North Carolina General Statutes require Town governments to adopt a balanced budget by June 30 of each year for the upcoming fiscal year. The Town of Carrboro's fiscal year runs from July 1 through June 30. The Annual Operating Budget estimates the total value of resources available and required to perform Town operations. The Annual Operating Budget also sets tax rates and fee schedules for the fiscal year.
In May, the Town Manager recommends an Annual Operating Budget for the next fiscal year to the Mayor and Town Council. The Mayor and Town Council conduct public hearings and work sessions, and may adjust the Manager’s Recommended Budget, before approving a final budget in June.