FINANCIAL HIGHLIGHTS OF THE 2023 BUDGET (cont)

General Fund

The General Fund is the main operating fund of the Town. Town operations, which include Police/ Public Safety, Public Works, Building Inspection, Community Development, Municipal Court and Administration (which includes Town Administration, as well as the Communications, Finance and Human Resources Departments) are accounted for in this fund.

Revenues by Category

Excluding transfers in, total 2023 budgeted revenue is $76.4 million, with sales tax being the largest revenue source. The sales tax growth rate has been increasing since 2019, reflecting growth in the Town. Growth in 2021 jumped to 18%, due in part to short term factors, and is expected stabilize somewhat to end 2022 at 12%. Therefore, a moderate rate of 8% has been used for the 2023 budget to account for slowing in Town growth and easing of inflation.

The Parks and Recreation Fund transfers in $1.6 million to partially offset the parks and recreation administration costs included in the General Fund. An interfund transfer of $0.4 million from the Stormwater Utilities Fund offsets work completed by the Public Works Department on behalf of the Stormwater Department. Additional revenue discussion is in the Revenue Manual section of this document.