TITLE: Title
Adoption of FY 2018-19 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 2018-19.
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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 18, 2018 the Board of Aldermen held a public hearing to receive community input prior to development of the budget for FY 2018-19. On May 1, 2018 the Town Manager presented to the Board a recommended budget for FY 2018-19 totaling $49.2 million as follows:
General Fund $22,862,722;
Capital Projects Fund $23,403,462;
Special Revenue Fund $2,097,939; and
Stormwater Utility Enterprise Fund $900,000.
The General Fund is the Town's operating fund. The total budget is basically unchanged from the current year.
In the Capital Projects Fund, a major project is development of the Town's property at 203 S. Greensboro Street. This facility is to house the Town administrative offices, Orange County Southern Branch Library, and the Arts Center. Total estimated cost of the project $18.0 million: Design Cost $2.2 million; Building Construction $9.5 million; and Parking Deck Construction $6.2 million. Funding for this project will be shared by the three parties based on the dedicated space for each party plus common area space. Because design is just getting underway, the cost of the project may change.
The Affordable Ho...
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