The recommended budget for the fiscal year beginning on July 1 was presented to City Council at their meeting on Tuesday evening.
The proposed budget calls for reduced spending in the face of a continued economic downtown, but does not call for a property tax increase or layoffs.
Although the city has been facing budget shortfalls four years in a row, core services are maintained in the $85 million General Fund budget. However, construction and maintenance costs are reduced to a bare minimum again this year and six more positions have been eliminated. While no furloughs or pay cuts are proposed, benefit cuts for city employees will remain in effect. This will be the third straight year that employees have not received any increases.
The city’s property tax rate will stay at 37 cents per $100. Wilmington’s tax rate is the second lowest of all large cities in North Carolina. The only rate increase in the proposed budget is an 8.5 percent stormwater rate increase, which equals 45 cents a month for the average homeowner (from $5.30 to $5.75 per month).
There will be a public hearing on the budget at the May 17 City Council meeting.
View the entire recommended budget.