Budget

NOTICE: During the June 10 meeting, the Oak Island Town Council voted unanimously to adopt the FY 2025 - 2026 Budget, as well as approving the FY 2025-2026 Budget Ordinance, and Adopting the FY 2025-2026 Fee Schedule.

To view the FY 2025-2026 Budget, click the link below.

This page contains information on the Annual Budget for the Town of Oak Island.

Click the tabs below to learn more about how the Budget is developed; links to download the Budget Documents are provided at the bottom of this page.

Budget Basics

The Annual Budget is a plan for how the Town will raise and spend money during a fiscal year. The Fiscal Year, or "Budget year" is a 12-month period in which the revenues and expenditures planned for in the Budget will apply.

NOTE: The Annual Budget operates on a fiscal year of July 1 through June 30.

The Budget is approved by the Town Council in passing of the Budget Ordinance, which is local legislation that levies taxes and appropriates revenues for specified purposes, functions, activities, or objectives during the fiscal year. The ordinance is adopted prior to the start of the next Fiscal Year, may be amended as needed throughout the year, with approval from the Town Council.

The Town of Oak Island is required to budget and spend money in accordance with the Local Government Budget and Fiscal Control Act (LGBFCA). Revenues and expenditures for the provision of general services are authorized in the annual budget ordinance. Revenues and expenditures for capital projects or the projects financed with grant proceeds are authorized in the annual budget ordinance. The LGBFCA defines the annual budget as “a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year."

Budget Creation Process

The development of a yearly budget is a process that operates on a near continual basis. Each month revenues received are recorded and then analyzed to help project future revenues on which the next year's budget can be developed.

Management staff meets with each department head twice; once to identify preliminary budgetary needs, and then a final meeting to bring forth recommendations for Council approval. the Town Council and staff hold several "Budget Workshops" together, where each department’s needs and requests are reviewed, along with an overview of all capital and staffing needs.

At the last workshop, staff review all departments and go over recommended fee changes, staffing levels, 3 Year Capital Improvement Plan(s) and ARP Funding.

Budget Development timeline

The timeline for publicly developing, presenting, and approving a yearly budget usually falls along the following schedule:

JANUARY: During the annual Town Council Retreat, the Council sets out goals and priorities for the coming year, which they would like the Town's spending to focus on.
FEBRUARY - MARCH: The Town Manager and Finance Director work closely together with department heads to identify capital needs, and potential areas of cost-savings.
APRIL: The Town Council hosts several "Budget Workshops" where the Town Manager and Finance Director present the needs and priorities of all departments and services. The Town Council provides directives on where to increase or decrease spending for the final draft of the Recommended Budget.
MAY: The Town Council holds a special meeting in which the Recommended Budget for the coming fiscal year is formally presented to both the Council and the public. This releases the Recommended Budget to the public, providing the opportunity to review the budget before a public hearing is held.
MAY / JUNE: The Town Council holds a public hearing, to receive input from residents on the Recommended Budget. The Council then votes to accept the Recommended Budget as-is, or provide directives on any further changes they would like made. Council approves a final Budget and enacts it into law by the end of June, to allow for it to take effect by the start of the new fiscal year on July 1.

BUDGET DOCUMENTS

The Annual Budget operates on a fiscal year of July 1 - June 30.

Click the links below to view previous Budgets. To view documents from years prior to what is listed, make a request through the Finance Department Contact Form.