Lexington Municipalities Anticipate Financial Prosperity; No Property Tax Increase in 2024-2025 Fiscal Year Budgets

Financial Prosperity for Lexington Municipalities

As the municipalities in Lexington County finalizes budgets for the fiscal year 2024-2025, the financial outlook seems promising. No announcements of tax increases have been made thus far as municipalities successfully manage their finances, despite a yearly progression in budget figures. A primary element of these budgets is the maintenance of pay levels for police officers and firefighters, ensuring retention of these vital public services. Cost of living increases for employees have also been approved by a majority of municipalities.

A Positive Note on Budget Management

Lexington Mayor Hazel Livingston paints a positive picture at a budget meeting earlier this month. She states that the municipality has succeeded in handling quality of life and traffic projects without invoking a property tax hike. Lexington, she emphasizes, hasn’t seen an upsurge in property taxes for the past 30 years.

Despite the absence of tax increase plans, water and sewerage rates will rise by 3.5 percent. The proposed budget of $55 million allocates 48 percent of its funds to the town’s police department, 20 percent to park and sanitation, 23 percent for general government expenses, and 9 percent for transportation. Business licenses constitute the primary source of revenue for the 2025 budget.

Budget Preparations in Other Towns

Irmo

The small town of Irmo, too, paints a positive budget outlook. The town’s mayor, Bill Danielson, expressed his contentment about the towns’ financial position. The town’s council-submitted budget for the upcoming year totals to approximately $10.2 million, marking a 9.3 percent increase from the previous year. The budget includes a 4 percent cost of living raise for employees. There are also plans to hire a new code inspector, expand the housing subsidy program, partner with Keep the Midlands Beautiful and the Greater Irmo Chamber of Commerce, purchase four new police vehicles, and increase the sanitation fee. However, residents will not experience tax increases, as the town does not levy property taxes. A significant expense is expected to be incurred in the construction of a new town hall, however, Mayor Danielson assures that funding for this will come from grants.

Chapin

The town of Chapin has adopted a budget of $11,290,989 for 2024, indicating a 6.5 percent increase from the previous year’s budget of $10,606,932.61. The population of the town is on a steady incline, growing at an annual rate of 1.62 percent, with an overall increase of 6.71 percent since the recent census.

West Columbia

West Columbia maintains their existing millage rates with an approved budget of 25 million dollars. The city plans to improve its water and sewer infrastructure while preserving the police and fire department budgets. City officials list their key priorities as maximizing growth opportunities, allocating funds for blight removal, enhancing the attractiveness of public places, and beautifying commercial areas. West Columbia has remained the city with the lowest water and sewerage rates in Lexington County and the Midlands, as informed by the city’s website.

Cayce

The city of Cayce approved a budget of $19,731,716 for the fiscal year 2024, a significant leap from the 2023 budget of $16.7 million. The city has issued a statement outlining fiscal diligence and transparency in its operations using public funds. Although living costs and expenses have increased, the proposed budget does not recommend any tax increase, nor any hike in sewer or water rates. It proposes a minor $2 a month increase in sanitation fees, which would raise the total to $15.50 a month, still lower than other providers. The budget will bear no millage increase in property tax. There will, however, be a 5 percent increase in construction-related permits and fees. Sanitation fees are to rise slightly while city employees are to receive a 4 percent cost of living increase.

Summary

In conclusion, Lexington municipalities are projected to fare well financially in the coming fiscal year. Residents across the county will not have to worry about raising property taxes, and while minor increases in water and sewer rates are expected, overall the municipalities have demonstrated sound financial management.