On Tuesday, June 19, the budget for fiscal year 2012-13 was approved by City Council. This year's budget was affected by the New Hanover County property tax revaluation
. Priorities in the budget include retaining the city's core services, holding the line on operating expenses and funding infrastructure needs, such as street and sidewalk improvements.
In order to accomplish these priorities and based on the results of the 2012 Citizen Survey, the budget includes a property tax rate of 45¢ per $100 of valuation, which is a 3¢ tax increase over the revenue neutral or break-even property tax rate. Click here to learn what revenue neutral means.
The additional tax revenue will pay for needed maintenance and infrastructure. The funds will be put into a separate account to pay for a $41 million, five-year maintenance plan that can not be used for anything else. This includes street and sidewalk repairs and paving projects that were put on hold during the economic downturn.