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Davidson News

Davidson OKs budget with a 12.6% average tax increase

June 20. The Davidson Board of Commissioners approved the FY 2023-2024 budget this month.

The seven goal areas from the Strategic Plan are: A Well-Planned and Livable Community; Historic Preservation; Connecting People and Places, Affordable Living, Equity, and Inclusion; Sustainability and Natural Assets; Economic Development; and Operational Excellence. Town staff is greatly appreciative of the Board’s leadership in identifying priorities on which the Town should focus.

Davidson’s revenue neutral tax rate was confirmed at 23.6 cents per $100 of  assessed valuation. The newly approved tax rate is 26.6 cents per $100 of valuation.

Highlights of the approved budget:

  • To maintain service levels to the community, this budget reflects investments in our staff personnel, equipment, and other capital projects. Preserve all staff positions and add a few key staff enhancements tied to the town’s strategic plan initiatives such as a sustainability coordinator, police positions, public works positions, and a financial reporting position.
  •  One penny of the three-cent increase as well as a portion of the town’s sales tax is dedicated to establishing recurring funding for investment in affordable housing. Support for affordable housing comes from the Town’s core values and has been reinforced by citizen input for many years. Moving forward with the Affordable Housing Needs Assessment (AHNA) Implementation Strategy is a watershed moment in the community’s history with affordable housing.

Along with the operating budget, the Capital Improvement Plan (CIP) has also been updated and approved. Completed every year, the CIP looks five years ahead at various large scale Town projects such as improvements to parks, greenways, roadways and strategically plans out how that work might be completed most efficiently. The CIP also provides expected funding sources for the $67.9 million worth of projects.

In addition to approving the budget, the Board also approved the establishment of a Tax Assistance Program for the Town of Davidson. The preliminary structure has been based upon and aligned with the current Tax Assistance Program (HOMES) in Mecklenburg County. The first year will be funded through a one-time grant of $22,000 from the Davidson Community Foundation, Town Manager Jamie Justice said.