2017-2018 Annual Budget - Looking at the Details

Following weeks of research, a review of historical data, current year revenues and expenses and incorporated input from department heads of future financial needs and projections, the Town of Lake Lure adopted a balanced budget in June.

  1. The budget was set at $6,743,700.
  2. The property tax rate was unchanged and maintained at .276 cents per $100 of property value.
  3. Water and sewer rates remained unchanged.

“Going forward with the plans, desires and dreams that we have for Lake Lure, it is especially important to prioritize our needs as a community,” said Lake Lure Mayor Bob Keith

“The budget process allows us to assess needs together with resources to make more systematic decisions regarding the emphasis that our community will place on particular goals and objectives.”
The town’s new Capital Improvement Plan, which was also adopted during this budget cycle, is a key element in providing community direction.  

Although many capital projects had to be eliminated or deferred, this year’s budget features the following:

  •        Salary Study Implementation - $51K
  •        Employee Cost of Living Benefit – $28.8K
  •        Employee Longevity Benefit – $42.4K
  •        New restrooms for Morse Park - $94K
  •        Morse Park Recreational Planning Study - $25K
  •        Boardwalk Replacement Study - $20K
  •        Dredging - $325K
  •        A new full time Fire Fighter position - $40K
  •        Golf Course Improvements - $10K
  •        Police vehicle and equipment  - $45.6K
  •        New equipment for Public Works - $15.6K
  •        Beach House Renovations - $11.3K
  •        Street Assessment Study - $15K
  •        Street Paving - $68.5K
  •        The Hickory Nut Gorge Chamber of Commerce, The Rutherford County Economic Development Association, and the Lake Lure Flowering Bridge - $25K

Other necessary annual expense items include:

  •        Legal, audit, accounting and IT services
  •        Debt service, insurance, bonding, unemployment, and administrative fees
  •        Funding of the GreenLine Project
  •        Three projects in Community Development
  •        Four projects in Water and Sewer
  •        Five projects in Electric and at the Dam
  •        Overall maintenance in all town facilities and preservation and growth of our Reserve Fund.