$75 million bond issue planned for November vote
Wake Forest Town Manager Kip Padgett unveiled the proposed town budget for fiscal 2022-2023 Tuesday night during the town board’s work session.
The public hearing for the proposed budget will be at the town board’s regular meeting on May 17 which begins at 6 p.m. The budget can be seen at the Wake Forest Town Hall or at https://bit.ly/TOWFBudget .
The highlights:
- The town tax base is now $7,421,803,100. The town usually collects 99.7 percent of the tax bill but budgets it at 98.5 percent to be prudent.
- The total budget with all funds is $98,872,075.
- Property taxes will remain at $0.495 per $100 valuation.
- The solid waste fee will remain at $21 per month and you will see it on your water bill.
- The one-time vehicle fee will rise by $5 to $30, and the money raised will be used to hire a three-man crew – one leader and two workers – to handle the street emergencies reported to the town like new potholes, rough pavement, etc.
- There will be no increases in the electric rates or the Downtown Tax District.
- Town administration has put together a $75- million bond issue proposal for a number of needed projects. The Gazette will describe the projects next week.
- The town will add 12 fulltime positions.
- All full-time and part-time employees will receive a salary increase in July, with employees making $65,000 or less getting a 5 percent increase and those making $65,000 or more will receive a 2.5 percent increase. There will be the usual merit pay increases in January.
- $50,000 is again included in the budget for renovations and rehabilitation of homes in the Northeast community.
In his budget message, Padgett noted that the Wake Forest Fire Department this year was awarded a Class One ISO rating, the highest possible, and this will mean insurance savings to town business owners.
Also, the Wake Forest Police Department, which met the high standards of the Commission on Accreditation for Law Enforcement Agencies three years ago, has been reaccredited after the normal three- year review. “This accreditation signifies the Department’s policies and
procedures meet national standards and is a sign of our proactive approach to policing.”
The town has now achieved Triple A ratings from all three rating agencies indicating the soundness of the town’s financial system, which also means town bonds receive the lowest possible interest rates.
The Town was also named a best-in-class employer this year based on factors such as compensation, benefits, low turnover rates and management.
Some of the capital projects planned for the coming year include placing power lines along part of Wait Avenue in line with the town’s policy of having all downtown power lines underground. The town will also make a number of improvements to the Wake Forest Power facility on Unicon Drive.
The town will continue to provide funding to the Wake Forest Historical Museum and the Boys and Girls Club at their current levels.
But two funds to outside agencies will be increased. The increase to the Wake Forest Chamber of Commerce will be from $12,000 to $20,000 to support the chamber and the chamber foundation and help fund an entrepreneur’s academy for local youth. And since there are more senior centers in Wake County the county money must be stretched. Therefore the town will contribute $27,500 to the Northern Wake Senior Center when the contribution has been $5,000.
#
