FY2021 Budget

sustainable or subsidized by the town’s general fund. Currently, the town has no effective mechanism to bill or collect for these fees monthly, which must be in place before further implementation of these user fee models can proceed. Implementation discussions for such fees are recommended prior to preparation of the FY 2022 budget.

User fees have been updated for FY 2021 where warranted relating to the cost and time required to provide those services.

As always, collaborative relationships developed with our residents, key business and non-profit partners will be essential to productive conversations and decision-making for future budget discussions. The FY 2021 proposed budget demonstrates commitment to strategic priorities but is grounded in cautious revenue forecasts. In addition, delayed implementation strategies for some staffing positions and purchases/projects to mid-year (January 2021) will aid, if necessary, fiscally responsible budget oversight. This strategy will provide for mechanisms to manage and control spending within economic conditions while allowing for the review of FY 2020 financial condition at audit conclusion. Town financial policies and related performance indicators and ratios will be used as guideposts to 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 rise above challenging influences, we can maintain fiscal responsibility and not fall behind on the foundational work we have done to prepare for the future by STAYING FOCUSED and remain on course to provide for our community.

BUDGET OVERVIEW

The total operating budget for FY 2021 is $38,180,000 5 for the following annually adopted funds:

General Fund

$ 37,350,000

Stormwater Fund

$ 830,000

The General Fund includes three capital reserve funds: Fire Apparatus, CIP, and Roadway and Transportation Funds. The proposed FY 2021 General Fund Budget excluding transfers ($33,471,300) reflects an approximate 2% overall reduction as compared to the original FY 2020 budget of $$34,170,000. Growth in the operating budget for FY 2021 over FY 2020 is approximately 5.7% and substantially provides core service levels that have been identified in Town Council’s policy development and strategic plan goals. Higher base budget growth is expected to continue in future years.

5 The combined general fund and stormwater fund budgets at adoption resulted to $37,930,850 (general fund = $37,100,850 and stormwater fund = $830,000) following Town Council directed adjustments.

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