Hickory City Council met in regular session Tuesday (June 1) and, following a public hearing, approved the 2021-2022 Fiscal Year Budget. As part of the budget, the property tax rate is increased by four cents over the current rate of 58.75 cents to 62.75 cents per $100 of assessed value. This recommended property tax rate increase is needed to make scheduled increased debt service payments on the City’s General Obligation (GO) bonded debt approved by Hickory voters in 2014.
Also included in the budget is a three percent increase in utility rates is recommended to maintain infrastructure and the enterprise fund’s self-sufficiency, while still maintaining a competitive rate when compared to systems across the state. An increase of $1.00 was added to bring the monthly sanitation rate up to $25 per month for the upcoming fiscal year. The Solid Waste Fund is self-supporting, and city officials say the increase will help to offset increases in fuel and labor costs.
During Tuesday’s meeting, Hickory City Council also approved minutes, second readings and the consent agenda. There were no appointments to boards and commissions.