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FINANCE
FINANCIAL POLICIES
The Town of Shady Shores has designed the Financial Management Policy in order to establish guidelines to direct the management of town funds and the decision making process. The financial policies have been established to enable future growth and sustainability for the Town of Shady Shores as well as assist the administration in complinace with all governental requirements.
The chart below reflects the income and expense information for the 2019 Fiscal Year. The Town of Shady Shores has two full time employees and two part-time employees.
| FY 2019 | TOTAL | PER CAPITA |
|---|---|---|
| Income | $ 1,831,407 | $ 693.71 |
| Property Tax | $ 974,573 | $ 389 |
| Sales Tax | $ 111,385 | $ 42 |
| Expenses | $ 1,613,202 | $ 42.19 |
RESERVE FUNDS
Shady Shores maintains reserve accounts for the placement of available funds to be allocated toward capital projects, emergency reserves and road and drainage projects. The following reserve accounts are currently maintained by the Town of Shady Shores:
| Reserve Fund | Purpose | Current Balance |
|---|---|---|
| Roads Bridges and Drainage | All fees, costs and expenses related to the construction, remodeling, expansion and improvement of roads, bridges and drainage. | $ 848,505 |
| Capital Projects | this account is established for the construction , expansion, or remodeling of public buildings, parks or similar projects. | $100,000 |
| Emergency Reserve Account | used as necessary at the discretion of the Town Council for emergency or unforseen expenditures. Currently the Town of Shady Shores maintains (6) months worth of annual combined operating expenses | $600,000 |
REVENUE POLICIES
- The annual budget will be based on conservative revenue forecasts
- Fees for services will be reviewed annually and adjusted to meet increased costs for services
- The town will strive to maintain a diversified and stable revenue system to shelter it from fluctuations inany single revenue source.
- The town will review all possibilities of creating user/impact fee based services to relieve the tax burden stress of the General fund.
- The Council will review the tax rate each year to establish the appropriate rate to fund the annual budget without drawing from reserves.
EXPENDITURE POLICIES
- It will be the policy of the town to strive to eliminate the use of operating reserves, yearly budget carryover or other non-recurring sources of revenues to meet operating expenses.
- Expenditures will not exceed annual revenues.
- Fund balances may be added to the budget to complete planned capital improvements.
- The Town will continually explore methods to reduce expenses.
- Regular evaluation and adjustment of wages and benfits will be considered in order to foster a stable and dedicated workforce and reduce the expense of employee turnover.
- Maintenance and infrastructure and capital items wil be an expenditure priority. New programs will not be funded by deferred maintenace.