The Town’s annual budget process is a method of planning and communicating operational and capital objectives and allocating financial resources to achieve them.
The process is usually performed over several months. The North Carolina Local Government Budget and Fiscal Control Act (GS 159, Article 3) requires local governments to adopt an annual budget by June 30 of each year, based on the state mandated fiscal year which runs from July 1 to June 30.
The Town’s Annual Budget Ordinance will be balanced in accordance with the Local Government Budget and Fiscal Control Act (NCGS 159-8), which states “A budget ordinance is balanced when the sum of estimated net revenues and appropriated fund balances is equal to appropriations.”
Capital Improvement Plan
The Town of Beaufort’s Capital Improvement Plan (CIP) is a planning and budget tool, which addresses the repair and replacement of existing infrastructure as well as the construction or acquisition of new facilities and equipment to accommodate current and future demands for service.
More specifically, the CIP is intended to accomplish the following objectives:
- To build the facilities required to support the Town’s public service responsibilities
- To improve financial planning by comparing needs with resources, estimating future bond uses and debt service, and identifying tax rate implications
- To establish priorities among projects so that limited available funds are used to the best advantage
- To plan public facility construction and major equipment purchases and coordinate timing with the public needs
- To support the physical development objectives contained in approved Town plans
The complete approved Town of Beaufort FY15-FY19 Capital Improvement Plan is available here.
The complete approved Town of Beaufort FY16 – FY20 Capital Improvement Plan is available here.
The complete approved Town of Beaufort FY17-FY21 Capital Improvement Plan is available here.
Town of Beaufort Financial Statements