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Town Council Unanimously Passes FY 2017-18 Budget

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June 27, 2017
The Town Council on June 20 unanimously passed a $33.2 million operating budget for fiscal year 2017-18, which begins July 1. There is no tax increase. Town leaders identified four priorities for the budget: 
  • manage new and existing operational costs;
  • enhance the capital planning process and funding strategy;
  • provide comprehensive benefits to retain and attract high performing personnel;
  • and utilize technology and tools to improve service and workplace efficiency.
Public safety (i.e., police and fire protection) account for the largest portion of expenditures—over 37 percent of the budget. General government administrative costs are the second-largest
expenditure, accounting for 22 percent of the budget. Debt service (mostly related to the Garner Bond Program) is next—representing nearly 12 percent. The Town will spend $475,000
to continue its street resurfacing program. The budget also funds seven new positions—five full time and two supplemental (part time). The Town’s main source of revenue is property tax. It accounts for over 53 percent of the budget. Sales tax makes up another nearly 19 percent of revenues. Permits and fees and a variety of other revenue sources round out the revenues side of the picture. The town is entering its fourth year of the Revenue Savings Program, which dedicates a portion of revenue growth to meet annual debt service for multiyear capital projects. The plan is expected to have accumulated nearly $2 million in savings by the end of the 2017-18 fiscal year. That’s in addition to unassigned fund balance reserves that are currently an estimated $7.4 million above policy minimum