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Town manager previews revenue picture, proposes 5‑year CIP funded by 6‑cent levy
Summary
Town staff told council that property‑tax valuations and some revenue sources are stable; a proposed five‑year CIP funded by a 6‑cent levy and a mix of debt and cash includes police vehicle rotation, a potential garbage truck and sewer work — council will review financing and rate implications.
The town manager presented a revenue update at the budget workshop and outlined the town’s proposed five‑year capital improvement program (CIP), funded in part by 6 cents of the property tax levy.
Key revenue points: the manager said the budgeted taxable value was $1.897 billion and that actual build for the current fiscal year was $1.917 billion; he noted recent updated estimates will be used for the recommended budget and projected modest growth (roughly 1–2%). Sales tax has been volatile but is trending back up, utility sales tax is slightly below budget, and ABC distributions were reported above budget. Staff also reported that FEMA reimbursements related to recent storms have been received, strengthening fund balance.
CIP and capital asks: staff proposed applying 6 cents of the property tax to the CIP (estimated to produce about $1.15 million at current valuations). Year‑one cash projects listed in the proposal include a three‑vehicle police rotation ($175,000), a parks tractor ($60,000) and sewer line work at Bill Moore Community Park; the plan also lists a potential new garbage truck with an estimated price of about $450,000. Staff noted that two cents of the levy (cash portion) would produce approximately $384,000 and that the total year‑one cash project list (~$775,000) would leave a shortfall unless the garbage truck were financed rather than paid from cash.
Why it matters: the manager said staff will try to balance projects without a rate increase but acknowledged outcomes depend on final revenue estimates, expense requests (notably fire department asks) and council direction. The manager said he aims to present a recommended budget for a public hearing in June after finalizing valuation and state revenue guidance.
Next steps: staff will return with recommended budget documents and financing scenarios (cash vs. short‑term financing) and will present options for handling the garbage truck and other large capital items. Council did not vote on rates at the workshop; any rate change would be formalized through the recommended budget and public hearing process.
