FY2020 Budget

of reported compensation. Additional rates, such as rates associated with death benefits, will be added to the base rate to determine the actual contribution percentage. The cost of these increases is estimated to be $149,000 and has been included in personnel total compensation costs. The Town fulfilled its past service liability at the end of Fiscal Year 2019. The Board’s policy now anticipates further increases in the base rates effective July 1, 2020, and July 1, 2021, equal to 1.20% of reported compensation each year. Rates will be 10.15% and 11.35% for non-LEO employees and 10.90% and 12.10% for LEO employees, respectively in each of the next two fiscal years. These projected rate increases have been included in future year forecasts. The Town issued $10,000,000 of Street Improvement Bonds in 2017 for the McCrimmon Parkway Extension segment from Perimeter Park Drive and across the railroad corridor and NC54 towards Church Street. The project experienced weather and construction delays during Fiscal Year 2019 but has been reactivated and is moving towards estimated completion in winter 2019. NC Department of Transportation (NCDOT) is managing the segment of the project from Airport Boulevard to Evans Drive at Aviation Parkway and will also be completed in winter 2019. The remaining $4.3 million in authorized Street Improvement bonds supporting the McCrimmon Parkway Extension project were issued in October 2018 and debt service on this additional bond issuance is recognized in Fiscal Year 2020. The design and engineering work for the Morrisville-Carpenter Road improvement project, which will enhance East/West connectivity through the center of Town and establish safety access points along the corridor between NC54 and Davis Drive is complete and in the process of being certified by NCDOT. Upon approval, the project will immediately be bid, and construction is anticipated to begin this summer. The Town has received a $6.3 million matching grant from Capital Area Metropolitan Planning Organization (CAMPO) for this estimated $9 million project. Debt service for the $2.7 million Town cost for this project is included in the Fiscal Year 2020 proposed operating budget. The Town also issued $5,700,000 in previously authorized, but unissued bonds from the 2012 Park Improvement Bond Referendum and 1 million in installment financing for the MAFC renovation project. MAFC was closed in November 2018 and is slated for reopening mid-year in Fiscal Year 2020. Debt service for this bond issuance is recognized in Fiscal Year 2020. Capital Investment Program Expenditures The Green/Fairview stormwater improvements and sidewalk projects have been completed during this fiscal year. The Healthy Food Hub Phase 2 construction bid closed in late April and is planned for notice to proceed in May and projected to be complete by the end of the fiscal year. Northwest Park fitness stations are also scheduled for installation before June 30, 2019. The Town of Morrisville and Wake County continue their collaborative efforts toward maximizing the functional placement and programming for the Public Works facility and Wake County convenience center. Work on this project will continue during Fiscal Year 2020, with projected construction moved to the Fiscal Year 2022 planning year, ahead of the NCDOT planned expansion of Aviation Parkway. Debt service of $4 million for bonds issued in 2013 for Church Street Park is included in the Fiscal Year 2020 budget and will continue until 2034.

Several bid processes during Fiscal Year 2019 were unsuccessful due to the lack of responsive bidders and resulted in significantly higher than budgeted estimated cost for the Historic Church Parking Lot Expansion

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