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File #: 20-203    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 5/5/2020 In control: Board of Aldermen
On agenda: 5/26/2020 Final action:
Title: Presentation of Town Manager's Recommended Budget for Fiscal Year 2020-2021 PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2020-21 and set the time for a public hearing and budget work sessions.
Attachments: 1. Attachment A - Resolution to set Budget Public Hearing
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TITLE: Title
Presentation of Town Manager's Recommended Budget for Fiscal Year 2020-2021
PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2020-21 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 Cary McNallan, 918-7301

INFORMATION: By state law, the Town Manager is required to submit a recommended budget for FY 2020-21 and budget message to the Mayor and Town Council by June 1st. This recommended budget is to be made available for public inspection and the Town Council is required to hold a public hearing on it prior to adoption. The FY21 Recommended Budget can be found on the Town's website at the following location: https://www.townofcarrboro.org/2397/Recommended-Annual-Operating-Budget-2020-2021

Major goals for the FY 2020-21 budget were to: 1) implement the Board's strategic priorities, 2) control costs while improving services, 3) develop a balanced budget, 4) retain valued town employees, and 5) 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 little or no revenue growth due to the economic uncertainty, difficult decisions had to be made. As priorities were evaluated, careful and balanced choices are presented in the FY 2020-21 recommended budget.

The total budget recommended by the Town Manager is $70.8 million comprised of General Fund at $25.0 million, Special Revenue Fund at $2.3 million, Capital Fund at $42.1 million, Storm Water Utility Enterprise Fund at $994,475, and Parking Enterprise Fund at $346,300. The Parking Enterprise Fund was created for FY21 to track parking related expenditures for the Town.

Special Revenue Funds change from year to year depending upon revenues from grants and loan funds. The Affordable Housing Fund is incl...

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