Final Adopted Budget FY23-24

CITY MANAGER'S BUDGET MESSAGE

Mayor and City Council, City of Greensboro

May 16, 2023

In accordance with the General Statutes of North Carolina, and on behalf of our team, it is my honor and privilege to submit to you our recommended total operating budget for fiscal year 2023-24 totaling $749.5 million. This is an increase of 8.8% from the current year revised budget. This budget is balanced and was prepared in accordance with the provisions of the North Carolina Local Government Budget and Fiscal Control Act and the policies of the North Carolina Local Government Commission. It incorporates the priorities and policy direction communicated by the Mayor and City Council at your February 2-3 Annual Strategy Session. It also reflects our commitment to responsible fiscal management, while continuing to provide services that improve the quality of life for the residents of Greensboro and our more than 3,300 dedicated employees. In my FY 2022-23 Budget, I highlighted the significant economic development announcements in our city and region; Toyota EV Battery Plant, Boom Supersonic, Publix Distribution Center, Proctor & Gamble, among others; and how these investments have direct impacts on our city’s growth and well-being of our residents. Our Budget theme was Building on the Momentum generated by these economic development announcements. Over the past several months since the adoption of the FY 2022-23 budget, there have been several additional economic development projects that continue to add and create jobs for our residents and investments in our community. These announcements include over $2.7 billion in investments and over 760 jobs:

Jobs

Investment $2.5 billion $3 million $7 million $130 million $14 million $50 million

Toyota (Phase 1 Expansion) Core Technology Molding Corp.

350

33 31 28 85

IQE

ImpactData

TAT Piedmont

Marshall USA LLC.

240 767

$2.7 billion These economic development opportunities are positive for our city and region and have direct impacts on our residents with regards to housing, transportation, public safety, amenities, and the quality of services provided daily. Similarly, Greensboro has grown from 137 square miles to 139.4 square miles. In 2022, we issued 1,170 commercial permits and 2,810 residential permits, with a combined construction value estimated at over $803 million, one of the largest years of development we have seen. We can no longer approach development in a business as usual mindset. The FY 2023-24 budget responds to these impacts. Nevertheless, in preparing this budget, there is an acknowledgement that there are other impacts to our local economic situation. Annualized inflation of more than 5%, a competitive labor market with less than 4% unemployment, and continued global supply issues are in the forefront of our minds. To address these, the FY 2023-24 budget recommends increased pay for Public Safety and General Employees and addresses necessary cost increases, while shoring up our ability to expedite the development review process to address the pace of current and anticipated growth and development activities in the city and region. It realigns our key organizational values while it does not propose any layoff of personnel.

Hence, the reason for the FY 2023-24 budget theme: Move Forward Together: Supporting our Employees and Investing in our City’s Growth .

Adopted 2023-24 Budget

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