The Danville Town Council is set to discuss and consider approving a proposed operating budget and capital improvement funding for the upcoming fiscal year at its regular meeting Tuesday evening.
Town staff and consultants are forecasting more than $42.5 million in revenue for the 2023 to 2024 fiscal year, and recommending $38.8 million in spending for the town's operations in the proposed budget coming before the council this week.
"All planned services address the town's highest priorities," staff led by Town Manager Joe Calabrigo wrote in a report prepared for the upcoming meeting. "The budget is balanced, prudent reserves continue to be maintained, and 10-year forecasts show that Danville is holding to a course that is fiscally sustainable."
The healthy revenue forecast for the next decade comes in the wake and in the midst of a number of economic challenges facing municipalities throughout the country, with Danville -- where property tax is the largest source of revenue -- having the advantage of increasing property valuation during tumultuous times.
In addition, taxable sales locally increased by 3.4% last year compared with 2021, bringing sales tax revenue to an all-time high, which bodes well for the town's economic recovery in the wake of COVID-19 shutdowns. Additional sales tax revenue from online sales, as well as funding from the American Rescue Plan Act (ARPA) have also helped solidify the health of the town's finances.
All in all, revenues from the town's General Fund, made up primarily of funds from property taxes, sales tax, and recreation and facilities fees, are forecast to increase by 5.6% over the upcoming fiscal year.
While revenue is expected to remain healthy in the upcoming fiscal year, spending is also set to increase by 5.2% if the proposed budget is approved.
The Danville Town Council is set to meet at 5 p.m. on Tuesday (June 6) .The agenda is available here.