CARY -- The Cary Town Council received a $348 million recommended budget for next year, a modest increase from the current year that'll maintain property taxes while allowing the town to add several new positions.
Cary's proposed operating budget for fiscal year 2011 is 3.7 percent higher than the current year. The town tax rate would remain at 33 cents per $100 of property value. Garbage, recycling and yard waste fees will also stay the same at $14 per month for residents.
“While we are beginning to see some signs that the economy may be improving, any recovery will be long and slow, which is why I’m recommending we continue into next fiscal year the very cautious and conservative approach that has kept core services intact and impacted citizens’ quality of life as little as possible,” Town Manager Ben Shivar said.
Cary expects to enter the next fiscal year with a $4 million surplus, buoyed by unexpected sales and property tax revenues during the holiday season that have helped the town weather the recession.
After leaving certain development-related positions vacant this year, Shivar's budget recommends formally eliminating the 31 vacancies from the town's roster. This will save the town about $1.5 million next year.
But the town is recommending adding 12 new positions, including three more police officers and four employees for the new Cary Community Arts Center set to open next year.
In December, town officials voted to delay or stop $89 million worth of capital projects, such as roadway improvements and downtown construction.
Shivar said the decision gave the town greater flexibility in planning for the upcoming fiscal year.
The town will not take on new debt service next year to fund new general government projects.
Instead, the bulk of the town's $174 million capital projects budget will go toward the state-mandated Western Wake Regional Wastewater Management Facility, a $330 million project that Cary and other Western Wake towns will fund.
To fund this project and make up for lost development revenue, Cary water and sewer customers will once again see a rise in rates - about $5.60 more per month for a Cary resident using 7,000 gallons of water.
The Cary Town Council is expected to approve a final budget June 24.
