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File #: 14-0205    Version: 1 Name:
Type: Agendas Status: Passed
File created: 6/10/2014 In control: Board of Aldermen
On agenda: 6/17/2014 Final action: 6/17/2014
Title: Adoption of FY 2014-15 Budget PURPOSE: By state law, the Board must approve a balanced budget for the Town by July 1st of every year. The purpose of this agenda item is to complete budget discussions and adopt the budget ordinance for fiscal year 2014-15.
Attachments: 1. ATTACHMENT A - Budget Ordinance 2014-15, 2. ATTACHMENT B - Resolution Approving Changes to Position and Pay Plan FY 2014-15, 3. ATTACHMENT C - COLA Pay Resolution FY 2014-15, 4. ATTACHMENT D - Reimbursement Resolution Capital Purchases 2014-15, 5. ATTACHMENT E - Contract for Town Attorney Resolution 2014-15, 6. ATTACHMENT F -Miscellaneous Fees and Charges Resolution 7-01-2014, 7. ATTACHMENT G: Miscellaneous Fee Schedule
TITLE: Title
Adoption of FY 2014-15 Budget

PURPOSE: By state law, the Board must approve a balanced budget for the Town by July 1st of every year. The purpose of this agenda item is to complete budget discussions and adopt the budget ordinance for fiscal year 2014-15.
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DEPARTMENT: Town Manager

CONTACT INFORMATION: David Andrews, 918-7315; Arche McAdoo, 918-7439

INFORMATION: The Board of Aldermen held a public hearing on February 11, 2014 to receive community input prior to development of the FY 2014-15 budget. On May 13, 2014 the Town Manager presented to the Board a recommended budget for FY 2014-15 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 local media.

On May 20, 2014 the Board held a public hearing on the Town Manager's recommended budget. The Town Manager was directed to proceed with preparation of a final budget for adoption and to include funding in the General Fund for the unexpected increased transportation costs. Thus, transportation expenditures have been increased by $76,097 from $1,396,423 to $1,472,520. On the revenue side, a corresponding increase in fund balance appropriation has been made.

With the recent enactment of the state law governing privilege licenses issued by North Carolina municipalities, the Town will no longer be able to charge a fee to businesses that are not physically located in the Town, and cannot charge a fee at a rate higher than that for fiscal 2013-14. The impact of these changes will result in an estimated loss of $22,708 in privilege license revenue for fiscal year 2014-15. Accordingly, the revenue for privileges in the final budget has been reduced from $80,141 to $57,433. Fund balance appropriation has been increased by $22,708 to offset this revenue loss. For the increased transportation costs and privilege license projected ...

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