FY2020 Budget

$1,413,600 in new debt added for Fiscal Year 2020. The debt ratio is estimated at 10% for FY 2020 as a result.

Fund Balance

The recommended budget includes total fund balance appropriations of $945,000 (less than 3% of expenditures) to support operational non-recurring or one-time expenses. The unassigned fund balance is projected to be at $10 million, or 30.8% of general fund expenditures as of June 30, 2019. Allocations of $490,000, $350,000, and $200,000 are also included in the proposed Fiscal Year 2020 budget for the Roadway and Transportation, Fire Apparatus Fund, and CIP Capital reserve funds, respectively. Parkland Payment-In-Lieu (PPIL) reserves have grown currently by $1.4 million during Fiscal Year 2019. An appropriation of PPIL in the amount of $546,350 during Fiscal Year 2019 was for the purchase of property near Church Street Park. The estimated fiscal year-end balance for PPIL is $4.7 million Appropriation of $2,549,900 in PPIL as a part of the Fiscal Year 2020 supports advancement of several key parks and recreation projects identified in the Parks and Recreation Master Plan and/or the CIP. Staff estimates approximately $2.4 million in known contributions to PPIL during the next three years from approved projects in development. Fiscal Year 2020 is envisioned to be the first of several years that addresses the need to BUILD CAPACITY in both staff resources and investments in capital assets. Each of the expenditures included in the proposed operating budget are related to achievement of the strategic plan and lay groundwork for additional future investment. The requests are significant, but reasonable and realistic with existing revenues and reserves, including fund balance, that have been identified for this purpose. Growth in the base budget is necessary and essential to make headway in both current and future workload demands and expectations as the community grows. Fiscal Year 2020 will also be a year in which we strategically review and evaluate our current and future revenue sources. These important discussions will be better informed with the update of property tax revaluation that will occur in 2020 and the upcoming 2020 census so that we capture the resources necessary to support our Strategic Plan goals. Town Council is also considering future bond referendums for capital investments, which could provide additional capacity to develop the amenities desired by our community. I look forward to a challenging, exciting, and productive year ahead. I am proud to be a part of a strong and cohesive team of department heads and employees that are fully committed to the Town and its work. While I get the honor of crafting a budget message and proposal that charts the path forward into the next year, I am cognizant of the responsibility to meet the needs expressed by each department and the financial responsibility to our citizens, and to produce a balanced proposal of what we need and what we can afford. I believe that work shows in this budget. I thank each employee in Morrisville – each in some way touches my recommendations through their thoughts, participation and support of me and Town Council. FUTURE OUTLOOK ACKNOWLEDGEMENT

26