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Financial

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The City of Albemarle is a well-managed financial entity with an annual budget of approximately $50 million. The City carries substantial reserves in both its General Fund as well as its Proprietary Funds to ensure financial stability and to handle any emergencies that might arise such as natural disasters or economic downturns. These reserves buffer local businesses and property owners from any significant one-year increase in property taxes or utility charges.

The City carries an A3 bond rating from Moody's and an A rating from Standard and Poor's. The City has no general obligation bonded indebtedness, and carries a very modest debt load. The City is responsible for 7.6% of the electric revenue bonds issued for North Carolina Municipal Power Agency One for the purchase of 75% ownership in Unit 2 of the Catawba Nuclear Station. The payments for these bonds are made out of the City's annual electric revenues.

In accordance with North Carolina law, an annual audit of the City's finances is conducted by a CPA firm. These audits are available for public inspection and reflect the City's excellent record of financial management.