Annual Budget and Audited Financial Statements
The Town of Laurel Park is charged with the responsibility of managing and investing the tax dollars you pay to meet the needs of our community.
Laurel Park is committed to striking a healthy balance between offering valued services and programs to residents, making strategic investments in community priorities, and keeping the overall tax rate in line with inflation.
The annual budget captures all of the Town’s operational areas including police services, road and facility maintenance, parks and open space, sanitation services, snow removal, and planning and zoning to name a few. Every June, the Laurel Park Town Council approves an annual budget, made up of three parts:
- The operating budget provides the necessary resources to deliver programs, services and facilities to meet the needs of Laurel Park’s community, and accommodates for inflationary pressures. The operating budget is funded primarily through property taxes, sales tax, and user fees.
- The capital budget and forecast is a financial plan that identifies the capital requirements of growth and maintaining existing infrastructure. The capital budget is funded through property taxes, town reserves, debt and grants. The capital budget is used to either build or rehabilitate assets that will last for more than one year. This includes facilities, water infrastructure, and equipment.
- Reserves and reserve funds receive annual contributions from the operating budget to assist with creating a solid financial position to support the town’s future cash requirements. Maintaining sufficient balances in reserves and reserve funds is a critical component of a municipality’s long-term financial plan as it strengthens its long-term financial sustainability, helps to minimize fluctuations in the tax rate and provides funding to sustain infrastructure.
Manager's Proposed Budget - Fiscal Year 2025
Adopted Budget - Fiscal Year 2024
Every spring, the Town Council and staff craft the Annual Budget. It is usually presented by the Town Manager to the Council in May, and adopted by the Council at their June meeting.
The Town’s fiscal year begins July 1 and ends on June 30, so this year's budget was the 2023 - 2024 budget (also referred to as FY 2024).
The budget was adopted in June 2023 and may be amended throughout the year as necessary.
Adopted Budget - Fiscal Year 2023
The "Budget Ordinance" is the annual ordinance which levies taxes and appropriates revenues for specified purposes, functions, activities, or objectives during the fiscal year.
The ordinance is typically adopted at the Council's June meeting. It can be amended at any time in the budget year as revenue or expenditures either meet or fall short of the budgetary forecast. The amended budget supersedes the previously adopted budget.
All units of government in North Carolina are required by General Statute 159-34 to receive and submit an annual audit report to the Local Government Commission. These reports are due by statute no later than four months after the close of the unit's fiscal year, making Laurel Park's audit reports due October 31st of each year.
