Budgets & Annual Reports
Through the City budget, the Mayor and City Council determine the level of funding for City operations and services, as well as funding for capital projects. The City budget is adopted annually for the fiscal year beginning July 1 through June 30 in accordance with North Carolina General Statutes (G.S. 159-13), which require that the budget be balanced. In other words, total expenditures cannot exceed the amount of revenues and appropriated fund balance.
By State statute, the proposed budget must be delivered to the Mayor and Council no later than June 1 and adopted before July 1. Budget workshops are held beginning in April, and a public hearing is held so Citizens can voice their questions and concerns about the proposed budget. Once all decisions are made, and the budget is adopted, Finance staff prepares the budget book and provides copies to Council and the City Manager. Copies are also available for public viewing in the City Clerk’s office and the Onslow County Public Library.
Annual Comprehensive Financial Report
After the end of each fiscal year, the City of Jacksonville undergoes an audit by an independent accounting firm of the City’s financial records and procedures. Once the audit is completed, staff prepares the Annual Comprehensive Financial Report in accordance with generally accepted accounting principles (GAAP). The report includes the City’s financial statements, which provide an overview of the City’s financial position as a whole, a statistical section reflecting social and economic data and financial trends, and the independent auditor’s report. Upon completion, the report is distributed to City Council, several state and federal agencies, bond rating agencies and financial institutions. Copies are also available for public viewing in the City Clerk’s office and the Onslow County Public Library.
Capital Improvement Plan
A Capital Improvement Plan (CIP) captures infrastructure and facility needs. The CIP is a forecast of capital projects that is used in planning the annual budget. Staff continually update the CIP with new estimates as the year for funding approaches.
The result of this intense analysis of new and previously approved projects demonstrates to the City Council and our Citizens the investment that is being made to maintain vital infrastructure and plan for future needs.