FY2018 Recommended Budget

THE TOWN OF MORRISVILLE MAINTAINS THE FOLLOWING ACTIVE FUND TYPES

Fund Type

Primary Resources

Fund Use

Budget Cycle

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Public Safety

General Fund accounts for all governmental services and summarizes financial transactions except those activities which are more appropriately recorded in another fund group. Annually adopted budget.

Annual

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Property Taxes

Streets, Facilities & Solid Waste Parks, Recreation & Culture

Sales Tax

Local Fees & Other State Distributed Sources





Economic & Development



Interfund Transfers

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General Operations Debt Obligation Fire Apparatus Replacements Capital Investment Projects

Capital Reserve Funds provides a means to set aside funds annually in a reserve to pay for future capital items. The budgeting and financial reporting consolidates this fund into the General Fund under GASB 54 annually. Municipal Service District Fund is special revenue fund. The NC General Assembly authorized the creation of a service district property tax levied against only those properties receiving a majority of signed petitions to be included within the district for specific improvements. Annually adopted budget. Stormwater Enterprise Fund is a proprietary fund to create a separate accounting and reporting for which fees are charged in exchange for a utility type service. Annually adopted budget. Retirement Health Care Fund is a fiduciary fund to account for assets held by the Town in a trustee capacity for others & therefore cannot be used to support the Town’s own programs. Annually adopted budget. Separation Allowance Fund is a fiduciary fund used to account for assets held by the Town in a trustee capacity for others and therefore cannot be used to support the Town’s own programs. Annually adopted budget. Capital Project Funds are used for the purpose of tracking active Capital Improvement Projects. These funds operate on a multi-year budgetary basis. No appropriations typically within the annual operating budget. Project Ordinances control appropriations.

Annual



General Fund Transfers *Dedicated Value of 1Cent on Tax Rate





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*Roadway & Transportation Improvements



Convert & upgrade private residential streets to public standards

Annual



Special District Property Tax of $0.10/$100 assessed property value



Stormwater systems & programs to improve water quality Compliance with state water resource management mandates

Annual



Stormwater ERU Fee



Stormwater Review Fees





Restricted Fees

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Retiree supplemental medical coverage

Annual



3% of Gross Wages



Law Enforcement supplemental retirement

Annual



3% of Law Enforcement Gross Wages



Large non-recurring capital projects

Multi-year

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Property Taxes Fund Balance & Reserves Debt Proceeds

  

Grants

Impact Fees

68