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Posted on: July 10, 2018

Adopted Budget Information

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On June 5, 2018, Town Manager Adam Mitchell made a final presentation of the proposed 2018-19 Budget to the Town Board. The budget was unanimously adopted after a public hearing. Adoption of the budget follows several public meetings, workshops and presentations where citizens have had the opportunity to review and make comments on the proposed budget.

The budget reflects the priorities set by the Town Board at the 2018 Town Board Retreat held in early March and provides the necessary resources to accommodate our rapidly growing town by supporting numerous projects, initiatives and goals based on the core principles of service quality, affordability, quality of life, economic development and maintaining the Town’s financial strength.

The adopted budget begins July 1, 2018 and runs through June 30, 2019. Budget highlights include:

The operating budget for the General Fund is $32 million and represents a 15.3% growth compared to the prior year. The change is partially tied to growth in the tax base as well as funding of significant capital projects.  

The tax rate will remain at $0.4325 per $100 of assessed property value.

The Town maintains a healthy unassigned fund balance in the General Fund of approximately $13.9 million, which represents nearly 43.5% of the Town’s annual operating expenses. A healthy fund balance allows the Town to deal with emergencies or unusual circumstances that may arise, while also signaling to the bond market that the Town can fulfill its debt obligations, which in turn helps with favorable financing of capital projects. The Town of Fuquay-Varina has a triple A bond rating, making it one of only seventeen communities in North Carolina with the highest bond rating possible.

The budget includes the addition of 17 new full-time positions directly related to growth. The addition of personnel is essential to maintain a level of service the community has become accustomed to and allows for staff effectiveness. The total number of positions increases from 230.5 to 247.5. Town employees will receive a 3% salary market adjustment.  The Town is expected to experience an increase of 7.4% in health insurance premiums.

The budget provides $3.7 million for capital projects including construction of NW Judd Parkway, the Downtown Mixed-Use Project, and a town park at South Lakes Elementary School; Expansion of the Town’s fiber network; Installation of lighting at Jeff Wells Trail and Old Honeycutt Park; and miscellaneous park projects.

Debt service for the General Fund is $1,278,013 and $4,400,578 for the Enterprise Fund.  Debt service supports capital investments in public facilities.

The FY 19 budget includes numerous capital projects that accelerate construction of water and sewer infrastructure. The Town’s Water and Sewer Enterprise budget is recommended at $14,723,264.

Fees for the water base rate will increase by $0.20 per month and the water volumetric rate will increase by $0.10 per thousand gallons. The sewer base rate will increase by $0.54 per month and the sewer volumetric rate will increase by $0.23 per thousand gallons. The average residential customer using 5,000 gallons of water per month will see an increase of $2.39 per month to their water and sewer utility bill.

Following the unanimous approval of the budget, Mayor Byrne remarked: “The Board has spent significant time both at the Town Board Retreat and two budget workshops establishing priorities and maintaining the Town’s strong financial position. I appreciate the hard work of our Town Board and the many hours spent by Town Management, Finance, and staff developing this budget, which succeeds in maintaining high quality services, advancing many priorities, and making important capital investments while keeping the tax rate flat.”

Review Adopted Budget and new Fee Schedule.

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