FY23 FULL BUDGET REPORT ADOPTED

The proposed budget document has been streamlined to highlight essential areas of attention for budget presentation and analysis. The adopted budget document will include expanded content such as related information and supporting materials including:

Town Organizational Chart

Budget Process Narrative Basis of Budget Narrative

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Elected and Appointed Officials Listing

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Budget Snapshot

Policy Narrative

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Department Budget Schedules

Long-Range Forecast

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CIP Project Concepts

Glossary

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Note: The Budget Snapshot and Long-Range Forecast will be included and discussed as part of the budget presentation.

BUDGET OVERVIEW

The proposed tax rate for FY 2023 increases 3-cents from $0.36 to $0.39 per $100 of property valuation. The three-cent increase is dedicated to bond projects approved by voters in November 2021 for public safety, parks and recreation, and streets, sidewalks and connectivity projects. There is no additional operational budget capacity attained with this tax-rate increase. The proposed stormwater Equivalent Residential Unit (ERU) fee increases $25 to $50 1 per ERU to support the stormwater operations and capital infrastructure studies that were completed in FY 2022. An appropriation of $1,841,400 of the Town’s fun d balance is proposed to support essential one-time General Fund expenditures. The remaining $2,551,500 of the first tranche of ARPA funds support budget requests for key projects and initiatives prioritized by Town Council and align with community input. Additional discussion of the fund balance and ARPA is included in those sections of the budget message. The current Capital Investment Program (CIP) has been recalibrated to reflect Town Council priorities, policy direction, and updated project cost estimates established during FY 2022 and in alignment with the long-range debt service financial funding model. The anticipated capital budget items proposed in the FY 2023 budget include complete replacement of public safety radios, a future dog park, Shiloh Park basketball court renovations, International Drive Extension, sidewalk project design, and preparing for the first phase of intersection improvements. A major update of the CIP is scheduled in the fall of FY 2023 and will incorporate policy updates, assessment of resource tools, and project concept prioritizations in anticipation of planning for future bond referendums The total proposed operating budget for FY 2023 is $46,208,000 for the following annually adopted funds:

General Fund

$ 45,000,000 $ 1,208,000

Stormwater Fund

The proposed FY 2023 General Fund Budget less transfers equate to $34,982,550 and reflects an approximate 5% overall increase as compared to the original FY 2022 budget less transfers of $33,287,350. Growth in expenditures can be observed primarily in debt service and allocation to reserves

1 Town Council adjusted and adopted a $40 per ERU fee to support the stormwater program. Total appropriation remained $1,208,000.

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