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June 15
Budget Adopted, Board Looks to Future

The Wake County Board of Commissioners focused on budgetary matters at the local and state levels during its regular meeting Monday, June 15, 2015. The commissioners adopted a $1.14 billion budget for Fiscal Year 2016 (FY16) and discussed the impacts of proposed state budget changes that would negatively impact the County in the future.

State Budget Impacts
Proposed changes in distribution of sales tax would likely result in a revenue loss to Wake County of $40 million per year, starting in 2020.

“Sales tax revenues are a critical part of the County’s budget, and provide us with more than $160 million a year,” said Wake County Board of Commissioners chairman James West. “If our sales tax revenues are redistributed, we would lose millions of dollars that are currently allocated to our public schools, public safety and human services.”

Based on their concerns, the commissioners unanimously approved a resolution today, opposing limits to the County’s ability to attract jobs and any efforts to redistribute the local sales tax levied within Wake County to other counties. The board also opposes any restriction on the flexibility currently authorized to levy local option sales taxes, because a cap on those taxes would create an increased reliance on property taxes.

The General Assembly’s proposed changes to state economic development rules would hurt North Carolina and limit the state’s ability to attract new jobs. The Senate version of House Bill 117 would restrict the amount of grants provided to employers in Wake County and require a two-to-one local match for job creation grants.

County Budget
Also during the meeting, the commissioners voted 5-to-2 to adopt the County’s FY16 budget, with a 3.65-cent property tax increase, which will take effect on July 1. This increase brings the total property tax rate to 61.45 cents per $100 property valuation.

The adopted budget includes a funding increase of $44.6 million to the Wake County Public School System, the largest it has ever received from the County in a single year, bringing total county funding for WCPSS operating budget to $386 million.

See a video of the board meeting.


 



 

 

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