is required to submit a recommended budget for FY 2018-19 and budget message to the Mayor and Board of Aldermen by June 1st. This recommended budget is to be made available for public inspection and the Board is required to hold a public hearing on it prior to adoption.
Major goals for the FY 2018-19 budget were to: 1) implement the Board's strategic priorities, 2) control cost while improving services, 3) develop a balance budget, and 4) conceptualize a long term financial sustainability plan.
The total budget recommended by the Town Manager is $49.2 million comprised of General Fund at $22.8 million, Special Revenue Fund at $2.1 million, Capital Fund at $23.4 million, and Storm Water Utility Enterprise Fund at $900,000. The Storm Water Utility Enterprise Fund was established July 1, 2017 for the purpose of comprehensively addressing the storm water management needs of the Town. This Enterprise Fund was seen as a way to establish a dedicated source of funding for storm water management and flooding remediation.
With increasing costs for health insurance, retirement system contributions, transit operations, and other items combined with slow revenue growth, difficult decisions had to be made to balance the budget.
A major goal of the Board of Aldermen is increasing affordable housing. A Special Revenue Fund has been established for affordable housing programs. Unfortunately, the current source of funding for affordable housing is expected to dry up within the next year or two. The Manager has proposed a property tax increase of 1/2 cents for each ...
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