FY23 FULL BUDGET REPORT ADOPTED

The Town of Morrisville maintains the following active fund types

Fund Type

Primary Resources

Fund Use

Budget Cycle

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Public Safety

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Property Taxes

Streets, Facilities & Solid Waste Parks, Recreation & Culture

General Fund accounts for all governmental services and summarizes financial transactions except those activities which are more appropriately recorded in another fund group. Annually adopted budget.

Sales Tax

Local Fees & Other State Distributed Sources

•

Annual

•

Economic & Development

•

Interfund Transfers

•

General Operations

Sub-Funds typically related to operations. Separate funds provide for improved tracking for such unique items. Capital Reserve Funds provides a means to set aside funds annually in a reserve to pay for future capital items. The budgeting and financial reporting consolidates this fund into the General Fund under GASB 54 annually. Municipal Service District Fund is special revenue fund. The NC General Assembly authorized the creation of a service district property tax levied against only those properties receiving a majority of signed petitions to be included within the district for specific improvements. Annually adopted budget. Stormwater Enterprise Fund is a proprietary fund to create a separate accounting and reporting for which fees are charged in exchange for a utility type service. Annually adopted budget. Retirement Health Care Fund is a fund to account for assets held by the Town in a trustee capacity for others & therefore cannot be used to support the Town’ s own programs. Annually adopted budget. Separation Allowance Fund is a fund used to account for assets held by the Town in a trustee capacity for others and therefore cannot be used to support the Town’s own programs. Annually adopted budget. Capital Project Funds are used for the purpose of tracking active Capital Improvement Projects. These funds operate on a multi-year budgetary basis. No appropriations typically within the annual operating budget. Project Ordinances control appropriations.

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Debt Obligations

•

General Fund Transfers

Annual

Healthcare Premiums

•

Fire Apparatus Replacements

•

General Fund Transfers

•

Capital Investment Projects

Annual

•

Dedicated Value of 1Cent on Tax Rate

•

Roadway & Transportation Improvements

NewPolice Chief Takes Office

•

Special District Property Tax of $0.10/$100 assessed property value

•

Convert & upgrade private residential streets to public standards

Annual

•

Stormwater systems & programs to improve water quality Compliance with state water resource management mandates

•

Stormwater ERU Fee

Annual

•

Stormwater Review Fees

•

•

Restricted Fees

•

Retiree supplemental medical coverage

•

3% of Gross Wages

Annual

•

Law Enforcement supplemental retirement

•

3% of Law Enforcement Gross Wages

Annual

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Property Taxes Fund Balance & Reserves Debt Proceeds

•

Large non-recurring capital projects

Multi-year

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Grants

Impact Fees

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