Town of Carrboro Financial Status and Budget Development
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Transcript of Town of Carrboro Financial Status and Budget Development
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Town of Carrboro
Financial Status and Budget Development FY 2014-15
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Structure of Budget
• General Fund• Special Revenue Fund
– Grants Administration– Affordable Housing Fund– Revolving Loan Funds– Energy Efficiency Revolving Loan Fund– Business Loan Fund
• Capital Projects Funds– Bond Fund– Capital Reserve Fund– Capital Projects
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2008-092009-10
2010-112011-12
2012-13
$17.8 $17.8 $17.9
$18.8 $18.8
$17.8
$16.8
$17.6 $17.9
$18.2
Town of CarrboroGeneral Fund Total Revenues and Expenses (millions)
FY 2008-09 through 2012-13Total Revenues Total Expenses
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2008-09 2009-10 2010-11 2011-12 2012-130.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%60.9% 62.9% 63.6% 62.4% 62.5%
17.7%
17.1% 17.4% 17.6% 18.2%
Property and Local Sales Tax Revenues% of All Revenues
Ad Valorem Taxes Local Sales Taxes
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Ad Valorem Taxe
s
Loca
l Sales T
axes
Unrestr
icted In
terg
overnmenta
l
Restrict
ed Inte
rgovern
mental
Fees a
nd Permits
All Oth
er Revenues
3.6%
-3.1%
-7.7%
-16.2%
10.7%
-14.6%
1.5%2.4%
8.8%
-13.8%
-7.3%-6.5%
2.8%
6.3%
-0.6%
17.0%
20.0%
1.6%0.4%
3.6%
0.7%
-13.7%
-4.0%
2.5%
Town of Carrboro% Change in General Fund Revenues Over Prior Year
FY 2009-10 through 2012-132009-10 2010-11 2011-12 2012-13
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2009-10 2010-11 2011-12 2012-13
0.3%0.5%
4.7%
0.2%
Town of CarrboroChange in Total Revenues - General Fund
FY 2009-10 through 2012-13
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Expenses FY 2008-09 through 2012-13
Personnel
Govern
ance
Support
Transp
ortation
Capita
l Outla
y
Debt S
ervice
All Other
Operations &
Main
tenan
ce $-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2008-092009-102010-112011-122012-13
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2008-09 2009-10 2010-11 2011-12 2012-13 $-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$8.6
$10.0
$8.4
$9.8
$7.3
$11.1
$12.9 $13.7
$15.5
$12.8
Town of Carrboro General Fund
Unassigned and Total Fund Balance(millions)
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Current Year BudgetFund Budget
General Fund $20,735,656
Special Revenue Fund $518,188
Capital Fund $7,085,685
Total All Funds $28,339,529
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General Fund Revenue BudgetFY 2013-14
Budget % of Total
Property Tax $11,979,989 57%
Local Sales Tax $3,325,816 16%
All Other Revenue $3,641,682 17%
Transfers/Installment Financing $1,788,169 8%
Total Revenues $20,735,656 100%
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General Fund Expense BudgetFY 2013-14
Budget % of Total
Personnel $ 11,496,486 55%
Governance Support $ 444,468 2%
Transportation $ 1,396,423 7%
Capital Outlay $ 937,495 5%
Debt Service $ 1,353,143 7%
All Other Operations & Maintenance $ 5,107,641 25%
Total Expenses $ 20,735,656 100%
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Debt ServiceProject Debt Issue FY 2011-2012
ActualFY 2012-2013
BudgetFY 2013-2014
BudgetCentury Center $ 3,080,000 $ 229,879 $ 229,879 $ -
MLK Jr. Park $ 274,000 $ 24,673 $ 24,673 $ -
Public Works Land $ 767,000 $ 61,934 $ 61,938 $ -
Adams Tract $ 600,000 $ 53,120 $ 53,120 $ -
Fire Station #2 $ 3,250,000 $ 324,691 $ 324,692 $315,873
Vehicle/Equipment LP N/A $ 592,066 $ 692,641 $677,603Sidewalks and Greenway Bonds $ 4,600,000 $ 45,146 $ 28,738 $359,667
Total $ 12,571,000 $ 1,331,509 $ 1,415,681 $1,353,143
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Prior Years Actual
2013-14 Budget
Capital Projects $5,727,440 $1,716,029
Sidewalks & Greenways $4,058,565 $3,860,844
Total $9,786,005 $5,576,873
Capital Projects
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Goals for FY 2014-15 Town Budget
• Implement the Board’s Strategic Priorities
• Control Costs while Improving Services• Develop a Balanced Budget with No
Property Tax Rate Increase
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Board’s Strategic Priorities
1. Diversify revenue stream to maintain ethnic and economic diversity
2. Protect historic neighborhoods and maintain Carrboro’s unique identity
3. Improve walkability and public transportation4. Encourage development that is compact, dense,
and appeals to diverse lifestyles and incomes5. Enhance and sustain quality of life/place issues
for everyone
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Challenges
1. Revenue growth of 1 - 2%2. Salary & Benefits Costs – Inflation, Health
insurance, Retirement contributions, and Unemployment insurance
3. Inflation rate of about 1.1%4. Capital Improvements Program
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Key DatesManager Presents FY 2014-15 Recommended Budget to Board
May 6
Board Holds 1st Work Session May 13
Public Hearing on Recommended Budget May 20
Board Holds 2nd Work Session (if needed) June 3
Board Adopts FY 2013-14 Budget June 17
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Questions