2024-25 Proposed Budget

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Town Manager Kip Padgett presented the Fiscal Year 2024-25 budget to the Board of Commissioners for consideration on Tuesday, May 7. Aligned with the goals and strategies outlined in the Town’s strategic plan, the budget will serve as the financial and spending plan for the next fiscal year and, once adopted, authorize resources and establish a direction for Wake Forest programs and services for 2024-25.

The proposed budget includes a property tax rate decrease from $0.505 to $0.42 ($0.42 per $100 of assessed property valuation), $0.14 downtown municipal service district tax ($0.14 per $100 assessed property valuation) and the vehicle fee which remains at $30.

Other proposed rate and user fee impacts include a $1/month increase in the residential solid waste fee ($23/month), and a 2.5% increase in Wake Forest Power’s residential energy charge scheduled to take effect September 1, 2024.

Also, a new Stormwater Utility fee structure approved in November will be billed annually to all property owners in conjunction with county tax bills.

The presented budget also proposes 13 new full-time positions, including seven sworn police officers and a Stormwater Utility Manager.

The public is invited to view a digital copy of the proposed budget online at https://bit.ly/TOWFBudget from now until Tuesday, May 21. On that date, a public hearing is scheduled during the regular Board of Commissioners meeting to receive public comment. The meeting begins at 6 p.m. in the Town Hall Board Chambers, 301 S. Brooks St.

Final budget approval by the Board of Commissioners is scheduled for the June 18 meeting.

Share Your Thoughts

In the feedback section below, please share your thoughts and opinions on the proposed budget.

All comments received will be shared with the BOC for consideration and will become part of the public record.

Town Manager Kip Padgett presented the Fiscal Year 2024-25 budget to the Board of Commissioners for consideration on Tuesday, May 7. Aligned with the goals and strategies outlined in the Town’s strategic plan, the budget will serve as the financial and spending plan for the next fiscal year and, once adopted, authorize resources and establish a direction for Wake Forest programs and services for 2024-25.

The proposed budget includes a property tax rate decrease from $0.505 to $0.42 ($0.42 per $100 of assessed property valuation), $0.14 downtown municipal service district tax ($0.14 per $100 assessed property valuation) and the vehicle fee which remains at $30.

Other proposed rate and user fee impacts include a $1/month increase in the residential solid waste fee ($23/month), and a 2.5% increase in Wake Forest Power’s residential energy charge scheduled to take effect September 1, 2024.

Also, a new Stormwater Utility fee structure approved in November will be billed annually to all property owners in conjunction with county tax bills.

The presented budget also proposes 13 new full-time positions, including seven sworn police officers and a Stormwater Utility Manager.

The public is invited to view a digital copy of the proposed budget online at https://bit.ly/TOWFBudget from now until Tuesday, May 21. On that date, a public hearing is scheduled during the regular Board of Commissioners meeting to receive public comment. The meeting begins at 6 p.m. in the Town Hall Board Chambers, 301 S. Brooks St.

Final budget approval by the Board of Commissioners is scheduled for the June 18 meeting.

Share Your Thoughts

In the feedback section below, please share your thoughts and opinions on the proposed budget.

All comments received will be shared with the BOC for consideration and will become part of the public record.

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A 25% property tax increase is unconsciously! This proposal put forward by Town Manager Padgett is a heartless, opportunistic money grab that will place a heavy burden on families and retired citizens. This proposal should be permanently tabled and Padgett fired for his inept budget efforts.

GreggDoyle about 2 months ago
Page last updated: 19 May 2024, 03:56 PM