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File #: 21-137    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 4/22/2021 In control: Board of Aldermen
On agenda: 5/25/2021 Final action:
Title: Town Manager's Recommended Budget for Fiscal Year 2021-2022 PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2021-22 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
Town Manager's Recommended Budget for Fiscal Year 2021-2022
PURPOSE: The purpose of this agenda item is to receive the Town Manager's Recommended Budget for FY 2021-22 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; Arche McAdoo, 918-7439; and Cary McNallan, 918-7301

INFORMATION: By state law, the Town Manager is required to submit a recommended budget for FY 2021-22 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 FY22 Recommended Budget can be found on the Town's website at the following location:
http://www.ci.carrboro.nc.us/250/Financial-Documents

Major goals for the FY 2021-22 budget were to: 1) implement the Council's strategic priorities, 2) control costs while improving services, 3) develop a balanced budget, 4) construction and renovations of Town facilities.

Due to the fluctuations in revenue trends, and cuts in spending, over the past 15 months, projections for next year's budget have been a challenge. Nevertheless, we have produced, as best we can, a budget based on revenue projections that are not overly aggressive, nor unduly regressive. The primary goal is to return to pre-pandemic level of services for Town residents in FY 2021-22.

The total budget recommended by the Town Manager is $71.7 million comprised of General Fund at $25.1 million, Special Revenue Fund at $3.3 million, Capital Fund at $41.9 million, Storm Water Utility Enterprise Fund at $971,254, and Parking Enterprise Fund at $290,500.

Special Revenue Funds change from year to year depending upon revenues from grants, revolving loan funds, and other program specific revenues. The Affordable Housing Fund seeks to increase affordable housing in the Town continues to be a major goal...

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