The Board of Trustees approved the 2021 Town Budget during the December 8 meeting. The budget provides funding for all Town of Erie programs, services, capital projects and initiatives in 2021, and is divided into funds within which staff accounts for revenues and expenditures to adhere to all regulations or special restrictions. For instance, the Town accounts for revenue from water utility bills in the Water Fund and can only use that revenue to cover costs associated with the Town’s water system. Similarly, tax revenue from the voter approved property tax for trails and natural areas is accounted for in the Trails and Natural Areas Fund and can only be used to acquire, develop and maintain trails and natural areas for public use.
The budget reflects revenue in all funds totaling $88.7 million, and expenditures in all funds totaling $98.2 million. The total of expenditures from all funds will exceed revenue in 2021 because the Town will be completing several large capital projects for which the Town has accumulated funding rather than borrowing and incurring the cost of debt service.
The General Fund is the Town’s primary operating fund covering all financial resources for general government purposes such as street maintenance, parks and recreation, and public safety. The 2021 budget reflects a General Fund surplus (revenues exceeding expenditures) of approximately $1.3 million, compared to a 2020 projected surplus of $939,000.
For more, view the budget presentation beginning at 5:02 and materials.