FY2020 Budget

project. Following consultation with Town Council, a new bid process will be scheduled in May 2019 with alternates that can be reviewed. The goal is to award this project before the end of the Fiscal Year.

Fiscal Year 2020 proposes new capital expenditures of $5,000,000 supported through appropriation from existing reserves previously set aside for capital projects. Recommended projects for Fiscal Year 2020 include: 1

Park West/Morrisville Parkway Area Fire Station

Morrisville Community Park Phase III

Indian Creek Greenway Connector - Town Hall Terraces

Crabtree Creek Nature Park

Northwest Fire Station

$2,500,000 CIP Reserve

$1,225,000 PPIL Reserve

$700,000 PPIL Reserve

$300,000 CIP Reserve

$275,000 PPIL Reserve

Site Identification

Design and Engineering

Design and Engineering

Due Diligence

Construction

Land Purchase

Design and/or Renovation

Other than the Indian Creek Greenway Project, all of these projects would require additional future year funding for construction. Each of these projects is considered a viable future bond referendum project. If any of these projects is included in a bond referendum for consideration and approval by Town of Morrisville voters, use of these reserves could be reimbursed from bond proceeds via resolution of Town Council. Town Council continues to discuss and deliberate on the future of our Town Center. The outcomes of those important work sessions will be incorporated into future budgets as we move forward on this important investment in our Town Center Core and complements the completed Carolina Street Extension roundabout and the Morrisville Community Library, which will open in the second half of Fiscal Year 2020.

Debt

The Town’s debt policy outlines the goal of keeping tax-supported debt service to a maximum of 15% of governmental expenditures. The Town’s current annual debt obligation of $3,492,000 in Fiscal Year 2020 is 9.9% of the proposed budget as compared to 5.7% of the original budget for Fiscal Year 2019. There is

1 Town Council’s adoption of the budget/CIP reduced the design appropriation for Crabtree Creek Nature Park; added Fire Station #2 Relocation project; appropriated reserves in FY 2020 for NC 54 Corridor Congestion Mitigation projects that is inclusive of Airport Boulevard Extension; and Future Priorities to demonstrate the importance for future capital planning interest.

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