Catawba plans to fix financial balance
The town of Catawba cannot afford to budget as it has in recent years, the town’s manager said Thursday.
The town, which has seen its revenues fall, then stall, in the midst of a recession, has relied on its fund balance — or town savings — to help balance the budget since the mid-2000s.
Catawba will look to budget significantly less from its fund balance the next fiscal year to fix the downward trend.
In the town’s proposed fiscal year 2012-13 budget, the town will appropriate $57,953 of the fund balance as a revenue source. That’s about 21.05 percent less than the current fiscal year, Town Manager Brian Barnett said.
Catawba’s total proposed operating budget for the next fiscal year is about $856,438, which is about a 23 percent decrease from the 2011-12 plan.
If Barnett’s recommended budget is approved, the town will maintain its current tax rate of 48 cents per $100 of valuation.