So, why is the Town Manager recommending utility rate increases in July? First, the Town utilizes an Enterprise Fund Accounting System, as all municipalities use in North Carolina. An Enterprise Fund is intended to be operated as a business, striving to meet only cost of service obligations. In other words, the Town does not function to operate at any profit margin, but simply to pay for its operation, which includes debt and future capital projects, as well as all other ongoing expenses needed to operate the utility.
Learn more about the proposed utility rate increases by viewing this document and contact us at Town Hall at 919-934-2116 if you have any questions.