NEWS

 

DAVIDSON, N.C. – The Board of Commissioners approved the FY 2023-2024 Budget at their June 13, 2023, work session.  All materials associated with the approved budget can be found at www.townofdavidson.org/budget. This 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. Town staff is greatly appreciative of the Board’s leadership in identifying priorities on which the Town should focus.

The Town continues to contend with high inflation which has driven up the overall cost of goods and services nationwide. As noted in the May 9 board meeting, the Town of Davidson’s revenue neutral tax rate was confirmed at 23.6 cents per hundred dollars of valuation. The newly approved 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.

Highlights of the approved 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, police positions, public works positions, and a financial reporting position. This important growth will ensure staff are equipped to continue to provide superior services to Town residents.

·      One penny of the three-cent increase as well as 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 and approved. 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 also provides expected funding sources for the $67.9 million of projects.

In addition to approving the budget, the Board also approved the establishment of a Tax Assistance Program for the Town of Davidson. The preliminary structure has been based upon and aligned with the current Tax Assistance Program (HOMES) in Mecklenburg County. The first year will be funded thanks to a generous contribution from the Davidson Community Foundation, Town Manager Jamie Justice announced at Tuesday’s 6:00pm board meeting.

The Davidson Community Foundation confirmed their commitment to fund a one-time grant of $22,000 to the Town to provide assistance to residents who qualify for Davidson’s relief program.

The Town has again positioned itself well through solid financial management with a balanced and responsible budget that plans for the Town’s future.

Please email any questions regarding the FY 2023-2024 approved budget to [email protected].