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File #: 22-164    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 5/10/2022 In control: Board of Aldermen
On agenda: 5/24/2022 Final action:
Title: Town Manager's Recommended Budget for Fiscal Year 2022-2023 PURPOSE: The purpose of this agenda item is for the Town Manager to present the Recommended Budget for FY23 and to set the public hearing for June 7, 2022.
Attachments: 1. Attachment A - Resolution to Accept the Recommended Budget and Set Budget Public Hearing
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TITLE: Title
Town Manager's Recommended Budget for Fiscal Year 2022-2023
PURPOSE: The purpose of this agenda item is for the Town Manager to present the Recommended Budget for FY23 and to set the public hearing for June 7, 2022.
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DEPARTMENT: Town Manager, Finance

CONTACT INFORMATION: Richard J. White III, Town Manager, 918-7315; Arche McAdoo, Finance Director, 918-7439; and Cary McNallan, Deputy Finance Director, 918-7301

INFORMATION: By state law, the Town Manager is required to submit a recommended budget for FY23 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 FY23 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 FY23 budget were to: 1) refine alignment of Council strategic priorities with the budget, 2) control costs while maintaining current level of services, and 3) develop a balanced budget.

The ongoing pandemic and its impact on the economy continue to present challenges to revenue forecasting and budgeting. As a result, the FY23 Recommended Budget is based on revenue projections that are not overly aggressive and allow for some increases in expenditures to address inflationary pressures and staffing concerns.

The total General Fund, which is the Town's operating budget, recommended by the Town Manager is $89.3 million comprised of:

General Fund at $27,479,482
Special Revenue Fund at $10,968,456
Capital Projects Fund at $50,825,396

Enterprises funds total $1.2 million as follows:

Storm Water Utility Enterprise Fund at $1,081,601, and
Parking Enterprise Fund at $143,190.

The total General Fund and Enterprise Fund budget for FY23 is $90.5 million.

Special Revenue Funds change from year to year depending upon revenues from grants, revolving loan funds, a...

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