Why It's Good To Be Morrisville Part I

Every October, the Town of Morrisville staff and Council review the previous year’s financial performance by way of our post-audit Comprehensive Annual Financial Report. This year was no exception. In addition, at the Council’s October 25th business meeting, Town Manager John Whitson presented information on our Five Year Financial Performance using comparative data from the Office of the State Treasurer. Highlights for the five year period include:

· A town population increase of 32%
· S&P bond rating improvement of three positions to AA+
· Moody’s bond rating improvement of 4 positions to Aa2
· Per capita expenditure decrease of 31%
· Total expenditure decrease of 9%
· Doubling of town assets, from $46.8 million to $91.5 million
· A rollback of spending to below 2009 levels
· Fiscal Year 2011 revenues $500k higher than budgeted
· Fiscal Year 2011 expenditures $1.8 million lower than budgeted

In short, our Town’s austerity program has worked and worked well. We cut back, delayed, deferred and restructured, not by necessity but by design. Clear, consistent leadership from the Town Council and exceptional budget execution by Town Staff are responsible for Morrisville’s current financial picture. Our year end fund balance - or Town savings – now exceeds minimum policy by nearly $5 million.

In the coming months, Morrisville taxpayers will have opportunities to respond to this positive news, beginning with polling of our Citizen Survey Panel. We will use the input gathered to refine our Town’s long and short term financial goals and to determine appropriate levels of service delivery and infrastructure investment.

Earlier this summer, Money Magazine recognized Morrisville as the 7th most affordable community in the US. By design and through Staff and Town Council collaboration, our fiscally responsible approach to town government is working. Now let's move forward, together, on a fiscal philosophy that addresses our long term financial sustainability.