| BE IT ORDAINED BY THE TOWN COUNCIL OF BISCOE, NORTH CAROLINA: | |||||||||
| The following anticipated fund revenues, departmental expenditures, and interfund transfers are approved and appropriated for the Town of Biscoe's operations for the Fiscal Year beginning July 1, 2005, and ending June 30, 2006. | |||||||||
| SECTION I -- General Fund | |||||||||
| Revenues: | |||||||||
| Property Taxes | $483,000 | ||||||||
| Motor Vehicle Taxes | 45,000 | ||||||||
| Utility Franchise Tax | 150,000 | ||||||||
| Sales Taxes | 250,000 | ||||||||
| Other Revenues | 66,000 | ||||||||
| Sale of Land | 10,000 | ||||||||
| Grant Revenue | 15,000 | ||||||||
| Appropriated Capital Reserve | 25,000 | ||||||||
| Appropriated Fund Balance | 98,455 | ||||||||
| TOTAL ESTIMATED GENERAL FUND REVENUES | $1,142,455 | ||||||||
| Expenditures: | |||||||||
| Governing Body | $9,100 | ||||||||
| Administration | 242,115 | ||||||||
| Legal | 19,000 | ||||||||
| Buildings/Grounds | 50,000 | ||||||||
| Police Department | 463,550 | ||||||||
| Fire Department | 65,650 | ||||||||
| Streets | 232,000.00 | ||||||||
| Parks & Recreation | 61,040 | ||||||||
| TOTAL ESTIMATED GENERAL FUND EXPENDITURES | $1,142,455 | ||||||||
| SECTION 2 -- Capital Reserve Fund | |||||||||
| Revenues: | |||||||||
| Investment Earnings | $15,000 | ||||||||
| Appropriated Fund Balance | $40,000 | ||||||||
| TOTAL ESTIMATED CAPITAL RESERVE FUND REVENUES | $55,000 | ||||||||
| Expenditures | |||||||||
| Sewer Projects | $5,000 | ||||||||
| Building & Equipment | $5,000 | ||||||||
| Industrial Projects | $5,000 | ||||||||
| Recreation Projects | $15,000 | ||||||||
| Transfer to General Fund | $25,000 | ||||||||
| TOTAL ESTIMATED CAPITAL RESERVE FUND EXPENDITURES | $55,000 | ||||||||
| SECTION 3 -- Leo Fund | |||||||||
| Revenues | |||||||||
| Municipal Contribution | $4,891 | ||||||||
| Investment Earnings | $1,500 | ||||||||
| TOTAL ESTIMATED LEO FUND REVENUES | $6,391 | ||||||||
| Expenditures | |||||||||
| Leo Benefits | $5,391 | ||||||||
| SS Tax | $1,000 | ||||||||
| TOTAL ESTIMATED LEO FUND EXPENDITURES | $6,391 | ||||||||
| SECTION 4 -- Powell Bill Fund | |||||||||
| Revenues: | |||||||||
| State Allocation | $54,000 | ||||||||
| Investment Earnings | 150 | ||||||||
| Appropriated Fund Balance | 45,245 | ||||||||
| TOTAL ESTIMATED POWELL BILL FUND REVENUES | $99,395 | ||||||||
| Expenditures: | |||||||||
| Engineering Expenses | $1,000 | ||||||||
| Salary | 5,000 | ||||||||
| SS Tax | 320 | ||||||||
| Vehicle Supplies | 500 | ||||||||
| Departmental Supplies | 1,500 | ||||||||
| Maintenance/Repair Equipment | 500 | ||||||||
| Miscellaneous | 500 | ||||||||
| Resurfacing/Paving | 50,000 | ||||||||
| Medicare Tax | 75 | ||||||||
| Sidewalks | 15,000 | ||||||||
| Contingency | 10,000 | ||||||||
| Grading/Patching | 15,000 | ||||||||
| TOTAL ESTIMATED POWELL BILL FUND EXPENDITURES | $99,395 | ||||||||
| SECTION 5 -- Enterprise Water/Sewer Fund | |||||||||
| Revenues: | |||||||||
| Charges to Customers | $560,000 | ||||||||
| Other Revenue | 631,100 | ||||||||
| Appropriated Fund Balance | 155,600 | ||||||||
| TOTAL ESTIMATED UTILITIES FUND REVENUES | $1,346,700 | ||||||||
| Expenditures: | |||||||||
| Utilities Administration | $79,900 | ||||||||
| Professional Services | 95,000 | ||||||||
| Depreciation | 100,000 | ||||||||
| Water Purchases | 210,000 | ||||||||
| Water & Sewer Fleet Maintenance | 45,000.00 | ||||||||
| Capital Outlay | 20,000.00 | ||||||||
| System Improvements | 650,000 | ||||||||
| Other Expenses | 146,800 | ||||||||
| TOTAL ESTIMATED UTILITIES FUND EXPENDITURES | $1,346,700 | ||||||||
| TOTAL FY 2005-2006 BUDGET | 2,649,941 | ||||||||
| SECTION 6 - Ad Valorem Taxes | |||||||||
| An Ad Valorem tax rate of $0.55 (fifty five cents) per hundred ($100) valuation of taxable property, as listed for taxes as of January 2005, is hereby levied and established as the official tax rate for the Town of Biscoe for Fiscal Year 2005-2006. The rate is based upon a total projected valuation of $85,000,000 with an estimated tax collection rate of 97.50%. The purpose of the Ad Valorem tax levy is to raise sufficient revenue to assist in financing necessary municipal government operations in Biscoe. | |||||||||
| SECTION 7 -- Documentation | |||||||||
| Copies of this ordinance will be kept on file at the Municipal Building and shall be furnished to the Town Clerk and Town Manager to provide direction in the collection of revenues and disbursement of Town Funds. | |||||||||
| SECTION 8 - Special Authorization | |||||||||
| A. The Town Manager shall serve as Budget Officer. B. The Budget Officer shall be authorized to reflect interdepartmental transfers, within the same fund, not to exceed 10% of the departmental allocation being reduced. Notification of all transfers shall be made to the Town Council at the next regular meeting, following the transfer of that body. | |||||||||
| SECTION 9 - Restrictions of the Budget Officer | |||||||||
| A. Interfund transfers of monies shall be made only with prior approval of the Town Council. | |||||||||
| B. Capital Reserve funds may not be expended without approval by the Town Council. | |||||||||
| C. An eight percent (8%) fund balance shall remain in capital revenue. | |||||||||
| SECTION 10 - Budget Amendments | |||||||||
| The North Carolina Local Government Budget and Fiscal Control Act allows the Town Council to amend the budget ordinance any time during the fiscal year, so long as it complies with the North Carolina General Statutes. The Council must approve all budget amendments. | |||||||||
| SECTION 11 - Utilization of Budget and Budget Ordinance | |||||||||
| This ordinance and the budget documents shall be the basis for the financial plan of the Town of Biscoe during the 2005-2006 Fiscal Year. The Budget Officer shall administer the budget. The accounting system shall establish records which are in consonance with the budget and this ordinance and the appropriate statutes of the State of North Carolina. | |||||||||
| Ordinance No. 04-557 for Operating Budget FY 2005-06 | |||||||||
| Adopted this 13th day of June 2005 | |||||||||
| James E. Blake, Mayor | Attest: Lisa L. Cagle, Town Clerk | ||||||||