Vance County residents can expect no increase in property tax rates or other fees if the commissioners approve the $55 million budget presented to them earlier this month.
The commissioners are expected to decide at their June 6 meeting, according to information from County Manager Jordan McMillen.
The proposed budget represents a 6 percent increase – or roughly $3.3 million – in the 2021-22 budget, and McMillen said the county is in a position to further plans to create a shell building in the industrial park, which will be a boost for future jobs and local investment.
The budget will use more than $1.6 million from the general fund balance.
“We do anticipate our fund balance increasing over the next year or so,” McMillen said in an email to WIZS News. He attributes this expected increase mainly to increased tax collections and, unfortunately, vacancies in some of the larger county departments and added that he anticipates moving additional fund balance money to plan longer term for future capital needs.
The property tax base is increasing $95 million from the prior year which, along with an increased tax collection rate, will account for $1.1 million in additional property tax revenue, according to the budget information presented to the commissioners for review.
The sales tax is projected to be $2.8 million more to the 22-23 budget than in the current budget. This increase will help fulfill recommendations from the recent salary study for county employees.
The proposed budget also has increased support for the fire department, with the addition of three new fire engineer positions – one for each shift.
McMillen said having such revenue growth in both property tax and sales tax is not something that the county is used to. “ I have not seen a situation where both property tax and sales tax were up to the degree it is right now,” he said. “Both are explainable when you look into what is making up the tax base growth and when you account for the pandemic’s impact on sales tax spending.,” he said, adding that he doesn’t anticipate it to be a “continual pattern.”
View the proposed budget here: https://www.vancecounty.org/wp-content/uploads/2022/05/MASTER-File-Website.pdf