FY 2024-2025 Final Adopted Budget

Honorable Mayor and Members of City Council:

I am pleased to provide you with a copy of the 2024-25 Annual Budget and 2025-26 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 includes a second year planning budget that gives us the opportunity to continue planning for and implementing the Strategic Framework. I presented the recommended FY 2024-25 budget to Council on May 21, 2024 and both hard copy and electronic versions were available for public review. The Council held three budget work session and a public hearing on the proposed budget before adoption. A series of council district based community meetings were also held to encourage the community to participate in the budget development process. City Council adopted the 2024-25 annual net budget, totaling $802,011,267, on June 18, 2024. The adopted FY 2025 budget is 6.7% higher than the revised FY 2023-24 budget. The adopted budget addresses multiple Council priorities. The budget increases the minimum wage for all benefited positions $18.75 or $39,000 annually and includes a 4% compensation adjustments for benefitted and roster employees. The budget aligns with priority areas such as housing with support for the Tenant Education Advocacy Mediation program and infrastructure with expanded Hopper trolley service and implementation of the Neighborhood Traffic Safety Program. The 2024-25 and 2025-26 budget columns in this document, as well as the narrative, reflect the budget as adopted by Council with changes made during Council deliberations. The Manager’s Message, however, is included as it was presented with the Recommended Budget. The overall property tax rate of 67.25 cents is unchanged from the previous year.

On behalf of the employees of the City, I thank you for your continued leadership and support of our efforts to meet your priorities in the delivery of high quality services to the Greensboro community.

Respectfully,

Chris Wilson Interim City Manager