Spencer’s recommended budget invests in critical services: Public hearing scheduled for June 6

Published 12:05 am Saturday, May 11, 2024

SPENCER — The town of Spencer’s proposed budget for the upcoming year will require a seven-cent tax increase. The budget uptick is reportedly intended to fund personnel increases for the town’s emergency services.

In a statement released on Friday, Town Manager Peter Franzese indicated that his office recommended the fiscal year 2024-25 budget to the Spencer Mayor and Board of Aldermen.

The proposed budget for the fiscal year totals $5,871,288, with $5,389,806 in the General Fund, $154,971 in the Powell Bill Fund and $326,511 in the Capital Reserve and Replacement Fund.

To account for that budget, the recommended property tax rate would be 62 cents per $100 of valuation, representing an increase from the current rate of 55 cents.

In January, the Spencer Board of Aldermen approved six new full-time fire positions and prioritized fully funding them in the upcoming budget, even thought it would require the need for a corresponding tax rate increase.

“With diminishing growth in sales tax revenue, other proposed adjustments include adding a $10 municipal vehicle tax and a small increase to the solid waste collection fee,” the Friday release said. “For the typical property owner (average assessed value of $187,392), the combined net impact of these changes is roughly $16 per month, or less than $4 per week.”

A budget workshop opportunity is planned for a recessed meeting at 5:30 p.m. on May 21 in town hall. A public hearing on the budget is scheduled for 5:30 p.m. on June 6 (pre-agenda meeting).

Town hall is located at 460 S. Salisbury Ave., Spencer.

Interested individuals can view the town manager’s recommended budget at spencernc.gov and see it in print in the town hall lobby.