Transportation Bond Implementation Update
- Cost drivers impacting schedules and costs include real estate market, labor market, materials market – all of which are very challenging
- Significant budget gaps
- Targeting Fall 2024 Referendum
- Councilor Black raises concerns and questions from schools on Six Forks Road about improvement projects
- Councilor Melton advocates a big future transportation bond because of all the delayed and deferred projects as a result of rising costs
Parks Bond Implementation Recommendations
- 80% of 2014 Parks bond projects ($91.75M) are complete
- 2022 Parks Bond was approved by 73.24% — 23 projects — $275M
- Targeting partnerships to help with costs ($21M funding gap)
- Property Tax increase starts in FY24 budget (4 pennies per $100 assessed property tax value)
- Funds must be spent by November 2029
- Managers proposed budget next Tuesday will include a tax increase
City Manager announced new HR Director and new Communications Director have been hired.