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Wednesday, May 21, 2014
City Manager Mick Berry proposed a $95.8 million budget for the upcoming fiscal year. This is a 5.75% increase over last year’s $90.3 million budget. A 2¢ property tax rate increase is proposed bringing the rate to 52¢ per $100 assessment. This is the first tax rate increase in 19 years. The rate increase is attributable to road resurfacing issues and operational increase due to loss of "Hold Harmless" ($255,000) revenues coming from the State government.
There is very little natural growth in Hickory City Revenues, which is sales tax revenue and property tax base. This will cost the average homeowner ($151,000) a little over an extra $2.50 per month. May have to utilize the General Fund Balance for Operating Expenses in the upcoming year. $1.4 million General Fund balance has $900,000 designated for capital replacement. You may need the $500,000 left over for operational expenditures.
The Inspiring Spaces initiative was not included in the budget.