TITLE: Title
Adoption of FY 2015-16 Annual Budget
PURPOSE: The purpose of this agenda item is for the Board of Aldermen to complete budget discussions and adopt the annual budget for fiscal year 2015-16.
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DEPARTMENT: Town Manager
CONTACT INFORMATION: David Andrews, 918-7315; Arche McAdoo, 918-7439
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 Board of Aldermen no later than June 1st; that the Board hold a public hearing on the budget; and that the Board adopt an annual budget 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 10, 2015 the Board of Aldermen held a public hearing to receive community input prior to development of the budget for FY 2015-16. On May 5, 2015 the Town Manager presented to the Board a recommended budget for FY 2015-16 and filed it with the Town Clerk. The recommended budget has remained available on the Town's website, and in the Town Clerk's Office for public inspection; notice of its availability was published in the local media.
On May 26, 2015 the Board held a public hearing on the Town Manager's recommended budget: General Fund Budget $21,572,647; Capital Fund Budget $7,065,382; and Special Revenue Fund Budget $775,506. The General Fund Budget, which is the Town's operating fund, is 1.2% more than the FY 2014-15 adopted budget of $21,313,803.
Due to the elimination of the privilege licenses tax by the North Carolina General Assembly as of July 1 2015, the Town will no longer be able to charge a fee to businesses that conduct business in the Town. As members of the North Carolina General Assembly continue to discuss redistribution of local sales tax, should legislation be enacted that result in...
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