FY2018 Recommended Budget

retain a responsible and reasonable tax rate. This approach has continued in preparation of the Fiscal Year 2018 proposed budget. There is no proposed property tax rate increase for Fiscal Year 2018.

The Town has established a healthy fund balance and has been able to capitalize on opportunities that advance progress on projects and support cash flow needs for grant funded ventures. Those needs continue in Fiscal Year 2018. The proposed budget incorporates several key fund balance appropriations for major projects, and uses funds available over the Town’s 45% of general fund expenditures policy effectively. Additionally, the proposed budget includes a recommendation for short-term financing of funds needed for the Town’s share of the Morrisville-Carpenter Road improvement project. This strategy maintains the higher level of fund balance necessary to provide cash flow coverage for this project. The Town will also issue the remaining $4.3 million in transportation bonds for Phase II of the McCrimmon Parkway Extension. Fiscal Year 2018 is foreseen to be a year of accomplishment: completing projects that are underway and making significant progress on other projects that have been envisioned for many years. As we achieve these goals, we enhance our ability to make connections in our community, literally and figuratively, and create capacity for the next stage of growth. Morrisville truly is the best place to live in North Carolina. Budget planning and development is a year-round focus for Town Council and staff. Careful attention to revenue forecasting, management of expenditures, and purposeful attention to key projects and initiatives, has allowed for significant progress in many areas of operation. This emphasis will continue with the execution of the Fiscal Year 2018 operating budget requests. Each step of the budget cycle is based on the guidance and understanding of Town Council, attention to community priorities, and an emphasis on historical context, trend analysis, benchmarking, forecasting, and continuous process improvement. During Fiscal Year 2017, a Project Tracking Template was developed and implemented to provide a comprehensive overview and framework for major and multi-year projects and was used for work items in the Fiscal Year 2017 operating budget. The template includes a project scope and timeline for accountability that are used to monitor and report on progress and status, as well as to aid in future forecasting and fund balance capacity evaluation. The process is specifically designed to facilitate Capital Investment Planning (CIP) financial discussions and support long-range strategic planning efforts, both for projects underway and those for which temporary cash flow needs require resources. Updates are provided to Town Council on these work items bimonthly, with more in-depth discussion and updates with Town Council during regular and special meetings, particularly at important milestones and when critical decisions need to occur. The project tracking data is also compiled into a summary that illustrates a “quick-view” of project cost and funding status, project status, and estimated completion date. Project timelines are further illustrated on a related Gantt chart for better visual awareness of the multiple and varied timelines for projects. We will provide updates for Council review during the year. While fund balance can only be truly measured at the close of a fiscal year, the Project Tracking Report is a useful tool for effectively planning, managing and coordinating multiple objectives in an efficient and fiscally responsible manner. The Project Tracking Templates were used as the basis for Fiscal Year 2018 operating budget requests. BUDGET PLANNING AND DEVELOPMENT

A Fiscal Year 2017 budget update, including a mid-year snapshot, a review of the base budget, and a look ahead at Fiscal Year 2018, were shared with Town Council during the retreat in January 2017. Council

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