ASHEBORO — The Asheboro City Council received changes to the proposed 2023-24 budget from City Manager John Ogburn at its meeting on June 8.
One update increases the proposed cost-of-living-adjustment, or COLA, for both the General Fund and the Water and Sewer Fund. Ogburn recommends increasing the COLAs from 2.5 percent to 5 percent. The reason for the increase is the pressure for higher wages to compete with other local governments in recruiting and retaining employees.
Ogburn would also eliminate the $1 million allocation from the fund balance that had been proposed for the wastewater treatment plant permit improvements.
Ogburn also gave an analysis of the property tax rate on citizens. He combined the tax rates of the city, Randolph County and Asheboro City Schools to compare the 2022 combined tax rate and payments to the proposed 2023 tax rate and payments.
The 2022 combined tax rate of $1.4416 per $100 of property value was the sum of the city rate (0.665), the county rate (0.6327) and the city schools rate (0.1439).
The proposed combined tax rate for 2023 is $1.334, with the city proposed rate of .072, the county at 0.500 and the city schools at 0.114.
The impact on taxpayers can be illustrated by a home valued at $250,000 in 2022, which would have had a tax of $3,604. The same home, after revaluation by the county, would have a value of $300,000 and a tax of $4,002, an increase of $398.
A public hearing on the proposed city budget for 2023-24 will be held at 7 p.m. on Thursday, June 15. The City Council is scheduled to adopt the budget on Monday, June 26, beginning at 7 p.m.
Meetings are held at the Asheboro Municipal Building, 146 N. Church St., Asheboro.