Lexington Municipalities Thrive Financially Ahead of FY 2024-2025 Budgets

Lexington Municipalities Flourish Financially Amid Budget Preparations for Fiscal Year 2024-2025

As the municipalities in Lexington County prepare their final budgets for the fiscal year 2024-2025, local officials are optimistic. Notably, no announcements have been made so far about tax increases. While each year sees a slight rise in budgets, towns and cities across Lexington County have adeptly handled finances. Ensuring proper compensation for essential service personnel, including police officers and firemen, is a primary budget concern in order to evade retention issues. Employee cost of living increases have been approved by the majority of the municipalities.

Lexington Mayor, Hazel Livingston, exhibited a positive attitude during a recent budget meeting. She stated, “We’ve been able to do all of the quality of life and traffic projects, and we have not had to raise their property tax at all. We have not raised property taxes in the last 30 years”.

Though tax raises remain off the table, water and sewer rates will undergo a 3.5% hike. The draft of the proposed $55 million budget allocates 48% of funds to the local police department. Meanwhile, parks and sanitation can expect to receive 20%, general government expenses 23%, and transportation 9%. An interesting detail to note is that the majority of the 2025 budget’s revenue will come from business licenses.

Municipality Budget Breakdowns

Irmo:

With an optimistic forecast, the town of Irmo’s proposed budget for the June council meeting totals approximately $10.2 million, marking a 9.3% increase from the previous year. Included in this budget is a 4% cost of living raise for employees. Despite incoming costs associated with recruitment and public services, residents will not be subjected to any tax increases. Notable is a major anticipated expense: building a new town hall. However, Mayor Bill Danielson assures that funding for this project will be sourced from grants.

Chapin:

In Chapin, the local government adopted a 2024 budget of $11,290,989, reflecting a 6.5% increase from the previous year’s budget. This rise mirrors the town’s current annual growth rate of 1.62% and a population increase of 6.71% since the most recent census.

West Columbia:

West Columbia passed a budget of $25 million, with plans to keep existing millage rates, maintain police and fire budgets, and improve water and sewer infrastructure. The city holds the distinction of having the lowest water and sewer rates both in Lexington County and the Midlands, as detailed on the city’s website.

Cayce:

In what reads as a badge of pride, the city of Cayce approved a 2024 fiscal year budget amounting to $19,731,716, compared to the 2023 budget which totalled $16.7 million. Despite a surge in the cost of living and growth in expenses, the proposed budget does not include a recommended tax or utility rate increase. However, sanitation fees are scheduled for a $2 per month increase. In terms of city employee compensation, salaries will see a 4% rise to adjust for the cost of living.