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.