Resources in the Finance Department

Board of Commissioners Adopts Recommended Operating Budget for FY 2019/2020

A brief summary of the new budget, which will take effect on July 1, 2019 follows: 

o    A Town-wide ad valorem tax rate of $.40 for a Town-wide levy of $8,827,666; the $.33 tax rate applicable to the real property listed within Kill Devil Hills’ Beach Erosion Control and Flood and Hurricane Protection Works Municipal Service District (MSD), charged for the purpose of raising the revenue listed as “Taxes – Municipal Service District” remains; the levy for the MSD is $514,214. 

o    Total General Fund revenues and expenditures are projected at $19,477,879; total Water Fund revenues and expenditures are projected at $3,951,986; total Wastewater Fund revenues and expenditures are projected at $225,495.

o    Retail water rates will increase 4% as the Town continues to address operating costs and waterline and system improvements that are associated with the Water System Master Plan.  Tap fees are also proposed to increase based on cost of materials and installation.

o    Funding in the amount of $639,000 is included in the Street Capital Reserve Fund, and $218,000 in Powell Bill revenues, for street/drainage improvements on a portion of West Hayman Boulevard, a portion of Plymouth Avenue, Sixth Avenue, and Town Hall Drive; also, part of this project will be waterline improvements.  Discretionary street maintenance and repair funding is continued in the amount of $90,000. 

o    The following Capital Reserve Funds are funded:  Sidewalk and Multi-Use Path, $100,000; Shoreline Access and Recreation Facilities Reserve Funds, $30,000 each;

o    A 2.8% cost of living adjustment increase.

o    One new position, Sanitation Equipment Operator.

o    Continued funding in the amount of $25,000 for the Other Post-Employment Benefits Irrevocable Trust Fund.

o    Tipping fees for an estimated 10,857 tons of garbage at $77.00 per ton, and 1,026 tons of construction and demolition debris at $67.25 per ton.

o    Fleet investments include: five police vehicles, three pick-up trucks, one shop truck, two residential collection trucks, and one commercial collection truck.     

o    Debt service payments for the 2019/2020 Fiscal Year as follows:

o    Adopted Lease Payments = $1,345,369

o    Debt Service – Public Works Complex – Phase II = $445,674

o    Debt Service – Public Works Complex – Phase III = $480,834

o    Debt Service – Beach Nourishment = $1,048,639

o    Waterline and system improvements in the amount of $258,083 in accordance with the current Water System Master Plan (WSMP).

o    Funding in the amount of $130,000 is included to update the WSMP.  

Adopted Budget for the 2019/2020 Fiscal Year