Budget

Cooleemee Town Budget

2019-2020 Budget Information


Town of Cooleemee
Budget Message
Fiscal Year 2019-2020

Honorable Mayor and Commissioners,

 I am pleased to submit to you the Town of Cooleemee, North Carolina proposed budget for FY 2019/2020. The budget was prepared in accordance with North Carolina General Statute 159.7, the North Carolina Local Government Budget and Fiscal Control Act. All funds within the budget are balanced, and all revenues and expenditures are identified for FY 2019/2020.

This budget document presents the revenues and expenditures by source and function. The budget is designed to function as a work plan in guiding Town operations in an attempt to accomplish the goals and objectives established by the Board of Commissioners.

Tax Rate

The tax rate will remain at .42cents per $100.dollars of evaluation.

Process

The annual budget plan is one of the most important documents in local government as the Town strives to provide adequate levels of requested services and demonstrate accountability to the taxpayers.  The process is informally a year-round effort in which Town elected officials and staff routinely monitors incoming revenues and outgoing expenditures to ensure fiscal prudence.  The formal budget process began in January 2019. 

This year, the Board based its estimated revenues on those from the previous three years. This is because even the most “conservative” revenue figures given to us from various sources were higher than our actual income.

This budget reflects the top objectives identified by the Town Board of Commissioners:

  • To continue to support the Cooleemee Police Department as our largest expenditure so as to foster the peace and security of our citizens.
  • To continue code enforcement work that enhances the appearance of the Town so as to stabilize property values, promote home ownership, and grow Cooleemee’s population.
  • To continue to expand recreation opportunities, especially for youth.
  • And, to continue delivering other essential services such as garbage collection and street lights

Recommendation

 The recommended Town of Cooleemee Fiscal Year 2019-2020 budget for the General Fund and Powell Bill Fund is $ 488,853.00

Economic Outlook

The national and state economies continue to be depressed but not as severe as past years.   Property Personal and Real Property taxes remained closely the same. Sales tax will be reduced by approximately $18,523.00 due to Davie County’s decision to change how allocations are distributed to the Towns.  The decision was made by the County to distribute sales tax on an Ad Valorem calculation instead of a per capita method.  The County held the Town hold harmless for the first year on distribution for 2016/2017.  Then 10% will be withheld this budget year 2017/2018,  and a reduction of 30% this year. Then 10% more each year to follow,  until the complete 100% will be deducted.  In ten years the approximate amount reduced will be $150,000.00  A steady and similar Revenue in ABC contributions by approximately $15,000.00 are expected.

Summary

The diligent work of the Town of Cooleemee Board of Commissioners and staff have resulted in a FY2019/2020 proposed budget document that represents the commitment of the Town to provide the citizens of Cooleemee with the services necessary to maintain a safe, friendly and community-oriented atmosphere in times of economic struggle.  The Town will continue to move forward addressing the needs and desires of citizens in the most efficient and effective manner possible even with a decrease in revenues by approximately $26,005.00.  I am optimistic about the coming year and look forward to the benefits that our citizens will realize through the improvements the Town will make in service delivery in FY 2019/2020.

Respectfully Submitted,

Steven Corriher – Finance Officer

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Cooleemee, NC