Posted on November 30, 2012 00:00
||Following their regularly scheduled agenda briefing on December 3, Council held a budget work session to review the city’s current financial picture and get a preview of the financial picture for fiscal year 2013-14. Highlights include:
View the budget presentation.
- City’s current budget balanced;
- Funds that had been taken out of savings during the economic downturn have now been largely restored;
- Adoption of the $41 million, five-year improvement plan in this year’s budget has significantly increased funding for infrastructure; 5 cents of the city’s tax rate is now dedicated to funding the plan and cannot be used for anything else;
- City’s debt rating is low compared to other cities in North Carolina.
- Council also reviewed proposed recommendations for increasing development of available small pockets of land (infill) within the city limits, as well as redevelopment of obsolete/underutilized land (redevelopment). Infill and redevelopment within the city limits have become even more important following recent changes to the state’s annexation laws that have all but eliminated the city’s ability to use involuntary annexation as a means to grow. In addition, Wilmington has little vacant land left with most properties already developed.