Budget Workshop, June 14, 2012

CALL TO ORDER 

Mayor Hunt declared a quorum present and called the meeting to order at 6:30 PM.

UNFINISHED BUSINESS 

Finance Officer Blake Proctor began the workshop by distributing updated budget documents that incorporate changes from all the previous workshops, and reviewed the proposed budgets so far: The General fund is $890,350 and the Utility fund is $407,350.

Inasmuch as we anticipate a surplus this fiscal year, and recognizing that next year’s budget will be lower and tighter, the Board had a long and detailed discussion of Mr. Proctor’s recommendation that we pay July’s $8,301 USDA library debt service payment and the $9,000 BB&T police car loan in June; since this 14-day early payment will free up $17,301 in FY 2013 expenses, it was the consensus of the Board that this would be in the Town’s best interest.

Finally, Mr. Proctor again advised the Board that the 2011-2012 rate of inflation is 2.7% and recommended that a Cost of Living pay adjustment of that amount would have a grand total cost of $13,650. The Board again held a long discussion of the merits of a 2.7% COLA increase and decided that at this time, with such an economic unknown heading into the new year, an increase of 1% would be given employees beginning July 1st, which would cost approximately $5,050; the Board left the possibility of an additional 1% – 1½% at mid-year budget time.

ADJOURNMENT 

Motion by Commissioner Hunt, second by Commissioner Boyd, to adjourn at 8:20PM.

Comments are closed.