FY2020 Budget

service that will inform future discussion of the stormwater enterprise fund. Collaborative relationships developed with our residents and key business and non-profit partners will be essential to productive conversations and decision-making for future budget discussions. The general fund does not include a subsidy to the stormwater fund this fiscal year while the study proceeds. The Fiscal Year 2020 proposed budget demonstrates commitment to strategic priorities and creative vision for meeting the needs and expectations of our community stakeholders. Town financial policies and related performance indicators and ratios are guideposts that ensure efficient and effective use of resources, while maintaining the highest standards of financial stability and credit risk as evidenced by our AAA credit rating. As we continue to BUILD CAPACITY , we remain committed to our current and future financial strength.

BUDGET OVERVIEW

The total proposed operating budget for Fiscal Year 2020 is $35,958,300 for the following annually adopted funds:

General Fund

$ 35,320,000

Stormwater Fund

$ 638,300

The General Fund includes three capital reserve funds: Fire Apparatus, CIP, and Roadway and Transportation Funds. The proposed Fiscal Year 2020 General Fund Budget ($34,170,000 excluding transfers) reflects an approximate 11.5% increase as compared to the original Fiscal Year 2019 budget of $37,212,000 ($30,649,200, excluding transfers). Growth in the operating budget for Fiscal Year 2020 over Fiscal Year 2019 is substantially related to a need to provide staff resources to support the growth in workload to maintain quality and customer service levels desired and expected for a progressive and responsive townMorrisville is recognized to be. Higher base budget growth is expected to continue in future years. The recommended budget has been balanced with no change in the $0.39 tax rate originally adopted in Fiscal Year 2017. Of the $0.39 tax rate, the equivalent of one cent ($0.01) on the tax rate, or $490,000, is allocated to the Roadway and Transportation Capital Reserve Fund for use on projects as identified by Town Council. Including proposed appropriations in the FY 2020 proposed budget, $1,865,000 (excluding interest) has been accumulated in this reserve since 2017. The FY 2020 proposed budget requests an appropriation of $350,000 from the Roadway and Transportation Capital Reserve for traffic preemption equipment for public safety vehicles to assist in safe and efficient navigation through intersections by police and fire vehicles that is part of the comprehensive strategy to address congestion and mobility issues.

The following allocations are also included in the FY 2020 proposed operating budget:

• Capital Investment Program (CIP) Reserve: Fourth year allocation of $200,000 toward CIP projects. As a part of the Fiscal Year 2019 budget, $3,670,000 of excess Fund Balance was also transferred to the CIP Reserve. The balance in the CIP reserve (including proposed appropriations in the FY 2020 budget and excluding interest) is $4,470,000. The FY 2020 proposed budget includes an appropriation of $3,550,000 to activate two fire station projects and the Town Center regional stormwater project. Of this amount, Town Council could consider executing a reimbursement resolution for approved bond referendum projects.

• Proactive Road Maintenance: Allocated since FY 2016 to complement Powell Bill resources for proactive remediation of roads in poor condition to avoid expensive road deterioration before

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