Cabarrus Today

City Manager Lloyd Payne has presented the recommended budget for Fiscal Year 2023-2024 to the Mayor and City Council of Concord, North Carolina. The proposed budget aims to address the needs of one of the state's largest and fastest-growing cities by focusing on essential services, infrastructure investments, and maintaining a high quality of life.

The total city-wide budget is set at $324,562,193, covering all funds including utilities and special revenue bonds. Notably, the budget maintains the current property tax rate of 48 cents per $100 valuation for the tenth consecutive year. This means that property tax for a home valued at $325,000 remains at $1,560.

Transportation projects are allocated approximately $3.96 million from the equivalent of 2.5 cents of the tax rate. Affordable housing and parks and recreation each receive funding equating to one cent or $1.584 million respectively. Parks funding will support greenway expansion with a goal of reaching 30 miles by 2030.

To tackle challenges in employee retention amid a competitive job market, the budget includes measures such as a 3% cost-of-living adjustment and merit-based pay raises between 1-4%. Additional benefits include automatic 401K contributions without health insurance premium increases for three years running.

"The diverse men and women on Team Concord are our city’s greatest strength," said City Manager Lloyd Payne. "We are continuously working to ensure Concord is a place where our employees feel valued."

Other highlights include investments in affordable housing through partnerships with organizations like WeBuild Concord and enhancements in Downtown Concord's dining and entertainment sectors. There is also continued support for local non-profits providing essential services.

Key infrastructure projects involve maintaining water systems and capital improvements at Hillgrove Water Treatment Plant along with street resurfacing efforts amounting to over two million dollars.

Residents can review the complete recommended budget online or request a copy from the City Clerk’s office. A public hearing on this proposal will take place during the City Council meeting on June 8 at City Hall.