The purpose of this assignment is to have you review an adopted municipal budget and answer questions related to it.You will find the adopted 2022-2023 fiscal year budget for the Town of Mooresville, North Carolina. Based on this budget, submit these questions, along with your answers, by the end of the day on Sunday, January 29:
On page 25 of the budget, you will find the fiscal year summary. If you look at the TOTAL column for the 2022-2023 BUDGET under “Total Revenues – All Funds” and “Total Expenditures – All Funds,” you will see that they are both $165,618,889. Why?
Which fund has the largest amount of money budgeted in the budget?
What is the largest funding source for the General Fund?
What is the ad valorem tax?
Is a vehicle that is licensed (gets a license plate) from year to year considered personal property or real property?
What is the town’s second largest General Fund source of revenue?
The budget is based on a a $.58 tax rate per $100 valuation of real property. In other words, a property owner pays 58 cents ($.58) for every 100 dollars that their property is assessed a value by the county. Assuming that you have a house and land (a house is treated as real property) that are valued at $300,000.00. How much would the property owner pay in property taxes to the town?
What are Powell Bill funds used for?
There is one very important statement in the “Basis of Budgeting” section on page 13 of the budget. It reads: “Expenditures may not legally exceed appropriations at the departmental level for all annually budgeted funds.” Rewrite this in your own words that explains what this means (you only need one sentence and you do not have to use the exact (or all) the words that appear in this sentence).
The Town of Mooresville has a population of over 51,900 people yet its budget is 365 pages long. Is this the first time you have ever looked at city or county budget? What are your initial impressions of how a city’s budget is adopted?