Tax increase proposed in Tryon
Public hearing set for June 15
TRYON—Town of Tryon residents may see an increase in taxes next fiscal year, which begins July 1 with a proposed tax increase of 6.5 cents per $100 of valuation.
Tryon Town Council met last week and heard the budget proposal for fiscal year 2021-2022 from town manager Zach Ollis.
Council also set the public hearing to approve the new budget for its next meeting at 7 p.m. on June 15.
The proposed budget is balanced with a property tax rate of 48.10 cents per $100 of valuation, which was lowered from the current 50.28 cents per $100 of valuation but because of the property revaluation this year is not revenue neutral.
“This budget presented does not go revenue neutral,” Ollis said. “It has been built to accomplish many goals, including a kudzu eradication program, boardwalk improvements, sign improvements and the ramping up of demolition services for minimum housing.”
The town has held several budget workshops with staff presenting council a few budget options on the tax rate and projects for next year.
Ollis said the tax rate that is estimated for Tryon to receive the same revenue as this year, or the revenue neutral rate, would be 41.6 cents per $100 of valuation.
Tryon has not raised taxes since 2012.
One penny on Tryon’s tax rolls produces $19,143 in revenue for the town.
The budget includes the general fund proposed at $1,652,997; the Powell Bill fund proposed at $65,000; the Fire Department at $553,900; Harmon Field at $237,800; the Tourism fund at $31,000; the water/sewer fund at $1,580,964; the sanitation fund at $249,000 for a total budget of $4,286,296.
The proposed budget represents a $134,997 increase over the town’s adopted budget for the current fiscal year.
Ollis said the increase is because of changes in revenue estimation, changes in expenditure estimation, strategic budget cuts and changes in the world due to COVID-19.
The proposed budget is conservative on revenues, Ollis said.
“The town’s revenue forecasting philosophy will be conservative for this fiscal year due to the ongoing uncertainty of local, state and national economic trends,” Ollis said.
He also said with today’s uncertainty in the local, statewide and national economy, the town has focused on conservative estimation of revenues and conservative expenditure recommendations.
“The budget will focus on providing fiscal sustainability, improvements of infrastructure, great public service and economic vitality,” Ollis said. “The staff believes that this budget is built to move the town forward in a positive, successful and sustainable manner.”