Town Manager’s Recommended FY2023-24 Budget
The Town of Davidson releases the Manager’s FY 2023-24 Recommended Budget today, May 5, 2023. All materials associated with the proposed budget can be found atwww.townofdavidson.org/budget. The proposed budget was built upon the Board of Commissioners’ priorities as identified in the Town of Davidson Strategic Plan 2022-2023. The seven goal areas from the Strategic Plan are: A Well-Planned and Livable Community; Historic Preservation; Connecting People and Places, Affordable Living, Equity and Inclusion; Sustainability and Natural Assets; Economic Development; and Operational Excellence. Staff appreciates the Board’s leadership in identifying priorities on which the Town should focus.
We have determined the Town of Davidson’s revenue neutral tax rate is 23.6 cents per hundred dollars of valuation. The recommended tax rate to fund the Board’s Strategic Plan priorities, continue town services and maintain operations is 26.6 cents per one hundred dollars of valuation. This rate is a reduction from the current tax rate of 32.5 cents per one hundred dollars of valuation. The Town continues to contend with high inflation which has driven up the overall cost of goods and services.
Highlights of this recommended budget:
- To maintain service levels to the community, this budget reflects investments in our staff personnel, equipment, and other capital projects. Preserve all staff positions and add a few key staff enhancements tied to the Town’s strategic plan initiatives such as a sustainability coordinator, three police positions, two public works positions, and a financial reporting position. This important growth in town staff will enable Davidson to provide superior services to the public.
- This budget also includes funding for personnel needs such as inflationary and merit pay raises and a pay study to stay competitive with recruitment and retention in a difficult labor environment. Investment in Town staff is critical to our success and ability to provide services.
- One penny and a portion of the Town’s sales tax is dedicated to establishing recurring funding for investment in affordable housing. Support for affordable housing comes from the Town’s core values and has been reinforced by citizen input for many years. Moving forward with the Affordable Housing Needs Assessment (AHNA) Implementation Strategy is a watershed moment in the community’s history with affordable housing.
Along with the operating budget, the Capital Improvement Plan (CIP) has also been updated. Completed every year, the CIP looks five years ahead at various large scale Town projects such as improvements to parks, greenways, roadways and strategically plans out how that work might be completed most efficiently. The CIP positions Davidson to make large, impactful improvements to infrastructure and amenities.
While being responsive to the priorities of the Board of Commissioners, this proposed budget focuses on essential services provided to the citizens, and addresses needs in a financially responsible manner. The Town has again positioned itself well through solid financial management to present a balanced and responsible budget that plans for the Town’s future.
The Manager’s Recommended Budget will be presented at the Davidson Town Board meeting Tuesday, May 9, 2023. There will be a subsequent budget public hearing on Tuesday, May 23, 2023, at 6:00 p.m. at the Davidson Town Hall and Community Center. Please email any questions to [email protected].