Half a Million Dollars in Small Business Relief Coming to Chapel Hill and Carrboro Local Businesses this Summer
Half a Million Dollars in Small Business Relief Coming to Chapel Hill and Carrboro Local Businesses this Summer
The Fiscal Year 2022 Local Budgets are Adopted and Include Half a Million Dollars in Small Business Relief
By Katie Loovis on July 7, 2021
Half a million dollars in additional small business relief is coming to Chapel Hill and Carrboro local businesses this summer thanks to town council members, who chose to designate funds from the American Rescue Plan Act (ARPA) as part of their annual budgeting process before summer recess.
Carrboro
Carrboro adopted a $71.7 million budget for the 2021-2022 fiscal year that includes the one-half cent increase in the property tax rate dedicated to providing affordable housing. This is the third and final installment of the penny and a half increase for more affordable housing in Carrboro and makes the tax rate 58.94 cents for the general fund and a penny and a half for the affordable housing fund, for a total of 60.44 cents per $100 of assessed valuation (Source).
- In addition, Carrboro Town Council approved up to $300,000 in emergency grants for local businesses from the ARPA funds. Town staff members are designing the grant program now and the Carrboro Business Alliance will host an informational session on Tuesday, July 20th from 8-9:30am during their their monthly Leadership Council meeting. All Carrboro-based enterprises are invited to join.
Chapel Hill
Chapel Hill adopted a $116.8 million budget for the 2021-2022 fiscal year that includes a two-cent property tax rate increase (instead of the manager’s proposed three-cent increase), making Chapel Hill’s tax rate 51.4 cents per $100 of assessed valuation (Source). Chapel Hill's largest expense, second to overall operations, is the $26 million (23 percent) for our nationally-renowned, fare-free transit system, which is operated in partnership between Chapel Hill, Carrboro, and UNC-Chapel Hill.
- In addition, Chapel Hill Town Council approved up to $200,000 in emergency grants for local businesses from the ARPA funds, and chose to fund a workforce study that will help inform future public and private programming and investments.
Orange County
Orange County adopted a $240.8 million budget for the 2021-2022 fiscal year that includes a 3-cent property tax increase (slightly over the manager's recommended budget), making Orange County's tax rate 81.87 cents per $100 in assessed property value (Source). Unfortunately, this budget moved the $25.5 million for Durham Tech’s campus expansion back 6-7 years in the Capital Improvement Plan (CIP).
- In addition, Orange County Commissioners approved $5 million for broadband infrastructure investments from ARPA funds.
If you have any questions or comments about the Chamber's position on the budget, please contact Katie Loovis, Vice President of External Affairs, at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.