Finance Committee delays CD investment decision until May amid market volatility

Fayetteville's City Council is taking steps to enhance financial management and support for residents during their recent BOMA Work Session on April 3, 2025. A key decision was made regarding the management of a matured Certificate of Deposit (CD), which will be temporarily placed in an idle fund while further options are explored. This decision reflects a cautious approach amid current market volatility, with plans to revisit the matter in May after gathering more data.

The council reported a decrease in local option sales tax for March, totaling $278,755, marking a 6.3% decline compared to the previous year. In contrast, the state share sales tax saw a 5.5% increase, amounting to $67,001.98. Additionally, the occupancy tax experienced a significant drop of 21.77%, totaling $9,391. These figures highlight the ongoing economic challenges faced by the community.

In a move aimed at easing the financial burden on residents, the council discussed a proposal to allow property tax payments to be made in installments. This initiative would enable residents, particularly those on fixed incomes, to spread their payments over four months from November to February, rather than making a single lump sum payment. The council is optimistic about implementing this plan for the upcoming tax season, pending further research and procedural setup.

These discussions underscore the council's commitment to prudent financial management and community support, with a focus on making informed decisions that benefit Fayetteville's residents. As the council prepares for the next meeting, stakeholders can anticipate further developments on these important financial initiatives.