Town of Carrboro Financial Status and Budget Development

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  • 1. Town of Carrboro Financial Status and Budget Development FY 2014-15
  • 2. 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
  • 3. Town of Carrboro General Fund Total Revenues and Expenses (millions) FY 2008-09 through 2012-13 Total Revenues Total Expenses $18.8 $17.8 $17.8 $17.8 $18.8 $18.2 $17.9 $17.9 $17.6 $16.8 2008-09 2009-10 2010-11 2011-12 2012-13
  • 4. Property and Local Sales Tax Revenues % of All Revenues 70.0% 63.6% 62.9% 60.9% 62.5% 62.4% 60.0% 50.0% 40.0% 30.0% 17.7% 17.1% 18.2% 17.6% 17.4% 20.0% 10.0% 0.0% 2008-09 2009-10 2010-11 Ad Valorem Taxes Local Sales Taxes 2011-12 2012-13
  • 5. Town of Carrboro % Change in General Fund Revenues Over Prior Year FY 2009-10 through 2012-13 2009-10 2010-11 2011-12 2012-13 20.0% 17.0% 10.7% 8.8% 6.3% 3.6% 2.8% 1.5% 0.4% Ad Valorem Taxes 2.4% 3.6% 1.6% 0.7% Local Sales Taxes -3.1% Unrestricted -0.6% Intergovernmental Restricted Intergovernmental Fees and Permits All Other Revenues -4.0% -7.3% -7.7% -13.8% -16.2% -13.7% 2.5% -6.5% -14.6%
  • 6. Town of Carrboro Change in Total Revenues - General Fund FY 2009-10 through 2012-13 4.7% 0.5% 0.2% 0.3% 2009-10 2010-11 2011-12 2012-13
  • 7. Expenses FY 2008-09 through 2012-13 $12.0 $10.0 $8.0 2008-09 2009-10 $6.0 2010-11 2011-12 2012-13 $4.0 $2.0 $Personnel Governance Support Transportation Capital Outlay Debt Service All Other Operations & Maintenance
  • 8. Town of Carrboro General Fund Unassigned and Total Fund Balance (millions) $15.5 $16.0 $13.7 $12.9 $12.8 $14.0 $11.1 $12.0 $10.0 $9.8 $10.0 $8.4 $8.6 $7.3 $8.0 $6.0 $4.0 $2.0 $2008-09 2009-10 2010-11 2011-12 2012-13
  • 9. Current Year Budget Fund General Fund Special Revenue Fund Capital Fund Total All Funds Budget $20,735,656 $518,188 $7,085,685 $28,339,529
  • 10. General Fund Revenue Budget FY 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%
  • 11. General Fund Expense Budget FY 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%
  • 12. Debt Service Century Center FY 2011-2012 FY 2012-2013 FY 2013-2014 Actual Budget Budget $ 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 Sidewalks and $ 4,600,000 Greenway Bonds Total $ 12,571,000 $ 592,066 $ 692,641 $677,603 $ 45,146 28,738 $359,667 $ 1,415,681 $1,353,143 Project Debt Issue $ 1,331,509 $
  • 13. Capital Projects 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
  • 14. 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
  • 15. Board’s Strategic Priorities 1. 2. 3. 4. 5. Diversify revenue stream to maintain ethnic and economic diversity Protect historic neighborhoods and maintain Carrboro’s unique identity Improve walkability and public transportation Encourage development that is compact, dense, and appeals to diverse lifestyles and incomes Enhance and sustain quality of life/place issues for everyone
  • 16. 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
  • 17. Key Dates Manager Presents FY 2014-15 Recommended Budget to Board Board Holds 1st Work Session May 6 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
  • 18. Questions