Public Hearing on 2023-24 budget set for May 16

Town Manager Kip Padgett presented the Fiscal Year 2023-24 budget to the Board of Commissioners for consideration on Tuesday, May 2. Designed to reflect the goals and strategies outlined in the Town’s strategic plan, the budget will serve as the financial and spending plan for the period and, once adopted, authorize resources and establish a direction for Wake Forest programs and services for the coming year.

The proposed budget includes a one cent increase in the property tax rate ($0.505 per $100 of assessed property valuation). The penny increase will be used to repay debt service on the $75 million parks, recreation, greenway, and transportation improvements, along with the downtown parking facility, voters approved in the November 2022 Bond Referendum.

Other rate and user fee impacts include a $1/month increase in the residential solid waste fee ($22/month), but no increase in the $0.14 downtown municipal service district tax ($0.14 per $100 assessed property valuation) or the vehicle fee which remains at $30.

The presented budget also proposes 27 new full-time positions, including 15 firefighters.

The public is invited to view a digital copy of the proposed budget online at https://bit.ly/TOWFBudget from now until Tuesday, May 16. 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 20 meeting. For more information, contact Chief Financial Officer Aileen Staples at [email protected].