This budget also includes a state-mandated increase in employer pension contributions from 8.95% to 10.15% of salaries. This results in an increase $60,000. A 10% increase in health insurance premiums accounts for approximately $72,000 in increased expense to the town.
This budget also allowed for some personnel additions, including a help desk technician, three fire fighters or EMT workers and seasonal field monitors.
The budget also includes two new positions within the law enforcement division through the town’s contract with the Cabarrus County Sheriff’s Department.
For the proprietary funds, the total proposed water and sewer fund budget is $10,541,550, a 15.8% decrease from the previous budget.
The town will see a 4% increase in water purchase rates from the City of Concord and a 2.4% increase in wastewater treatment costs with the Water and Sewer Authority of Cabarrus County. These two increases amount to an average increase of $124,000 annually that has been absorbed by the town and will not be passed along to customers.
The proposed budget was also adjusted for the financial impacts of the COVID-19 crisis.
The revenue losses due to COVID-19 are estimated at more than $637,000 and represent almost 4% of the total revenue in the general fund.