Asheboro officials talk about the city’s budget and future

Asheboro officials have until the end of June to review and discuss changes to the city’s 2022-23 fiscal year budget, which is currently balanced at $61,207,222.

Asheboro, along with cities and municipalities across the state, are preparing their respective budgets in time for the start of the upcoming fiscal year, which begins July 1. Asheboro’s budget is affected by a number of factors, such as property taxes and other sources. income versus expenses.

Asheboro officials presented a balanced budget that does not include an increase in the property tax rate. However, that doesn’t mean the Asheboro commissioners won’t choose to change the current rate of 0.665 per $100.

Property taxes are the primary source of revenue for the general fund.

“The main source of revenue for a local government is [property tax] revenue,” reads the budget letter.

Sales and gasoline taxes are also sources of revenue for the general fund.

“Due to the strength of the [projected] property tax revenue stream, I expect overall revenue to increase,” the budget letter read.

According to the current budget, revenue from property taxes should total $17,668,448.

City Manager John Ogburn said a number of factors are at play. He mentioned Asheboro’s unemployment rate of 3.7% which is higher than the respective county and state unemployment rates of 3 .3% and 3.5%.

Ogburn said 2020 still has an economic impact, which will continue two years later. He said a large number of workers between the ages of 58 and 76 chose to leave the workforce around this time and that trend continues.

Hoping to fill positions, Ogburn said it’s important for the city to compete with nearby towns like Greensboro and Highpoint.

“Local governments in Piedmont, Triad are offering … wage increases to catch up and be competitive,” Ogburn said. “We are no different.”

Ogburn reiterated his concerns in the letter accompanying the budget.

“Over the past two years…the competitive salary base has changed and the city of Asheboro, along with other government units, is falling behind.”

To address this issue, the current bill provides for a cost of living adjustment (COLA) of 6%. This coincides with other COLA increases, which range from 5% to 6.5%, according to the budget letter.

For a more detailed look at Asheboro’s budget, visit asheboronc.gov.

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