Hope Mills Board of Commissioners Special Meeting Budget Workshop- June 9, 2025

Hope Mills Town Board workshop · June 9, 2025

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Revenue-neutral rate explained

Presentation

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Finance presenter (Drew) walked commissioners through the revenue-neutral tax-rate calculation: using recent assessed values and an eight-year average growth rate (0.0308) to arrive at a 31-cent revenue-neutral rate and showed the arithmetic behind it, saying "that's how we arrive at the 31 cents."

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Hope Mills Town board workshop focused on a proposed property tax increase to cover a roughly $2.07 million annual sales-tax shortfall after the county moved to an ad valorem distribution, plus one-time and recurring budget choices for public safety, staffing and capital projects.

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Transcript

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