Wake Forest Town Manager Kip Padgett presented the Fiscal Year 2016-17 budget to the Board of Commissioners for consideration on Tuesday, May 3. The budget will serve as the town’s financial and spending plan for the period and, once adopted, will authorize resources and establish a direction for Wake Forest programs and services for the coming year.
The proposed budget includes a $0.52 tax rate ($0.52 per $100 of assessed property valuation), $0.14 downtown municipal service district tax ($0.14 per $100 assessed property valuation) and no change in electric rates. However, the town is nearing the completion of a comprehensive electric rate study and any rate adjustments will take effect in fiscal year 2016-17.
The budget, which reflects the goals and strategies outlined in the town’s strategic plan, proposes 16 new full-time positions, two permanent part-time positions, and performance pay or merit funds, plus career ladders for eligible departments.
The public is invited to view a copy of the proposed budget in the town clerk’s office, located in town hall, from now until Tuesday, May 17. On that date, a public hearing is scheduled during the regular Board of Commissioners meeting to receive public comment. The meeting begins at 7 p.m. in the town hall board chambers, 301 S. Brooks St.
Interested citizens may also view a copy of the proposed budget, the town manager’s budget message, and the 2016-17 budget highlights by visiting the town’s website at www.wakeforestnc.gov/budget.aspx.
Final budget approval by the Board of Commissioners is scheduled for the June 21 meeting.