FY2018 Recommended Budget

BUDGET PROCESS

The Town of Morrisville’s budget process is designed to learn by assessing current conditions and desired needs; to set our focus toward delivering the right outcomes based on community demands and financial capacity; to assemble a budget that works within the framework of our focus; to present a balanced and responsible plan that evaluates how decisions today might impact future budgets; and to take action executing the budget with a high degree of proficiency.

Provide the highest level of service to residents without impairing the Town's sound financial condition.

Budget is balanced for each fund; total projected revenues and funding sources must equal total anticipated expenditures.

Organizational oversight is maintained by the Budget Officer and his/her designee to provide for reasonable compliance is realized in the execution of budget objectives.

Internal budgetary control is maintained at the departmental level and designed to provide reasonable assurance that these objectives are met.

ASSESSMENT PHASE

The initial phase begins in October and runs through January the following year. Reviews of current Town finances occurs annually beginning with our Comprehensive Annual Financial Reporting and Audit that helps to define our financial condition and is essential in understanding the challenges and opportunities that may influence future budgets. Performance measures are reported and Department’s begin gathering and analyzing key information for decision-making purposes. This level of both internal/external review of current Town finances & performance covers such specifics as accomplishment of core objectives, revenue performance and diversity and patterns of expenditures. Successes are identified, issues are diagnosed, adjustments made, and future priorities are foreshadowed. Council and staff may elect to conduct Pre Retreat Work Session(s) to gauge community priorities, issues, performance and exchange informational needs in preparation of the Annual Retreat. The Council conducts an annual planning retreat in winter to collaborate, discuss and focus in on the priorities within an early projected financial capacity. During this phase, consideration is given to make necessary modifications to forecasting assumptions and capital planning, accounting for influential factors such as service demands, economic conditions, trend indicators, performance indices, program changes, and compensation levels while not deviating from the direction of our Town Strategy. Such a multi-year evaluation philosophy allows for a greater understanding of how decisions in one budget year may impact future budgets. In March, staff re-assesses departmental Base Budget projections in relation to their service objectives and resource potential for the coming year as guided by the Town Strategy. Available financial capacity will determine the ability to fund any new initiative requests such as service expansions, onetime priorities, or previous unfunded expenditures above a Department’s Base Budget. Pre-Budget Meetings are held with Senior Management to gauge and refine budgetary needs within a strategic framework mitigating redundancies and weighing alternative solutions. FOCUS PHASE ASSEMBLY PHASE

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