Title
Public Hearing on the Proposed Fiscal Year 2024 Operating Budget and Fiscal Years 2024-2028 Capital Investment Plan
Action
Action:
Conduct a public hearing on the City Manager's Proposed Fiscal Year 2024 Operating Budget and Fiscal Years 2024 - 2028 Capital Investment Plan.
Body
Committee Chair:
Dimple Ajmera, Budget, Governance and Intergovernmental Committee
Staff Resource(s):
Marcus Jones, City Manager's Office
Ryan Bergman, Strategy and Budget
Teresa Smith, Finance
Explanation
* On May 1, 2023, the City Manager presented the Proposed Fiscal Year (FY) 2024 Operating Budget and FY 2024-2028 Capital Investment Plan. The proposed budget represents the city's proposed operating and capital budgets for the fiscal year which begins July 1, 2023.
* State law requires the city hold a public hearing following the presentation of the Manager's Proposed Budget and prior to the City Council adoption of the budget, currently scheduled for June 12, 2023.
* Charlotte's Proposed FY 2024 Budget was developed to lead the City of Charlotte toward addressing the most foundational and pressing needs of the city.
Proposed FY 2024 Operating and Capital Budgets' Summary
* The City Manager's Proposed FY 2024 Operating Budget and FY 2024-2028 Capital Investment Plan were developed consistent with the City Council's strategic priorities. These priorities served as the foundational elements against which all FY 2024 budget decisions were measured.
* The proposed budget includes a property tax rate of 26.04? per $100 of assessed valuation, which is an 8.77? decrease from FY 2023.
* The proposed budget for the city consists of three major components supported by general tax revenues:
* A General Fund budget of $832.5 million for FY 2024, representing a 6.1 percent increase from FY 2023, to support initiatives that will continue to deliver exceptional government services to the community;
* A $209.4 million Municipal Debt Service Fund; and
* A $138.3 million General Capital I...
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