Charlotte Just Approved $2.6 Billion Budget For 2019 – Their Largest in History

by | Jun 25, 2018 | Blog | 0 comments

The City of Charlotte approved their largest budget in history for 2019, a whopping $2.6 billion!  Yes, that is a “B” after the $2.6.

This is an 8.8% increase from last year’s $2.39 billion budget.

The Local Government Budget & Fiscal Control Act requires all counties in NC to submit a recommended budget to the governing board no later than June 1.  All counties must adopt a budget no later than July 1st, by law. So, the FY 2019 budget will go into on July 1st.

To see the FY 2019 budget, in brief, visit:
https://charlottenc.gov/budget/Documents1/BudgetinBriefAdoptedFY2019.pdf

Some of the highlights of the FY 2019 budget are:

– A 1% increase in property taxes

⇒ 48.87¢/$100 of assessed valuation ⇒ house worth $150,000 (medium value in Charlotte) will rise by approximately $15/year.

⇒ 1% property tax increase will result in $9.8 million of new revenue and help take Charlotte to the next level.

– $15 million increase for streets, sidewalks, and pedestrian safety

⇒ $4 million for bicycle travel, and $2 million aimed at reducing the number of traffic fatalities and serious injuries through the Vision Zero initiative

– $35 million more to create affordable housing (total $50 million).

– Pay raises of 3% or more for its 8,000 employees.

– Fee hikes of $23 for water, $9 for storm water and $7 for trash pick-up

⇒ a combined city taxes and fees increase of about $50/year for residents

In addition, $3 million has been set aside to pay for an artificial turf soccer field at the 82-year old Memorial Stadium, which is owned by Mecklenburg County.  The County has endorsed a $32 million makeover scheduled to be finished in 2021.

And, $11 million pedestrian bridge is anticipated over Interstate 277, connecting uptown and SouthEnd.

 

 

For more information about the FY 2019 budget and other initiatives, visit https://charlottenc.gov/budget/

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