May 16. By Dave Yochum. Town Manager Andrew Grant has proposed a $31.796 million municipal budget, down from the current year’s $33.155 million spending package.
The proposal for the 2023-2024 fiscal year includes $4.8 million in American Rescue Plan funds.
A public hearing on the proposed spending plan was held last night during which two residents suggested the tax rate should actually be higher to provide more funding for town services including salaries.
The budget hearing will be continued to June 5, at which time the Town Board may vote on the plan or delay another two weeks. Either way, the budget must be adopted prior to the start of the new fiscal year on July 1.
Grant’s budget shows Cornelius’ total valuation is more than $11 billion, up 47 percent from $7.66 billion at the time of the previous county-wide reassessment.
Town Manager Andrew Grant
Details
The budget is 6 percent above revenue neutral.
The median value of a home in Cornelius is $457,500
Tax rate
Grant’s recommended budget calls for a .1731 tax rate
Revenue neutral would be .1631
The current rate, .232, is based on much lower valuations
Note
The budget numbers are the total expenditures for the General Fund comparing budget to budget, Grant said.
An example
A $400,000 home last year would have been subject to $928 in local property taxes, based on the current .232 Cornelius tax rate.
Given appreciation, as per the Mecklenburg County Tax Assessor, of 47 percent, that $400,000 home could be valued at $588,000.
If the proposed budget passes in its current form, the owner of a $588,000 home would pay $1,018 in Cornelius property taxes.
Expenditures and projects
—Jetton Road extension improvements including multi-use path, valued at $3.2 million
—Various new sidewalks worth $200,000
—Hire a full-time fire chief as of Jan. 1
—A new school resource officer
—Town Hall safety enhancements valued at $250,000
—Sponsorship of more downtown events
—Replace Christmas tree and move it to Cain Center, valued at $60,000
—Land Banking for future parks, $200,000
—Debt service on $4 million of downtown redevelopment bonds, $400,000 per year
—Full-Time Employee Residency Incentive, at $97,000
—Merit/COLA raises combined 7.5 percent or $742,000
A motion by Commissioner Dave Gilroy to reduce the level of staff raises failed to get a second.
