The annual budget ordinance is the official document adopted by a local government’s or public authority’s governing board to levy taxes and appropriate revenues for the fiscal year. The budget ordinance is the legal basis of the budgetary accounting system, the standard by which proposed expenditures are measured. Because of that, generally all moneys received and expended by a local government or public authority must be included in the budget ordinance.
The budget for the Town must be balanced, meaning that the projected expenditures must match the projected revenues. The annual budget ordinance includes things like: projects that are to be financed in that fiscal year, the property tax rate, and debt service.
North Carolina General Statutes require each local government to have its accounts audited each fiscal year and to submit a copy of the report to the Local Government Commission. This is done to ensure that local governments are acting in financially sound ways and are remaining transparent with how tax dollars are being spent.
The tax rate for the 2025-2026 Fiscal Year is $0.30 per $100 evaluation consisting of $0.115 North Side Fire District Tax (appropriated in Public Safety for the North Side Fire & Rescue), $0.02 Park Reserve Fund 31 Designation and General Fund 10 receiving the balance of $0.165.
A fiscal year for units of local government in NC runs from July 1st and ends on June 30th. This means the annual budget ordinance must be passed before July 1st of each year.
