Financial Highlights - Q4 FY 2019

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Budget adoption and bond ratings were significant accomplishments in the fourth quarter of FY 2019. Council received, considered and approved a $336.5 million budget, which was three percent less than the FY 2018 budget. Details about the budget adoption are included in the Budget section of this financial report. In preparation for a bond sale scheduled for July 16, 2019, just before quarter end, the Town received credit ratings on the anticipated new debt and affirmations on existing debt.  As expected, the Town received the highest possible credit rating from all three major ratings agencies.  Fitch Ratings, Moody’s Investor Service and Standard and Poors each affirmed Cary’s AAA rating. 

The following Q4 financial results indicate that Cary remains on track with its financial plans outlined by the FY 2019 budget. It is important to note that year-to-date financial results for Q4 prepared in mid-July will not match the final audited results in the FY 2019 Comprehensive Annual Financial Report (CAFR). The figures reported in Q4 represent routine transactions and are limited by the data available at this time. For three months following the close of the fiscal year, staff focuses on identifying and reporting transactions that should be attributed to the recently-ended fiscal year.  For example, Cary’s share of revenue for sales taxes collected by merchants in June will not be known until mid-September. Complex contractor invoices for construction completed in June may not be received until August. Utility bills for some of the services delivered in June will not be billed until early August. In mid-September, the auditors, Cherry Bekaert, will be on site to audit for staff’s preparation of the FY 2019 Comprehensive Annual Financial Report (CAFR).

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FY 2019 Q4 Financial Results, Unaudited
FY 2019 Q4 General Fund Revenues
FY 2019 Q4 General Fund Expenses
FY 2019 Q4 Utility Fund, Unaudited
Capital Program
Budget
Q4 Delegated Budget Authority Action
Budget Public Input and Recommendations
Cash and Investments
Debt
2019 Bond Referendum
Economic Outlook