River Bend Town Council Regular Meeting Minutes June 20, 2024 Town Hall 7:00 p.m. Mayor. John Kirkland Lisa Benton Barbara Maurer Buddy Sheffield Jeff Weaver Brian Leonard Delane Jackson Sean Joll Mandy Gilbert Kristie Nobles Trey Ferguson 9  Present Council Members:  Town Manager: Police Chief: Finance Director: Town Clerk: Town Attorney:  Members of the Public Present: CALL TO ORDER  Mayor Kirkland called the meeting to order at 7:00 p.m. on Thursday, June 20, 2024, at the River  Bend Town Hall with a quorum present. VOTE- = APPROVAL OF AGENDA  Councilwoman Benton motioned to amend the agenda, adding item 13B, Community Watch social media page like the other advisory boards. The motion carried unanimously. Councilman Sheffield motioned to accept the agenda as amended. The motion carried  unanimously.  ADDRESS TO THE COUNCIL for the FY24-25 budget.  Edwin Vargas-119 Randomwood Lane - addressed the Council with recommendations  CONSENT AGENDA  The Mayor presented the Council with the Consent Agenda. Councilman Leonard moved to approve the Consent Agenda as presented. The motion carried unanimously. Within this motion,  the following items were approved:  A. Approve:  Minutes of the May 9, 2024, Work Session. Meeting Minutes of the May 16, 2024, Regular Council Meeting Minutes of the April 13, 2023 Closed Session Meeting Minutes of the April 20, 2023 Closed. Session Meeting Minutes of the. June 15, 2023 Closed Session Meeting Minutes oft the. July 20, 2023 Closed. Session Meeting Minutes oft the October 19, 2023 Closed Session Meeting Minutes of the November 9, 2023 Closed Session Meeting Minutes oft the November 16, 2023 Closed Session Meeting Minutes oft the December 7, 2023 Closed Session. Meeting Minutes oft the. January 11,2024 Closed Session Meeting Minutes oft the. January 18, 2024 Closed Session Meeting Minutes oft the February 8, 2024 Closed Session Meeting    River Bend Town Council June 20, 2024 Regulars SessionN Minules 20f37  Minutes of the February 15, 2024 Closed Session Meeting Minutes oft the March 14, 2024 Closed Session Meeting Minutes oft the April 11, 2024 Closed Session Meeting Minutes oft the April 18, 2024 Closed Session Meeting Minutes of the May 16, 2024 Closed Session Meeting  Advisory Board Reappointments 2024, and ending on. June: 30, 2026; July 1, 2024, and ending on June 30, 2026;  PLANNING BOARD: Reappoint Egon Lippert, Robert Kohn and Linda Cummings to terms beginning. July 1, PARKSA ANDI RECREATION: Reappoint Annie Craddock, Victoria Stuppy and Amy Hendee to terms beginning CAC: Reappoint Brenda Hall and Pat Lineback to a term beginning July 1, 2024, and ending on June 30, 2026; ENVIRONMENT AND WATERWAYS, ADVISORY! BOARD: Reappoint. Patty Leonard, James Stevens and BOARD OFADJUSTMENT Reappoint Paige Ackiss, Cinda Hill and. Jon Hall to terms beginningJuly: 1,2024,  Raymond. Jaklitsch to terms beginning July 1,2024, and ending on. June 30, 2026;  ande ending on June 30, 2026; TOWN MANAGER'S REPORT The Manager gave the following updates:  The Town only received one bid for the Wastewater Treatment Plant and the Town is currently in negotiations with the state to approve negotiating with the low bidder. .The land has been acquired beside of the new public works building for the new water The 2.5 million dollar application for new wells has been submitted to the state.  -The Council Work Session for July has been canceled.  treatment facility.  ADMINISTRATIVE REPORTS  PARKS & RECREATION- COUNCILMAN WEAVER  Councilman Weaver stated that Parks and Recreation held their regular meeting on. June 5, 2024. He stated that there was a discussion regarding the Independence Day Celebration and that all  of the members who are up for reappointment wished to be reappointed.  RIVER BEND COMMUNITY ORGANIC GARDEN Councilman Weaver gave the following report:  Ad daily garden coverage calendar is in place. Saturday workdays, when many gardeners tackle large projects, have been decreased to every other week. The total number of volunteer hours for May was 232, bringing this year's total hours to date to 1049, Atwo-part in-service session addressed "Know Your Garden" and "Intro to the Care of Butterflies" As temperatures increase, starting work times get earlier. Some early birds arrive by 6:30 am. Occasional evening schedules have begun. The current harvest includes potatoes, onions, leeks, cucumbers and herbs. Garden volunteers are looking forward to participating in the Fourth of July parade. The next meeting is scheduled for July 1 at 1:30 pm in the Municipal building. Weekly workdays are scheduled on Saturdays starting, officially at 8 am. Everyone is welcome to attend and participate in monthly  garden volunteer meetings and in the garden. CAC- COUNCILWOMAN MAURER Counciwoman Maurer presented the following report.  The CAC did not meet in June. The Beautification Award Program finished for the spring with June awards. Congratulations to this month's award winners, 322 Lakemere and 211 Pinewood. You can see all the nominees ont the CAC FB page. Nominations are currently open for the CAC's second annual Independence Day Festive Award Program that publicly recognizes homes that exemplify the Fourth of July spirit. Two Independence Day craft workshops were offered to create    RiverE Bend Town Council June: 20, 2024 Regular Session! Minutes 30f37  ap patriotic decoration to celebrate our national holiday. Keep an eye out for the CAC entrant in the Fourth of July parade. Work is in progress for Christmas globe maintenance and the globe workshops. Two members of the board are unable to continue for another term. Many thanks go to Meg Williams and Christine Soler for their service. This CAC group has experienced at transition during their tenure. Their work, and that of the other members, has brought the town the home beautification and festive awards, a family-inclusive Arbor Day event, the initiation of a Facebook page, an in-depth study of Plantation median, decorative plantings behind Town Hall and the dog park, and craft workshops. Meg and Christine, you will be missed. The next meeting is scheduled for. July 17, 2024 at 4 pm in the Municipal Building. The meeting is open to everyone. There are three vacancies. Please attend if you arei interested. Guests and volunteers are always welcome.  You don't have to be a board member to participate. FINANCE- - COUNCILMAN LEONARD  Financial Report - Finance Director, Mandy Gilbert, presented the financial statement for the month of May toi the Council. She stated the total of the Town's Cash and Investments as of May 31, 2024, were $2,665,016 and Ad valorem tax collections for FY23-24 were $982,979 and  Vehicle Ad valorem tax collections were $93,715. VOTE - FY24-25 Budget Ordinance  Councilman Leonard motioned to adopt the Fiscal Year 2024-2025 Budget Ordinance and  Schedule of Rates and Fees. The motion carried unanimously. (see attached)  VOTE. - Financial and Budgetary Policies Amendment presented. The motion carried unanimously. (see attached) ENVIRONMENT AND WATERWAYS - COUNCILMAN LEONARD Councilman Leonard gave the following report:  Councilman Leonard motioned to adopt the Financial and Budgetary Policies Amendment as  Chairman Ackiss opened the meeting at 7 PM. There was a quorum. There were four visitors in attendance. The minutes for the May 6th, 2024, meeting were approved. Councilman Leonard gave a council updated and answered questions. Old Business: Discussion on bulkheads in the Quarterdeck area and storm water issues. Information about feeding wildlife in the waterways was discussed and recommended to be posted on the town webpage and email system. The life ring at the fishing pier behind the town hall was stolen. Discussion concerning proper disposal of old fishing lines and looking into providing appropriate disposal containers in several locations in town. Alligator weed along Plantation Canal was discussed, the town owns most of the property that has issues with the weeds. Councilman Leonard has spoken to Manager Jackson about remediation of the weeds. New Business: Discussion about dumping debris, yard waste and other trash int the waterways. There are rules in the town regulations that address this issue. The board voted to recommend Allison Fredrick to filli to current vacancy on EWAB. Volunteer Hours: 9 Next meeting: July 1, 2024, at 7 PMI in the municipal building in the small conference room. The public Councilman Leonard stated that at the work session the Council discussed a Stormwater  isv welcome. The meeting adjourned at 8 PM. Grant Resolution that needs action. VOTE - Stormwater Grant Resolution motion carried unanimously. (see attached)  Councilman Leonard motioned to approve the Stormwater Grant resolution as presented. The Councilman Leonard stated that EWAB had met on June 3, 2024 and the board recommends  appointing Allison Frederick to the board to fill the only vacancy.    River Bend" Town Council June 20, 2024 Regular Session Minutes 40f37  VOTE - EWAB Advisory Board Appointment  Councilman Leonard motioned to appoint Allison Frederick to the Environmental & Waterways Advisory Board for a term beginning June 20, 2024, and expiring June 30, 2026. The motion BRUNCH! LAW ORDINANCE. AMENDMENT- COUNCILWOMAN, BENTON  carried unanimously.  Councilwoman Benton stated that the Council discussed the Brunchl Law Ordinance that will allow the sale of alcohol on Sunday mornings in the Town of River Bend. The Town Manager stated that the Council approved the language for the amendment at the work session and the Council will need to codify the language and assign the amendment to chapter 11 in the town's ordinance. Councilman Weaver asked ift this amendment would include the convenience store and the Town Attorney stated he would investigate and if additional language is needed, he would notify the  Town Manager.  VOTE = Chapter 11 Code of Ordinance Amendment as presented. The motion carried unanimously. (see attached) COMMUNITY WATCH - COUNCILWOMAN BENTON  Councilwoman Benton motioned to approve the Code of Ordinance Amendment to Chapter 11  Councilwoman Benton stated that Community Watch has requested an informational only social media page like the other advisory boards that had been approved recently. Councilman Weaver suggested that the Council approve all advisory boards to have an informational only social media page. The Town Manager stated that Community Watch was not an advisory board.  VOTE - Advisory Board Social Media  Councilman Leonard motioned to authorize all Advisory Boards and Community Watch to have  an informational only Facebook page. The motion carried unanimously.  MAYOR'S REPORT  The Mayor presented the following report.  The annual volunteer picnic was held on Saturday 1 June. It was a success. The Town's July Fourth Celebration and Parade are only a month away. These events require a lot of planning and coordination by the Town Staff with several of the Advisory Boards, making arrangements with the several vendors who will provide miscellaneous supplies, and finally preparing the site for the events of the celebration. The Staff will accomplish all of this and still accomplish the routine work associated with the usual conduct of routine Town operations. We are fortunate to have a talented and dedicated Staff and Manager. And we are now at the beginning of the 2024 Hurricane Season. And the new Town Budget will become effective on 1 July. la ask all residents to consider the added work that the Staff will contribute to make the events a success and when  you talk with a member of staff, thank them. ADMOURNMENTIRECESS at 7:44 p.m.  There being noi further business, Councilman Sheffield moved to adjourn. The meeting adjourned  skzsndpn Kristie J. Nobles, CMC, NCCMC Town Clerk    River Bend Town Council June: 20, 2024 Regular Session! Minutes 5of37  TOWN OFRIVERBEND ANNUALOPERATINGBUDGETORDINANCE FSCALYEAR2024-2025  BEITO ORDAINED! byt the Council oft the Town ofF River Bend, North Carolina thatt thef followinga anticipated fund revenues and departmental expenditures, together witho certainf fees ands schedules, andy with certain restrictions anda authorizations, are hereby appropriated: and approvedf fort thec operation oft thel Towng government: andi its activities fort thet fiscaly year  beginning) July 1,2024 ande endingJ June 30, 2025:  Summary  GeneralFund General Capitall Reserve Fund Law Enforcement: Separation AllowanceFund Water Fund Water Capital Reservel Fund Sewer Fund Sewer Capital Reserve Fund Total GeneralFund  2,414,000 89,007 515 654,000 20,215 720,000 25,250 3,922,987  Section1. Anticipated Revenues  ADVALOREM: Taxes 2023-2024 ADI VALOREM: Tax-Motor' Vehicle Animal Licenses Sales Tax1 1% Article: 39 Salesl Tax: 1/2%/ Article 40 Sales Tax: 1/2% Article 42 Sales Tax/ Article 44 Sales Tax Hold! Harmless Distribution SolidV Waste! Disposal Tax Powell BillA Allocation Beera and' Winel Tax Videol Programmings Sales Tax Utilities Franchise Tax Telecommunications Sales Tax CourtF Refunds Zoning! Permits Miscellaneous Interest- Powell Billl Investments Interest-Generall Fundl Investments Contributions Wildwood: Storage Rents Rents & Concessions Sale of Fixed Assets Transfer From Capital Reserve Fund AppropriatedF Fund Balance Total  980,165 104,400 1,500 199,292 117,968 99,574 14,166 112,233 2,200 101,000 13,225 47,041 116,156 6,779 500 7,000 15,000 50 44,533 900 18,144 18,000 0 72,650 321,524 2,414,000  Page 1of5    River Bend Town Council June2 20, 2024 Regular SessionMinutes 6of37  Section1. Authorized Expenditures  General Fund( (continued) Governing Body Administration Finance TaxListing Legals Services Elections Police Public Buildings Emergency: Services Animal Control Street! Maintenance Public' Works Leaf &Limba and! Solid Waste Stormwater Management Wetlands and Waterways Planning &Z Zoning Recreation & Special Events Parks & Community, Appearance Contingency Transfer To General Capital Reservel Fund Transfer TOL.E.S.A. Fund Total  69,500 331,200 156,500 14,700 49,000 600 840,800 108,000 5,800 18,000 235,000 203,000 87,500 51,200 2,900 60,000 11,000 59,500 23,043 86,757 0 2,414,000  Section2. Anticipated! Revenues  General Capital Reservel Fund Contributions from General Fund Interest Revenue Total  86,757 2,250 89,007 72,650 16,357 89,007  Authorized Expenditures  Transfer to General Fund Futurel Procurement  Section3. Anticipated Revenues:  Law! Enforcement: separatonAlomamcehand  Contributions from General Fund Interest Revenue Total  0 515 515 0 515 515  Authorized Expenditures:  Separation Allowance FutureLEOSSAI Payments Total  Page 20f5    River Bend Town Council June2 20, 2024 Regular Session! Minules 7of37  Section4. nticipated Revenues  Water Fund  Utility Usage Charges, Classes1&2 Utilityl Usage Charges, Classes3&4 Utility Usage Charges, Class 5 Utilityl Usage Charges, Class 8 Utility Customer Base Charges Hydrant Availability Fee Taps & Connections Fees Nonpayment! Fees Latep payment Fees Interest Revenue Sale of CapitatAsset Appropriated! Fund Balance Total  202,039 19,024 11,651 5,326 280,228 19,215 1,250 10,500 7,774 4,260 0 92,733 654,000 507,000 127,000 0 20,000 654,000 134,691  Authorized Expenditures  Administration & Financel [1) Operations and! Maintenance Transfer ToF FundE Balancei for Capital Outlay Transfer ToV Water Capital Reserve Fund [1)Portion ofd department for bond debt service: Water Capital Reserve Fund Interest Revenue Total  Total  ection5. Anticipated Revenues  Contributions From Water Operations Fund  20,000 215 20,215 20,215  Authorized Expenditures  Future Expansion &D Debt Service  Page 30f5    River Bend Town Council June2 20, 2024 Regular Session! Minutes 8of37  Section6. Anticipated! Revenues:  Sewer Fund  Utility Usage Charges, Classes: 1&2 Utilityl Usage Charges, Classes 3&4 Utility! Usage Charges, Class 5 Utility! Usage Charges, Class 8 Utility Customer Base Charges Taps & Connection! Fees Latep payment Fees Interest Revenue Sale of Capital Asset Appropriated! Fund Balance Total Administration &F Finance/2) Operations andi Maintenance Transfer tof Fund Balance for Capital Outlay Transfer to Sewer Capital Reserve Fund [2]Portion ofdepartmenti for bond debts service:  260,280 40,743 25,677 10,825 297,179 1,250 8,251 8,760 0 67,035 720,000 502,000 193,000 0 25,000 720,000 116,309  Authorized Expenditures:  Total  SectionZ. Anticipated Revenues:  Sewer Capitall Reserve Interest Revenue Total  Contributions Froms Sewer Operations Fund  25,000 250 25,250 25,250  Authorized Expenditures:  Future Expansion &D Debts Service  Page 40f5    River Bendl Town Council June 20, 2024 Regular Session! Minutes 90f37  Section8.  LevyofTaxes  Therei isl hereby! levied at taxa att ther rate oft twenty-four cents ($0.24) perc one hundred dollars ($100) valuation of propertyas listedi fort taxes as of January: 1, 2024,1 for the purpose ofr raising ther revenuel listeda as' "AdV Valorem Taxes 2024-2025" in the General Fund Section: 10 oft this ordinance. Thisr ratei ish based ona av valuation of$ $410,950,0001 forp purposes oft taxation ofr real and personal propertywith: ane estimated rate ofc collection of 99.38%. Thee estimated collection ratei ist based ont the fiscaly year 2022-2023 collection rate of 99.38% by Craven County who has been contracted to collectr real andp personal propertyt taxest for thel Town of River Bend. Alsoi includedi isa ay valuation of $43,500,0001 for purposes oft taxation of motor vehicles witha  collection rate of 100%! bythe! North Carolinal Vehicle Tax System.  Section9.  Feesand Charges  Therei is! hereby established, for Fiscal' Year 2024-2025, various fees ando charges as contained in Attachment, Ad oft this document.  Section10.  Spedlalhutiotzationatmn. BudgetOfficer  A. Thel Budget Officer shalll bea authorized tor reallocate anya appropriationswthind departments.  B.1 Thel Budget Officers shall! be authorized toe executel interfund: andi interdepartmental. transfersi ine emergencys situations. Notification ofa all sucht transfers shall ber madet tot the Town Council ati itsi next meeting following thet transfer. C.T Thel Budget Officers shall be: authorized toe executei interdepartmentalr transfers int the: same fund, includingo contingency appropriations, nott to exceed $5,000. Notification of alls sucht transfers shall be madet tot thel Town Council ati its next  meetingf following thet transfer.  Section1 11.  Classification: and Pay Plan  Cost ofl Living/ Adjustment (COLA)fora all7 Towne employees shall be: 3.7% and: shall! begin thet first payrolli int the newi fiscaly year. Thel Town! Manager is hereby authorized tos grant meriti increasest toT Town employees, whene earned, per the approved Pay Plan.  Section12.  Utilization oft the Budget Ordinance  This ordinance shall! bet thel basis oft thef financial planf fort thel Town of River Bendr municipal government duringthe: 2024-2025 fiscaly year. The Budget Officers shall administer the Annual Operating Budget ands shalle ensure the operating staff and officials are providedwith guidance and sufficient detailst toi implementt their appropriate portion oft the budget.  Section 13.  Copies ofthis BudgetOrdinance  Copies oft this Budget Ordinance: shall! bet furnished tot the Clerk, Town Council, Budget Officer and Finance Officer tol bel kept  ont filel by themi fort their direction int the disbursement off funds.  Adopted this2 20th dayo ofJ June, 2024. Johnr Kirkland, Mayor Attest:  RIVER INCORPORATED SEAL 1981  Rjalld  Hickignoles Kristie) J.N Nobles, TownClerk, CMC,NCCMC  Page 5of5    River Bendl Town Council June 20, 2024 Regular SessionN Minutes 11of37  Town of River Bend Schedule of Ratesa and Fees (AttachmentA tol BudgetOrdinance) Effective July 1,2024  Amounts due are based upon the Fees and Charges Schedule in effect at the time of payment. Itis the Town Council'si intention that the Fees and Charges! Schedule be revised as needed by) July 1st ofe each year. Some fees and charges may be adjusted during the year as circumstances change.  GENERAL FUND  Administrative Ad Valorem Tax  $.24 per $100 assessed valuation As specified by State Statute  Coplesofhaliclalommaton Town Code, entire copy Notary Fee Meeting Rooms  $75.00  $10.00 per signature after the first  Fourhours or less Over. fourl hours  $40.00 $80.00  Returned Check Processing Charge  $25, as allowed by G.S. $25-3-506  Administrative Fee for returned bank drafts $25.00  PublicSafety PetLicense Fee  $10.00 $10.00  Golf Cart Registration Fee  Nuisance Abatement Administrative Fee  CostofAbatement $1-1,000 $1,001 -and up  Fee $50.00  5% oftotal abatement cost (maximum fee $2,000)    River Bend Town Council June: 20, 2024 Regular SessionN Minutes 12of37  Planningand7 Zoning Special Exception Use Permit  $200 plus cost of required legal advertisementand postage to notify abutting land owners  Variance  $200 plus cost of required legal advertisementand postage to notify abutting land owners $200 plus cost of required legal advertisementand postage to notify abutting land owners Based on amount of] project as follows:  Appeal to Board of Adjustment Residential. Application  Base Fee  $30  $2 for every $1,000 of project value after first $1,000 and up to $100,000; plus, $1f for every $1,000 above $100,000 (All values rounded up to nearest $1,000)  Zoning. Administrator can use any appropriate means to verify project valuation.  Residential Flood Plain. Application with Zoning Permit  40% of the fee for the' Town'sr residential zoning permit and shall be additional to the zoning permit fee for enclosed structures (fences, decks, and other similar exempt from  additional fee).  Commercial Application  Based on amount of project as follows:  Base Fee  $50  $4 for every $1,000 of project value after: first $1,000 and up to $100,000; plus, $2 for every $1,000 above $100,000 (All values rounded up to nearest $1,000)  Zoning Administrator can use any appropriate means to verify project valuation.  Commercial Flood Plain Application with Zoning Permit  40% oft the fee for the' Town's commercial zoning permit and shall be additional to the zoning permit fee for enclosed structures (fences, decks, and other similar exempt from  additional fee).    River Bend Town Council June: 20, 2024 Regular Session Minules 130f37  Residential Flood Plain Application without Zoning Permit  Based on amount of project as follows:  Base Fee $30  $2 for every $1,000 of project value after first $1,000 and up to $100,000; plus, $1 for every $1,000 above $100,000 (All values rounded up to nearest$ $1,000)  Zoning Administrator can use any appropriate means to verify project valuation.  Commercial Flood Plain Application without Zoning Permit  Based on amount of project as follows:  Base Fee $50  $4 for every $1,000 of project value after first $1,000 and upi to $100,000; plus, $2 for every $1,000 above $100,000 (All values rounded up to nearest $1,000)  Zoning. Administrator can use any appropriate means to verify project valuation.  Engineering Review  Charged to applicant at the actual cost oft the service as billed by the contracted engineer. and postage to notify abutting land owners  Zoning Amendment Request (Map or' Text) $200 plus cost of required legal advertisement  Sign Permit Tree Harvest! Permit  $30 $50 $25 per set  Zoning and Subdivision Ordinances    River Bend Town Council June: 20,2 2024 Regular Session Minules 14of37  Wildwood Storage Rental Rates  Unit) Number BB01 BBC 02 BBO 03 BBC 04 BB05 BBC 06 BB07 BB08 BB09 BB10 BB11 BB12 GB15 GB16 GB17 GB18 GB19 GB20 GB21 GB22 OP  Unit Size 5x20 5x20 5x20 5x20 10x20 10x20 10x20 10x20 10x20 10x20 10x20 10x20 10x16 10x16 10x16 10x16 10x16 10x16 10x16 10x16  Monthly Rent $35 $35 $35 $35 $75 $75 $75 TO TO TO TO $65 $65 $65 $65 $65 TO TO TO  Town Occupied (TO)  Open Spaces (40) $25  Late Payment Charge Interest Charge  $10, assessed after the 10th oft the month 1.5% monthly on outstanding balances    River Bend7 Town Council June 20, 2024 Regular SessionMinutes 15of37 Sewer 24.18 9.30  ENTERPRISE FUNDS  Water and Sewer. Ratesand Fees Class 1 and 2 - Residential() Customer Base Charge perr month(2) Usage per 1,000 gallons Usage 0-4,000 gallons Usage 4,001-20,000 gallons Usage 20,001+ gallons Initial Connection (Tap) charge (3) Nonpayment Fee Class 3 and 4- - Commercial Customer Base Charge per month (2) Usage per 1,000 gallons Initial Connection (Tap) charge (3) Nonpayment Fee Class 5-1 Industrial  Water 15,24 4.22 4.50 4.55 1,250.00 70.00 88.32 4.22 3,500.00 100.00 276.24 4.22 5,000,00 200.00  1,250.00  141.99 9.30 1,250.00  Customer Base Charge per month (2) Usage per 1,000 gallons Initial Connection (Tap) charge (3) Nonpayment Fee Class 6-1 Early Bird (No) longeravailable) Class' 7-) Fire Hydrant Charge Availability Charge per year Class 8- -1"Water Service Customer Base Charge per month (2) Usage per 1,000 gallons Initial Connection (Tap) charge (3) Nonpayment Fee  444.93 9.30 1,250.00  183.00 30.90 4.22 1,500.00 100.00 15.24 4.22 70.00 15.24 70.00  49.43 9.30 1,250.00  Class 9 Vacant /Out ofUse Non-residential Property Customer Base Charge per month (2) Usage per 1,000 gallons Nonpayment Fee Class 10 - Vacant Residences Customer Base Charge per month(2) Nonpayment Fee  24.18 9.30    River BendT Town Council June: 20, 2024 Regular SessionN Minules 16of37  Special Charges  Service Call-2hourminimum  $35 per hour- signed by customer toi initiate work outside ofs scheduled work) hours of 7:00 a.m. - 4:00 p.m. on weekdays and 7:00 a.m. - 3:00 p.m. on weekends $25-1 no charge ifmeter defective $25, as: allowed by G.S. $25-3-506 10% of amount overdue per month or part of month beginning 30 days after billing date Actual cost ofirrigation. meter and fittings  Meter Testing Charge Returned Check Processing Charge Late Payment Charge Irrigation! Meter(4)  Irrigation Connection Inspection  $20  (1) Residential customer deposit may apply. Please refer to' Water Resources Department Policy Manual.  (2) Base charges do noti include any usage.  (3)The published Initial Connection (Tap) charges are based on the historic River Bend average cost that has been experienced: ini making connections. There willl be cases when, because oft thel local depth oft the servicei main pipe to which the connection: ist tol be made, or other site: specific differences from thei norm, the published connection fee will not cover the actual cost of thet tap. When the Water Resources Superintendent encounters such conditions, he: shall notify the applicant requesting the tapi that the cost may exceed the published fee. Ini those cases, a record of cost associated with the specific tap will be accounted. for and ifthe total cost exceeds the published fee, then the applicant shall pay ai fee equal toi the actual cost. Initial connection charges arel based upon the: size ofthe meter and charged as: shown in the (4)The necessary equipment will be provided to the resident at cost. Thei resident is responsible for installing thei irrigation meter on the resident's: side oft the regular water meter. After installation, the  appropriate Class above.  work will bei inspected by a' Water Resources Department employee.    River Bend June Town 20,2 Council 2024 Regular SessionMinutes 17of37  Town of River Bend, NC  Financial and Budgetary Policies  OF RIVER  1981   CAROY  Effective July 1, 2024 (Adopted June 20, 2024)    Town of River Bend Financial and Budgetary Policies  River Bend June: Town 20, Council 2024 Regular Session! Minules 180f37 Effective July 1,2024  Financial and Budgetary Policies  Page 1  I.  Introduction  The' Town of River Bend maintains comprehensive financial policies covering a broad range ofthe elements oft the Town's financial plans and financial systems that underlay the management of overall financial resources. These policies have major objectives tol be achieved thati include: 1. Tol link long-term financial planning with short-term daily operations and decision-making.  2. To maintain and improve the' Town's financial position.  3. Toi maintain and improve the' Town's crediti ratings by meeting or exceeding the requirements ofr rating agencies through sound financial policies. citizens oft the' Town regarding financial operations. North Carolina Local Government Commission (the' "LGC").  4. Tor maintain and increase investor confidence in the' Town and to provide credibility to the 5. Toc comply with the North Carolina Budget and Fiscal Control. Actandi thej policies of the .7 Toeffectively conductasset-lablity management oft the Town's balance sheet.  II.  Operating Budget  1. The' Town's. Annual Budget Ordinance will bel balanced in accordance with the Local 2.. The' Town's. Annual Budget Ordinance will be adopted, by fund and department, by each July 3. In order to force al higher level of planning throughout alll levels ofTown government, the annual budget process will focus on future needs through a Capital Improvements Plan, as 4. The annual budget process will consist ofas series of public meetings where Council and staff discuss needs ini relation to the Town's mission statement, and Council's adopted  Government Budget and Fiscal Control Act (G.S. 159-8(a)).  10 (G.S.159-13(a)).  discussed later in this document.  priorities.  III. Revenue Policy  1. Ad' Valorem Tax - As provided by the North Carolina Budget and Fiscal Control Act, estimated revenue from the Ad Valorem Taxl levy will be budgeted as follows: a. Assessed valuation will be provided by the Craven County Tax. Assessor.    Town of River Bend Financial and Budgetary Policies  RiverE Bend Town Council June: 20, 2024 Regulars SessionN Minutes Effective July 1,8834 Page 2  b. The estimated percentage of collection will not exceed the actual collection percentage of the preceding fiscal year, in accordance with State law. The property tax) rate will be set eachy year based upon the costs of providing general governmental services, meeting debt service obligations and building or maintaining any reserves or fund balances the Council deems necessary.  2. State revenues fluctuate according to the general economic condition of the state and the county.Accordingy, the' Town willl budget these revenues ina a conservative manner using guidance from the North Carolina League of Municipalities to determine predicted rates of 3. User Fees - The' Town Council (the "Council") will set user fees annually byl listing such fees within a fee: schedule adopted with the Annual Budget Ordinance. Int the case of the water and sewer enterprises, the Council will continue to use aj professionally designed rate model in order to determine the most appropriate rates based upon current: and future expenses. User fees will: maximize charges for services that can be individually identified and where costs are directly related to the provision ofo or to the level ofservice provided. a. Emphasis of user fees results in the following benefits: 1. Thel burden on the Ad' Valorem taxi is reduced.  growth int these revenues.  2. User fees are paid by all users, including those exempt from property taxes. 3. User fees help minimize subsidization in any instance where there are requirements in order to qualify for the use oft the: service and the: service is not 4. User fees produce information on the demand level for services and help to make a connection between the amount paid and the services received.  provided to the general public.  4. Interest Income - Interest income is subject to variability based upon changes in prevailing interest rates, which cannot be predicted with certainty. Such revenue shall therefore be budgeted in a conservative manner within the Annual Budget Ordinance and shall comply 5. Grant Funding - Staff will pursue opportunities for grant funding. Application for grant funding will be made after a grant has been evaluated for consistency with the Council's goals and compatibility with' Town programs and objectives. Staff must have Council approval to apply for a grant for any amount over $50,000 and for any grantt that requires a local dollar match. All: awarded grants can only be accepted by Council action at which time a. Grants that have been awarded inj prior years and are recurring in nature will be b. Grants that fund operating expenditures but have a funding termination date must  with the Asset - Liability Management section oft this policy.  the related budget shall be established.  included and addressed through the annual budget! process. fully disclose that fact to the Council prior to acceptance.    Town of] River Bend Financial and Budgetary Policies  River BendT June Town 20, Council 2024 Regular Session! 200f37 Minules Effective. July 1, 2024 Page 3  The grantmanager for each grants shall bet the' Town Manager. The grant manageri is responsible for: all grant monitoring, compliance and reporting. The grant manager will provide copies ofall documents to the Finance Director. The Finance Director d. For grants involving federal funds, the grant manager is responsible for checking the list off federally debarred contractors prior to awarding any contracts.  will maintain a grant filel by fiscal year for each active grant.  6. Appropriation of Fund Balance - Assigned fund balance originally appropriated with adoption oft the General Fund annual operating budget shall not exceed 3% ofthe prior fiscal year's budgeted expenditures, unless done per Section 2b ofthe Reserve/Fund Balance: section ofthis) policy. Any further commitment offund balancei in the General Fund during the fiscal year shall require four "yes" votes from the five members of Council. 7. Budgetary Responsibilities- - The Town Manager shall develop initial budget estimates of applicable revenues. Those estimates are to be: supported by variables (base, rate, etc.) that comprise such revenue. Monitoring oft the revenue budget shall bej performed by the Finance! Directori in ai timely manner throughout the fiscal year and shalli include an analysis ofactual versus budgeted variances. Compliance ofrevenue with all laws and/or regulations is primarily the responsibility oft the revenue-initiating department.  Revenue Spending Policy  1. The Town will follow a revenue spending policy that provides guidance for programs with multiple revenue sources. The Finance Department, as directed by the Finance Officer, will use: resources in the following hierarchy as appropriate: bond proceeds, federal funds, State 2. For purposes of fund balance classification, expenditures are to be: spent from restricted fund balance first, followed in order by committed: fundl balance, assigned fundl balance, and lastly, unassigned fund balance. The Finance Officer has the authority to deviate from this  funds, local non-Town funds, and' Town. funds.  policy ifiti is in thel best interest ofthe' Town.  IV. Expenditure Policy  1. Expenditurel budgets shalll be monitored throughout the fiscal year by department heads, the Finance Director: and the' Town Manager. Budgetcompliance, which includes electronic obligations, is the responsibility of the department: head and the' Town Manager. 2. Budgeted funds will only be spent for categorical purposes for which they are: intended. Budget amendments may be made to reflect unexpected expenses and: must be approved by vote oft the Council. Appropriations of debt proceeds will be made only for the purpose for which: such debtinstrument wasi issued or for the payment of debt principal and interest. 3. Budgeted expenditures for debt service for any variable: rate debtorsynthetici variable rate  debt willl be: set to atleast the average oft the prior five years.    Town of River Bend Financial and Budgetary Policies  River Bend June! Town 20, Council 2024 Regulars Session! Minutes Effective July 1, 2024 Page 4  4. For continuing contracts, funds will be appropriated in the annual budget ordinance to meet current year obligations arising under the contract, in accordance with G.S. 160A-17. 5. Payroll willl be processed in accordance with the requirements oft thel Fairl Labor Standards Act. Overtime and benefit] payments will be made: in accordance with the' Town's Personnel 0, The' Town may utilize non-capital operating leases ori installment purchase loans for the procurement of copiers, multifunction copiers/printer type machines and for personal 7. The' Town will fund current expenditures with current resources and will strive to avoid 8. The' Town will employ the use oft the roll-over method for reappropriation ofo outstanding purchase orders and contracts as oft the end of each fiscal year into the new fiscal year. The  Policy.  computers.  balancing budgets utilizing one-time revenues.  process shall be explained in each year's budget! process.  V.  Reserve/Fund Balance Policy  1. Ina accordance with State statute, appropriated fund balance in any fund will not exceed the sum of cash and investments less the: sum ofliabilities, encumbrances, and deferred revenues arising from cash receipts as those figures stand at the close oft the fiscal year next 2. The' Town will: strive to maintain al healthy General Fund unassigned fund balance. Unassigned fund balance is defined as thej portion of fund balance that remains available for appropriation by the' Town Council after all commitments for future expenditures, required reserves defined by State. statutes, and Councl-established assignments have been calculated. The percentage is tol be determined by dividing the unassigned fundl balance amount by actual expenditures oft thei mostrecently completed fiscal year. The goali ist to maintain a fund balance of no less than 50%, with the total amount of unassigned fund a. Purpose of Reserve: These funds will be utilized to avoid cash flowi interruptions, generate interesti income, eliminate the need for short-term borrowing, and b. Reserve Drawdown: The available fund balance: mayl be purposefully drawn down below the target percentage. for emergencies, economici influences, nonrecurring Reserve Replenishment: Ifthe available fund balance percentage. falls below the target percentage for two consecutive fiscal years, the Town Council shall adopta plan ofspecific cactions tol bet taken to restore available fund balance to the level set forth ini this policy in the following fiscal year, iff feasible, but within three fiscal  preceding thel budgety year.  balance at: $2,000,000.  maintain the Town's credit ratings.  expenditures, or major capital projects.  years at most.    Town of River Bend Financial and Budgetary Policies  River Bend June: Town 20, Council 2024 Regular Session 22of37 Minules Effective. July 1,2024 Page5  d. Any General Fund unassigned fund balance that exceeds the target goal range may  be used to reduce general fund debt.  3. The Town will appropriate within the annual budgeta Contingency appropriation each fiscal year. The minimum level of contingency is 1% ofl budgeted general fund 4. The Town's goal will be to maintain a minimum cash balance in both the water and sewer operating funds (separately) of 50% ofa actual expenditures of the most recently completed fiscal year. These funds willl be utilized to avoid cash flowi interruptions, generate interestincome, fund capital expenditures, eliminate the need for short-term  expenditures and the maximum level shall not exceed 5%.  borrowing and maintain the' Town's crediti ratings.  VI. Asset-Liability Management  1. The Town will seek to incorporate coordinated investment and debt structuring decisions with the goal ofsuch coordination being to use each side oft the balance sheet to mitigate, or 2. The Town considers short-term investments to be effective. hedges to variable rate debt becausei movements in interesti rates should have offsetting impacts upon both. a. Given the prevalent patterns ofbusiness, economic: and interest rate cycles, the Town may strive to: match temporaryincreases: ini interesti income tot temporary increases ini interest expense through the use of variable rate debt or synthetic b. Thisi recognizes that variable rate debt generally offers loweri interest costs and that the use ofhigheri interestincome to offset higheri interest expense is preferable to creatingabudgetimhalance due to reliance upont temporarily increased interest  hedge, cash flow risks posed by the others side ofthel balance. sheet.  variable rate debt.  income.  3. The Finance Officeri is designated to monitor: and report on financial. market conditions and theiri impact on performance of debt, investments, and any interestrate hedging products 4. The Finance Officeris designated as the individual responsible for negotiating financial products and coordinating investment decisions for debt: structure. The Finance Officer is designated ast thei individual responsible for recommending debt: structure to the Council. 5. The' Town may incorporate the use of variable rate debt or synthetic variable rate debt, as allowed by the Debt Management Section ofthe LGC, into its debts structure. Unhedged variable or synthetic variable rate debt shall not exceed 20% oft the Town's total, non-Utility  implemented or under consideration.  debtoutstanding.    Town of River Bend Financial and Budgetary Policies VII. Capital Improvements Policy 1. Capital Improvements Plan  River Bend June: Town 20, Council 2024 Regulars SessionN 230f37 Minutes Effective July 1,2024 Page 6  a. The Town will update and readopt annually at least a five-year capital improvements plan (CIP) which projects capital needs and details the estimated costs, description and anticipated funding sources for capital projects. A: separate CIP willl be developed fort the General Fund, Water Fund, and Sewer Fund. b. The annual update oft the CIP will be conducted in conjunction with the annual The first year oft the five-year CIP will bet thel basis of formal fiscal year d. Ap programming or cost estimation study is eligible fori inclusion in the CIP fora project for which al future requestis being considered. Such as study is encouraged in e. The' Town expects to see: new capital items generally first appeari in year five ofthe The' Town acknowledges pay-as-you-go financing as a significant capital financing source, but will ultimately determine thei most appropriate financing structure for each capital project both on an individual basis after examining all relevant factors of the project and in conjunction with the funding oft the entire CIP.  operating budget process.  appropriations during the annual budget process.  order to generate reliable cost estimates for the CIP.  CIP.  2. Capital Formation  a. General Fund revenue is the: source for the General Fund CIP. When assessed, the water CIF feei is a source of revenue for the water Capital Reserve Fund. When assessed, the: sewer CIF fee is a revenue source for the: sewer Capital Reserve Fund. The water and sewer enterprise fund annual budget will also provide CIP revenue in these areas as the use of CIF fee revenue is limited, per Council resolution. b. The General Fund Capital Reserve Fund is the funding source for pay-as-you-go financing and for debtservice payments for debt financed projects int the General Given the historical volatility oft the: state and other revenues, the five year projections of revenue used to complete the CIP: shall be very conservative.  Fund CIP.  3. Fixed. Assets  a. The capitalization threshold for fixed assets shalll be $5,000. The threshold will be applied toi individual fixed assets and not to groups of fixed assets. Fixed assets will only be capitalized iftheyl have a useful life of at least three years following the date of acquisition. A physical inventory of capitalized fixed assets willl bej performed,    Town of) River Bend Financial and Budgetary Policies  River Bend June2 Town 20, Council 2024 Regular SessionN 240f37 Minutes Effective July 1,2024 Page7  either: simultaneously or on: aj rotating basis, sO that all fixed assets are physically  accounted fora atl least once every fouryears.  VIII. DebtPolicy  1. Debt will only bei incurred for financing capital assets that, because oft their) long-term nature or because oft budgetary restraints, cannot be acquired from current or budgeted resources. Debtwill not be used for operational needs. Debt financing can include general obligation bonds, revenue bonds, certificates of participation, lease/purchase agreements, special obligation bonds, or any other financingi instrument allowed under 2. The Town will seek to structure debta and to determine thel best type off financing for each financing need based on the flexibility needed to meet project needs, the timing ofthe project, taxpayer or rate payer equity, and the structure that will provide the lowestinterest 3. Debt financing will be considered in conjunction with the approval by the Council of the 4. Capital projects financed through the issuance ofbonds, installment financings or lease financings willl be financed for aj period nott to exceed the expected usefull life ofthe project. a. General fund debt will: normally have at term of 20 years orl less. When practical, the b. Enterprise fund (water and sewer) debt will normally have at term of 30 years or less. When practical, thet term ofUtility debt will not exceed 40 years. 5. The Town will strive to maintain al high level of pay-as-you-go financing fori its capital  North Carolina law.  cost ini the circumstances. Town's CIP.  term ofnon-Utility debt will not exceed 30 years.  improvements. 6.D DebtAffordability  a. The net debt oft the' Town, as definedi in G.S. 159-55, is statutorily limited to 8% of the: assessed valuation oft the taxable property within the Town. The Town will strive to maintain a net debtlevel of no greater than 4%. b. Total General Fund debt service will not exceed any limits imposed by the LGC. Asa guide, formulas established by the LGC: andi rating agencies willl bei monitored and appropriately applied by the Town. Debt service. as aj percentage ofthe operating The Town will: strive to achieve amortization of 60% or more ofi its non-Utility debt  budget willl bet targeted at less than 15%. principal within ten years.  7. The' Town will seek to structure debti in thel best and most appropriate manner to be consistent with the. Asset- - Liability Management section ofthis policy. 8. Ifthe Town: issues Revenue Bonds, and whereas thei minimum coverage ratio expected for Town revenue bonds is 1.20 times, upon the calculation ofa coverage ratio for: any Utilities    Town of River Bend Financial and Budgetary Policies  River Bend June Town 20, Council 2024 Regular Session! 25of37 Minutes Effective July 1, 2024 Page8 8  System Revenue Bonds which is below 1.5 times (Net Revenues as defined by the General Indenture, bute excluding cash receipts from special assessments, over Debt Service as defined by the General Indenture), the Finance Officer will notify the Council ofsuch. Within three months ofsuch notification, the Finance Officerwill: again report to the Council and will have performed the necessary internal study to advise the Council on the actions necessary to restore the coverage ratio to above 1.51 times. This policy is intended to ensure that all reasonable steps necessary are taken to begin the process ofreviewing water revenues and rates well before the coverage ratio for outstanding revenue bonds could 9. The Town will: seekt to employ thel best and most appropriate strategy to respond toa declining interesti rate environment. Thats strategy may include, but does not have tol be limited to, delaying the planned issuance of fixed rate debt, examining the potential for refunding of outstanding fixed rate debt, and the issuance ofvariable rate debt. The' Town will seekt to employ thel best and most: appropriate strategy to respond to an increasing interest rate environment. That strategy mayi include, but does not have to bel limited to, the issuance ofvariable: rate debt (al historicallyl loweri interest cost), and the use of forward 10. The' Town will monitor thei municipal bond market for opportunities to obtain interestrate savings by refunding by forward delivery, currently refunding or advance refunding outstanding debt. The estimation ofr net present value savings for at traditional fixed: rate refunding should be, atai minimum, 3% oft the refunded maturities before: a refunding process begins.' The estimation of net present value: savings for: a synthetic fixed rate refunding should be, atai minimum, in the range of 5%1 to 6% oft the refunded: maturities 11. The' Town will strive: for the highest possible bond ratings in order to minimize the' Town's 12. The' Town will normally obtain two debt ratings (Fitch Ratings, Moody's, or Standard & 13. While. some form ofoutstanding debt exists, the' Town will strive to have aj portion oft that debti in the form of general obligation debt, when fiscally advantageous. 14. For all years that the' Town has any publicly sold debt toutstanding, the Town will provide annual information updates to each of the debt rating agencies if desired by those agencies. 15. The Town will use the Annual Comprehensive Financial Report (ACFR) as the disclosure document: for meeting its obligation under SEC Rule 15c2-12 to provide certain annual financial information to the: secondary debti market via variousi information repositories. 16. The' Town recognizes the: significance oft the debt portfolio and the need for the ability to properly manage and maintain that) portfolio. The Finance Director will: maintain a current  reach the minimum level of1.20 times.  delivery fixed rate debt.  before ai refunding process begins.  interest costs.  Poor's) for all publicly sold debti issues.  database ofa all debt.    Town of River Bend Financial and Budgetary Policies  River BendT June; Town 20, Council 2024 Regular Session! Minules Effective July 1, 2024 Page 9  IX. Accounting, Auditing and) Financial Reporting  1. The' Town will maintain accounting systems in compliance with the North Carolina Local Government Budget and Fiscal Control Act. The Town will maintain accounting systems that enable thej preparation of financial statements in conformity with generally accepted a. Thel basis ofaccounting within governmental funds willl bei modified accrual. b. Thel basis for accounting within alll Enterprise and Internal Service Funds willl be 2. Financial systems will be maintained to enable the continuous monitoring ofrevenues and expenditures or expenses with complete sets ofr monthly reports provided to the Council, and the Town Manager. Monthly expenditure/expense reports willl be provided to each department head for their functional area: and online, real time, view only, access to the financial system will be made available to department heads and other staff as much as 3. The' Town will place emphasis on maintenance ofa an accounting system which provides strong internal budgetary and financial controls designed to provide reasonable, buti not absolute, assurance regarding both the: safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and reports, as well as the accountability ofassets. 4. An annual audit will bej performed by ani independent certified accounting firm which will issue an opinion on the annual financial: statements as required by the Local Government 5. The' Town will solicit proposals from qualified independent certified public accounting firms foraudit services. The principal factori in the audit procurement process willl bet the auditor's ability toj perform a quality audit. The' Town may enter into ai multiyear: agreement with thes selected firm fora a period of up to three fiscal years. Firms are not barred from consecutive contract awards. The Council, upon recommendation from thel Finance Officer and Audit Committee, shall approve the contractual: relationship with the auditor 6. The' Town will maintain a standing audit committee. The committee will assist with the independent: audit of the' Town'sf financial statements, from the recommendation oft the 7. The Finance Officer will conducts some form ofinternal audit procedures atl least one time 8. The Town may prepare an ACFR in compliance with established criteria to obtain the Government Finance Officers Association's Certificate of Achievement: for Excellence in  accounting principals (GAAP).  modified accrual.  practical and its use encouraged.  Budget and Fiscal Control Act.  auditortot thei resolution ofany audit findings.  peryear, specifically focusing upon cash receipts procedures.  Financial Reporting.    Town of River Bend Financial and Budgetary Policies  River Bend June: Town 20, Council 2024 Regular Session! 27of37 Minules Effective. July 1,2024 Page 10  9. Full and complete disclosure willl bej provided in all regulatory reports, financial statements 10. The' Town shall uset the ACFR as the disclosure document: for meetingi its obligation to provide certain annual financial information to the: secondary debtmarket via various information repositories. The annual disclosure is a condition of certain debtcovenants and 11. Thel Finance Director will develop and maintain al Financial Procedures Manual as a central reference point and handbook: for all financial, accounting and recording procedures. 12. The Town Manager will establish, document: and maintain a Computer Disaster Recovery Plan and will provide for the daily backup of data and the offsite storage ofthe same.  and debtoffering statements.  contracts that are required by SEC Rule 15c2-12..  X.  Cash Management Policy  1. Receipts  a. All aspects of cash receipts shall be subjectto properinternal controls with standard controls documented and followed by revenue generating departments. b. The Town Manager shall prescribe internal control procedures for departments which address adequate segregation of duties, physical security, daily) processing andi reconciliation, use of automated resources, and treatment ofc overpayments. Cash receipts willl be collected as expediently as reasonably possible to provide secure handling ofincoming cash and to move these moneys into interest bearing  accounts and investments.  d. Alli incoming funds will be deposited as required by State law.  e. The Finance Officeris responsible. for conducting atl least two unannounced: random orrisk based internal audits of cash receipting locations per fiscal year. Upon any suspicion off fraud, the department! head shall timely notify the Town Upon any suspicion of non-compliance with internal control directives, the department head. shall timely notify the' Town Manager for furtheri investigation. h. The' Town reserves the right to refuse acceptance of more than $5.00 in coins, damaged currency,: suspicious currency or any check for the transaction ofbusiness.  Manager for further investigation.  (added7-13-2017)  2. Cash Disbursements    Town of River Bend Financial and Budgetary Policies  River Bend June: Town 20, Council 2024 Regular Session 280f37 Minutes Effective July, 1,2024 Page 11  a. The Town's objective is to retain monies fori investment for the longestappropriate b. Disbursements willl be made timely in advance of or on the agreed-upon contractual date of payment unless earlier payment provides greater economic benefit to the Inventories and supplies willl be maintained ati minimally appropriate levels for operations in order toi increase cash availability fori investments purposes. d. Dual signatures are required for Town checks. Electronic signature of checks, drafts and purchase orders, while technically possible, is not deemed appropriate att this time. The Council may provide by appropriate: resolution or ordinance for the use of a signature stamp or similar device in signing checks and drafts andi in signing the preaudit certificate on contracts or purchase orders. The Council shall charge the Finance Officer with the custody of the stamp or device, and the Finance Officer and sureties on his official bond are. liable for any illegal, improper, or unauthorized use. e. Electronic payments shalll be utilized to the fullest extent possible where: iti is determined tol be cost effective by the Finance Director. Such payments shalll be integrated with financial systems and shall follow the proper data and internal controls in accordance with the NC Administrative Code 20 NCAC 03.0410.  period oftime.  Town.  XI. Investment Policy  1. Policy Iti is the policy oft the Town to invest public funds in aj manner which will provide the highest investment return with the: maximum security while meeting the daily cash flow requirements oft the Town and conforming to all State statutes governing the investment of 2. Scope Thisi investment policy applies to all financial assets ofthe' Town except authorized petty cash, and debtj proceeds, which are accounted for and invested separately from pooled cash. The Town pools the cash resources ofi its various funds and participating component units into a single pool, as deemed appropriate, in order to maximize investment opportunities and returns. Each fund's and participating component unit's portion oft total cash and investments is tracked by the financial accounting system.  idle funds.  3. Prudence  a. Thes standard ofprudence to be used by authorized staff shall bet the prudent person" standard and shalll be: applied in the context ofr managing an overall portfolio. Investments shall be made with judgment and care, under circumstances then) prevailing, which persons of prudence, discretion, and intelligence would exercise in thei management oft their own affairs, not for speculation, but for investment, considering the probable safety oft their capital as well as the probable b. Authorized staff, acting in accordance with procedures and this investment policy and exercising due diligence, shall be relieved of personal responsibility for an  income to be derived.    Town of River Bend Financial and Budgetary Policies  River Bend" June2 Town 20, Councii 2024 Regulars SessionN 290f37 Minutes Effective July, 1,2024 Page 12  individual security's credit risk or market price changes, provided deviations from expectations are: reported in: at timely fashion to the Council and the liquidity and the sale ofs securities are carried outi in accordance with the terms of this policy.  4. Authorized Staff- G.S. 159-25(a) 6 delegates management responsibility. for the investment program to the Finance Officer. The Finance Officer will establish andi maintain procedures for the operation of the investment program that are consistent with this policy.Such procedures willi include delegation of authority to persons responsible. fori investment transactions. Noj person may engage in: an investment transaction except: as provided under the terms oft this policy and thej procedures established by thel Finance Officer. The Finance Officer willl be responsible. for all transactions undertaken and will establish and maintain a: system of controls to regulate the activities of subordinates. In the absence ofthe! Finance Officer and those to which he ors she has delegated investment authority, the Town Manager or his or her designee is authorized to execute investment activities. 5. Objectives - The' Town's objectives ini managing thei investment portfolio, in order of  priority, are: safety, liquidity, and yield.  Safety Safety of] principal is the foremost objective oft the investment program. Investments shalll be undertaken in a manner that seeks to ensure the preservation ofcapital in the overall portfolio. Tol best mitigate against credit risk (the risk ofl loss due to the failure oft the: security issuer) diversification is required. Tol best mitigate againsti interest rate risk (the risk that changes in interest rates will adversely affect the market value ofas security and that the security will have to bel liquidated and thel loss realized) the: second objective, Liquidity The. investment portfolio shall remain sufficiently liquid to meet all operating and debt service cash requirements that may be reasonably anticipated. Thej portfolio willl be: structured SO that securities: mature concurrent with cash needs (static liquidity), with securities with an active secondary market (dynamic liquidity), and with deposits and investments in highly liquid money market and mutual fund accounts. Yield - Thei investment portfolio shall be designed with the objective ofattaining al market rate of return throughout budgetary, economic and interest rate cycles, taking into accounti investment risk constraints and liquidity needs.  adequate liquidity, must bei met.  6. Ethics and Conflicts of Interest- Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management oft the investment program, or that could impair their ability to make impartial decisions. Employees andi investment officials shall disclose to the Town Manager anyi interests in financial institutions with which they conduct business material to them. They shall further disclose any personal financial ori investment positions that could be related toi thej performance oft the investment portfolio. Employees and officers shall refrain from undertaking personal investment transactions with the: same individuals with whom  business is conducted on behalf ofthe Town.    Town of River Bend Financial and Budgetary Policies  River Bendl June: Town 20, Council 2024 Regular SessionN Minutes 30of37 Effective. July, 1, 2024 Page 13  7. Authorized Financial Dealers and Financial Institutions  a. The Finance Officer will maintain al list offinancial institutions that are authorized to provide investment services. Authorized financial institutions will be selected by credit worthiness andi musti maintain an office ini the State of North Carolina. These may include "primary" dealers or regional dealers that qualify under SEC Rule 15C3- b. Any financial institutions and broker dealers that desire to become qualified to conduct investment transactions with the Town must supply the Finance Officer  1 (uniform net capital rule).  with the following:  Audited financial statements; ProofofState registration; and  Proof of! National Association of Securities Dealers certification; Certification ofhaving read the Town'si investmentpolicy.  Any previously qualified financial institution that fails to comply ori is unable to comply with the above items upon request willl be removed from thel list of qualified d. The Finance Officer shall have discretion in determining the number ofauthorized financial institutions and mayl limit that number based upon thej practicality of efficiently conducting thei investment; program. The Finance Officer shall also have the discretion to add or remove authorized financial institutions based upon  financial institutions.  potential or pastp performance.  8. Internal Control - The' Town Manageri is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft, or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost ofac control should not exceed thel benefits likely to be derived and that the valuation of costs and benefits requires the use of estimates andj judgments by management. 9. Collateralization: - Collateralization is required for certificates of deposit. North Carolina General Statutes allow the! State Treasurerand thel Local Government Commission to prescribe rules to regulate the collateralization of public deposits ini North Carolina banks. These rules are codified int thel North Carolina Administrative Code - Title 20, Chapter7 (20 NCAC7).The Pooling Method of collateralization under 20 NCAC72 allows depositories to use: an escrow. account established with the State Treasurer to secure the deposits ofall units ofl local government. This method transfers the responsibility for monitoring each bank's collateralization and financial condition from the' Town to the State' Treasurer. The Town will only maintain deposits with institutions using the Pooling Method of  collateralization.  10. Delivery and Custody All investment security transactions entered intol by the Town shall be conducted on a delivery versus payment basis. Securities will bel held by at third party    Town of] River Bend Financial and Budgetary Policies  River Bend June Town 20, Council 2024 Regular Session 310f37 Minules Effective July, 1, 2024 Page 14  custodian designated by the Finance Officer and each transaction will be evidenced by 11. Authorized Investments - The' Town is empowered by North Carolina G.S. 159-30(c) to invest in certain types ofi investments. The' Town Council approves the use oft the following investment types, the list ofwhich is more restrictive than G.S.159-30(C): a. Obligations oft the United States or obligations fully guaranteed as tol both principal b. Obligations oft thel Federal Financing Bank, the Federal Farm Credit Bank, the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Housing Administration, and the United States Postal  safekeeping receipts and tickets.  and interest by the United States.  Service.  Obligations oft the State ofl North Carolina.  d. Bonds and notes of any North Carolina! local government or public authority that are rated' "AA" orl better by atl least two ofthe nationally recognized ratings services or Fully collateralized deposits ati interest or certificates of deposit with any bank, savings and loan association or trust company that utilizes the Pooling Method of Prime quality commercial paper bearing the highest rating of atl least one: nationally Banker's: acceptance ofa commercial bank ori its holding company provided that the bank ori its holding company is either @) incorporated: int the State of North Carolina or (in) has outstanding publicly held obligations bearing the highest rating ofatl least one nationally recognized: rating service: and not bearing a rating below thel highest by any nationally recognized rating service which rates the particular obligations. h. Participating shares in ai mutual fund for local governmenti investment, provided that the investments oft the fund are limited to those qualifying forinvestment under Evidences ofownership of, orf fractional undivided interest in, future interest and principal payments on either direct obligations oft the United States government or obligations the principal ofa and thei interest on which are; guaranteed by the United States, which obligations are held by al bank or trust company organized and existing under thel laws oft the United States or any state in the capacity of custodian  that carries any' "AAA insured" rating.  collateralization (section VIILI).  recognized: rating service, which rates the particular obligation.  G.S.150-30(c) and that said fundi is certified by thel LGC.  (STRIPS).    Town of] River Bend Financial and Budgetary Policies  River Bend June: Town 20, Council 2024 Regular Session! 320f37 Minules Effective July 1,2024 Page 15  Guaranteed investment contracts utilizing repurchase agreements but only fort the investment ofdebt proceeds which are tol be collateralized at 105% andi marked to  market on a daily basis.  12. Prohibited Forms of Authorized Investments  a. The use of repurchase agreements in the normal investment portfolio (not debt  proceeds) is prohibited.  b. The use of collateralized mortgage obligations is prohibited. The use ofany type ofs securities lending practices is prohibited.  13. Diversification- Investments will be diversified by security type: and byi institution.  a. With the exception ofUnited States treasury securities and thel North Carolina Capital Management Trust, no more than 30% oft the Town's total investment portfolio will bei invested: in a single security type or with a single financial b. The total investmentin certificates of deposit shall: note exceed 25% ofthe' Town's total investment portfolio and the investmentin certificates of deposit with as single financial institution shall: not exceed FDICi insurance limitations. The Finance Officer is responsible for monitoring compliance with the above restrictions. Ifa violation occurs, the Finance Officer shall: report: such to the' Town Manager and to the Council along with aj plan to address the violation.  institution.  14. Maximum Maturities - Tot the extent possible, the Town will attempt to match its investments with anticipated cash flow requirements. Beyond identified cash flow needs, investments willl be purchased: sO that maturities are staggered.The: following maturity a. Atleast 60% of the investment portfolio willl have maturities of no more than 3 b. Atleast 80% ofthei investment portfolio willl have maturities of no more than 5 Atleast 95% oft thei investment portfolio will have maturities of no more than 10 d. Noi investments maturing more than 15 years from the date of purchase may be e. For purposes ofthis section, for any variable rate demand obligation, thej purchase date is considered to be the last reset: and remarketing date and the maturity date is  limits are: set for the' Town'si investment portfolio:  years from the date of purchase. years from the date of purchase. years from the date ofpurchase.  purchased.  considered tol bei the next reset and remarketing date.    Town of River Bend Financial and Budgetary Policies  River Bend Town Council June20, 2024 Regular Session 330f37 Minules Effective July 1,2024 Page 16  Ifany change is made to the Town's policy for unassigned fund balance in the General Fund then other sections of this policy must be concurrently revised. 15. Selection of Securities - The Finance Officer orl his orl her designee will determine which investments shalll be) purchased and sold and the desired maturity date(s) that are in the besti interest ofthe Town. The: selection of ani investment willi involve the evaluation of, but notl limited to, the following factors: cash flow) projections and requirements; current  marketconditions; and overall portfolio balance and makeup. 16. Responses to Changes in ShortTerm Interest Rates  a. The Town will seek to employ the best and most: appropriate strategy to respond to a declining short-term interest rate environment. The strategy may include, but does nothave tol bel limited to, purchases of callable cushion" bonds, lengthening of maturities in thej portfolio, and increases in the percentage of ownership oftreasury b. The' Town will seek to employ the best and most: appropriate strategy to respond to ani increasing short-term interest rate environment. That strategy may include, but does nothave to be limited to, purchases of "step-up" securities, shortening of maturities in thej portfolio, the use off floating ratei investments, andi increases in the percentage of ownership oftreasury bills relative to that oft treasury notes.  notes. relative to that oft treasury bills.  17. Performance Standards - Thei investment portfolio will be managed in accordance with the parameters specified within this policy. Thei investment portfolio will strive to obtaina market average rate of return within the constraints ofthe Town's investment) risk profile and cash: flow needs. The performance benchmarks for the performance oft the portfolio will be rates ofreturn on' 90-day commercial paper and on three-year treasury notes. 18. Active Trading of Securities -Iti is the' Town's. intent, at thet time of purchase, tol hold all investments until maturity to ensure the return ofa all invested principal. However, if economic or market conditions change making itin the' Town's besti interest to sell ort to 19. Pooled Cash and Allocation of Interest Income All moneys earned and collected from investments other than bond proceeds willl be allocated monthly to the various participating funds and component units based upon the average cash balance of each fund and component unit: as aj percentage oft the total pooled portfolio. Earnings on bond 20. Marking to Market- A report ofthe market value ofthe portfolio will be generated atl least semi-annually by the Finance Director. The Finance Officer will use the reports to review thei investment) portfolio int terms ofv value and price volatility, as well as for compliance with  trade a security before maturity, thata action may bet taken.  proceeds willl be directly credited to the: same proceeds.  GASB Statement #31.    Town of River Bend Financial and Budgetary Policies  River Bend7 June Town 20, Council 2024 Regular Session! 34of37 Minutes Effective July 1,2024 Page 17  21. Software - The' Town: recognizes the significance ofthe: size ofits investment portfolio and ofthe requirements contained int this policy. The' Town will utilizei investment software which enables efficient transaction processing and recording, sufficientportiolio monitoring and the ability to maintain reporting compliance with this policy. 22. Reporting - When investments are held, the Finance Director will prepare a quarterly investment: report that will be submitted with the Board'smonthly report package. a. The quarterlyi investment: reporty will include al listing of all investments and will show thei investment: number, thei investment description, the purchase, call and maturity dates, the yields to call and to maturity, the weighted average yields to call and to maturity by investment type andi in total, the coupon rate, thej par value and the ending amortized value. The report will also include earnings information for the! last twelve: months with thati information compared to the established b. Thequarterly investment: report will include: reporting on the status of  benchmarks.  diversification compliance.  23. Policy Considerations  a. Amaturity or diversification violation created by fluctuations in the size ofthe portfolio does not) require corrective action. The violation may be cured through an increase ini the portfolio size ort the maturity of an investment.  XII. Review: and Revision  The' Town will formally review this set of financial and budgetary policies atl least once every five  years.    Town of] River Bend Financial and Budgetary Policies  River Bend June2 Town 20, Council 2024 Regular Session 35of37 Minutes Effective July 1,2024 Page 18  Glossary  ACFR: Annual Comprehensive Financial Report  This report moves one-step beyond the typical "audit report" and includes all the information from an  audit, plus additional statistical and general information about the unit.  CIF: Capital Improvement Fund  When assessed, ai fee is paid: for all new connections to the water and sewer systems that goes directly into separate capital improvement: funds. These funds may be limited by resolution of the' Town Council. The purpose of the capital improvement plan (CIP): is to forecast and match projected revenues and major capital needs over at least a five-year period. Generally defined, CIP capital expenditures are any expenditure of major value that recurs irregularly, results in the acquisition (or significant modification)  CIP: Capital Improvement Plan  ofa fixed asset, and has a useful life of at least three (3): years. GAAP: Generally Accepted Accounting Principles FDIC: Federal Deposit Insurance Corporation  Thisi is as standard related tol how financial statements are prepared and included conventions and rules that The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by: insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing Fund Balance: Fund Balance. is, simply explained, the amount of assets in excess ofliabilities in a given  accountants use: in the preparation and interpretation of these statements.  receiverships. fund.  Adopted: July 16, 2009 Updated: July 1,2013 Updated: May 19,2016 Amended: July 13,2017 (Section. X) reference fund balance)  Amended: May 17, 2018 (Various changes to comply with electronic pre-audit changes in purchasing policy: Section V(2), X(2)(e) and IV(1) and to change language from unrestricted to unassigned, Amended: May 20, 2021 Section VII2 (a), Section V2 and 3 and changes to add AFCR. Amended June 20, 2024 (Various changes with effective date of July 1,2024)    2024-RES-06 River Bend Town Councit June; 20, 2024 Regular Session Minules 36of37  Town of River Bend Resolution  Whereas, North Carolina Emergency Management has authorized the making of grants to aid eligible units of government in funding the cost of disaster relief and mitigation projects, and Whereas, North Carolina Emergency Management has offered an Emergency Management Disaster Relief and Mitigation Grant (DRMG) in the amount of $225,000 for the development of a Stormwater Whereas, the Town of River Bend intends to complete said project in accordance with the terms of the NOW,THEREFORE, BEI IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF RIVER BEND: That the Town of River Bend does hereby accept the grant offero of $225,000.  Asset Inventory and Analysis Assessment, and  Memorandum of Agreement (MOA) provide by the grantor,  That the Town of River Bend does accept the Memorandum of Agreement from the North Carolina Department of Emergency Management and authorizes the Mayor to execute the MOA. That Delane Jackson, Town Manager, and successors sO titled, is hereby appointed as the authorized representative and Project Director and is hereby directed to furnish suchi information as the appropriate State agency may request in connection with such grant or the project; to make the assurances as contained: above;andt to execute: such other documents ast may be guadncomedonwhuwp project.  Adopted thist the 20th day of June, 2024 at River Bend, North Carolina.    John R. Kirkland, Mayor  ATTEST:  hidupg KristieJ J. Nobles, Town Clerk, CMC    River Bend Town Council R9246@RDMDines June20,2024 37of37  AN ORDINANCE TO AMEND THE CODE OF ORDINANCES  OF THE TOWN OF RIVER BEND  BE IT ORDAINED by the Town Council of the Town of River Bend that the Town Code of Ordinances, Title XI, Business Regulations, Chapter 11.01, Alcohol Sales, be created to read  as follows: $11.01 Alcohol Sales  In Accordance with N.C. Gen. Stat. S 18B-1001, pursuant to N.C. Gen. Stat. S 160A-205.3 the saleofmaltbeverages, unfortified wine, fortified wine, and mixed beverages shall be allowed tol be: served beginning at1 10:00. A.M. on Sunday in accordance and ini full compliance with all  licensed premises' permits issued under N.C. Gen. Stat. S 18B-1001. This Ordinance shall be in full force and effect upon its adoption  Adopted this the 20th day of) June, 2024  a3lg Johh Kirkland, Mayor  ATTEST:  hikrahgkb Kristie J. Nobles, Town Clerk,CMC