TITLE: Title
Adoption of FY 2019-20 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 2019-20.
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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 22, 2019 the Board of Aldermen held a public hearing to receive community input prior to beginning the budget process for FY 2019-20. On May 7, 2019 the Town Manager presented to the Board a recommended budget for FY 2019-20 totaling $58.6 million, and this document was filed with the Town Clerk. It 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 28, 2019, a public hearing was held on the Manager's recommended budget.
Based on Board discussions and other input, the final budget presented for adoption is as follows:
The General Fund is the Town's operating fund. The total budget is basically unchanged from the current year. To expedite the completion of certain capital projects, the final budget includes the addition of two new positions - Planner in the Planning Department; and Engineering Technician in Public Works Department. Other minor adjustments have been made to several other functions based on updated information. The Final General Fund Budget presented for adoption is $24,577,008 whic...
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