Financial Highlights - Q1 FY 2020

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The first quarter of FY 2020 focused on the future, the present and the past. For the future, as of the date of this report, we can celebrate our preparations to fulfill even more component parts of the vision set in the Imagine Cary Community Plan following the successful $225 million 2019 Bond Referendum. In the present, Cary is delivering services and projects with new fiscal year contracts and spending. Reflecting on the past and how it will impact our future, Q1 included preparation of the FY 2019 comprehensive annual financial report and the external independent audit of the report.

While FY 2019 audited financial statements were not complete as of the end of the first quarter, as of the date of publication of this report, we can share with confidence that the Town remains in good financial position. We expect to report an increase in fund balance because actual results exceeded budget with positive outcomes over and above the fund balance that was drawn and committed to capital in FY 2019.

FY 2020 began July 1 with an approved budget of $336.5 million supporting both operating and capital spending. While the property tax rate remains unchanged at $0.35 per $100 of assessed valuation, utility rates increased 2 percent, and the monthly sanitation and recycling fee increased $2.50 per month, from $17 to $19.50. This budget provides for a continuation of the service levels that our citizens have come to enjoy. More information on the budget can be found in our refreshed and restyled operating and capital budget documents or in our new budget in brief summary brochure located at 
www.townofcary.org.

The following pages represent an excerpt of our financial information for Q1 of FY 2020. By reading this report, you are taking an important step in understanding and participating in the financial future of the Town. The information is a high-level snapshot of the General and Utility funds. Like previous first quarters, there are not any significant variances in results comparing year over year. Also consistent with the past, the first quarter of FY 2020 demonstrated progress on capital and operational projects as well as solid service delivery, again in alliance with the Imagine Cary Community Plan. The figures in this report are unaudited for management use only and are not prepared in full compliance with generally accepted accounting principles used at year end.

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2020 First Quarter Financial Results
Utility Fund
Capital Program
Budget
Q1 Delegated Budget Authority Action
Budget Public Input and Recommendations
Cash and Investments
Debt
Economic Outlook