TOWN OF NAGS HEAD



TOWN OF NAGS HEAD

BUDGET ORDINANCE

FISCAL YEAR 2006-07

BE IT ORDAINED by the Board of Commissioners of the Town of Nags Head, North Carolina, meeting in session this the 21st day of June 2006, that the budget ordinance be adopted on June 21, 2006, effective July 1, 2006, to read as follows:

SECTION I, GENERAL FUND

Revenues Anticipated

1. Taxes

| |Current Year Ad Valorem Taxes |$ 4,353,353 |

| |Prior Year Taxes | 2,500 |

| |Penalties and Interest | 7,500 |

| |Sales Tax (1/2%) (40) |213,500 |

| |Sales Tax (1/2%) (42) |208,000 |

| |Sales Tax (1/2%) (44) |325,000 |

| |Local Option Sales Tax (1%) | 975,000 |

| |Occupancy Tax |1,600,000 |

| |Land Transfer Tax | 850,000 |

| | | |

| |Total Taxes |$ 8,534,853 |

2. Licenses and Permits

| |Privilege Licenses |$ 40,000 |

| |Beach Driving Permits |10,000 |

| |Building Permits |300,000 |

| |CAMA Permits |10,000 |

| |Review Fees |80,000 |

| |Cable Franchise Fees |114,000 |

| |Automobile Licenses |150 |

| | | |

| |Total Licenses and Permits |$ 554,150 |

3. Intergovernmental

| |Federal: | |

| |FEMA Fire Grant |$ 20,700 |

| |Contributions from Other Governments |2,500 |

| |State: | |

| |GHSP Grant | 9,000 |

| |Utility Franchise Tax | 288,000 |

| |Telecommunications Tax | 40,000 |

| |Beer and Wine Tax |12,000 |

| |State Street Aid Allocation |128,475 |

| |Court Fees |9,000 |

| |Wellness Grant | 1,750 |

| |DCM Grant | 13,172 |

| | | |

| |Local: | |

| |Contributions from Water Fund |515,000 |

| |Contributions from Other Governments | 55,923 |

| |Contributions from Capital Reserve Fund | 177,075 |

| | | |

| |Total Intergovernmental |$ 1,272,595 |

4. Miscellaneous

| |Investment Earnings |$ 405,000 |

| |Sale of Fixed Assets |20,000 |

| |ABC Distributions |14,500 |

| |Mixed Drink Surcharge |43,000 |

| |Dumpster Sales |30,000 |

| |Automated Cart Sales |30,000 |

| |Facilities Fees |100,000 |

| |Rents (YMCA pass-through and OBMC) |589,710 |

| |Pond Island Street Assessment |500 |

| |All Other Revenues |25,350 |

| | | |

| |Total Miscellaneous |$ 1,258,060 |

| | | |

| |Appropriated Fund Balance |$ 589,493 |

| | | |

| |TOTAL GENERAL FUND REVENUES |$ 12,209,151 |

Expenditures Authorized by Department

| |Governing Body |$ 194,769 |

| |Special Projects |554,710 |

| |Administration |506,575 |

| |Legal Services | 80,000 |

| |Administrative Services | 1,065,783 |

| |Information Technology |260,530 |

| |Planning and Development | 899,139 |

| |Public Works - Administration | 437,294 |

| |Maintenance Garage |276,035 |

| |Facilities Maintenance | 947,238 |

| |Sanitation |1,180,346 |

| |Solid Waste Disposal |611,600 |

| |State Street Aid | 158,102 |

| |Police |1,998,244 |

| |Animal Control |71,021 |

| |Fire |2,155,607 |

| |Fire(Volunteers) | 40,433 |

| |Ocean Rescue |562,725 |

| |Transfer to Capital Reserve Fund |100,000 |

| |Transfer to Storm Water Fund |34,000 |

| |Contingency | 75,000 |

| | | |

| |TOTAL GENERAL FUND EXPENDITURES |$12,209,151 |

SECTION II, WATER FUND

Revenues Anticipated

| |Charges for Utilities |$2,091,000 |

| |Water Sales to Regional System | 110,775 |

| |Reimbursement of Fresh Pond costs |100,000 |

| |Taps/Connection Fees |25,000 |

| |Reconnection Fees |10,000 |

| |Interest on Investment |202,500 |

| |Rents | 102,140 |

| |Penalties and Interest |18,000 |

| |Septic Loan Repayments | 16,000 |

| |Clean Water Trust Fund Grant |50,000 |

| |319 Grant |50,000 |

| |Miscellaneous Revenues | 1,600 |

| |Appropriated Retained Earnings | 377,414 |

| | | |

| |TOTAL WATER FUND REVENUES |$ 3,154,429 |

Expenditures Authorized

| |Administration |$ 110,488 |

| |Septic Health |397,447 |

| |Operations |1,246,372 |

| |Fresh Pond |235,043 |

| |Distribution |625,079 |

| |Contribution to General Fund |515,000 |

| |Contingency |25,000 |

| | | |

| |TOTAL WATER FUND EXPENDITURES |$ 3,154,429 |

SECTION III, STORM WATER FUND

Revenues Anticipated

| |Storm Water Fees |$ 111,216 |

| |Contribution from General fund |34,000 |

| | | |

| |TOTAL NAGS HEAD STORM WATER FUND REVENUES |$ 145,216 |

Expenditures Authorized

| |Contracted Services Storm Water Plan |$ 130,705 |

| |Contracted Services Drainage Improvements | 14,511 |

| | | |

| |TOTAL STORM WATER FUND EXPENDITURES |$ 145,216 |

SECTION IV, NAGS HEAD LEASING CORPORATION

Revenues Anticipated

| |TOTAL NAGS HEAD LEASING REVENUES |$ 0 |

Expenditures Authorized

| |TOTAL NAGS HEAD LEASING EXPENDITURES |$ 0 |

SECTION V, CAPITAL RESERVE FUND

Revenues Anticipated

| |Contribution from General Fund | $ 100,000 |

| |Appropriations/Admin. FF |31,500 |

| |Appropriations/Fire. FF |45,225 |

| |Appropriations/Police FF |25,033 |

| |Appropriations/Sanitation FF | 9,000 |

| |Appropriations/Recreation FF |19,225 |

| |Appropriations/Municipal Complex Debt |16,427 |

| |Appropriations/Erosion Abatement |30,000 |

| |Appropriations/Fire Station |19,890 |

| | | |

| |TOTAL CAPITAL RESERVE FUND REVENUES |$ 296,300 |

Expenditures Authorized

| |Contributions to General Fund |$ 131,850 |

| |Contribution to Beach/Sound Access Project Fund |19,225 |

| |Repayment of Interfund Debt to General Fund | 45,225 |

| |Contributions to Fund Balance |100,000 |

| | | |

| |TOTAL CAPITAL RESERVE FUND EXPENDITURES |$ 296,300 |

| |TOTAL BUDGET FISCAL YEAR 2006-2007 | $15,805,096 |

SECTION VI, TAX RATE ESTABLISHED

A tax rate of Fourteen and three-fourth ($.1475) cents per hundred dollar valuation is hereby levied on all real estate and personal property in the Town of Nags Head as of January 1, 2006. The estimated valuation of said property is Two Billion, Nine Hundred Sixty Six Million, Two Hundred Fifty Six Thousand, and Eight Hundred Eighty Four Dollars ($2,966,256,884). The estimated collection rate of Ninety-Nine Percent (99.50%) is based on the collection rate for the Fiscal Year ended June 30, 2006.

SECTION VII, SPECIAL AUTHORIZATION - BUDGET OFFICER

The Budget Officer shall be authorized to reallocate departmental appropriations among the various objects of expenditures as (s)he believes necessary. Such changes shall be reported to the Finance Officer immediately, and to the Governing Body at the next regular meeting or on the next succeeding monthly budget transfer report.

The Budget Officer shall be authorized to make interdepartmental transfers, in the same fund, not to exceed 10% of the appropriated monies for the department whose allocation is reduced. Notation of all such transfers shall be made to the Board of Commissioners at the next regular meeting or on the next succeeding monthly budget transfer report.

SECTION VIII, RESTRICTION - BUDGET OFFICER

The use of any contingency appropriations shall be accomplished only with prior authorization from the Board of Commissioners.

No salary increases, beyond those set forth in the budget document may be made without Board approval.

The use of appropriations established for Capital Reserve may be accomplished only with the approval of the Board.

Interfund Transfers, not established in the budget document, may be accomplished only with prior authorization from the Board.

SECTION IX, UTILIZATION OF BUDGET AND BUDGET ORDINANCE

This Ordinance and the Budget Document shall be the basis of the financial plan for the Town of Nags Head, North Carolina Municipal Government during the 2006-2007 Fiscal Year. The Budget Officer shall administer the Budget and (s)he shall insure that operating officials are provided guidance and sufficient details to implement their appropriate portion of the Budget. The Accounting Section shall establish records which are in accordance with the Budget and this Ordinance and the appropriate statutes of the State of North Carolina.

ADOPTED THIS 21ST DAY OF JUNE, 2006

_________________________

M. RENÉE CAHOON, MAYOR

ATTEST:

__________________________

Carolyn F. Morris, Town Clerk

Motion to Adopt by Commissioner

Motion Seconded by Commissioner

Vote: Ayes Noes

Recorded in Minute Book , Page

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