NEWTON, NC (June 4, 2013) – The Newton City Council on Tuesday adopted the Fiscal Year 2013-2014 budget of $38,007,300. The property tax rate will remain at 48 cents per $100 valuation of property.
The following are the appropriations for the City’s funds:
- General Fund: $11,882,100
- Asset Seizure Fund: $8,000
- Powell Bill Fund: $511,200
- Water and Wastewater Fund: $7,439,550
- Electric Fund: $16,543,200
- Health Insurance Fund Appropriations: $1,623,250
Budget highlights include:
- No increases in the property tax rate or water and sewer rates;
- A 2-percent Cost of Living Allowance for employees;
- Creation of a new Sanitation Maintenance Worker position and the addition of a part-time Park Maintenance employee;
- An increase of $2 per month to the residential Refuse Collection Fee; and
- A 5.6 percent electric retail rate increase that is necessary to cover a 6.3 percent wholesale rate increase from ElectriCities.
The FY 2013-2014 budget includes $35,000 for a wayfinding project and $17,750 for a joint project with Catawba County to construct a parking lot for the Heritage Trail Greenway. Additionally, the budget includes $7,025,500 for capital improvement projects such as a new fire station headquarters, water extension from N.C. Highway 16 South to Buffalo Shoals, Shannonbrook Phase III water rehabilitation project, South Caldwell Court stormwater rehabilitation project and Smart Grid for water and electric meters.