Lexington Municipalities Show Promising Fiscal Health Ahead of 2024–2025 Budget Year
Financial Status: A Positive Outlook
Lexington municipalities as they plan their final budgets for the 2024-2025 fiscal year seem to be on a solid financial footing. Despite the year-on-year increase in budgets, towns and cities across Lexington County have managed their finances effectively, with no announcements so far pointing to a tax hike. Many of these municipalities have prioritized maintaining pay levels for police officers and firefighters to thwart retention issues and have approved cost of living increases for their employees.
Lexington Mayor Hazel Livingston struck an optimistic tone during a budget meeting earlier in the month. The Mayor highlighted that the city had been able to complete multiple quality of life and traffic-related projects without hiking property taxes, a trend that has persisted for the last 30 years. Although there are no plans of raising taxes, the city plans to increase water and sewer rates by 3.5%. At present, the city has put forth a proposed budget of $55 million, with 48% of funds allotted to the police department, 20% to parks and sanitation, 23% for general government expenses, and 9% channeled towards transportation. Business licenses form the main source of revenue for the 2025 budget.
Concurrent Fiscal Responsibleness
In other towns across Lexington County, similar budgetary prudence is being observed. The town of Irmo, for instance, attributes its healthy financial situation to its fortune. Mayor Bill Danielson’s council will examine a budget totalling approximately $10.2 million, marking a 9.3% increase from the preceding year. The proposed budget will accommodate a 4% cost of living boost for employees. The town’s upcoming expenses include the recruitment of a new code inspector, extension of the housing subsidy program, retention and recruitment aids, maintaining partnerships with local organizations, procurement of four new police vehicles, and adjusting the sanitation fee. Rather than rely on property taxes, which the town doesn’t levy, the funding for anticipated major expenses such as the construction of a new town hall is expected to be sourced from grants.
Expanding Horizons: Chapin and West Columbia
Elsewhere in Lexington County, Chapin’s adopted 2024 budget stands at $11,290,989, a 6.5% climb from the previous year’s budget of $10,606.932.61. Chapin, which is currently growing annually at a rate of 1.62%, has its population up by 6.71% as per the most recent census. West Columbia, on the other hand, has approved a budget of $25 million. The city plans on steady millage rates, safeguarding the police and fire budgets, and revamping the water and sewer infrastructure. The city’s local officials have listed their priorities as optimizing growth opportunities, allocating funding for blight removal, beautification of commercial zones, and augments the allure of public spaces. West Columbia boasts of the lowest water and sewer rates in Lexington County, as claimed by the city’s official web site.
Other Exemplary Municipalities
The City of Cayce has approved the fiscal year 2024 budget totaling $19,731,716, up from the previous year’s $16.7 million. Despite the rising cost of living, Cayce officials stand firm on their commitment to fiscal transparency. The proposal for financial year 2024 does not recommend any tax, water or sewer rate increases, although it proposes a $2/month increase in sanitation fees. Meanwhile, city employee salaries see a 4% cost of living increase, and there is a planned 5% hike in construction-related permits and fees.
Final Thoughts
As the fiscal year 2024-2025 approaches, Lexington County municipalities appear to be strategically planning their budgets, thus reflecting positive fiscal health. They are demonstrating a commitment to provide quality of life improvements to their communities while also maintaining fiscal responsibility. This optimistic outlook underscores the importance that these communities place on financial stability and growth, paving the way for a prosperous future in the region.
