Text Box: TOWN OF CARY UTILITY CAPITAL IMPROVEMENTS BUDGET ORDINANCE FISCAL YEAR 2008
Text Box: BE IT ORDAINED by the Town Council of the Town of Cary, North Carolina, that the following Utility Capital Improvements anticipated revenues and project appropriations, and Utility Capital Reserve Fund Budget, are hereby approved and adopted for the operation of the town government and its activities for the fiscal year beginning July 1, 2007 and ending June 30, 2008.
                                           SUMMARY      
   
     Water Capital Improvements Fund $29,769,160  
     Sewer Capital Improvements Fund 155,380,168  
     Total $185,149,328  
   
               
Section 1.  Water Capital Improvements Fund Projects $29,769,160
                                            REVENUES
UNRESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE $2,733,922
RESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE
WATER DEVELOPMENT FEES 8,702,830
2001 WATER BOND PROCEEDS 99,178
MUNICIPAL REIMBURSEMENT - TOWN OF APEX 3,741,870
TRANSFER FROM UTILITY FUND 281,360
DEBT FINANCING
  REVENUE BONDS 6,800,000
  2001 GENERAL OBLIGATION WATER DEBT 7,410,000
TOTAL REVENUES $29,769,160
 
Section 2.  Sewer Capital Improvements Fund Projects $155,380,168
                                            REVENUES
UNRESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE $330,000
RESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE
SEWER DEVELOPMENT FEES 9,788,671
DEBT FINANCING  
REVENUE BONDS 16,704,000
2005 GENERAL OBLIGATION SEWER DEBT 81,263,238
MUNICIPAL PARTNER REIMBURSEMENTS 43,555,448
RESTRICTED REVENUE 730,002
TRANSFER FROM UTILITY FUND 3,008,809
TOTAL REVENUES $155,380,168
Section 3.  Utility Capital Reserve Fund Budget
The following Revenues and Inter-Fund Transfers are hereby authorized:
                                            REVENUES
WATER DEVELOPMENT FEE $6,181,987
SEWER DEVELOPMENT FEE 6,986,485
INTEREST EARNINGS 3,857,683
TRANSFER FROM UTILITY FUND 1,091,499
APPROPRIATION FROM FUND BALANCE:
UNRESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE 3,063,922  
2001 WATER BONDS 99,178
RESTRICTED UTILITY CAPITAL RESERVE FUND BALANCE  
     WATER DEVELOPMENT FEES 8,702,830
     SEWER DEVELOPMENT FEES 9,788,671
TOTAL REVENUES $39,772,255  
                                INTER-FUND TRANSFERS
TRANSFER TO WATER CAPITAL PROJECTS FUND $11,535,930
TRANSFER TO SEWER CAPITAL PROJECTS FUND 10,848,673
RESERVE FOR CAPITAL NEEDS:
WATER DEVELOPMENT FEES 6,181,987
SEWER DEVELOPMENT FEES 6,256,483
INTEREST EARNINGS 3,857,683
TRANSFER FROM UTILITY FUND 1,091,499
TOTAL INTER-FUND TRANSFERS $39,772,255
Text Box: Section 4. Fee Schedule The fees as contained in Attachments A and B are hereby approved and adopted for fiscal year 2008.
Text Box: Section 5. Transfer From Utility Capital Reserve Fund The Budget Officer is hereby authorized to make transfers from the Utility Capital Reserve Fund to the appropriate capital improvements fund(s) in the amount specified above.
Text Box: Section 8. Statutory Definition of Project Ordinance This Capital Improvements Budget Ordinance is adopted in conformance with Section 159-13.2 of the Local Government Budget and Fiscal Control Act.
Text Box: Section 9. Bond Revenues To Be Expended First After Issuance On all projects funded for FY 2008, any bond revenues designated as funding sources shall be transferred into the projects. Once the debt is issued, these funds will be expended prior to the transfer and expenditure of any other funding sources.