1. Town of Carrboro
Financial Status and Budget Development
FY 2014-15

2. Structure of Budget
• General Fund
• Special Revenue Fund
–
–
–
–
–
Grants Administration
Affordable Housing Fund
Revolving Loan Funds
Energy Efficiency Revolving Loan Fund
Business Loan Fund
• Capital Projects Funds
– Bond Fund
– Capital Reserve Fund
– Capital Projects

3. Town of Carrboro
General Fund Total Revenues and Expenses (millions)
FY 2008-09 through 2012-13
Total Revenues
Total Expenses
$18.8
$17.8
$17.8
$17.8
$18.8
$18.2
$17.9
$17.9
$17.6
$16.8
2008-09
2009-10
2010-11
2011-12
2012-13

4. Property and Local Sales Tax Revenues
% of All Revenues
70.0%
63.6%
62.9%
60.9%
62.5%
62.4%
60.0%
50.0%
40.0%
30.0%
17.7%
17.1%
18.2%
17.6%
17.4%
20.0%
10.0%
0.0%
2008-09
2009-10
2010-11
Ad Valorem Taxes
Local Sales Taxes
2011-12
2012-13

5. Town of Carrboro
% Change in General Fund Revenues Over Prior Year
FY 2009-10 through 2012-13
2009-10
2010-11
2011-12
2012-13
20.0%
17.0%
10.7%
8.8%
6.3%
3.6%
2.8%
1.5%
0.4%
Ad Valorem Taxes
2.4%
3.6%
1.6%
0.7%
Local Sales Taxes
-3.1%
Unrestricted
-0.6%
Intergovernmental
Restricted
Intergovernmental
Fees and Permits
All Other Revenues
-4.0%
-7.3%
-7.7%
-13.8%
-16.2%
-13.7%
2.5%
-6.5%
-14.6%

6. Town of Carrboro
Change in Total Revenues - General Fund
FY 2009-10 through 2012-13
4.7%
0.5%
0.2%
0.3%
2009-10
2010-11
2011-12
2012-13

7. Expenses FY 2008-09 through 2012-13
$12.0
$10.0
$8.0
2008-09
2009-10
$6.0
2010-11
2011-12
2012-13
$4.0
$2.0
$Personnel
Governance
Support
Transportation
Capital Outlay
Debt Service
All Other
Operations &
Maintenance

8. Town of Carrboro
General Fund
Unassigned and Total Fund Balance
(millions)
$15.5
$16.0
$13.7
$12.9
$12.8
$14.0
$11.1
$12.0
$10.0
$9.8
$10.0
$8.4
$8.6
$7.3
$8.0
$6.0
$4.0
$2.0
$2008-09
2009-10
2010-11
2011-12
2012-13

9. Current Year Budget
Fund
General Fund
Special Revenue Fund
Capital Fund
Total All Funds
Budget
$20,735,656
$518,188
$7,085,685
$28,339,529

10. General Fund Revenue Budget
FY 2013-14
Budget
% of Total
Property Tax
$11,979,989
57%
Local Sales Tax
$3,325,816
16%
All Other Revenue
$3,641,682
17%
Transfers/Installment Financing
$1,788,169
8%
Total Revenues
$20,735,656
100%

11. General Fund Expense Budget
FY 2013-14
Budget
% of Total
Personnel
$
11,496,486
55%
Governance Support
$
444,468
2%
Transportation
$
1,396,423
7%
Capital Outlay
$
937,495
5%
Debt Service
$
1,353,143
7%
All Other Operations &
Maintenance
$
5,107,641
25%
Total Expenses
$
20,735,656
100%

12. Debt Service
Century Center
FY 2011-2012 FY 2012-2013 FY 2013-2014
Actual
Budget
Budget
$ 3,080,000
$ 229,879
$ 229,879
$
-
MLK Jr. Park
$
274,000
$
24,673
$
24,673
$
-
Public Works Land
$
767,000
$
61,934
$
61,938
$
-
Adams Tract
$
600,000
$
53,120
$
53,120
$
-
Fire Station #2
$ 3,250,000
$
324,691
$
324,692
$315,873
Vehicle/Equipment LP
N/A
Sidewalks and
$ 4,600,000
Greenway Bonds
Total
$ 12,571,000
$
592,066
$
692,641
$677,603
$
45,146
28,738
$359,667
$ 1,415,681
$1,353,143
Project
Debt Issue
$ 1,331,509
$

13. Capital Projects
Prior Years
Actual
2013-14
Budget
Capital Projects
$5,727,440
$1,716,029
Sidewalks &
Greenways
$4,058,565
$3,860,844
Total
$9,786,005
$5,576,873

14. Goals for FY 2014-15 Town Budget
• Implement the Board’s Strategic
Priorities
• Control Costs while Improving Services
• Develop a Balanced Budget with No
Property Tax Rate Increase

15. Board’s Strategic Priorities
1.
2.
3.
4.
5.
Diversify revenue stream to maintain ethnic
and economic diversity
Protect historic neighborhoods and maintain
Carrboro’s unique identity
Improve walkability and public transportation
Encourage development that is compact,
dense, and appeals to diverse lifestyles and
incomes
Enhance and sustain quality of life/place
issues for everyone

16. Challenges
1. Revenue growth of 1 - 2%
2. Salary & Benefits Costs – Inflation, Health
insurance, Retirement contributions, and
Unemployment insurance
3. Inflation rate of about 1.1%
4. Capital Improvements Program

17. Key Dates
Manager Presents FY 2014-15
Recommended Budget to Board
Board Holds 1st Work Session
May 6
May 13
Public Hearing on Recommended Budget May 20
Board Holds 2nd Work Session (if needed) June 3
Board Adopts FY 2013-14 Budget
June 17

18. Questions