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The original item was published from 4/4/2019 5:44:56 PM to 4/4/2019 5:46:39 PM.

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News & Announcements

Posted on: April 4, 2019

[ARCHIVED] FY 2020 Proposed Budget

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As proposed, the budget totals about $ 5.9 million in departmental expenditures, including about $2.9 million of capital expense such as the street and infrastructure project. Since the Town was last assessed in 2017, the assessable Base in University Park has risen from $356,878,843 to $415,905,205 without any increase in the Town Real Property Tax. Most revenue needed for Town operations comes from taxes on households and individuals — about 70% from real property tax and 18% from state income tax.

After no Town tax increase for the past three years, my budget proposal includes a Real Property Tax Rate of .583 — that is 58.3 cents per $100 of assessed value. This is an increase above the Constant Yield Tax Rate ( $ .522 per $100 of assessed value) of slightly less than 6.1 Cents per $100 of Assessed Value. Of this, a bond for road work accounts for 3.3 cents and the debt service for the purchase of two new vehicles in the Public Works Department for .7 cents. Another 1.5 cents are to cover the cost of hiring a Town manager for ½ year, with the assumption that the hiring would not take place until January 2020. The remaining .6 cents is needed to fund salary, benefit and other expenditure increases.

The budget is now in the hands of the Council to decide. Before adopting a budget and associated tax rate by the end of May, the Council will meet to discuss the budget at the following dates and times:

  • Monday, April 22 — Special Session, 7:30 p.m. at Word of God Church - 6513 Queens Chapel Road
  • Monday, April 29 — Regular Session — including the formal Constant Yield Tax Rate Hearing — 7:30 p.m. in the media center of University Park Elementary School
  • Monday, May 6 — Regular Session, 7:30 p.m. in the media center of University Park Elementary School
  • Monday, May 20 — Regular Session, 7:30 p.m. in the media center of University Park Elementary School.

These Council meetings are open to all, and I encourage you to attend.

Proposed FY 2020 Budget
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