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The original item was published from 5/26/2020 1:56:36 PM to 5/27/2021 12:00:01 AM.

News Flash

Indian Trail News

Posted on: May 26, 2020

[ARCHIVED] Town of Indian Trail Presents Proposed FY 2020-2021 Budget

Interim Town Manager Ray Allen presented the Town of Indian Trail’s proposed Fiscal Year (FY) 2020-2021 Budget to the Mayor and Town Council for their review during the May 26, 2020, Town Council meeting.   

The proposed budget does not recommend an increase in the existing tax rate of $.185 per $100 of assessed valuation, and it does not increase the Town’s stormwater fees. The total proposed budget is $18,697,657, of which the General Fund is proposed at $11,760,416. The General Fund represents an increase of $8,407 (0.072 percent) over the current year’s budget.

The Town’s property tax values have risen to $3,727,177,552, an increase of 3.69 percent, due to new development and construction in the Town. Therefore, the Town will see increased property tax revenues; however, other revenue sources, such as sales taxes, investment income, and telecommunications tax revenue, are expected to decline due to the Covid-19 global pandemic and the economic downturn that the country is experiencing. ABC System revenues will decline because of the cost of construction of a new ABC store.  

The proposed budget continues Town services at the current level along with some enhancements with no net new Town personnel provided for in the budget.

Highlights of the budget include:

  • A new investigator position for the Town of Indian Trail through the contract with the Union County Sheriff’s Department, as well as a grant match for an application for a traffic safety grant through the Governor’s Highway Safety Program
  • The replacement of Town equipment to maintain effectiveness and reliability
  • An update of the Town’s Comprehensive Plan
  • Stormwater improvement construction projects for First Avenue and Indian Trail Park in the Stormwater Fund Budget
  • $1.5 million in funds for resurfacing of Town streets in the Powell Bill Fund Budget

The Town of Indian Trail remains in excellent financial condition despite the current economic challenges. The Town has an Aa1 bond rating from Moody’s Investors Service, and its debt burden is low. The Town has deep cash reserves with total fund balances in all funds of approximately $26.9 million. The proposed FY 2020-2021 budget continues the Town’s tradition of conservative budgeting and fiscal restraint. 

The Indian Trail Town Council will approve the final budget no later than June 30, 2020, which is the end of the Town’s current fiscal year.

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