Stokesdale
Town Hall
8416 US Hwy 158
P. O. Box 465
Stokesdale, NC 27357
Office Hours:
Tuesday - Friday
8:30 am - 2:30 pm
Phone:
336-643-4011
Fax:
336-643-4011
Carolyn L. Joyner
Town Clerk/Finance Officer
Stokesdale,
North Carolina
Budget Officer's Fiscal Year 2008-2009
Budget Message
The Honorable Randle L. Jones, Mayor
Stokesdale Town Council Members
P. O. Box 465
Stokesdale, North Carolina 27357
Mayor and Council Members:
As another Fiscal Year rapidly approaches, I am pleased to say that the current year has been successful for the Town of Stokesdale financially. Assets continue to grow, services are being provided for the citizens and the community without the burden of an ad valorem tax. The property owners within the Town have had not been taxed by the Town since its incorporation in 1989. The proposed budget does not recommend a tax for the upcoming fiscal year. The Town has seen change with the opening of new businesses, the building of new buildings, and a number of rezonings have occurred which will bring further development to the Town in the future. The Water System has experienced some growth with water now being available to all of the Angels Glen Subdivision and to the new Dollar General and the two adjoining spaces which will house other businesses. Plans for Phase 1 of a Town Park have been made and a request for a grant has been submitted with the hope of making it a reality for all citizens to use and enjoy. Plans for a new Town Hall are continuing so that citizens will have a more adequate facility in the future.
The budget has been prepared by the Budget Committee for the Town of Stokesdale in accordance with the North Carolina Local Budget and Fiscal Control Act. The Town continues to maintain a strong financial position with reserves significantly above those that are required by state statue. The Town continues to provide services to the community which includes streetlights in the downtown area, law enforcement, and a water system. Current assets have increased this year and now total over $4.5 million, the accumulation of these funds continues to provide revenues for the operation of the Town without the levying of an ad valorem tax.
The proposed budget for the fiscal year 2008-2009 is presented for your review and consideration.
GENERAL FUND: The proposed budget for the 2008-2009 Fiscal Year reflects a 9.8% decrease over the current fiscal year budget for the General Fund. General Fund Revenues for Fiscal Year (FY) 2008-2009 are estimated at $372,500.00. The largest source of income is the Utilities Franchise Tax, estimated at $195,000 provides 52% of estimated revenues. Investment earnings are estimated at $130,000 which is 35% of the total revenues. Interest rates being paid on Certificates of Deposit continue to decline. The total amount of funds now invested in General Fund Certificates of Deposit totals $3,424,096.87. Investment earnings revenue is dependent on the funds continuing to be invested to earn interest income. Withdrawals of funds for any purpose will reduce this revenue source for the Town.
Planning Fee Revenues ($17,000) are anticipated to decline somewhat due to the slowing of the economy. The anticipated revenues from the Cable Franchise Agreement with Time Warner Cable have not been realized since changes in the laws that govern the disbursement of these funds were made by the State. Beer and Wine Excise Tax, ABC Profit Share and Planning Fees provide 10.7% of the revenue stream.
General Fund Expenditures for the FY 2008-2009 are estimated to be $369,900. Administrative expenditures are estimated to be $108,800 or about 29% of the proposed budget. These appropriations include expenditures such as office rent ($10,000), insurance ($5,000), postage ($2,500), professional services ($22,000), salaries and stipends ($46,200) and general office expenses ($23,100). Membership dues ($5,400) include the School of Government, Piedmont Triad Council of Governments, American Society of Composers and the NC League of Municipalities. Since the anticipated Revenues are slightly greater than anticipated Expenditures, $600 has been allocated as Undesignated Fund Balance.
Capital Outlays include $5,000 for fees for architectural services for the bidding and negotiations process for a new Town Hall and Park facility that is planned for the Town property on Angel Pardue Road. Funds in the amount of $120,000 have been proposed for retirement of the debt service. Setting aside these funds will be sufficient to retire a debt service without implementing an ad valorem tax.
Cultural and Recreational Expenditures include the parade expenses ($2,500.00) and $850 for the expense of lighting the Veterans Monument.
Public Safety expenditures total $94,500 for the next fiscal year. This includes funding to maintain the Emergency Generator ($2,000), Fire Inspections ($5,000), and Law Enforcement Augmentation at a cost of $83,500. The Reserve Fund for the purchase of a patrol car shows $4,000 to be added to the $21,000 that has been designated for the same purpose in the last three fiscal years. A total of $25,000 will be available in FY 2009-2010 should Council decide to replace the car that is being used by the Town Deputy at that time.
Economic & Physical Development expenses total $37,250 and includes expenditures relating to the Planning and Zoning Department for advertising of rezoning cases ($5,000), legal fees and administration ($7,250) and fees to be paid to Guilford County for planning services ($25,000). Funds have been allocated for the purchase of new signs for posting properties that are going to be rezoned.
Funds in the amount of $3,000 have been allocated to continue providing streetlights in the business district.
Construction projects are not a part of the proposed budget at this time. Any building projects would require the adoption of a capital project ordinance for such a project.
WATER ENTERPRISE FUND: The proposed budget for the water enterprise fund shows revenues of $179,000.00. Expenditures include Administrative Expenses ($39,700) cover Insurance, Contract Operation of the water system, offices expenses and professional services. Maintenance of the water system is estimated at $29,300 for the upcoming year. This would include flushing of the waterlines, repairs, new water taps and meters. The purchase of water from City/County Utilities($110,000) would account for 61.4% of the expenditures for the water system. The proposed budget does not set aside any funds for capital reserve for the system.
Water rates paid for the purchase of water from Winston Salem City/County Utilities will increase again this year by 7%. The Budget Committee does not recommend an increase in water rates for Stokesdale citizens.
WATER-SEWER FUND: The water-sewer fund reflects a decrease in investment earnings during the year due to the decline in interest rates. Estimated Investment earnings are $19,000. The unappropriated fund balance should continue to earn interest until such time that funds may be needed for longer-term maintenance and upkeep on the tank and water system.
The Proposed Budget for 2008-2009 is presented for the review and the input of the Town Council as well as the citizens of the Town. It is hoped that the Proposed Budget will provide a sound financial position with revenues being utilized in beneficial ways for all of the citizens of the Town of Stokesdale.
Respectfully submitted the 15th day of May, 2008,
Carolyn L. Joyner
Budget Officer
Mayor Randle L. Jones, Councilman James Attaway, Budget Committee