Town of Cedar Point issued the following announcement on July 27.
I am pleased to present the Fiscal Year 2022-2023 Recommended Budget for your review and consideration. The total Recommended Budget is $1,575,565, showing a $506,065.00 increase from the initial Fiscal Year 2020-2021 Operating Budget of $1,069,500.00 and a $675,713.15 decrease from the amended Fiscal Year 2020-2021 Operating Budget.
The most significant amendment last fiscal year was the result of a grant the Town received of $1,011,000 from the NC Land and Water Trust Fund. The Fiscal Year 2022-2023 Recommended Budget seeks to ensure the Town continues its solid financial position while maintaining a high standard of Town services and programs. The Recommended Budget is balanced with a property tax rate of $0.1475 per $100 of assessed value.
There is no proposed change in the property tax rate or any fees this fiscal year. Two major funding sources are added to this year’s budget: the second tranche of ARPA funds and Unassigned Fund Balance (savings). Together these two represent $407,791 of the $506,065 increase over last fiscal year’s initial budget. The remaining $98,274 is anticipated to come from increased sales and use tax revenue and growth in the ad valorem revenue due to increased development.
Last year, the Town continued to make significant strides toward putting the Town back into a healthier financial position. The most significant stride was a $1,000,000 lump sum payment on the Town’s bond for acquisition of the Boathouse Creek Park. Not only did that payment result in a much shorter loan term, but also saved the Town $323,000 in interest payments over the life of the loan. Those efforts, and others, have made it possible for the Town to start looking toward the future by allowing for a withdrawal of unassigned fund balance to cover the $200,000 down payment on a new facility located at 135 Sherwood Avenue to be used for offices, recreation, storage, and community events.
The additional growth in sales and use taxes and ad valorem revenue is sufficient to cover operating costs of the facility with an eye toward future development of the site. It is an exciting time for the Town.
I believe that this Fiscal Year 2022-2023 Recommended Budget represents a responsible revenue and expenditure plan that considers both the present and future of Cedar Point. We have consistently strived to develop and adhere to a structurally sound budget in an effort to stabilize tax rates over the long-term and have also put forth a significant effort to project future capital needs and identify potential challenges.
Original source can be found here.
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