TITLE: Title
Adoption of FY 2020-21 Annual Budget
PURPOSE: The purpose of this agenda item is for the Town Council to complete budget discussions and adopt the annual budget for fiscal year 2020-21.
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DEPARTMENT: Town Manager
CONTACT INFORMATION: David Andrews, 918-7315; Cary McNallan, 918-7301
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 Councilmembers no later than June 1st; that the Town Council hold a public hearing on the budget; and that the Town Council 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 21, 2020 the Town Council held a public hearing to receive community input prior to beginning the budget process for FY 2020-21. On May 26, 2020 the Town Manager presented to the Town Council a recommended budget for FY 2020-21 totaling $70.8 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 June 2, 2020, a public hearing was held on the Manager's recommended budget.
Based on Town Council 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. There are no new position requests and increases in personnel costs are primarily the result of mandatory benefit increases. Other minor adjustments have been made to several other functions based on updated information. The Final General Fund Budget presented for adoption is $25,063,106 which is $61,500 more than the Recommended Budget
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