Summary
To: Mayor Gary H. Katica, Commissioners
From: Micah Badana
Date: 8/29/2016
______________________________________________________________________
Subject:
Title
First Budget Hearing- Approval of Tentative Fiscal Year 2016-2017 Town Budget
Summary:
This is the first of two public hearings for the approval of the Fiscal Year 2016-17 Town Budget. Staff is presenting the FY 2016-17 Budget.
End
Body
Previous Commission Action: The Town Commission approved the maximum millage preliminary rate and reviewed the budget in August.
Background/Problem Discussion:
GENERAL FUND
Revenues
Ad Valorem revenues have increased 5.7% for the upcoming year, this equates to an increase of $171,000. Electric Franchise is trending an increase and is estimated an additional $26,900. Communication Services Tax as estimated by the state is decreasing by $13,000 compared to prior year's budget. State Revenue Sharing is estimated at 4% increase, which is a $3,950 impact. State Sales Tax revenue increased by 3% and provides an additional $7,750.
As part of the Biltmore related revenues, Building Permits has increased by $18,000. This revenue will be higher again next year and then the revenues should begin to shift from permit based to ad valorem. This additional revenue will assist in offsetting the transfer from 305 (Capital Fund) revenue, as staff has planned to eventually reduce the transfer to $0.
Recreation Program revenue increased by $19,750 due to increases in participation to several programs.
Miscellaneous revenue collection has reduced in the past few years and the budget has been adjusted accordingly.
The golf course revenues are still shown based on the Town owning the course and may change during the year.
Expenditures
Overall expenditure impacts across all funds is a health increase of 4.1% and a merit based salary adjustment with a maximum of 3% increase for all employees.
Administration Department- The majority of the increase is related to the transf...
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