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viii

City of Raleigh

Introductory Section

A key financial goal of the City for many years has been the maintenance of a 14.0% unassigned fund balance level

in the general fund. In addition, the City is able to appropriate a consistent level of fund balance each year resulting

from positive budget variances. These goals are met in the fiscal year 2016 results that are built into the 2016-17

operating budgets. A number of financial models are also used in the budget process and provide a means of

projecting long-term resource requirements. These include general and enterprise debt models, rate sensitivity

analyses and financing proformas. Other financial practices are designed to avoid the meeting of recurring expense

needs with one-time revenue resources and to ensure an ongoing mix of pay-as-you-go funding of capital needs

with long-term debt.

General Budget Information

For the Year 2015-16

T

he City’s Annual Budget for 2015-16, inclusive of operating and capital programs, increased by 10.5% from

the prior year. The fiscal year 2015-16 budget reflects a projected 1.5% increase in property tax revenues over

projected fiscal year 2015 results, an increase in development revenues of 3.0% due to increasing permits and

economic development activities, as well as a 4.0% increase in sales tax over projected fiscal year 2015 projections.

The 2015-16 operating budget sustains the City’s long tradition of financial strength and flexibility, balanced with

infrastructure investment and services that support economic development for the City. Priorities established

in the 2015-16 budget included responding to increasing development activity, plan review and inspections,

addressing community growth pressures, investing in human capital with competitive compensation and benefits,

and improving service efficiency and business processes.

Capital improvement budgets in fiscal year 2015-16 included new and/or continuing projects totaling $215.6 million,

including traditional project funding for transportation, utilities, parks, stormwater, housing and general public

improvements. The capital improvement budget remained relatively flat compared to fiscal year 2014-15.

Amount in millions

Adopted Budget 2015 - 2016

Expenditures $833,627,661

Public safety - $160.3 m

Capital debt service - $162.2 m

Public utilities - $102.9 m

Capital improvements - $130.8 m

Leisure services - $79.4 m

Public Works & Public Transit - $73.6 m

General government and external agencies - $40.3 m

Solid waste services - $30.7 m

Community development services - $30.1 m

Information technology - $17.7 m

Financial management - $5.6 m

Amount in millions

Revenues $833,627,661

Property tax - $226.7 m

Water/sewer charges - $215.4 m

Interest, fees, miscellaneous - $149.3 m

Sales tax - $86.7 m

Intergovernmental - $73.0 m

Debt and program reserves - $72.1 m

Federal and state grants - $10.4 m