Waxhaw's savings cushion could be gone by fiscal year 2031 if costs keep climbing at their historical pace and the property tax rate stays at 29 cents, Town Manager Scott Dadson told commissioners at a work session on Tuesday, Oct. 27, according to The Waxhaws Dispatch.

The numbers

Dadson's presentation, titled "Operations without Debt," looked at how the town pays for day-to-day operations separately from its debt. Key points, as reported by the Dispatch:

  • The current budget uses about $900,000 from fund balance to cover spending.
  • Under a stress scenario, unassigned fund balance would fall to 23.8% of the operating base by fiscal 2032, below the town's 30% policy minimum.
  • To fund operations by fiscal 2032, the town would need between 23.65 cents (baseline growth) and 41.44 cents (historical growth) of the tax rate for operations alone.

Commissioners said they would like to keep the tax rate where it is if they can. The town's financial adviser, Davenport & Company, is studying whether money can be shifted between operations and debt service, with a final analysis expected in November. The presentation was for information only, and no vote was taken on it.

What the board did approve

With commissioners Farris and DeIulio absent, the board voted 3-0 on several items, according to the Dispatch and the meeting agenda:

  • A $205,058.10 contract with Trull Contracting for downtown asphalt repairs south of NC 75, including part of West North Main Street. Union County will reimburse the cost. Work is set to start Nov. 2, with a target finish of Nov. 24.
  • A Safe Routes to School grant application for $90,000, with an $18,000 town match.
  • A grant application for a feasibility study of a north-south greenway along Sonny's Way: $120,000, with a $24,000 match from fund balance.
  • A license agreement with CSX that keeps benches, sidewalks, trees and the memorial wall along the railroad. It costs $3,000, then $4,000, then $5,000 over the first three years, then rises 2.5% a year.

Coming up

The board's Nov. 24 work session moves to Tuesday, Nov. 17. The next regular meeting is Nov. 10 at 6:30 p.m. Drivers heading through town should also keep an eye on the NC 16 overnight closures near Bonds Grove Church Road. More local coverage is on our Waxhaw neighborhood guide.

Sources: The Waxhaws Dispatch, Town of Waxhaw agenda