Oakboro’s proposed $4.6 million budget keeps tax rate at 41 cents
Published 1:56 pm Wednesday, May 24, 2023
The town of Oakboro’s proposed 2023-2024 budget will keep the tax rate at 41 cents per $100 valuation, just like in previous years.
There will also be no change in water and sewer rates and there are no major capital projects, according to Town Administrator Doug Burgess.
The total budget expenditure is $4.6 million, an increase from the FY 2022-2023 budget, which was just over $4 million.
The proposed General Fund totals $2.2 million, up from the $1.8 million for last fiscal year, and about 48% of the total budget. It includes $950,390 for public safety, $350,043 for parks, $297,250 for general government, $220,000 for environmental protection, $162,750 for streets, $140,000 for the fire department, $21,500 for the cemetery, $7,400 for museums and $1,500 for the library.
The revenue, which also total $2.2 million, includes $997,109 from property tax, $717,000 from sales tax, $170,000 from reimbursement utility, $82,000 each from sanitation revenue and from Powell Bill.
The town’s sewer budget is set for $1.2 million. This total includes spending $496,000 for sewer treatment costs and $254,500 for a Uwharrie Bank payment. Salaries make up $159,000 and $71,000 is for a SRL loan payment. Revenue for the sewer fund comes mainly from sewer revenue, which totals $870,000, and proceeds from the sale of the wastewater treatment plant, which totals $156,250.
The water budget is set for $1.1 million. The largest expense at $575,000 will be spent on purchasing water from Stanly County. The department will also spend $211,282 on salaries and $163,500 for a Uwharrie Bank payment. Revenue for the water fund comes mainly from water revenue, which totals $1.07 million.
A public hearing to discuss the budget is scheduled for June 19 at 7 p.m. during the town meeting.