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.
Comprehensive Annual 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 Comprehensive Annual Financial Report (CAFR) in accordance with generally accepted accounting principles (GAAP). The CAFR 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 CAFR 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
This Capital Improvement Program (CIP) captures infrastructure and facility needs. However, this document does not include detailed staff, vehicles, equipment, technology, or transit needs - these needs will be incorporated into the current budget requests. The Capital Improvement Plan (CIP) is a five-year forecast of capital projects that is used in planning the annual budget.
This CIP has anticipated using the following funding sources:
- User fees
- Revenue bonds
- Installment purchase
It is also vitally important to know what this CIP is not - and that is a perfect prediction of our needs. As acknowledged in current bid costs, the estimates made in a long-term plan are not the same as a project that has been fully designed and engineered.
It is important that staff continually keep this CIP updated with new estimates as the year for funding approaches. In other words a CIP is not a static document that once approved is placed on a shelf and only looked at during the budget process; it is a constantly changing document that must be flexible to incorporate updated costs and unforeseen needs.
On the following pages we have assembled a comprehensive CIP that shows previously approved projects as well as new requests. 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.