FY23 FULL BUDGET REPORT ADOPTED

report in April. Use of ARPA funds has been incorporated into the proposed FY 2023 operating and capital budgets in alignment with Town Council’s expressed priorities.

The Town has illustrated budget development through a base budget framework to highlight recurring expenditures since FY 2015 to monitor and evaluate overall budget growth. Using this approach, available capacity for new initiatives and one-time funding requests is more readily evident. Additions to the base budget due to changes in programs, services and personnel are highlighted to demonstrate the effect on decisions that influence future budget development and available budget capacity. Once established, programs and services that add to the base budgets are future year commitments unless there is a corresponding program or service reduction. For FY 2023, growth in recurring expenses, especially in new personnel, has been limited to existing and essential needs only. Debt service payments increase significantly in FY 2023 related to the issuance of the first $16,500,000 in voter approved bonds in April 2022. A fund balance appropriation to balance the budget is incorporated in the FY 2023 budget. The fund balance appropriation was significantly larger in FY 2022 to achieve specific goals and is not a sustainable practice year-to-year. The proposed fund balance appropriation for FY 2023 is approximately 4% of expenditures and demonstrates the commitment to maintaining a larger fund balance that is integral to strong financial condition and credit ratings. In the affirmation of the T own’s three AAA ratings in April 2022, all three rating agencies noted the strength of the town’s reserves as a part of thei r assessment.

Connect Morrisville , the T own’s strategic plan, was updated in July 2021 and continues to be aligned to budget recommendations to demonstrate alignment of our work with the plan. As done since the strategic plan was adopted in 2018, each budget request is connected to a Connect Morrisville goal and objective to denote the connectivity of the budget to our overall work, goals, and outcomes.

Connect Morrisville

FY2022 RECAP

Many of the achievements and ongoing work conducted by Town staff have been mentioned earlier in the Budget Planning and Development Section. Our efforts to keep Town Council regularly updated on notable projects facilitates effective and efficient deliberation and decision-making and to keep things moving forward. Attention to project timelines and Town Council awareness/information related to the life cycle of prominent projects has been an area of emphasis for staff. This has become even more essential as the influences of a world pandemic on costs, supply chain constraints, vendor availability and overall economic conditions have impacted our work. Some additional highlights of our FY 2022 performance include:

✓ Morrisville-Carpenter Road Improvements. This project remains in budget scope and is projected to be complete in summer 2023.

✓ Smart Shuttle. The launch in October 2021 initiated public transportation service in Morrisville through an in-town circulating shuttle. The service has been well received by the public.

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