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THE TOWN OF MORRISVILLE MAINTAINS THE FOLLOWING ACTIVE FUND TYPES
Fund Type
Primary Resources
Fund Use
Budget
Cycle
General Fund
accounts for all governmental
services and summarizes financial
transactions except those activities which
are more appropriately recorded in another
fund group. Annually adopted budget.
•
Property Taxes
•
Sales Tax
•
Local Fees &
Other State
Distributed
Sources
•
Interfund
Transfers
•
Public Safety
•
Streets, Facilities &
Solid Waste
•
Parks, Recreation &
Culture
•
Economic &
Development
•
General Operations
•
Debt Obligation
Annual
Capital Reserve Funds
provides a means to
set aside funds annually in a reserve to
pay for future capital items. The budgeting
and financial reporting consolidates this
fund into the General Fund under GASB 54
annually.
•
General Fund
Transfers
•
Dedicated Value
of 1Cent on Tax
Rate
•
Fire Apparatus
Replacements
•
Capital Investment
Projects
•
Roadway &
Transportation
Improvements
Annual
Municipal Service District Fund
is special
revenue fund. The NC General Assembly
authorized the creation of a service district
property tax levied against only those
properties receiving a majority of signed
petitions to be included within the district
for specific improvements. Annually
adopted budget.
•
Special District
Property Tax of
$0.10/$100
assessed
property value
•
Convert & upgrade
private residential
streets to public
standards
Annual
Stormwater Enterprise Fund
is a proprietary
fund to create a separate accounting and
reporting for which fees are charged in
exchange for a utility type service.
Annually adopted budget.
•
Stormwater ERU
Fee
•
Stormwater
Review Fees
•
Restricted Fees
•
Stormwater systems &
programs to improve
water quality
•
Compliance with state
water resource
management mandates
Annual
Retirement Health Care Fund
is a fund to
account for assets held by the Town in a
trustee capacity for others & therefore
cannot be used to support the Town’s own
programs. Annually adopted budget.
•
3% of Gross
Wages
•
Retiree supplemental
medical coverage
Annual
Separation Allowance Fund
is a fund used to
account for assets held by the Town in a
trustee capacity for others and therefore
cannot be used to support the Town’s own
programs. Annually adopted budget.
•
3% of Law
Enforcement
Gross Wages
•
Law Enforcement
supplemental
retirement
Annual
Capital Project Funds
are used for the
purpose of tracking active Capital
Improvement Projects. These funds operate
on a multi-year budgetary basis. No
appropriations typically within the annual
operating budget. Project Ordinances
control appropriations.
•
Property Taxes
•
Fund Balance &
Reserves
•
Debt Proceeds
•
Grants
•
Impact Fees
•
Large non-recurring
capital projects
Multi-year