safety programs accounted for 34.0 percent of expenditures , while general government functions accounted for 20.4 percent . Spending on debt principal retirement increased substantially , after a bond debt was paid off early as part of a refinancing transaction .
As a result of refinancing the debt , General Fund operating expenditures exceeded operating revenues but when other financing sources ( primarily new debt proceeds ) are added to the revenues the fund saw an overall positive net impact .
The property tax rate increase in the FY 19-20 budget enabled the Town to fund several critical needs including five new positions necessitated primarily by continued growth , increased costs in retirement contribution rates , and cover higher solid waste costs so that unique services such as the two annual special unprepared trash / yard waste pickups could continue .
Total expenditures per capita decreased from $ 1,262 in FY 18-19 to $ 1,140 for FY 19-20 .
General Fund Expenditures ( Three-Year Trends )
FY 17-18 FY 18-19 FY 19-20 General government $ 6,960,076 $ 7,578,884 $ 7,970,199
Public safety ( police and fire )
Transportation ( incl . street maintenance )
Environmental protection ( incl . solid waste and recycling )
12,989,182 12,906,345 13,279,336
2,899,718 3,564,911 3,622,653
1,895,800 2,041,794 2,170,760
Cultural / recreational 2,936,533 5,558,172 3,466,375 Debt service 3,748,006 3,773,106 8,569,581 TOTAL $ 31,429,315 $ 35,423,212 $ 39,078,904
FUND BALANCE
OVERALL , GENERAL FUND revenues
and other financing sources exceeded expenditures and transfers by $ 0.8 million , which was added from the Town ’ s fund balance . Fund balance is akin to a savings account for the Town and can be used to fund capital projects , balance the budget and for emergencies or cash flow during the year .
The chart to the right shows the different categories of fund balance . These categories represent any external or Town Council-initiated restrictions on how fund balance can be used . Unassigned is the least restrictive and can be used for any purpose . Unassigned fund balance at the end of FY 19-20
Categories of Fund Balance in FY 19-20
Nonspendable $ 27,359 Restricted 4,196,004 Committed 9,009,700 Assigned 2,667,376 Unassigned 13,281,799 TOTAL $ 29,182,238
totaled $ 13.3 million , an amount equal to 34.0 percent of expenditures . The Town ’ s policy is a minimum of 30 percent . Total fund balance stood at $ 29.2 million .
2020 Popular Annual Financial Report 13