On June 13, 2023, the Indian Trail Town Council voted to approve the fiscal year 2023-2024 (FY23-24) operating budget that begins on July 1. Planning for the budget began in December and continued through the spring with a series of budget workshops with the staff and the Town Council. The budget was formally presented on May 9, with a Public Hearing held on May 23.
The total operating budget (general fund) is $21,859,936. 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 ($10,886,265), sales taxes ($4,300,000), and utility franchise taxes ($1,360,000).
The FY23-24 budget maintains the existing tax rate of $.185 per $100 of assessed valuation, and it does not increase the Town’s stormwater fees or other fees. The Town’s property tax values are $6,129,655,236, which is an increase of 4.81% 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 FY23-24, the Town expects to receive $2,055,000 in Powell Bill funds and $2,102,566 in stormwater fees. The Town also has a debt service/capital reserve fund that is used to pay for existing bond debt and fund larger-scale projects. The debt service fund totals $2,941,429.
The FY23-24 operational budget, in addition to the outside funding sources, continues to support the priorities of the Town Council, which include:
- Roads and Infrastructure
- Public Safety
- Planning and Growth Management
- Creating a Downtown
- Building a High-Quality Team
- Parks and Community Amenities
- Quality Basic Services
- Operational Needs (technology/buildings)
Highlights of the budget include:
- Addition of one deputy position to the Union County Sheriff’s Office contract and the continued funding of the two grant traffic deputy positions.
- Continued funding of $35 million for Capital Projects, including transportation and parks and recreation projects.
- Continued funding of the $3.15 million for road maintenance (funded by Powell Bill and state funds).
- Funds an ADA Transition Plan over two years.
- Funds Town Hall facility maintenance and security enhancement projects.
- Personnel Adjustments:
- Three vacant positions are not being funded.
- The Town is relocating the Economic Development function to the Planning Department.
- A Parks Maintenance Technician position will be effective July 1, 2023.
- Recreation Specialist and Customer Service positions will be effective January 1, 2024.
- Moving funding of the IT Administrator position from the Administration budget to the Communications & IT budget.
- Reclassification of the Tax Collector position to Assistant Finance Director/Tax Collector.
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 FY23-24 budget continues the Town’s tradition of conservative budgeting and fiscal restraint.
The FY23-24 approved budget will be available to view on the Town’s website by July 1. In the meantime, the proposed FY23-24 budget can be viewed at https://www.indiantrail.org/DocumentCenter/View/3687/2023-2024-Proposed-Budget. The proposed budget matches the approved budget with the exception of one minor change. The Town Council voted to remove the cost of living adjustment for the Mayor and Town Council Members, saving approximately $5,600 in the approved budget.