Cary’s $523.8M budget keeps low tax rate, invests in housing. Public hearing Thursday

For the second year in a row, Cary residents won’t see a property tax increase in the town’s proposed budget.

But they will see more funding in the 2023-24 spending plan for existing services aimed at improving everyday life.

Town Manager Sean Stegall’s recommended $523.8 million budget makes room for housing assistance programs and funding for current projects like the proposed 10-acre recreation center on Buck Jones Road and Downtown Cary Park.

The town’s finance department said Cary would likely be immune from any devastating impacts if there were to be a recession. Cary’s financial outlook has remained strong, the budget read, and investing in existing services is a way to protect the community further.

The town will hold a public hearing on the proposed budget during a meeting that begins at 6:30 p.m. Thursday in Town Hall. The Town Council must approve the final budget by the end of June for it to take effect July 1.

How will the budget affect my taxes?

Stegall’s budget maintains Cary’s property tax rate at 34.5 cents per $100 of assessed property value, one of the lowest tax rates in Wake County.

Cary home owners will still face a bigger tax bill if Wake County raises its property tax rate to 65.2 cents per $100 valuation, as currently proposed.

The owner of a $375,000 house in Cary could be looking at $3,738 in total property taxes if the county’s budget is passed.

Fiscal year 2024 utility fund operating expenditures (excluding transfers to capital projects) total $89.3 million, 9.7% more than the prior year budget. This increase is primarily attributed to rising operating costs driven by supply chain issues and inflation.

The budget recommends a 3% increase in water, sewer and irrigation rates. The average family of four would pay about $2.57 more per month.

Stormwater and recycling fees would remain at $22 a month.

What are the priorities in the budget?

▪ Housing

Stegall recommends spending $5 million to expand and fund housing programs in Cary.

There is a designated $2.3 million to implement initiatives in the Cary Housing Plan, which was approved by the Town Council in 2021. The plan helps families buy homes by providing resources, plans, funding and other support. This includes incentivizing developers to build more affordable housing and providing financial aid to property owners.

The median household income in Cary is about $114,000, with many residents holding jobs in technology and life sciences. As of February, the unemployment rate in the town was at 2.7%.

The budget also proposes:

• $1 million for Cary’s nonprofit capacity building program, which provides scholarships to nonprofit leaders to develop their housing projects

• $500,000 to help homeowners make repairs

• $37,500 to help bring housing up to code

• $1.15 million to assist families with utility bills and housing grants

In 2021, the Town Council approved a Penny for Housing plan for affordable housing. Each penny on the town’s property tax rate generates about $3.4 million.

▪ Public Safety

The budget funds a Real-Time Information Center that will serve as a public safety foundation for the town. The center will be able to house systems that identify, monitor, prevent and respond to all types of public safety risks.

▪ Parks

The budget funds sidewalk and street improvements and enhancements to Veterans Park.

It also includes $8.5 million to design future facilities like the Sports Complex at South Hills, Mills Park, Cary Tennis, and Walnut Creek Greenway.

The anticipated Downtown Cary Park is set to open later this year.

The seven-acre park is bordered by Walker, Academy, and Park Streets and features a pavilion, children’s play area, and skywalk. The budget funds new positions for the park to ensure it will be in full operation by the time it opens.

▪ Stormwater

Stegall’s budget also proposes $8.4 million for projects focused on stormwater mitigation and other improvements.

The funding is also designated for two large Lake Pine and Lake Grove Lakes projects to address drainage issues.

▪ Cary’s environment

A new position has been added to Cary’s environmental team to focus on emissions reduction. Other initiatives for the town include investments in programs like “Count Me In, Cary” and “My Tree, Our Tree,” a rain garden pilot program, and regional waste reduction efforts.

Will there be any new positions?

The budget proposes a total of 24 new positions. Fifteen of them are designated for Downtown Cary Park.

There will be six new police officers, two positions added to the town manager’s office, and the addition of an energy position to oversee the emissions reduction.

How can I comment on the budget?

You can read Cary’s proposed budget on the town’s website.

After Thursday night’s public hearing, the next public hearing will be at 6:30 p.m. June 8 in Town Hall. You can also email town.council@carync.gov.