Multi-Year Budget
FY 2025 – 2029 Multi-Year Budget
Funding Priorities The FY 2025-2029 multi-year budget funds several future items necessary to meet Town Council ’ s long-term vision for the Town . These priorities are summarized below :
• Transfer to the Debt Service Fund each year totaling the equivalent of 8.5 ¢ on the projected tax rate .
• Continued allocations for employee merit enhancements and market adjustments .
• Additional police officers each year to meet the metric of 2.2 officers per 1,000 population . This assumes annual growth of 2,000 people annually .
• Additional positions for Inspections and Engineering related to growth . These positions were submitted and recommended as part of the budget development process .
• Operating funding of approximately $ 2.2 million for the opening of Yeargan Park in FY26 . This includes additional positions for PRCR as well as Public Works .
While the Town anticipates additional funding and staff required for a possible merger with the Garner Fire- Rescue Department and the implementation of a stormwater utility , these have not been included in the multi-year model due to the unknown timing of these efforts . As decisions are made and timelines are determined , funding for the Garner Fire-Rescue merger and a stormwater utility will be incorporated into the multi-year model .
Model Assumptions The FY 2025 – 2029 multi-year budget is based on several assumptions about growth in both revenue and expenditures :
REVENUES
• Real Estate
◦ Includes an annual increase of 5 % in assessed value for FY26 , FY27 , and FY28 .
◦ Includes a conservative 15 % increase in assessed value for FY29 due to Wake County ’ s property reevaluation process .
• Other Revenues
◦ Assumes 1.5 % annual growth in all other revenue categories .
◦ Utilization of the Debt Service Fund as a revenue source is included in the debt model for the purposes of debt payment .
• Fund Balance
◦ No fund balance appropriations are included in the operating budget .
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