FY23ApprovedBudgetMooresville

School: Grand Canyon University - Course: SPD 560 - Subject: Accounting

BUDGET MESSAGE FY 2022-2023 OPERATING BUDGET May 16, 2022 The Honorable Miles Atkins, Mayor and Board of Commissioners Town of Mooresville 413 N. Main Street Mooresville, NC 28115 Dear Mayor and Board of Commissioners, INTRODUCTION - FY 2023 In accordance with the North Carolina Local Government Budget and Fiscal Control Act, I am pleased to present the Recommended Operating Budget for fiscal year (FY) 2022-2023. Upon your selection of a public hearing date, a notice of submission of this budget to the Board of Commissioners will be published, in accordance with G.S. § 159-12. A copy of Mooresville's Recommended Budget has been placed on-file with the Town Clerk and posted on the Town website for public inspection. I want to thank the Mayor and Commissioners for providing staff with clear direction and guidance during this year's budget process. A municipal budget serves as a reflection of the community's priorities and values. The Town budget continues to significantly invest in the identified capital needs and core services provided by Town staff and expected by our citizens. This budget represents the culmination of many hours of analysis, deliberation, and preparation by Town department heads and administrative staff, as well as many hours of review by this Board in Budget Workshops. Thank you in advance for the additional time that you will spend reviewing and evaluating this recommended budget. FUND SUMMARY This budget proposal uses $10 million in ARP A (American Rescue Plan Act) funding towards public safety salaries and benefits. Public safety was strained by Covid-19, and this use is in keeping with the spirit and the law of the Act. Furthermore, the replacement of revenue formerly reserved for salaries and benefits made it possible to fund public safety vehicles, park expansions, pickle ball courts, to upgrade the security of the Town's computer system, and other community- facing initiatives. FY 2023 represents the fifteenth consecutive year of a recommended tax rate at fifty-eight cents per $100 of assessed valuation. The many amenities of the Town continue to consistently attract residents and businesses, providing significant growth in assessed value and allowing additional improvements and services without an increase in the rate.

INTRODUCTION - FY 2023 The recommended General Fund budget for FY 2023 totals $79,024,937 for Town personnel, professional services, and operations. The demands of our growing community dictate that we have appropriate staffing levels to deliver the customer service our residents deserve and expect. As such, there are twenty-two new full-time positions funded in FY 2023. The recommended General Capital Investment Fund budget for FY 2023 totals $17,029,825. This fund provides financing for capital outlay, street resurfacing, and annual debt payments. The recommended Utility Fund budget for FY 2023 totals $29,762,443. The utility budget continues the path established several years ago to have sufficient revenue to maintain and repair the existing system and establish a reserve to pay for capital projects without the need for additional borrowing.