Highlights
- Mayor Baldwin absent and excused
- Significant gaps projected over the next five years as revenue growth projected to be less than expense growth
- Public Hearing on budget scheduled for June 3
- Employment costs (salary and benefits) continue to rise significantly, yet City has significant vacancies and Raleigh’s minimum “Living Wage” barely covers the rent for a one-bedroom apartment in Raleigh
FY2024 Budget Development Update
- Projected Gaps
- FY2024: $(-.5-6.4M)
- FY2025: $(-15.9M)
- FY2026: $(-21.2M)
- FY2027: $(-29.1M)
- FY2028: $(-36.2M)
- Current Revenue Growth is 1%
- Uncertainty in sales tax projections
- Property tax reappraisal will occur in 2024 (FY25 budget)
- User fees continue to be elevated
- Expenses are growing by 3.1%
- Personnel & benefit increases
- Interfund expenditures
- Operating increases
- March 13 Budget Work Session
- Raleigh Water
- Solid Waste Services
- Stormwater Management
- Planning and Development Services Fess
- FY24 Budget Community Engagement Process
- April 10 Budget Work Session
- FY24-48 Capital Improvement Program
- Agency Grant Recommendations
- User Fee Changes Update
- Human Resources Update
- May 16 – Manager presents recommended budget
- Weekly Council Work Session in June
- June 3 Public Hearing
Human Resources Update
- Changes proposed to Supplemental Retirement Plan and Living Wage Adjustments
- Councilor Jones raises issues about Living Wage being inadequate to cover housing costs in Raleigh
- Councilor Patton asks if there would be economies of scale to transition to a similar plan to what Wake County has; apparently that has been looked into
- Contract with BCBS comes up next year; contracts go out for bids about every five years
American Rescue Plan Update
- $73.2M in ARPA funding must be obligated by end of 2024 and expended by end 2026
- $50.6M appropriated to date; $22.6M remains
- Economic Recovery ($8.1M)
- Housing/Homelessness ($11.0M)
- Community Health ($13.5M)
- Infrastructure ($11.0M)
- Nonprofit Agency Support ($3.0M)
- Public Safety Initiatives ($2.0M)
- Community Engagement ($1.3M)