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File #: 19-166    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 5/1/2019 In control: Board of Aldermen
On agenda: 5/7/2019 Final action:
Title: Presentation of Town Manager's Recommended Budget for Fiscal Year 2019-2020 PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2019-20 and set the time for a public hearing and budget work sessions.
Attachments: 1. Attachment A - FY 2019-20 Budget Memorandum, 2. Attachment B - Notice of Budget Public Hearing
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TITLE: Title
Presentation of Town Manager's Recommended Budget for Fiscal Year 2019-2020
PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2019-20 and set the time for a public hearing and budget work sessions.
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DEPARTMENT: Town Manager, Finance

CONTACT INFORMATION: David L. Andrews, 918-7315 and Arche L. McAdoo, 918-7439

INFORMATION: By state law, the Town Manager is required to submit a recommended budget for FY 2019-20 and budget message to the Mayor and Board of Aldermen by June 1st. This recommended budget is to be made available for public inspection and the Board is required to hold a public hearing on it prior to adoption.

Major goals for the FY 2019-20 budget were to: 1) implement the Board's strategic priorities, 2) control costs while improving services, 3) develop a balanced budget, and 4) begin development of a long term financial sustainability plan.

With increasing costs for health insurance, retirement system contributions, transit operations, and other items combined with slow revenue growth, difficult decisions had to be made. As priorities were evaluated, careful and balanced choices are presented in the FY 2019-20 recommended budget.

The total budget recommended by the Town Manager is $58.5 million comprised of General Fund at $24.2 million, Special Revenue Fund at $2.1 million, Capital Fund at $31.3 million, and Storm Water Utility Enterprise Fund at $787,000. The Storm Water Utility Enterprise Fund was established July 1, 2017 for the purpose of comprehensively addressing the storm water management needs of the Town.

Special Revenue Funds change from year to year depending upon revenues from grants and loan funds. The Affordable Housing Fund is included in this fund and increasing affordable housing is a major goal of the Board of Aldermen. To provide a steady and reliable revenue stream for affordable housing, the FY 2018-19 adopted budget included a 1/2 cent propert...

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