City Approves FY25 Budget

Published on June 19, 2024

At its June 18 meeting, Wilmington City Council voted to adopt the FY25 city budget. The $298 million balanced budget is guided by the city’s strategic plan, which focuses resources on public priorities including transportation, public safety, economic vitality, affordable neighborhoods, and high-performing city operations.

Public safety accounts for nearly half (46%) of the budget’s general fund expenditures. The budget also provides funding to begin a new five-year capital improvement plan, which will invest over $100 million in streets, bridges, sidewalks, trails, stormwater management, and other capital projects.

“Wilmington is an incredible place to live but the age of our city and our coastal setting also pose real challenges for our infrastructure. With this budget, City Council is making responsible investments in roads, stormwater management, and public safety so that today’s challenges don’t become tomorrow’s emergencies,” said Mayor Bill Saffo.

The budget includes a property tax rate of 42 cents per $100 valuation. This represents a 6.3% increase over FY24, half of which is devoted to new capital improvement projects.

Highlights of the FY25 budget include:

• A new capital improvement plan, which includes over $100 million in improvement projects. Transportation and stormwater management projects comprise more than 80% of this improvement plan.
• Nearly half of the general fund supports police and fire operations, which include 278 sworn police officers and 222 uniformed fire personnel. The budget funds upgrades to the city’s investigative and forensic technology and law enforcement camera infrastructure, which plays a vital role in addressing escalating situations and solving crimes.
• $2.3 million to sustain and grow the city’s mix of affordable housing programming, including home ownership and home rehabilitation programs, and gap financing to leverage private sector investments in affordable housing.
• Over $700,000 in competitive agency funding for Wilmington non-profit partnerships that support high-need human and social services.
• The budget includes various fee adjustments including a 1% increase in the stormwater fee to support stormwater management costs. A $25 vehicle tax will provide $1.8 million to fund transportation and safety-related improvements.

The city’s budget development process began in November 2023 with the first of four work sessions to review progress reports and financial information, and to identify City Council priorities for the upcoming year. These culminated in the City Manager’s recommended budget and a May 21 public hearing. City Council votes twice when adopting budgets, with the first vote occurring at its June 4 meeting and the second and final vote on June 18. The new budget is set to become effective on July 1, the first day of the city’s fiscal year.

The FY25 city budget is available online at www.wilmingtonnc.gov/budget.