Cary 2011-12 Fiscal Year Budget Approved

The Cary Village Board approved the budget for the upcoming fiscal year at Tuesday’s special village board meeting,

In the budget for the upcoming fiscal year, the total budget will have revenues of $15,721,000 and expenditures of $21,131,000.

The deficit of $5,410,000 is a result of significant ongoing investment in infrastructure projects and approved early payment of Water and Sewer bonds.

The deficit will be covered by cash reserves.

The general fund, which is the largest budget fund, is balanced at $7,048,063.00.

This represents a $29,000 decrease in revenues and expenditures as compared to last year’s fiscal budget. The general fund includes the village administration, police, development, public works operation and maintenance, and finance departments.

As a result of the 2011-12 fiscal year budget five months of cash reserves remain in the general fund. The budget has no planned reduction of staff.

It includes an additional senior accountant in the finance department to be hired six months into the year.

The water and waste fund is balanced prior to debt service. After debt service the fund has a deficit of about $3 million dollars. This deficit will also be covered from cash reserves.

The road work improvement fund will have $2 million in revenues and $3.15 million in expenditures but the deficit will be covered by the proceeds from Building America bonds from 2009, leaving the fund with an operating surplus of nearly $250,000.

Other Items

 The board approved a text amendment to amend the provisions of the zoning ordinance to create new Park and Open Space Zoning districts and passed amendments to the municipal code in support of the creation of the new districts.

The next board meeting will be May 3, 2011.