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/
