Wake County Manager Proposes $914M Budget
Posted May 21, 2007 7:46 p.m. EDT
Updated May 21, 2007 8:49 p.m. EDT
Raleigh, N.C. — Wake County leaders Monday began the annual budget process with the unveiling of County Manager David Cooke’s proposed spending and tax package.
The proposed budget for Fiscal 2008, which begins this summer, totals $914 million. Education would get almost half of the money.
In Cooke’s plan, 48 percent of the funding would go to the Wake County Public School System for operating expenses, construction needs and repairs and costs of borrowing.
The $295 million for the school system would be an increase of 8.8 percent, or another $10 per student. That’s less than the school board’s request, which was for $305 million.
Part of the money in next year's budget would be raised through higher property taxes if the county Board of Commissioners approves the plan as presented.
Cooke called for an increase of 3.6 cents on each $100 of assessed value of property, which has been expected since voters approved a bond issue for school last year. The 3.6 cents amounts to $72 for a home assessed at $200,000.
The commissioners will hold public hearings on the budget June 4 and 11, then vote on it June 18.