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File #: 17-211    Version: 1 Name:
Type: Agendas Status: Passed
File created: 6/12/2017 In control: Board of Aldermen
On agenda: 6/20/2017 Final action: 6/20/2017
Title: Adoption of FY 2017-18 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 2017-18.
Attachments: 1. ATTACHMENT A - Budget Ordinance 2017-18, 2. ATTACHMENT B - Changes to Position and Pay Plan FY 2017-18, 3. ATTACHMENT C - Salary and Wage Pay Adjustment Resolution FY 2017-18, 4. ATTACHMENT D - Reimbursement Resolution Equipment and Vehicle Purchases 2017-18, 5. ATTACHMENT E - Contract for Town Attorney Resolutiin 2017-18, 6. ATTACHMENT F -Miscellaneous Fees and Charges Resolution 7-01-2017, 7. ATTACHMENT F-1 2017-18 Fee Schedule - Final, 8. ATTACHMENT G - Affordable Housing Special Revenue Fund Resolution, 9. ATTACHMENT H - MLK Construction Funds Authorization, 10. ATTACHMENT I - 203 S Greebsboro Street Development Project Ordinance, 11. ATTACHMENT J - Reimbursement Resolution S Greensboro Street Development, 12. ATTACHMENT K - Storm Water Utility Transfer of Funds
TITLE: Title
Adoption of FY 2017-18 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 2017-18.
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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 ordinance 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 January 24, 2017 the Board of Aldermen held a public hearing to receive community input prior to development of the budget for FY 2017-18. On May 2, 2017 the Town Manager presented to the Board a recommended budget for FY 2017-18 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 23, 2017 the Board held a public hearing on the Town Manager's recommended budget: General Fund Budget $22,869,686; Capital Fund Budget $10,882,447; and Special Revenue Fund Budget $2,287,784. The General Fund Budget, which is the Town's operating fund, is 3.8% more than the FY 2016-17 adopted budget of $22,032,357.

Along with the Budget Ordinance, the Board needs to adopt a number of other resolutions. These include: Position Classification and Pay Plan, across-the-board salary adjustment, reimbursement resolution for capital equipment and vehicle financing, resolution for Town Attorney contract, Miscellaneous Fees and Charges Schedule, affordable housing special reven...

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