By SANDRA WILKERSON QUEEN
Arts & Entertainment Editor
In the 2024-25 fiscal year, residents of Drexel will not experience a property tax rate increase, as the Board of Aldermen approved a budget of $5,586,037, with a 9% increase from the previous year. The budget includes a 35 cents per $100 of assessed valuation tax rate, a 4.5% pay raise for full-time employees, and a bonus equivalent to two weeks' pay split into two payouts. Notable highlights of the budget are increased pay for law enforcement officers during the annual fair, a surplus personal property sale including used sidearms, and support for community events such as "An Evening of Music" organized by Grow With Drexel.
In Burke County, sales-tax receipts are showing signs of leveling out this budget year despite a robust economy, with Valdese projected to receive $1,879,492 and Morganton expected to receive $6,920,661 in sales tax. While representing a significant portion of general fund revenues for both municipalities, the growth in sales tax revenue is reported to be leveling, attributed to factors such as decreased consumer spending post-COVID and the absence of stimulus checks. Long-term strategies involve considering a potential increase in the local sales tax rate and prioritizing expenditures to manage revenues effectively.
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