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Wondering where your Cornelius tax dollars go? Now you know.

EH Stafford

Every year, the Town of Cornelius produces two reports: the Comprehensive Annual Financial Report (CAFR) and the Popular Annual Financial Report (PAFR). Both of these reports are released at the end of December and cover the town’s fiscal year, which is from July 1 to June 30 of the same year.

“The PAFR is designed to provide a summary of the town’s financial position in a user-friendly format. The PAFR represents an ongoing commitment to keep citizens informed about the town’s finances.”—Andrew Grant, Town Manager

This year, the PAFR is a 12-page summary designed to supplement but not replace the 162-page CAFR.

Highlights from the PAFR

Awards

Certificate of Achievement for Excellence in Financial Reporting – 2017 CAFR – for the 8th year
Certificate of Achievement for Excellence in Financial Reporting – 2017 PAFR – for the 1st year
The Cornelius Police Department is a five-time recipient of the Commission on Accreditation for Law Enforcement Agencies, Incorporated (CALEA)

Quick Facts

Population of Cornelius: 31,158
Median Household Income: $84,277
Land Area: 13.07 square miles
Shoreline: Approximately 73.5 miles

The report includes a town history and a city profile that describes the local government as a council-manager with a mayor and a five-member board of commissioners.

FY2018 Significant Events

Opening the new public works facility
Two new playgrounds unveiled: Bailey Road Park and Smithville Park
Improvements were made at Legion Park, Smithville Park, and Robbins Park; nine multi-purpose and ball fields were top dressed and renovated.

Top ten list of principal property taxpayers and principal employers

Via PAFR

There is also an excellent description of the budget process and the Local Government Budget and Fiscal Control Act, which requires a balanced budget for the town. The General Fund and Enterprise Fund 2018 Revenues are listed by category and dollar amount. The same for General Fund and Enterprise Fund 2018 Expenditures. See charts below.

via PAFR

Via PAFR

Total outstanding debt for the town is $13,503,829. Debt is limited by law to 8% of the total assessed value of taxable property. The Town of Cornelius assessed value is $5,415,185,490. The capacity for debt (debt margin–the 8%) is $433,214,839.

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To learn more, download the PAFR and the CAFR.