Adoption of the budget is one of the most important actions taken by the Town Council, as it establishes the Town’s direction for the near future, and to the extent the decisions have long-term implications, into the future. It is the financial work plan, translated into expenditures, supported by revenues.
Developing and monitoring the budget is an ongoing process spearheaded by the Town’s Finance Director.
The overall expenditure budget for fiscal year 2012-2013 is approximately $10.3 million, including the General Fund, and Special Revenue, Debt Services, Capital Improvements, Water and Wastewater Funds.
The majority of the Town’s operational expenses are budgeted in the General Fund, which supports an expenditure budget of more than $3,350,000. Programs and services include Municipal Court, Law Enforcement, Dispatch, Fire Protection, Streets & Sidewalks, Social Services, Parks an Recreation, and Administrative Services.
A full two-thirds (2/3) of the revenue that supports the General Fund derives from the Town’s Resort Tax-a 3% tax on goods and services collected by local businesses and remitted to the Town.