Surf City lowers tax rate in new budget
Surf City Town Council’s choice to remain revenue neutral will leave taxpayers with a little extra in their wallets this year.
Council members voted unanimously to decrease property taxes 3 cents, from 31 to 28 cents per $1,000 valuation for the 2011-12 budget year, said Michael Moore, Surf City’s town manager.
The budget includes the same funding formula the town has used for several years — 23 cents will go into General Fund operations and 5 cents into the Beach Nourishment Capital Project Fund, he said.
“It was a very tight budget,” he said. “There will be no employee raises, no merit raises and no new positions, but there will be no layoffs or furloughs either.”
The general fund for 2011-12 is $6,089,163 as compared to $5,923,153 in 2010-11, Moore said.
The only large capital item in the budget is the replacement of a 1985 pumper fire truck, Moore said. The water, utilities fund — at $4,288,550 — is only $16,017 more than last year’s budget, Moore said.
A slight increase is expected in the accommodation tax fund from $802,312 last year to $816,312, Moore said.
“And there are no fee increases in the budget,” he said.