Building the Town of Fuquay-Varina’s annual budget is a collaborative process between the public, town board, administration, and town departments. Every May, after months of preparation, the town manager presents the proposed operating budget to the town board and the public. The final adoption is expected to take place in early June. If adopted, the budget runs from July 1, 2023-June 30, 2024.
The proposed FY 2024 operating budget for the General Fund is $57.4 million, representing approximately 12% growth over the current year’s budget of $51.4 million.
Budget Highlights
The proposed budget advances unprecedented investments in water, wastewater, and transportation infrastructure to promote the town’s exceptional quality of life and ensure the town’s future prosperity.
The proposed budget funds $344 million in Capital Improvement Projects that the town is accomplishing in partnership with others to build a regional Sanford Water Treatment Plant and conveyance line and expand the Northern Harnett County Wastewater Treatment Plant and expand the Town’s Terrible Creek Wastewater Treatment Plant. To cover the cost of these historic investments, residents will see a 20% water and sewer base and volumetric rate increase, bringing the water usage rate to $6.82 and $8.02 for sewer per 1,000 gallons.
Last year, six road and three sidewalk projects were designed, all of which will be in progress by the end of the calendar year. In addition, improvements to seven new road intersection projects will be designed in this fiscal budget, with construction occurring over the next two years. Find a full list of transportation projects at DriveFV.org.
Tax Rate
The proposed tax rate is 0.455 cents per $100 of assessed property value. The rate includes a 3-cent property tax rate increase to support debt service and operations for Community Center North which will begin construction this summer and welcome the public in late 2024.
Voters approved a Parks and Recreation Bond in 2021 and were told a 4.5-cent tax rate increase was possible, but the town is mitigating the impact of costs through tax base growth, grant funding, and leveraging other funding sources.
This 77,000-square-foot recreation facility will contain an active adult center, three basketball courts, an indoor walking track, and other recreation and programming spaces.
Staff
The budget includes adding 24 new full-time positions directly related to growth, and increasing the town’s full-time staff from 344 to 368.
Find updated FY 2024 Budget and Fees information and view a budget video at www.fuquay-varina.org/budget.
