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Troutman Council to consider plan that increases town budget by $2.46 million for fiscal year 2023

Jul 30, 2023


Troutman Town Council will consider passage of the 2023-2024 fiscal year town budget on Thursday night.

The spending plan includes a $2.465 million total increase, with the budget rising from $6.6 million this year to nearly $9.1 million.

Though town staff has recommended reducing the town's property tax rate from 52 to 50 cents per $100 valuation, the county's recent tax revaluation will result in an estimated increase of $2.37 million in ad valorem tax revenue for the town.

The rest of the increased revenue comes from interest on investments, town fees, state funds, and local sales tax increases.

The town's revenue neutral rate, according to Town Finance Officer Justin Mundy, is 37 cents per $100 in valuation.

In budget planning sessions this spring, town officials cited the need for more revenue to pay for increased personnel and service costs needed to serve the growing population, along with the necessity of paying for construction of new Town Hall to house town staff and better meet public needs.


If the budget it approved, a significant chunk of the new revenue ($1,275,000) would be transferred to the new Town Hall Fund (only $70,000 was transferred in 2022-2023), along with $60,000 to create new pocket parks around town, and $125,000 for contingencies.

The cost of setting up a new passport office ($82,308) to be located in the previous Nationwide Insurance building this summer is expected to be offset by the service’ revenues.

The police department's budget would increase by nearly $725,000, with a $426,000 increase in salaries for new officers, along with increased benefit costs and a new K-9 with associated training and care costs ($57,400).

Other departmental increases include governing body ($23,000), administration ($112,000), elections ($2,000), planning ($229,000), sanitation ($65,000), and recreation ($187,000), along with increased economic development ($24,000), and insurance ($40,000) costs.

Street maintenance funding will decrease by $161,000, debt service costs will decrease by $98,000, and capital expenditures would drop by about $100,000


The council will also consider approval of the formal economic development agreement with Troutman Logistics Venture LLC, and Troutman Logistics LLC, which were first approved in principal in March of 2022.

Troutman Logistics is constructing 1.7 million square feet of spec space in two buildings on Highway 21 near Oswalt Amity and Perry Roads.

The company projects that the total combined cost of the business park and public infrastructure improvements will be between $50 million and $150 million.

The venture will increase Troutman's tax base, population, business prospects, and job creation, according to developers.

To receive the incentive, the company must have invested at least $50 million (verified by the Iredell County Tax Assessor), obtained a certificate of occupancy from the county, completed all public infrastructure improvements, and have paid all taxes and fees due.

If the company meets the conditions, it could receive up to $1,872,000 in incentives over three years, most likely beginning in 2027-2028 fiscal year.


Also during Thursday's meeting, the council will:

♦ Consider approval of audit contract with Thompson, Price, Scott & Adams for FY 2024.

♦ Consider text amendment to the Unified Development Ordinance to require Planning Board Review of development agreements.

♦ Consider Appointment of an ETJ Alternate to the Town of Troutman Planning and Zoning Board for a term of 3 years (term expires 6/16/23).

♦ Consider fee in lieu of sidewalk on Georgie Street for the Brookeside Development (requested by D.R. Horton).

♦ Consider approval of 155 Julian Place building elevation for Curtis Dental.

♦ Consider approval of 165 Julian Place building elevations for O’Reilly Auto Parts.

♦ Approval of FY 2022-2023 year-end budget amendments.

♦ Approval to Amend the Town of Troutman Schedule of Fees.

♦ Consider approval to Adopt American Rescue Plan Act (ARPA) resolutions/policies.

♦ Consider approval of 2022 Water and Wastewater Improvement Projects through American Rescue Plan (ARP) Grant Funding for the 2022 Wastewater Capacity Improvements Project and for the 2022 Water System Asset Inventory And Assessment (AIA) Study

♦ Approval to adopt a "Town of Troutman Annexation Policy."

♦ Approval to amend the "Town of Troutman Water and Sewer Service Policy."


The following items are also on the agenda:

♦ Recognition of Officer Logan Ruocco as Town of Troutman Employee of the Month.

♦ Recognition of Troutman Middle School as 2023 I-SS Middle School Baseball Tournament Champions

♦ J. Hoyt Hayes Memorial Troutman Library report..