Council may also set public hearing on transportation bond
Wilmington City Council is expected to seal up its spending plan for the new fiscal year tonight.
The $145 million budget includes a $91 million general fund supported in part by a 1 cent property tax increase.
Details: Budget writers present plan with increased tax rate, fees
Council gave preliminary approval to the plan unanimously on June 3. Tonight’s scheduled vote–at its 6:30 meeting at Wilmington City Hall, 102 N. Third St.– would be the second and final before the budget goes into effect July 1.
Story: Council gives initial approval to uncertain budget
City Manager Sterling Cheatham is also expected to update the public on how the budget adjusts for a roughly $1.7 million revenue hole related to the state legislature’s recent repeal of one of the city’s income sources–the privilege license tax on businesses.
The repeal is effective in July 2015, but the city’s unique billing schedule will keep it from collecting on most of that final year of revenue.
City officials have repeatedly emphasized the revenue hole’s value is equal to about 1.3 cents on the city’s property tax rate. They’ve also discussed using savings to cover the coming fiscal year’s loss.
Story: City reaching out to legislators on local revenue hole
Gov. Pat McCrory said privilege licenses have been applied inconsistently across North Carolina, creating confusion and extra costs on businesses, and that change was due.
He also asked legislators to help cities find alternate revenue sources, though answers haven’t come yet.
Transportation bond hearing
Council tonight is additionally expected to set a public hearing on a potential $44 million transportation bond.
The hearing could fall on July 8.
If it follows course, Wilmington could face a referendum on the Nov. 4 general election ballot asking city voters whether to approve the borrowing.
The $44 million would go into a $55 million plan to improve local streets, pedestrian-and-bike paths and public transportation.
If approved, the debt would mean a 2 cent property tax increase starting in July 2015.
Click here for a related story and list of projects slated
More:
Scope of city budget increases
