Bermuda Run Budget ‘Challenging’
Published 12:00 am Thursday, May 16, 2013
By Jim Buice
BERMUDA RUN – Town Manager Lee Rollins has put the numbers together for a proposed 2013-14 budget. And as he revealed in last Tuesday night’s monthly town council meeting, there are some challenges ahead.
For example, property tax revenues are projected at $680,000, compared with $759,000 from the current fiscal year budget.
“This is due to a nine percent reduction in overall tax valuation for the town and a contingency for valuation appeals loss, which is in the process and not complete,” Rollins said. “So that number may change. The majority of the change in the revaluation came from the residential sector.”
Another concern is the utility and franchise tax, and alcohol tax revenues, which are projected at $182,000 (in line with the current fiscal year), but it’s the 2014-15 budget year that could see an impact in those incoming funds.
“The state legislators, in an effort to reform the North Carolina tax code, have several bills in place that may jeopardize the allocation of these tax revenues in the 2014-15 budget and moving forward,” said Rollins, who added that discussions are ongoing.
In his presentation of the budget, Rollins noted that the General Fund, which is the basic operating fund for town services and capital investments, is proposed to be balanced at $1,522,400. The tax rate is proposed to remain unchanged at the level of 15 cents per $100 of valuation …