TOWN OF NAGS HEAD

BUDGET ORDINANCE

FISCAL YEAR 2002-03

BE IT ORDAINED by the Board of Commissioners of the Town of Nags Head, North Carolina, meeting in session this the 19th day of June 2002, that the budget ordinance be adopted on June 19, 2002, effective July 1, 2002, to read as follows:

SECTION 1, GENERAL FUND

Revenues Anticipated

1. Taxes

Current Year Ad Valorem Taxes $ 3,299,235

Prior Year Taxes 15,000

Penalties and Interest 10,000

Intangibles Tax 36,000

Sales Tax (1/2%) (40) 191,468

Sales Tax (1/2%) (42) 189,866

Local Option Sales Tax (1%) 832,669

Occupancy Tax 1,379,674

Land Transfer Tax 540,000

TOTAL TAXES $ 6,493,912

2. LICENSES & PERMITS

Privilege Licenses $ 29,000

Beach Driving Permits 15,000

Building Permits 250,000

CAMA Permits 10,000

Review Fees 50,000

Automobile Licenses 150

TOTAL LICENSE & PERMITS $ 354,150

3. INTERGOVERNMENTAL REVENUES

Federal:

FEMA Grant $ 40,500

Contributions from Other Governments 7,500

State:

Utility Franchise Tax $ 220,000

Beer and Wine Tax 9,600

State Street Aid Allocation 127,500

Court Fees 4,000

Inventory Tax 13,500 Wellness Grant 1,750

DCM Recreation Grant 12,500

NCLM Grants 1,500

NCLE Block Grant 14,355

Local:

Contributions from Water Fund 440,000

Contributions from Other Governments 104,104

Contributions from Capital Reserve Fund 359,517

Contributions from Outer Banks Visitors Bureau 15,000

TOTAL INTERGOVERNMENTAL $ 1,371,326

4. MISCELLANEOUS REVENUES

Investment Earnings $ 230,000

Sale of Fixed Assets 370,000

ABC Distributions 11,000

Mixed Drink Surcharge 42,500

Dumpster Sales 20,000

Automated Cart Sales 23,100

Facilities Fees 100,000

Pond Island Street Assessment 2,805

All Other Revenues 30,607

TOTAL MISCELLANEOUS REVENUES $ 830,012

APPROPRIATION - FUND BALANCE $ 374,970

TOTAL GENERAL FUND REVENUES $ 9,424,370

Expenditures Authorized by Department

Governing Body $ 176,885

Administration 351,062

Legal Services 58,000

Administrative Services 1,401,164

Planning and Development 736,338

Public Works - Administration 293,734

Maintenance Garage 191,672

Facilities Maintenance 1,128,001

Sanitation 841,339

Solid Waste Disposal 526,731

State Street Aid 0

Police 1,491,913

Animal Control 62,970

Fire 1,098,068

Fire(Volunteers) 44,595

Ocean Rescue 445,314

Transfer to Capital Reserve Fund 100,000

Transfer to Nags Head Leasing 77,195

Contingency 70,000

Capital Improvements Plan 329,389

TOTAL GENERAL FUND EXPENDITURES $9,424,370

SECTION II, WATER FUND

Revenues Anticipated

Charges for Utilities $1,915,035 Water Sales to Regional System 67,750

Taps/Connection Fees 21,000

Reconnection Fees 7,000

Interest on Investment 80,000

Interest on Interfund 6,500

Rents 55,000

Penalties and Interest 25,000

Contribution CRF 50,000

Miscellaneous Revenues 8,961

Appropriated Retained Earnings 21,624

TOTAL WATER FUND REVENUES $ 2,257,870

Expenditures Authorized

Administration $ 87,417

Septic Health 226,983

Operations 948,943

Fresh Pond 107,166

Distribution 338,399

Contribution to General Fund 440,000

Contingency 35,000

CIP 73,962

TOTAL WATER FUND EXPENDITURES $ 2,257,870

SECTION III, NAGS HEAD LEASING CORPORATION

Revenues Anticipated

Contribution from General Fund $ 77,195

TOTAL NAGS HEAD LEASING REVENUES $ 77,195

Expenditures Authorized

Capital Outlay - Land $ 4,204

Debt Payments - Principal 52,500

Debt Payments - Interest 20,491

TOTAL NAGS HEAD LEASING EXPENDITURES $ 77,195

SECTION IV, CAPITAL RESERVE FUND

Revenues Anticipated

Contribution from General Fund $ 100,000

Appropriations/Admin. FF 31,500

Appropriations/Fire. FF 66,526

Appropriations/Police FF 13,500

Appropriations/Sanitation FF 41,021

Appropriations/Recreation FF 25,000

Appropriations/Municipal Complex Debt 31,970

Appropriations/Water Fund 50,000

Appropriations/Undesignated F/B 150,000

TOTAL CAPITAL RESERVE FUND REVENUES $ 509,517

Expenditures Authorized

Contributions to General Fund $ 292,991

Contributions to Water Fund 50,000

Repayment of Interfund Debt to General Fund 66,526

Contributions to Fund Balance 100,000

TOTAL CAPITAL RESERVE FUND EXPENDITURES $ 509,517

TOTAL BUDGET FISCAL YEAR 2002-2003 $ 12,268,952

SECTION V, TAX RATE ESTABLISHED

A tax rate of Thirty-seven and eight-tenths ($.378) cents per hundred dollar valuation is hereby levied on all real estate and personal property in the Town of Nags Head as of January 1, 2002. The estimated valuation of said property is Eight Hundred Ninety Million, Six Hundred Twenty-Six Thousand, and Ninety-Eight Dollars ($890,626,098). The estimated collection rate of Ninety-Eight Percent (98.00%) is based on the collection rate for the Fiscal Year ended June 30, 2002.

SECTION VI, SPECIAL AUTHORIZATION - BUDGET OFFICER

The Budget Officer shall be authorized to reallocate departmental appropriations among the various objects of expenditures as (s)he believes necessary. Such changes shall be reported to the Finance Officer immediately, and to the Governing Body at the next regular meeting or on the next succeeding monthly budget transfer report.

The Budget Officer shall be authorized to make interdepartmental transfers, in the same fund, not to exceed 10% of the appropriated monies for the department whose allocation is reduced. Notation of all such transfers shall be made to the Board of Commissioners at the next regular meeting or on the next succeeding monthly budget transfer report.

SECTION VII, RESTRICTION - BUDGET OFFICER

The use of any contingency appropriations shall be accomplished only with prior authorization from the Board of Commissioners.

No salary increases, beyond those set forth in the budget document may be made without Board approval.

The use of appropriations established for Capital Reserve may be accomplished only with the approval of the Board.

Interfund Transfers, not established in the budget document, may be accomplished only with prior authorization from the Board.

SECTION VIII, UTILIZATION OF BUDGET AND BUDGET ORDINANCE

This Ordinance and the Budget Document shall be the basis of the financial plan for the Town of Nags Head, North Carolina Municipal Government during the 2002-2003 Fiscal Year. The Budget Officer shall administer the Budget and (s)he shall insure that operating officials are provided guidance and sufficient details to implement their appropriate portion of the Budget. The Accounting Section shall establish records which are in accordance with the Budget and this Ordinance and the appropriate statutes of the State of North Carolina.

ADOPTED THIS 19TH DAY OF JUNE, 2002

ROBERT W. MULLER, MAYOR

ATTEST:

Carolyn F. Morris, Town Clerk

Motion to Adopt by Commissioner

Motion Seconded by Commissioner

Vote: Ayes Noes

Recorded in Minute Book , Page