Mayor Pritchett's Overview of the Proposed Budget for FY2021-2022

Your Town Council and Town leadership have been working to prepare a balanced budget for the next Fiscal Year which begins July 1, 2021.  We would like to recognize Lake Lure’s Finance Director, Sam Karr and Commissioner Dave DiOrio for their hard work in developing this year’s budget.

The proposed budget is based on careful analysis of departmental operating budgets, capital projects, and prioritized needs identified through a series of budget workshops. The proposed budget has been structured to meet the immediate needs of our significant infrastructure challenges while maintaining all current operations and services at levels that meet community expectations. In order to meet these goals, we must increase in property taxes.      

The proposed budget leverages tax revenue to establish a capital reserve for dam replacement. $1.6 million per year will be reserved solely for this purpose. Therefore, the proposed budget includes an 11 cent property tax increase with the new proposed tax rate of $0.53 per $100 of property value.

As an example, the property tax for a $100,000 home in Lake Lure would increase by $110 per year.

• A homeowner’s property tax responsibility is determined by applying both the Lake Lure tax rate and the Rutherford County tax rate to the county’s appraised value of your property.
• Lake Lure’s proposed tax rate of 53 cents is comprised of:
  • 23 cents for Municipal tax
  • 11 cents for Fire tax
  • And 19 cents for Dam Capital improvements
  • The Rutherford County tax rate is 59.7 cents in FY 2021/22.

Although property taxes are increasing, we are recommending the water/sewer rates remain unchanged in the new fiscal year.

The Proposed Budget

1. Reflects measures to support the self-sustainment of dredging and lake operations using only user fees and grants;
2. Enhances the capabilities of Town Fire and Police to respond to incidents in remote areas;
3. Reduces expensive labor outsourcing by training Town staff to conduct routine maintenance at the hydroelectric plant and wastewater treatment plant; 
4. Reduces inefficient Town business practices;
5. Funding incentives and cost of living increases to retain and recruit the necessary workforce to operate unusually sophisticated operations in challenging environments.

We will be holding a Public Hearing to review the proposed budget at a Special Town Council Meeting on 5/26/21 at 5:00 at the Lake Lure Municipal Center.

You may download the Proposed Town of Lake Lure Balanced Budget Message for Fiscal Year 2021-2022 below or you may pick up a copy o the proposed budget from Town Hall, Monday-Friday from 8:00 – 5:00. 

As always, we appreciate your support as we work through our strategic plan to preserve Lake Lure for Future Generations.