BOC approves $128.7 million budget for FY 2024-25

During its June 18 meeting, the Wake Forest Board of Commissioners approved a $128.7 million budget for fiscal year 2024-2025, which begins July 1.

Aligned with the goals and strategies in the Town’s strategic plan, the budget will serve as the financial and spending plan for the next fiscal year, authorize resources, and establish a direction for Wake Forest programs and services for 2024-25.

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

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

For more information, visit https://bit.ly/TOWFBudget or email Budget & Performance Manager Michelle Daniels at [email protected].