As NC State Treasurer Dale Falwell said recently, “I wish all North Carolina municipalities were in the strong financial position as that of Highlands.”
Strong reserve funds help in states of emergency when we need the immediate assistance of private companies. The Reserve Funds help the town finance infrastructure projects without having to borrow money. The 1.8 million dollar Buckhorn water tank, for instance, was financed internally without having to borrow. So was the $850,000 new waterline on Split Rail Row. The town board periodically reviews the level of reserve funds. The state requires a minimum of 8%; even 10% to 15% would be dangerously low for Highlands. Heavy borrowing should be avoided to finance town projects because this helps keep property tax rates and utility charges low.
The town currently operates with a 50% reserve balances in our general and enterprise funds.
Hear Mayor Pat Taylor talk about the benefit of the Reserve Funds.
The Veterans Park of Highlands paid for by friends of Highlands and monies from the Highlands Town Reserve Fund.
Hear Mayor Pat Taylor explain the creation of the Founders Park of Highlands, NC
New flg pole and brick program at Vets Park