June 6. By Dave Yochum. One of the most arduous tasks town staff an elected officials undertake every—the annual spending plan for the Fiscal Year starting July 1—was approved 4-0 by the Town Board last night.
Budget watchdog, Commissioner Dave Gilroy, was absent.
Town Manager Andrew Grant’s $31.787 million municipal budget, down from last year’s $33.155 million, includes $4.8 million in American Rescue Plan funds.
It’s one cent above revenue neutral, based on Cornelius’ total valuation is more than $11 billion, up 47 percent from $7.66 billion at the time of the previous county-wide reassessment.
Quotable
“I am proud of our budget process this year. I was pleased to see 4 of our commissioners come together to support a budget that significantly supports our fire, police, roads and parks-all priorities for our citizens.
Washam
“We had stellar and meaningful input from citizens this year as well. You will see some bold moves forward as we will be making significant progress in our parks with pickleball, tennis and greenways as well as a significant new commitment for our transportation projects (old and new ones). My expectation and commitment is that we move these projects move forward now as time is of critical essence for all! My thanks go out to Manager Grant and staff for a job very well done,” said Mayor Woody Washam.
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.
Given the new budget, current valuation and tax rate, the owner of a $588,000 home will pay $1,018 in Cornelius property taxes.
What can you expect?
There are several projects that will likely come together quickly, given budget approval, including Jetton Road Extension and Bailey Road Park enhancements.
Furcht
“Keeping our tax rate low, in the middle of a very aggressive County Reval, was key to not just keeping the services our residents demand but also being able to fund the needed increases in these budgets,” said Commissioner Colin Furcht.
The last day to submit a property valuation appeal in Mecklenburg County is June 9.
