Since 2009, Cabarrus County has been successfully restructuring and adapting to the new reality brought about by the Great Recession. The 2012 revaluation resulted in a drop in property values of 12%. The FY 2013 revenue neutral tax rate was .72 per 100. County staff has modified programs and services to improve efficiencies resulting in the elimination of 6.3 FTE’s and operating expenses, which afforded a reduction in the adopted tax rate to .70 per 100. The funding for the school systems remained flat for the FY 2013 year.
Fiscal Year 2013
In 2011, the Commissioners voted to provide county staff direction for preparing the annual budget for 2012 and the associated Five-Year Financial Plan. The staff was asked to prepare FY 2013 budgets consistent with the five-year projection made in Fiscal 2012. Thus spending was frozen at the 2012 level for the next three years.
Accordingly, spending in FY 2013 is budgeted at $200 million, which is less than the FY 2012 budget by $3.1 million and the adopted tax rate is 70 cents.
Fiscal Years 2014 – FY 2016
Spending for the next three years of the planning period remains flat, per the directions of the Board of Commissioners.
The spending levels proposed for FY 2013, as well as those in the remaining years in the Five-Year Financial Plan, are prudent and generally meet the needs of the County and the school system while maintaining adequate general fund reserves. It is important to note, however, that revenue projections in these plans assume continuing improvement in the economy. In the absence of such improvement, considerable adjustments will be required.