FY23 FULL BUDGET REPORT ADOPTED

Primary Resources: Potential funding sources will include but are not limited to debt methods that may include installment purchase, General Obligation Bonds, and Revenue Bonds; non-debt methods or pay- as-go options that may include the use of the General Fund, Unassigned Fund Balance, Capital Reserve Funds (if established), or Special Assessment/District Tax; and other methods that may include grants, State funding, or developer funding. Funding source(s) will be identified for each project. Frequency of CIP Update : The CIP will receive aMajor Update of the CIP Policy, Projects, and Prioritization on a 4-year cycle, a Mini-Update every 2-years to adjust for necessary project modifications, and a simple cursory review by staff annually for urgent circumstances. Conflict of Interest Policy The purpose of the Town’s Conflict of Interest Policy is to ensure that when actual or potential conflicts of interest arise, the Town has a process in place under which the affected individual will advise the governing body about all relevant facts concerning the situation. The policies of the Town prohibit any employee, Council member, officer, or agent from participating in the selection, award, or administration of a contract if he or she has a real or perceived conflict of interest. Such conflict includes, but is not limited to, the employee, officer, or agent, anymember of their immediate family, spouse, or organization they may otherwise work for has any interest, financially or personal, in the party being considered for the contract. Financial interest shall not be considered substantial and therefore a conflict if it is below one thousand dollars ($1,000). The Town shall disclose any potential conflicts of interest to the U.S. Department of Treasury or any applicable Federal agency pursuant to their Conflict of Interest policy. No employee, officer, or agent may solicit or receive any gratuities, favors, or any monetary value from contractors or subcontractors. Any violation of this policy may result in termination as determined by the Town. Furthermore, N.C. General Statute 14-234 makes it a misdemeanor for a public official to benefit from contracts with the unit he or she works for or represents. Debt Management Policy The purpose of the Town’s Debt Management Policy is to describe and provid e a framework for the issuance of debt by the Town of Morrisville. The Town of Morrisville recognizes the foundation of any well-managed debt program is a comprehensive debt policy. A debt policy sets forth the parameters for issuing debt and managing outstanding debt and provides guidance to decision makers regarding the timing and purposes for which debt may be issued, types and amounts of permissible debt, method of sale that may be used and structural features that may be incorporated. The debt policy should recognize a binding commitment to full and timely repayment of all debt as an intrinsic requirement for entry into the capital markets. Adherence to a debt policy helps to ensure that a government maintains a sound debt position and that credit quality is protected. Advantages of a debt policy are as follows:

a) Enhances the quality of decisions by imposing order and discipline b) Promotes consistency and continuity in decision making

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