The Town of Indian Trail is pleased to announce it received the Government Finance Officer Association’s (GFOA) Distinguished Budget Presentation Award for its Fiscal Year (FY) 2023-2024 budget. This national award is the highest form of recognition in governmental budgeting. The FY 2023-2024 budget is the first one the Town has submitted to GFOA for review. It is exceedingly rare for a municipality to receive the award the first time it submits a budget.
Submitting a budget to the GFOA for award consideration is not required by law, but according to the GFOA, “The award represents a significant achievement by the entity. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the entity had to satisfy nationally recognized guidelines for effective budget presentation.”
The GFOA assessed the Town’s budget based on how well it serves as a policy document, a financial plan, an operations guide, and a communications device. The Town’s budget had to be rated proficient in those four categories, as well as the 14 mandatory criteria within those categories, to receive the award.
In order to be eligible for the GFOA and award consideration, the Town had to enhance its budget book to include additional information not required by North Carolina law. These items included a strategic plan, departmental pages with mission statements, objectives, goals, accomplishments, and performance measures, an overview of the budget process and financial policies, and Town demographics and history. Additionally, the web-based budget book is more user-friendly, with interactive charts, a glossary of terms, and more in-depth explanations of the Town’s budgeting process. To view the FY 2023-2024 budget, visit https://town-indian-trail-nc-budget-book.cleargov.com/9541/introduction/budget-cover.
“I would like to congratulate the Finance and Tax departments, the Town staff, and the Town Council on this incredible achievement,” said Town Manager Mike McLaurin. “Enhancing the Town’s budget to GFOA standards was a large undertaking, but our staff stepped up to the challenge and achieved something most municipalities do not, which is receiving the budget award in the first year. This award, along with a history of clean audit reports, underscores the Town’s commitment to fiscal responsibility and transparency. As we begin planning for the FY 2024-2025 budget, I look forward to making continued improvements to our process and budget book to provide the best product for our residents.”
The Town of Indian Trail’s fiscal year runs from July 1 to June 30.