By Rich Fowler
Staff Writer
Chapel Hill officials are preparing the final round of touches on the town’s budget with a lean fiscal year ahead to match the one that ends on June 30.
Town council members reviewed the budget at a work session last week. Town Manager Roger Stancil has proposed a budget that would cut the property tax rate by almost 15 percent to 49.4 cents, down from last year’s 58.1 cents, to reflect the changes in property tax valuations.
“We don’t have any money, and so there’s not that much to talk about,†Chapel Hill Mayor Kevin Foy said at sparsely attended hearing.
Council members agreed to cancel the budget work session planned for June 3, and are expected to vote on the budget on June 8.
Spending from the general fund, which covers basic government functions including police, fire, public works, parks and recreation and libraries, will only grow 0.3 percent over last year’s budget, from $49.6 million to $49.7 million. General fund revenues are expected to fall by about $400,000 over last year to $46.6 million, leaving a deficit of about $3.1 million.
Part of the deficit will be covered by $2 million the town saved last year by cutting back and saving money for this year’s budget.
And, the town will dip into its savings for about $1.1 million.
Capital improvement projects will be limited to just under $750,000, compared to last year’s $2.6 million. Projects include $300,000 for a new fiber optic network, $75,000 for playground replacement, $50,000 for greenways and $20,000 for cemetery beautification.
Other budget highlights include $1 million in operating costs for the new aquatic center, $836,500 in contributions to social agencie and $400,000 for retiree health care.