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County budget maintains tax rate
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Published: June 17, 2009
CONCORD - Positions have been frozen, merit raises have been suspended and division budgets have been slashed, but the county tax rate won't rise this year, according to the $194.3 million budget that Cabarrus County commissioners adopted unanimously on Monday.
Commissioners held a public hearing on the budget, but no one spoke. Then they voted 5-0 to adopt the budget with no discussion. Earlier this month, commissioners spent three days hashing out one of the tightest budgets the county has faced in years.
The fiscal year 2010 budget projects a $12 million revenue shortfall from last year because of the loss of Philip Morris, a cigarette manufacturer that will shutdown in July, and declines in building permit requests.
About 41 percent of the Cabarrus County budget is dedicated to public education expenses and school construction debt, according to county spokesperson Aimee Hawkins. While commissioners cut general fund spending by about 6 percent, they will increase funding to the schools by 2.5 percent.
Commissioners also decided earlier this month to capitalize interest on the financing for four new schools. That decision will cost taxpayers a 2-cent per $100 valuation increase to their taxes in fiscal year 2011. That means the taxes on a $200,000 home will increase by $40. Another 2.5-cent per $100 valuation increase is proposed in 2012. Then in 2013, there will be a 1-cent per $100 valuation decrease to the tax rate.
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