City Budget Bumpers
Pete Kaliner takes his new website out for a test drive with a review of City Manager Curt Walton’s freshly released recommended budget. The highlights: a $1.67-billion total spending plan that sweeps up about $16 million through a revenue neutral pitch, after revaluation, dipping the existing city property tax hit of 45.86-cents by 2-cents per $100 of assessed value. Under the existing rate, the owner of a $200K home shells out about $917 a year for the privilege of living inside the Charlotte City limits, and tacks on another $1,678 for the blessings of Mecklenburg.
At which point it’s important to recall that earlier this year Mayor Anthony Foxx and others had floated the possibility of a revenue neutral budget for the city as a way of relieving any pressure from a looming tax hike that could come from the county on the heels of revaluation.
Other nuggets from the city manager’s recommended budget, which shrinks about 3.5% from this year with the federal stimulus well running dry: restoring 3% contributions to city employee 401k plans, which will cost the city an additional $1.8 million.
Speaking of Uncle Sammy largesse gone missing, the manager’s budget leaves unanswered the question of how to plug a $2.3-million hole for FY 2013, and $3.1 million the following year, to pay for extra police officers originally funded with stimulus loot. Ditto the projected $1.5 million operating cost for the city’s vaunted streetcar project, which was put on track courtesy of federal money.
The council, after the normal budget retreats, public hearings, gnashing of teeth, and straw votes, is slated to approve a final budget June 13.
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