![]() The proposed Water and Sewer Fund budget totals $10,726,980 and includes a 4% increase in water and sewer rates. The MSD budget includes funding for additional downtown decorations. The proposed Downtown Municipal Service District (MSD) budget is balanced with the current property tax rate of 20¢ per $100 of assessed district property value. The Recommended Budget contains no new debt and does not use any fund balance. The City will continue to utilize grant funding and pursue funding opportunities to accomplish Council priorities. These revenue resources will continue to focus on capital items, such as greenway and trail expansion, brownfield assessment and clean-up, The Campus at Historic Lenoir High School (The Campus), Aquatic Center renovations, wayfinding signage and downtown improvements - all of which are long-term capital expenses.Ī comprehensive list of capital projects and associated funding sources is included in the proposed budget packet. ![]() As of March of 2023, sales tax revenues are up 12.49% year-to-date (YTD) and in FY 2022-23, sales tax revenues were up 16.23%.įunds received from the American Rescue Plan (ARP), the NC State Capitol Infrastructure Funds (SCIF) Program, the NC Park and Recreation Trust Fund (PARTF), the Appalachian Regional Commission, NC Rural Transformation Grant, and other grants and contributions are not included in the recommended budget, as we allocate these monies under separate capital project ordinances. We are conservatively projecting sales tax revenue in FY 2023-24 based on the collections received during FY 2021-2022. The remainder comes from a combination of state-shared revenue, investment earnings, permits and fees, and sales and services. Nearly 81% of the General Fund’s revenue comes from property tax (44%), sales tax (26%) and franchise tax (11%) revenue. The budget includes a $1.00 increase in the Solid Waste fee. 85¢ per $100 of assessed property value for a total tax rate of 57.85¢ per $100. The budget maintains the current Rescue Readiness Tax Rate of. The proposed General Fund budget totals $22,066,505 and is balanced with the current property tax rate of 57¢ per $100 of assessed property value. and a public hearing on the budget is scheduled on Tuesday, June 6, 2023, at 6:00 p.m. The budget does take into account our dynamic economy.Ī work session to review the Recommended FY 2023-2024 Budget is scheduled to be held on Thursday, May 18, 2023, at 6:00 p.m. This document provides a financial plan for the upcoming fiscal year and was developed in accordance with the City Council’s Priorities established in both the February Strategic Planning Retreat and the March Budget Retreat as well as during Council/Departmental meetings held over the past year. Pursuant to Section 159-11 of the North Carolina General Statutes (NCGS), Local Government Budget and Fiscal Control Act, I am pleased to submit the Recommended Fiscal Year (FY) 2023-2024 Budget for your review and consideration. Honorable Mayor Gibbons and Members of the City Council: Information regarding budget items to be discussed at the above meetings will be found attached to the published agendas here Version OptionsFiscal Year 2022-23 BudgetHeadline, and all documents will also be published on this webpage.Īll residents are encouraged to participate in the budget process, and especially to participate in the May 24 public hearing.City Manager Scott Hildebran’s Budget Message June 14: Budget ordinance will be considered for approval by the board at board meeting at Davidson Town Hall May 24: Public hearing and board of commissioners discussion on the budget at board meeting at Davidson Town Hall May 10: The Manager's Recommended budget is presented to the Davidson Board of Commissioners The proposed budget emerged as expenses were prioritized by needs of the town and alignment with the Davidson Strategic Plan. Cost estimates were based on historical trends or actual quotes. Concurrently, town staff considered the merits of budget requests as revenue projections were calculated. ![]() The Davidson Board of Commissioners and town staff developed the town’s t wo-year strategic plan in early 2022, with approval coming in April 2022. The development of the FY2023 budget began in November 2021. ![]() Development of a balanced budget is a fundamental responsibility of local governing bodies North Carolina General Statutes govern the requirements of the budget development process. ![]()
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