SE North Carolina News

At its June 6 meeting, Wilmington City Council voted on first reading to adopt the FY24 city budget, with a second vote on final adoption to occur at the June 20 council meeting. The FY24 budget will take effect on July 1, the first day of the city’s fiscal year.

The $351 million balanced budget is guided by the city’s strategic priorities, which include increasing affordable housing opportunities, modernizing the city’s infrastructure, and actively preparing for the city’s future needs and growing demands on city services. The tax rate under the new budget would remain unchanged.

 Highlights of the FY24 budget include:

• $2.2 million to continue supporting and growing affordable housing programs, including the Homeownership Opportunity Program, a new program under the Healthy Homes umbrella, and gap financing for eligible developments that provide affordable housing opportunities.
• $16.2 million for street and sidewalk preservation and maintenance projects. This includes $8 million allocated to the Street Rehabilitation program, which represents a 33% increase ($2 million) in funding to support an additional 8-10 lane miles of rehabilitated pavement next year.
• Just over $2 million is allocated to fund the city’s continued commitment to local non-profits, human service agencies, civic partnerships, public cultural events, and economic development partnerships.
• The budget reflects the City of Wilmington’s commitment to financial preparedness by maintaining a large fund balance (which is similar to a savings account) of at least 25 percent of the city’s general fund. This allows the city to respond quickly and effectively to disaster recovery needs following storm events, while also contributing to the city’s top credit ratings.
• The FY24 budget currently allocates funding to purchase a 12.5-acre campus in northern downtown, which includes a 1000+ parking deck to add parking capacity by Riverfront Park and Live Oak Bank Pavilion, and a large office building which could be repurposed to consolidate many city operations under one roof. Having now received state approval, the city will continue with its due diligence process and potentially close on the property in mid-July. City Council views the campus acquisition as a creative and cost-effective solution to the city’s future space needs. 
• The property tax rate for the FY24 budget remains unchanged from the previous year at 39.5 cents per $100 valuation. Some modest fee increases are included to offset increased expenses, including a $2 increase in greens fees for the municipal golf course, a 1% increase for stormwater service, and an average increase of $2.18 per month for residential recycling and trash service.

 The recommended budget is available online at www.wilmingtonnc.gov/budget.

Original source can be found here