Salisbury proposes decreasing tax rate for upcoming fiscal year, but not to revenue neutral
Published 12:01 am Wednesday, May 24, 2023
SALISBURY— On Tuesday, the Salisbury City Council heard from City Manager Jim Greene and Finance Director Wade Furches on the proposed city of Salisbury 2023-2024 budget that calls for a decrease in the tax rate.
The total proposed budget is just over $108 million, which is 15 percent higher than last year’s. That includes $54.1 million for the general fund, where ongoing bills are paid. The recommended tax rate is 61 cents per $100 valuation, which will provide an additional $1.2 million in property tax revenues. This is a decrease from last year’s tax rate of 72 cents per $100 but not as low as the estimated 58-cent revenue neutral rate. The projected total property tax revenue is $24,588,376.
Council members had the opportunity to ask questions and provide input, but no vote was taken. Citizens will be able to give their feedback and offer any concerns or questions during a public community meeting scheduled for June 1 at 6 p.m. at city hall, and again at the June 6 city council meeting.
Greene says that council members may decide to have additional public budget work sessions depending on the feedback they receive. The budget could be finalized as soon as June 20, but must be approved by the start of the new fiscal year, July 1.