TITLE: Title
Adoption of the FY 2022-23 Annual Budget
PURPOSE: The purpose of this agenda item is for the Town Council to adopt the annual budget for fiscal year 2022-23.
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DEPARTMENT: Town Manager
CONTACT INFORMATION: Richard J. White III, Town Manager, 918-7315; Arche McAdoo, Finance Director, 918-7439; Cary McNallan, Deputy Finance Director, 918-7301
INFORMATION: The North Carolina Local Government Budget and Fiscal Control Act (LGBFCA) requires that the Town Manager submit a recommended budget and budget message to the Mayor and Councilmembers no later than June 1st; that the Town Council hold a public hearing on the budget; and that the Town Council adopt an annual budget ordinance each year by July 1st. The budget must be balanced which is defined by LGBFCA as "the sum of estimated net revenues and appropriated fund balance in each fund shall be equal to appropriations in that fund".
On February 1, 2022, the Town Council held a public hearing to receive community input prior to beginning the budget process for FY23. On May 24, 2022, the Town Manager presented to the Town Council a recommended budget for FY23 totaling $90.5 million, and the budget document was filed with the Town Clerk. It has remained available on the Town's website, and in the Town Clerk's Office for public inspection. The notice of its availability was published in the local media. On June 7, 2022, a public hearing was held on the Manager's Recommended Budget.
Based on the public hearing and Town Council budget work session on June 14, 2022, the final budget presented for adoption includes the following changes:
Affordable Housing Special Revenue Fund
Funds are included in the Affordable Housing Special Revenue Funds budget for funding:
1. Interfaith Council housing assistance program in the amount of $92,950; and,
2. Orange County Partnership to End Homelessness in and amount of $129,976.
This funding will be transferred from the General Fund to Affordable ...
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