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FY 2023-24 First Quarter Budget Status Report
PURPOSE: The purpose of this item is to provide a budget status report to Town Council for all funds.
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Department
DEPARTMENT: Finance
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Contact
CONTACT INFORMATION: Langston W. Ramseur 919-918-7345, Interim Finance Director
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Information
INFORMATION: To engage in electronic payments, the Local Government Commission requires the Finance Officer to provide the Governing Board a budget status report by fund, at least quarterly, and is to include: budgeted accounts, actual revenues collected, payments made, amounts encumbered (including electronic obligations), and the amount of the unobligated budget.
Attachment A provides a summary budget status report as of September 30, 2023, for the General Fund, Special Revenue Funds, Capital Projects Funds, and Enterprise Funds.
The General Fund is the Town’s operating fund. Please note that General Fund revenue collections are less than expenses. This is because expenses related to insurance policies, technology maintenance support agreements, and memberships are generally paid during the first quarter, and there is a three-month delay in receiving sales tax, and state collected taxes, from the State Revenue Department. As the year progresses, revenue collections increase as expenditures level out. Until such time, prior year cash reserves provide the funding for the amount of expenditures over current year revenues.
General Government expenditures, which includes Finance and Information Technology, reflects a slightly higher percentage spent than the other functions, due to reasons mentioned above.
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Fiscal and Staff Impact
FISCAL IMPACT: There is no fiscal impact associated with this report.
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Recommendation
RECOMMENDATION: That the Town Council receive the FY 2023-24 first quarter budget status report.
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