On June 11, 2024, the Indian Trail Town Council voted to approve the fiscal year 2024-2025 (FY24-25) operating budget that begins on July 1. Planning for the budget began earlier this year and continued through the spring with a budget workshop with the staff and the Town Council on April 9. The budget was formally presented on May 14, with a Public Hearing held on May 28.
The total operating budget (general fund) is $23,847,056. The Town uses the general fund to pay for day-to-day expenses and provides the funds needed for public safety, parks and recreation, public works, and services to our citizens and businesses. The three main sources of revenue for the general fund are property taxes ($10,189,382), sales taxes ($4,700,000), and investment earnings ($1,520,000).
The FY24-25 budget maintains the existing tax rate of $.185 per $100 of assessed valuation and does not increase the Town’s stormwater or other fees. The Town’s property tax values are $6,366,920,693, which is an increase of 3.87% due to new development and construction in the Town.
In addition to the general fund, the Town also receives funds annually from the Powell Bill, which must be spent on streets and sidewalks. Powell Bill funds are part of the gasoline tax and are distributed by the state government to municipalities based on the number of miles of streets maintained by the Town. Currently, Indian Trail maintains more than 80 miles of streets. Stormwater fees are based on either residential or commercial properties and must be used on stormwater projects. For FY24-25, the Town expects to receive $2,055,000 in Powell Bill funds and $2,776,204 in stormwater fees. The Town also has a capital reserve/debt service fund that is used to pay for existing bond debt and fund larger-scale projects. The capital reserve/debt service fund totals $3,035,327.
The budget is a statement of the Town’s priorities and a financial plan for funding those priorities. Earlier this year, the Town Council members held two strategic workshops to update the original Town Council priorities developed in 2021. The following six new priorities will help guide the Town through 2027:
- Public Safety
- Transportation
- Economic Development
- Town Infrastructure
- Human Capital
- Capital Improvement Projects.
Highlights of the budget include:
- Addition of one Assistant Town Manager/Department Director hybrid position effective July 1, 2024.
- Addition of one Right-of-way/Channel Maintenance Crew Leader position effective July 1, 2024.
- Continued funding of upgrades to outdated and end-of-life IT equipment, including upgrades to the three Town Hall community rooms.
- Continued work on nearly $40 million of capital projects, including transportation and parks and recreation projects.
- Funding for the second year of the Americans with Disabilities Act (ADA) Transition Plan.
- Funding for Town Hall facility maintenance and security enhancement projects.
- Funding to cover all full-time employees’ contributions to Social Security should they vote to enter the system. The budget also funds a COLA for non-department directors and a merit increase for all full-time employees.
The Town of Indian Trail remains in excellent financial condition. The Town maintains its AAA bond rating from Standard & Poor’s, which is the highest rating a municipality can receive. The Town also has an Aa1 bond rating from Moody’s Investors Service. The proposed FY24-25 budget continues the Town’s tradition of conservative budgeting and fiscal restraint.
Once complete, the FY24-25 approved budget book will be available on the Town’s website. In the meantime, you can view the FY24-25 budget ordinance at https://indiantrail.org/DocumentCenter/View/4164/Fiscal-Year-2024-2025-Approved-Budget-Ordinance or the proposed FY24-25 budget at https://indiantrail.org/DocumentCenter/View/4138/FY25-Proposed-Budget-Book. The proposed budget matches the approved budget with the exception of changing the assistant town manager position from a stand-alone position to an assistant town manager/department director hybrid position, as well as adding a 3% merit increase for employees.
For more information about the Town of Indian Trail and its financial operations, visit www.indiantrail.org.