It’s good news if you’re a Cary tax payer. The Fiscal Year 2009 proposed budget lowers the property tax rate to 33 cents.

The rate is currently 42 cents.

Town Manager Bill Coleman presented the approximately $306 million proposed budget to council at the May 8 council meeting.

The budget, which is 20 percent lower than the current year’s adopted budget, includes $166,324,973 in proposed operations spending—a seven percent increase over the current year’s adopted operating budget; the $139,403,714 in proposed capital project spending is a 38 percent decrease from the current year’s adopted capital budget, according to town documents.

Citizens are invited to share their thoughts at either of two budget public hearings to be held as part of the regular Town Council meetings on May 29 and June 12. Meetings begin at 6:30 p.m. in the Town Council Chambers, 316 N. Academy St., in downtown Cary. Fiscal Year 2009 runs from July 1, 2008 to June 30, 2009., according to town documents.

In addition to the upcoming public hearings, the Town Council will examine aspects of the budget in great detail during work sessions on May 13 and May 27 at 5:30 p.m. at Town Hall. Any changes to Coleman’s recommended budget will be listed separately and voted on in conjunction with approval of the entire budget at the regular Council meeting on June 26. North Carolina law requires local governments to adopt a balanced budget by June 30 since the new fiscal year starts July 1, according to town documents.

Source: The Town of Cary