FROM STAFF REPORTS

Town Manager Randy Hemann has recommended a $104,019,136 general operating fund budget for the Town of Mooresville for fiscal year 2023-2024.

The budget includes $86.9 million for town personnel, professional services and operations, and $17 million for the capital expense investment fund.

“This budget continues to significantly invest in the capital needs that bolster core services and improve the quality of life for our citizens and visitors alike,” Hemann said in his budget message to the town board.

The spending plan proposes reducing the property tax rate within the town’s jurisdiction from 58 cents per $100 valuation to 48.36 cents per $100 valuation.

But most property owners in Mooresville would still see a net increase in their tax bill due to a significant increase in property values as a result of the state-mandated countywide revaluation. (The revenue-neutral tax rate — which would generate the same amount of revenue as the current year — is 42.34 cents per $100 valuation.)

If the proposed budget is approved by the town board, town water customers would see a 4 percent increase in their bills and sewer rates would jump by 4 percent.

Revenues

The spending plan estimates total property tax revenues of $46.79 million, which would be an increase of $10.76 million from 2022-2023. That projection is based on a tax base of $12.6 billion, and a 99 percent collection rate.

Meanwhile, sales tax revenues for 2023-2024 are estimated at $17.5 million.

New Positions

The proposed budget includes funding for 38 new full-time positions, including 12 positions for Mooresville Fire-Rescue, 10 positions for the new Building Permitting & Inspections Department, and five positions for Parks and Recreation.

Salary Increases

The spending plan includes an average merit increase of 3.5 percent for employees and a 2 percent cost of living increase. Both raises would take effect in July.

Major Capital Expenses

The proposed budget includes the following capital expenses:

♦ $6.58 million for completion of Cornelius Road Park, which includes three multipurpose fields, lighting, concessions, restrooms and parking;

♦ $500,000 for computers and software for the new Traffic Management Center;

♦ $450,000 for construction of the new downtown parking deck. Half of the 400-plus spaces will be leased to surrounding development and half will be reserved for the Town to program for public use. (Annual debt service on this project will be $1.5 million); and

♦ $250,000 for revitalization of the Town’s seven neighborhood parks

The town manager explained during Monday’s town board meeting that town staff balanced a desire to reduce the tax rate by as much as possible while also ensuring that the town had the financial means to cover increasing costs due to inflation.

“This Budget continues to significantly invest in the capital needs that bolster core services and improve the quality of life for our citizens and visitors alike,” Hemann said in his budget message to the town board.