AG 2002 10 21 (Regular) - Laserfiche WebLink

Home Browse Search

a c ty meeting the future... May 30, 2002 The Honorable J. Scott Padgett, Mayor Members of the City Council ConcOrd, North Carolina Dear MaYor Padgett and Members of the City Council: Pursuant to Section 159-11 of the North Carolina General Statues, I am pleased to present the recommended 2002-2003 Budget for your review and consideration. I want to thank Assistant Manager Jim Greene, Executive Director of Infrastructure Services Sam Misenheimer, all department heads and their respective staffs, and in particular Finance Director Joyce Allman and her fine staff, for their assistance in preparing this proposal. Staff has tried their best to identify cuts without impacting services during this difficult process. Also, this budget recommendation attempts to reflect the guidance provided by the Mayor and City Council through the FY 2002 - 2003 Goals Statement while also taking into consid, eration the significant budget constraints during the past fiscal year and anticipated for the upcoming year. 'The recommended budget for 2002-2003 totals $130,104,676 (excluding Public Housing Programs) for all City personnel, operations, capital improvements and debt service. This is a 'decrease from the amended budget .of FY-2001-2002 of $131,750,214. The proposed tax rate remains at $.45. To say that the development of this budget has been a challenge is an understatement. I cannot recall any other fiscal year where accurately estimating revenues has been so difficult. The economy is just coming out of the recession and it appears Governor Easley will not release any 'of Concord's revenues from FY 2001-2002 held in escrow to balance the state's budget. Of course, the state is facing' a budget shortfall estimated to be around $2 billion for FY 2002-2003. Add to this the reduction in water and sewer revenues due to our water restrictions and you can see why revenue projections have been a challenge. How the state balances its budget will directly and indirectly impact this budget and our ability to deliver services and meet your goals. This is a real unknown at the time of budget presentation. However, I am happy to say that our record in projecting General Fund revenues is admirable. We were very conservative in projecting revenues for FY 2001-2002. and, as a result, should come in within budget outside of the Governor's declaration of a fiscal emergency in February and the resulting escrowing of $1.7 million of certain long'standing municipal revenues. As you are aware, the following services/functions have been impacted during FY 2001-2002 to balance the General Fund in light of the Governor's action: