Special Town Council Meeting Summary - Wednesday, May 8th, 2024
The Lake Lure Town Council held a special meeting on Wednesday, May 8th, 2024 at 8:30 AM. The meeting was held at the Lake Lure Municipal Center (Town Hall) located at 2948 Memorial Highway, Lake Lure, NC 28746. The public was invited to attend. The following is a summary of the meeting for those who could not attend. Note that these are not formal minutes, which will be included in the following month's meeting packet. You may download the meeting packet for additional information.
The purpose of this meeting was to review and discuss the proposed FY 24-25 Budget. There was a detailed discussion regarding the proposed budget which was included in the meeting packet.
Finance Director Steve Ford presented an overview of the proposed budget and highlighted the following.
- Revenues are on the slight upswing (Local and State)
- Market Rate consideration for Town employees of 3.8%
- Combination of COLA
- with Revised Christmas Bonus
- Consider eliminating the longevity bonus
- Include a performance improvement bonus to provide a basis jumpstart for merit or evaluation review, vs a longevity bonus
- Departments’ operating expenses increase slightly with up to 3.5 additional FTEs being recommended
- Debt Service continues to decrease -but major consideration of Fire Engine purchase is being considered
- Personnel Costs included in Water and Sewer Fund equals one FTE
- Enterprise Revenue Projection continues to decrease based on land levels and drawdown
- The Budget is balanced in this initial presentation but can be easily revised
- There was a detailed discussion regarding the way the budget is organized and Town Council made several recommendations to ensure the budget is clear about how funds are being utilized.
- Fire Chief Dustin Waycaster presented an overview of the need for a new Fire Engine. He advised that it takes approximately 18 months to obtain the Fire Engine once it is ordered. Town Council was supportive and also discussed the need to refurbish the Town Fire Boat. Chief Waycaster will obtain an estimate and this will be presented and considered for inclusion in the new budget.
Changes will be made based on Town Council recommendations and the revised FY 24-25 Budget will be presented at the May 14, 2024 regular meeting. There will be an opportunity to discuss the budget again at the Town Council Work Session/Action Meeting on May 22, 2024. Staff recommended that Council set a public hearing for the June 11, 2024 regular meeting for the adoption of the FY 24-25 Budget. Town Council approved this schedule and the meeting was adjourned.
