TITLE: Title
Adoption of the FY 2024-25 Annual Budget
PURPOSE: The purpose of this agenda item is for the Town Council to adopt the annual budget for fiscal year 2024-25.
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DEPARTMENT: Town Manager
CONTACT INFORMATION: Patrice Toney, Town Manager, 919-918-7315; Darrell Keyes, Comptroller/Interim Finance Director, 919-918-7301
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 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."
On May 14, 2024, the Town Council held a budget work session where the Town Manager and Finance Director presented and received input on the recommended budget for FY 2024-25. On June 4, 2022, the Finance Director presented to the Town Council a recommended budget for FY 2024-25 totaling $68.3 million, and the budget book was filed with the Town Clerk. It has remained available on the Town's website and at Town Hall for public inspection. The notice of its availability was published in the local media. On June 18, 2024, a public hearing will be held on the Manager's Recommended Budget.
The goals for the FY 2025 budget are to include:
* The Council's key priorities of affordable housing
* Race and Equity
* Environmental protection
* Integration of Carrboro Connects.
The Town's annual operating budget represents Carrboro's mission and commitment to enhancing the quality of life of our residents. This budget reflects our dedication to supporting our valuable employees, investing in critical infrastructure, and meeting the immediate needs of our community. We have produced, as best we can, a balanced...
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