Title Adoption of the FY 2026-27 Annual Budget & Capital Improvement Plan (2027-2031)
PURPOSE: The purpose of this agenda item is for the Town Council to adopt the annual budget for the fiscal year 2026-27 and the Capital Improvement Plan (2027-2031).
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Department
DEPARTMENT: Town Manager Office & Finance
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Information
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 Council; that the Town Council hold a public hearing on the recommended budget; and that the Town Council adopt an annual budget ordinance each year by July 1. 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."
During the budget development process, several budget work sessions were held to review year-to-date revenue collections and expenditures, discuss the budget outlook, and provide an overview of the Capital Improvement Plan (CIP). On February 10, 2026, the Town Council held a budget work session during which the Town Manager and Deputy Finance Director/Budget Manager presented current-year financial updates, the FY2027 budget outlook, and the budget development process. On April 14, 2026, the Deputy Finance Director/Budget Manager presented an overview of the Capital Improvement Plan and proposed FY2027 capital funding. On May 12, 2026, the Deputy Finance Director/Budget Manager presented the Town Manager's Recommended Budget for FY2026-27 and the five-year Capital Improvement Plan to the Town Council, totaling $44.6 million and $71.6 million, respectively.
The budget document was subsequently filed with the Town Clerk and made available for public inspection at Town Hall and on the Town's website, with notice of its availability published in local media. A public hearing on the Town Manager's Recommended Budget was he...
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