City leaders say Spencer’s recommended FY 2024 budget aims to continue momentum

SPENCER, N.C. (WBTV) - Town Manager Peter Franzese recommended the fiscal year 2023-24 budget to the Spencer Mayor and Board of Aldermen at the May 9 regular meeting. The proposed Spencer budget for FY24 totals $5,845,484, with $5,461,186 in the General Fund, $174,000 in the Powell Bill Fund, and $210,298 in the new Capital Reserve and Replacement Fund.

In light of the countywide revaluation that took effect January 1, 2023, the recommended property tax rate is 55 cents per $100 of valuation, down from the rate of 65.5 cents used for the last four years.

While the revenue-neutral rate calculated according to NCGS 159-11(e) would be 48.06 cents, the recommended property tax rate of 55 cents is key to funding Town priorities. Compared to a 39.5 percent increase in assessed property values, the recommended budget is approximately 12 percent higher than the current year.

The Board of Aldermen had budget workshop opportunities in March and April, and an additional budget workshop is planned for a special meeting at 6:00 p.m. on Tuesday, May 23. A public hearing is scheduled for 5:30 p.m. on Thursday, June 8 (pre-Agenda meeting.

Interested individuals can view the Town Manager’s recommended budget at spencernc.gov and in print in the Town Hall lobby.

Find out more at spencernc.gov

Watch the budget presentation

FY24 Recommended Budget Document