Newspapers / The Shore Line (Pine … / Aug. 1, 2014, edition 1 / Page 12
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Below is the town managers May 27, 2014, letter to the mayor and commissioners accompanying the proposed annual budget. The 2014-2015 budget was approved on June 12, *• with no change in the tax rate from last year. The approved budget is viewable on the town website at townofpks.com, or at town hall. Submitted herewith is the recommended budget for the Town of Pine Knoll Shores for the Fiscal Year beginning July 1, 2014, and ending June 30, 2015. The budget is balanced as required by the North Carolina General Statutes, particularly with respect to the Local Government Budget and Fiscal Control Act. A public hearing on the recommended budget is scheduled for Thursday, June 12, 2014, at 6:00 p.m. at Town Hall. Copies of the recommended budget will be available for public inspection and review at the Town Hall and Bogue Banks Public Library. Additionally, the public may review the recommended budget online at the Town’s website located at http://www.townofpks.com. The Board may adopt a budget ordinance for FY 2014-2015 any time following the public hearing, with the final date for adoption being no later than June 30th. The Town government continues to focus on the core objectives that are outlined in our vision statement. The proposed budget meets our goals of protecting our citizens, allowing for public involvement, and protecting the natural environment that exists in Pine Knoll Shores. In the coming fiscal year we will zero in on specific actions spelled out in our recently adopted Strategic Plan that will further our intent of following the vision that was developed in 2010. The Town’s tax base is at $1,021,009 as of the end of the current fiscal year. The proposed budget recommends that we maintain a tax rate of 15.6 cents per $100 of assessed property value, which would generate $1,592,775 in Ad Valorem revenue. An increase in the Solid Waste Fee from $160 to $175 is recommended to provide quality services in the areas of refuse, recycling and yard waste collection. The Oceanfront and Non-Oceanfront Municipal Service District tax • rates remain unchanged at 5.2 cents and 1.4 cents per $100 of assessed property value, respectively. Also, no changes to rates in the Water Enterprise Fund are recommended. FUND SUMMARIES The Pine Knoll Shores financial status is favorable. Our General Fund, Water Enterprise Fund, and Beach Funds continue to operate efficiently as a result of sound financial planning on the Board’s behalf and competent management on the part of the Town’s Finance Officer and Department Heads. A summary of each fund is outlined in the following pages. General Fund The FY 2014-2015 General Fund normal operations remain generally unchanged. Revenue Ad Valorem Taxes Other Total $1,610,000 1.640.000 $3,250,000 Reserves Entering FY 2014-2015, the total amount of reserves in the General Fund, estimated and unaudited, is $1.65 million. Water Enterprise Fund There will be no rate adjustments in FY 2014-2015. Revenue Customer fees $806,500 Other 468.500 Total $1,275,000 Expenses Operating Expenses $742,500 Contingency & Emerg. Mtnce. 27,000 Capital Expenses 505.500 Total $1,275,000 Reserves Entering FY 2014-2015, the total amount of reserves in the Water Enterprise Fund, estimated and unaudited, is $830,000. Beach Funds (Beach Expense Reserve Fund and Beach Capital Reserve Fund) Three years into our Beach Tax, the Oceanfront and Non-Oceanfront Municipal Service District tax rates remain unchanged at 5.2 cents and 1.4 cents per $100 of assessed property value, respectively. Beach Expense Reserve Fund (BERF): Revenue Expenses Sales & Use Tax $110,000 Beach Parking Fees 25,900 Other Revenues 100 Total $136,000 Beach Parking $ 14,250 Beach Maintenance - Labor 9,000 Beach Maintenance - Other 15,500 Debt 8f Lease Payments 53,250 Transfer to BCRF 44.000 Total $136,000 Beach Capital Reserve Fund (BCRF): Revenue Beach Tax Revenue Transfer from BERF Other Revenues Total $320,800 44,000 200 $365,000 Expenses Governing Body $ 126,000 Finance & Administration 434,000 PubUc Safety 1,291,000 Inspections 104,000 Public Services 988,000 Transfer to Police Separation 9,000 Debt Service 298.000 Total $3,250,000 Expenses Beach Plan Reserve Total $365.000 $365,000 Reserves Entering FY 2014-2015, the total amount of reserves in all the Beach Funds, estimated and unaudited, is $752,000. (continued on page 13) 12 The Shoreline I August 2014
The Shore Line (Pine Knoll Shores, N.C.)
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Aug. 1, 2014, edition 1
12
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