Annual Operating Budget
Creedmoor prepares its annual operating budget in accordance with the Local Government Budget and Fiscal Control Act. State law and prudent management of public funds require that budgets be balanced. A budget is balanced when estimated revenues plus any previous years’ surpluses are equal to the estimated spending. A budget summary, which includes the Budget Ordinance and graphs showing the significant revenue streams and spending areas, has been prepared by staff. The annual budget is in effect from July 1st to June 30th.
Project ordinance are used for construction or grant funded projects which are expected to take more than a year to complete. The ordinance is effective from adoption until the project is complete. A project ordinance may be adopted at any time during the year, as the need arises. Current project ordinances are in the General Capital Projects Fund, the Water Capital Projects Fund, and the Sewer Capital Projects Fund. Activities in these funds are reported in the Comprehensive Annual Financial Report (CAFR).
The Creedmoor Board of Commissioners holds budget discussion during open meetings. A Budget Hearing will be held before the adoption of any annual budget. The date of the public hearing is always published two weeks prior to the scheduled hearing and posted as a public notice. The public hearing for the budget is typically in late May or mid-June.