Cabarrus commissioners adopt Fiscal Year 2024-25 budget

The Cabarrus County Board of Commissioners voted Monday (June 17) to adopt the Fiscal Year 2024-25 (FY25) budget, which takes effect on July 1.

The plan sets the tax rate at 57.6 cents per $100 of assessed value.

With that, owners of a $356,350 house (the median single-family assessed home value in Cabarrus as of the 2024 revaluation) would pay $2,052.76 a year in County property tax.

The approved plan calls for $200,000 in surplus funds generated from the adopted tax rate be allocated to establish a revolving loan fund for affordable housing assistance. The Revolving Fund Council will administer the fund in cooperation with WeBuild Concord. Also, County staff will identify an additional $1.8 million in funds not expected to be used during FY25, bringing the total affordable housing fund to $2 million.

The original Recommended Budget presented to commissioners in May called for a tax rate of 60 cents per $100 of value, which would have generated a surplus of $15 million over two years (FY25 and FY26). That funding would be used to cover a projected budget shortfall in FY27 and FY28.

That surplus was removed from the final FY25 approved budget.

The approved budget ordinance consists of the General Fund ($379.9 million), the Community Investment Fund ($74.2 million), the Landfill Fund ($2.45 million), the 911 Emergency Telephone Fund ($473,775), the Fire Tax District Fund ($9.55 million), the Social Services Fund ($450,000), the Intergovernmental Fund ($2.6 million), the Workers Compensation and Liability Fund ($4.9 million), the Health and Dental Insurance Fund ($19.54 million) and the Opioid Settlement Fund ($670,866).

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