Town of Carrboro Financial Status and Budget Development

Town of Carrboro

Financial Status and Budget Development FY 2014-15

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

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

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

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

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

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

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)

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

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%

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%

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

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

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

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

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

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

Questions