Increased revenue for Dare County
Published 11:37 pm Sunday, October 6, 2019
For Dare County, two major capital projects are projected to cost more than originally estimated.
The proposed new College of The Albemarle building is currently estimated to cost $14,072,219 and the new animal shelter at $4,605,198.
The new projects will be financed with Limited Obligation Bonds to be issued in 2020. Also included in the bond issue will be the construction at the Health and Human Services campus, the purchase of property in Manteo and Buxton, cardiac monitors, and mobile data computers and vehicle locators for Emergency Medical Services. The currently estimated amount of the bond issue is $26.41 million.
At the meeting of the Dare County Commissioners Capital Improvements Plan Committee, Dare County Manager Robert L. Outten reported that revenue was over expenses for the Fiscal Year 2019.
With increased revenue from point-of-sale tax and occupancy tax, the amount of revenue over expenses is now estimated at $4.5 million as of June 30, 2019.
As currently planned, the additional revenue will be used to keep the fund balance at 21 percent of the county’s operating budget, replenish the disaster fund and transfer $3.6 million to the capital improvement fund.