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Town staff, along with the support and direction of the Town Council, have worked to finalize the proposed 2020-2021 fiscal year’s budget through the process of eight separate Budget Workshops beginning in January 2020. The proposed total budget of $74,419,452 for the General Fund, Water and Sewer Fund, Storm Water Fund, Capital Reserve Funds and Capital Project Funds is presented in a balanced format – conforming to the requirements of North Carolina General Statutes and the Local Government Budget and Fiscal Control Act.
Each budget process is unique and comes with its on sets of challenges. Balancing the desire to provide high-level services while also maintaining a low tax rate and protecting the financial security of the Town over the long-term can be a difficult process even under normal economic circumstances; however, due to the world-wide impacts of the COVID-19 pandemic this challenge becomes even greater this year.
The proposed FY2021 budget was prepared using data and projections from internal resources, State, County, and private entities in an effort to accurately forecast the impacts COVID-19 will have on our revenues. At the same time our proposed budget remains true to our long-term vision of financial stewardship and security, as we ensure our organization is able to provide for our community even during the toughest economic times.