Building the Town of Fuquay-Varina’s annual budget is a collaborative process between the public, departments, administration, and the Town Board. Every May, after months of preparation, the Town Manager presents the proposed operating budget to the Town Board and the public. Final adoption takes place in early June. If adopted, the budget runs from July 1, 2022-June 30, 2023.
The theme of the fiscal year 2023 operating budget for Fuquay-Varina is “planning for the future.” According to Town Manager Adam Mitchell, “The recommended operating budget was developed to advance the core values, objectives, and initiatives identified within the Strategic Plan while making generational investments in water, wastewater, and transportation infrastructure to secure the Town’s future prosperity.” The Town Board adopted the Fuquay-Varina Strategic Plan in 2021. Find it at www.fuquay-varina.org.
The FY 2022-2023 operating budget for the General Fund is $51.36 million, which represents approximately 14.8% growth over the prior year.
The Town expects to maintain and potentially add to its healthy fund balance in the General Fund of approximately $21.5 million, which represents about 44% of the Town’s annual projected operating expenses in FY 2023.
The tax rate included in the operating budget is $0.425 per $100 of assessed property value, including a $.03 increase per $100 of assessed property value. This rate increase has been in the 5-year plan for several years and will be used to fund Fire Station #4.
The Manager’s Recommended Budget advances strategic plan and voter-approved projects, including the Community Center North, numerous transportation projects, Fire Station #4, water and wastewater capacity, and quality of life initiatives.
Funding is included in the Capital Projects Fund to advance the Community Center North Project, supported by the $18.5 million Parks and Recreation Bonds approved by the voters in November 2021. In addition, $10 million is appropriated in the Capital Projects Fund to advance Transportation Projects.
The Recommended 2022-2023 Budget includes funding for 37.0 full-time equivalent positions. Twenty-seven positions are proposed in the Recommended General Fund, and nine (9) firefighters are directly attributable to opening Fire Station #4. Additionally, ten full-time equivalents are in the Recommended Enterprise Fund to address system maintenance needs.
The Town’s Recommended Water and Sewer Enterprise Operating Fund is $17,694,186, representing a 16% increase in operating expenses over the prior year. The $2.5 million difference reflects investments in personnel, capital equipment, and capital projects to plan for the future expansion of water and wastewater capacity while maintaining a resilient and reliable source of water and wastewater infrastructure.
The Water and Sewer budget reflects a 9.9% increase in base and volumetric water and sewer rates. As a result, the combined monthly bill for an In-Town resident using 5,000 gallons of water will increase by $7.97 per month. The water/sewer town rate supports long-term investment in addressing water and wastewater capacity needs.
Find updated information on the FY 2023 Budget and Fees at www.fuquay-varina.org/budget.
