Iredell County is doing it right. According to a Charlotte Observer report, they recently voted NOT to increase their property tax and instead, in order to make ends meet, used $5 million out of their fund balance.
As you may recall from a series of JLF policy papers prior to voter approval for the local option sales or land transfer tax, the argument was made that many counties maintain a much larger fund balance than the 8% recommended by the state treasurer?s office. This is cash that is available to meet the county’s existing needs without rasing taxes.
Iredell still maintains 12.5 % in their fund balance, held the line on hiring new employees, gave their current employees a pay raise, did not raise property taxes and still keep their county government running. It can be done!
