At the May 4 City Council work session, City Manager Harold Owen presented Council with city staff's initial budget proposal for Fiscal Year 09-10.
The presentation spoke on the tough decisions staff had to make regarding revenue shortfalls in light of the current economic conditions. Despite serious obstacles, staff was able to propose a revenue neutral tax rate of $.59 per $100 of assessed value. This new tax rate is a reduction from the current $.625 rate as a result of the recent county property revaluation. The city is required to maintain a revenue neutral rate.
Additional information is available on the Budget Proposal Presentation linked below.
As for the City's Water Resources funds, staff is proposing a 5% increase in both water and sewer rates. This will result in an extra $1.83 per month for an average residential user. Even with the rate increase, the City will be operating with a budget 3% less than FY08-09. Burlington rates continue to be some of the lowest in North Carolina.
For additional information on water and sewer rates, as well as a comparison of rate to other NC cities, please click on the Budget Proposal Presentation link below.