Budget

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The county annually adopts a balanced budget which governs the fiscal year July 1 through June 30, per North Carolina law. The annual budget estimates the total value of resources required to perform all county operations. The budget also sets various tax and fee rates for the upcoming year.

During the winter and spring, staff prepares budget requests and negotiates changes with the Finance Department and the County Manager's Office. Not later than June 1, the County Manager presents a balanced, recommended budget to the Board of Commissioners. Before adopting the budget ordinance, the board holds a public hearing at which time any persons who wish to be heard on the budget may appear.

CAPITAL IMPROVEMENT PLAN

Dare County’s annual budget process includes development of a five-year Capital Improvement Plan (CIP). The CIP is a plan for the financing of major projects that represent significant contributions to the County’s overall inventory of physical assets. A capital improvement project is a project of a nonrecurring nature with a cost of $50,000 or more and an estimated service life of 5 years or more.

The County’s one percent realty transfer tax is the revenue source for the Capital Reserve Special Revenue Fund. The Capital Reserve Fund is the funding source for pay-as-you-go financing and for debt service payments for debt financed projects in the CIP.

 

 

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