2005-06 Budget Maintains Tax Rate, Provides More for Schools, Libraries, Sheriff, Mental Health
6/21/2005
The Wake County Board of Commissioners on Monday adopted an $808.8-million budget for fiscal 2005-06 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 $15.2 million for public schools and $1.3 million more ($12.3 million total) for Wake Technical Community College as well as a $5.9-million increase in transfers to debt and the capital program. The budget also increases funding to Human Services and the Sheriff's Office.
Commissioners' Chair Joe Bryan said he was pleased with the budget process and the resulting budget that meets the County's priorities but does not raise property taxes.
"We're looking at priorities, partnerships and progress as we make these decisions and budget taxpayer dollars," Bryan said. "We're living within the budget and funding a host of priority items, such as a mental health hospital, libraries, the Sheriff's new jail, Human Services and EMS. There are a lot of tough choices."
Highlights of the fiscal 2005-06 budget:
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The budget totals $808.8 million, a 6.5% increase over the fiscal 2004-05 budget.
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Property taxes will remain unchanged at 60.4 cents per $100 of assessed value for the second consecutive year.
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School current expense (operating) funding will increase by $15.2 million, to $251.6 million. That figure includes $3.3 million reserved for future appropriations, with the Commissioners' strong recommendation that it go toward school employees' dental benefits
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The budget funds additional personnel to staff a jail expansion and new libraries in Cary and Holly Springs, as well as new positions in Human Services.
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The budget continues the County's $1.42-billion, long-range capital program.
The County projects a $46.7-million increase in projected revenues for the County's general fund, primarily through property and sales taxes. Growth in property and sales taxes, which account for 72.2% of the County's General Fund revenues, added $38.1 million of new revenues to the budget. The increase was due to an increase in new property valuations, with no tax rate increase, as well as strong economic recovery as evidenced by sales tax.
In addition to supporting a higher level of funding for the Wake County Public School System and Wake Technical Community College, the $46.7 million in new revenue will cover a $5.9-million increase in transfers to debt and the capital program.
The fiscal year 2006-2012 Capital Improvement Plan (CIP) totals $1.42 billion, with fiscal year 2006 accounting for $284 million of that total. This seven-year plan, which is funded by 16.5 cents of property and sales taxes, invests heavily in education, for both the Wake County Public School System and Wake Technical Community College, and includes funding for an inpatient psychiatric hospital, computer system upgrades, improvements in detention security at the Public Safety Center, and improvements and maintenance at County parks and joint community-use/school parks.
The proposed budget also funds a pay-for-performance increase of 4% for County employees and covers the County's share of health insurance, which increases by 10%, or $2.3 million.
For more information on the budget, contact Budget and Management Services at 856-5480 or click here.
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