Issue link: http://townofcary.uberflip.com/i/774879
CHAPTER 1:FOUNDATIONS COUNCIL FINAL PUBLIC MEETING DRAFT [JAN. 24, 2017] Cary is fortunate to have a strong fiscal base to support the delivery of community ameni es and services ranging from police and fire protec on to the Town's wonderful parks and event spaces. Town government in Cary has proven to be an effec ve and conserva ve guardian of the Town's assets and resources, enabling the Town to gain a strong fiscal posi on and maintain one of the lowest tax rates in Wake County. Cary has experienced significant levels of growth and development for several decades under sound fiscal management. During this period of growth, the Town's revenues increased along with property valua ons, covering the expenses of delivering addi onal services and maintaining exis ng infrastructure. An es mated 80% of that revenue growth, on average, has been generated by the addi on of new tax base to the Town. In fact, the Town has seen a direct correla on between popula on growth and tax revenue growth. As Cary runs out of land for development and enters a new phase of slower growth in the next 10 to 20 years, the Town could experience a declining rate of revenue growth. Meanwhile, the cost of providing services and maintaining infrastructure like parks and recrea on and water and sewer service is expected to rise and the annual increase in costs could eventually surpass the increase in revenues at current tax rates. Added to the challenge is demand for increasing services and new community ameni es, and an aging infrastructure that will require future maintenance investments. Cary's challenge will be to iden fy fiscally sustainable revenue genera on models supported by the community that can con nue to provide high quality services and facili es to exis ng and future residents. FUTURE FISCAL CHALLENGES In Cary, new development drives the growth of public revenues that have supported the Town's ability to provide high quality community ameni es and services. On average, 80% of new revenue growth comes from new tax base to the Town. As growth slows due to limited land for development, new revenue genera on models will be needed to maintain the level of service residents have come to expect. 8