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ix

City of Raleigh

Introductory Section

For the Future

T

he fiscal year 2016-17 Annual Budget was adopted by the City Council on June 20, 2016. The combined capital

and operating budget for the fiscal year beginning July 1, 2016 totals $859.0 million, which represents a 3.0%

increase from the fiscal year 2015-16 Annual Budget. The fiscal year 2016-17 budget reflects a projected 6.7%

increase in property tax revenues over fiscal year 2016 results, a 2.5% increase in sales tax revenues over fiscal year

2016 results, and steady revenues for water and sewer services, stormwater management and solid waste services.

Priorities established in the 2016-17 budget include investing in economic development and innovation, growth,

natural resources, transportation, arts and cultural resources, and human capital; improving service efficiency and

business processes; and maintaining a safe community.

The 2016-17 capital budget includes new and/or continuing projects totaling $180.0 million. This budget includes

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

Fiscal year 2016-17 capital funding sources include traditional capital revenues such as Powell Bill funds, facility

fees, capital reserves, parking operations, and other pay-as-you-go funds. The capital budget is also funded by the

appropriation of previously issued bond proceeds as well as new planned long-term debt issues.

Awards and Acknowledgments

T

he City has participated in the Government Finance Officers Association (GFOA) Certificate of Achievement

for Excellence in Financial Reporting Program since 1980. GFOA recognizes governmental units that issue their

comprehensive annual financial report (CAFR) substantially in conformity with GAAP and all legal requirements. The

City has received this award for its comprehensive annual financial report for thirty-five straight years since 1980.

A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to

meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its

eligibility for another certificate.

The preparation of this report has been accomplished by the City’s Finance Department staff. The contributions of

all are invaluable and clearly reflect the high standards we have set for ourselves.

It is also appropriate to thank the Mayor and members of the City Council for making possible the excellent financial

position of the City through their interest and support in planning and conducting the financial affairs of the City.

Respectfully submitted,

Ruffin L. Hall

City Manager

Perry E. James III

Chief Financial Officer