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Woodfin staff recommend revenue-neutral approach after revaluation as fund balance rebounds
Summary
Staff proposed starting with a revenue-neutral tax ordinance after a recent revaluation because FEMA reimbursements have replenished funds; Sherry Powers showed the town projecting a roughly $73,000 expansion-package gap if everything in the recommended expansion list were funded and presented fund-balance scenarios showing strong reserve levels.
Sherry Powers presented the town's revenue and fund-balance outlook to the council on May 26 and recommended a conservative, revenue-neutral tax stance in the initial budget ordinance while leaving options open for council priorities.
Sherry said the town received significant FEMA reimbursements this fiscal year and that those reimbursements, together with projected revenues, would restore fund balance. "We've gotten over $2,000,000 already, and we anticipate another million or so this year," she told the council, noting those…
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