FINAL ADOPTED BUDGET FY2022-23

GREENSBORO NORTH CAROLINA

Honorable Mayor and Members of City Council:

I am pleased to provide you with a copy of the 2022-23 Annual Budget and 2023-24 Projected Budget. This document was prepared by the City's Budget and Evaluation Department and represents a comprehensive publication of the City's budget plans and policies for the upcoming fiscal year. The document also includes a second year planning budget that gives us the opportunity to continue planning for and implementing the strategies necessary to meet the future needs of our community. I presented the recommended FY 2022-23 budget to Council on May 23, 2022 and both hard copy and electronic versions were available for public review. The Council held several budget work sessions and a public hearing on the proposed budget before adoption. City Council adopted the 2022-23 annual net budget, totaling $688,260,220, on June 21 , 2022. The adopted FY 22-23 Budget is 10% higher than the revised FY 21-22 budget. The overall property tax rate of 63.25 cents is three cents less than the previous year. The adopted budget addresses multiple Council priorities and organizational financial needs. This budget continues to put the staff and support resources in place to continue building on our growth momentum. The budget includes compensation adjustments for all benefited employees and adds critical staffing in priority program areas. The budget includes additional programming and resources in our key priority areas of housing support, public safety, and economic development. Full funding for debt service related to the remaining 2016 bond referendum will support the issuance of the remaining $36 million for resident approved Parks and Recreation, Housing, Transportation and Community Development projects. Additionally, the budget supports the debt service for the proposed $135 million in bonds to further support affordable housing, public safety facilities, major parks and recreation projects, and transportation. The 2022-23 and 2023-24 budget columns in this document, as well as the narrative, reflect the budget as adopted by Council with changes made during the Council deliberations. The Manager's Message, however, is included as it was presented with the Recommended Budget. Council deliberations at budget work sessions and meetings led to the inclusion of several important changes from the budget recommendation. Public Safety compensation was identified as a priority and approximately $4.1 million is included in the budget to support retention and recruitment through increased salaries based on market data. All employees will receive salary increases with market adjustments to pay ranges. Proposed additional police patrol position have been removed to support these compensation enhancements. Proposed funding for maintenance at critical city facilities will now be recommended for funding through the funds made available by the American Rescue Plan. Proposed funding to support a new initiative for corridor improvements is recommended to be funded through proposed transportation bonds and other sources. Housing program and transit funding is provided additional support through dedicated property tax revenues. Housing efforts are provided additional support by moving positions from the Nussbaum Fund to the General Fund. Additional support is also included for community partners supporting economic

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