::Wake Co. Proposes 3.6 Cent Tax Increase
By Raleigh Chronicle Staff And Wire Reports
Friday, May 25, 2007
RALEIGH -- Wake County residents are going to have to pay for the price of growth, according to the proposed budget introduced by the Wake County manager.
In the new budget proposal, the 2007-2008 fiscal year funding would require a 3.6 cent per $100 valuation tax increase. The total tax rate for $100 valuation would be 67 cents if the increase is approved. The entire increase is to be allocated towards the booming school population in Wake County.
"Of this increase, 2.7 cents is necessary to support the debt service and capital costs of the school construction program," said Wake County Manager David Cooke in the budget message.
"An additional 0.9 cents is needed to support the operating costs associated with additional square feet for 9th grade centers and the operating costs of transitioning 19 elementary schools and 3 middle schools to a multi-track year-round calendar," he added.
According to the Cooke, the Triangle and Wake in particular is experiencing massive growth that was beyond even their expectations last year.
"Our most recent data shows that, in fact, we grew by almost 36,000 persons from July 2005 to July 2006," said Cooke in the budget message. "At a pace of 98 new citizens per day, Wake County is the 6th fastest growing County in the United States."
Facts About The Budget
The total recommended General Fund Budget is $914,207,000.
According to the county, the funding allocation puts the Wake County Public School System to receive the biggest share of the pie with 48% of the budget. Human services receives 25%, public safety 9%, and all other Wake County functions combine for 18%.
For FY 2008, the recommended budget for the county schools operating and debt service equals 80 percent of the property tax rate (54.0 out of 67 cents).
In FY 2008, the county estimates that the property tax base will increase by 4.2% over the FY 2007 actual base. New revenue from normal growth in property taxes will equal $28.7 million.
For details on the proposed budget, view the entire budget online at: