The Wake County Board of Commissioners today adopted a $746.86-million budget for fiscal 2004-05 that does not increase property taxes and maintains the County's commitment to education by increasing funding to Wake Technical Community College and the Wake County Public School System.
The budget provides an additional $10.7 million for public schools and $2.9 million more for Wake Technical Community College as well as a $4.9-million increase in transfers to debt and the capital program. The budget also increases funding to Human Services and Public Safety.
Commissioners' Chair Kenn Gardner said he was pleased with the budget process and the resulting budget that meets the County's priorities but does not raise property taxes.
"I'm pleased that we have passed a budget that emphasizes fiscal stewardship while providing more money for education, public safety and human services, and without raising taxes," Gardner said. "This budget also keeps us on track with our long-term capital improvement plan, which is critical to our future."
Highlights of the fiscal 2004-05 budget:
- The budget totals $746.86 million, a 4.1% increase over the fiscal 2003-04 budget.
- Property taxes will remain unchanged
at 60.4 cents per $100 of assessed value for the second consecutive year.
- School current expense (operating) funding will increase by $10.7 million, to $234.4 million from $223.7 million this year.
The budget continues the County's $1.55-billion, long-range capital program and recommends bond referenda in the fall for Wake Technical Community College ($40 million) and Open Space ($26 million).
- Human Services' budget increases by $5 million,
allowing the County to provide more services without increasing the local net cost.
- The Sheriff's budget increases by $2 million
to pay for necessary medical services and food costs for an increased number of detainees.
The budget constrains spending and holds the line in almost all other areas of the County government.
- Funding is provided to cover the County's pay-for-performance increases for employees as well as implementation of proposals for a new pay and classification system.
The County projects a $29.5-million increase in projected revenues for the County's general fund, primarily through property and sales taxes. A $14.5-million increase in property tax revenue is due to higher property base valuation, with growth steady at 3.5%, while sales tax revenue is expected to increase 7.8% over the current year (by $8.4 million).
In addition to supporting a higher level of funding for the Wake County Public School System and Wake Technical Community College, the $29.5 million in new revenue will cover a $4.9-million increase in transfers to debt and the capital program.
The fiscal year 2005-2011 Capital Improvement Plan (CIP) totals $1.55 billion, with fiscal year 2004-2005 accounting for $221 million of that total. A significant portion of the CIP goes to implement Wake County Public Schools' Plan 2004 building program over the years. The CIP, which is funded by 16.5 cents of property and sales taxes, also anticipates bond referenda in fall 2004 for Wake Technical Community College ($40 million) and for open space ($26 million).
For more information on the budget, contact Budget and Management Services at 856-5480 or click here.