Multi-Year Budget
Model Assumptions Continued
EXPENDITURES
• Personnel
◦ Assumes positions for Inspections and Engineering related to growth . These positions were submitted and recommended as part of the budget development process .
◦ Assumes 6 % annual increase in salary and benefits for merit , retirement , and other employee benefit increases .
◦ Includes a 3 % market adjustment starting in FY25 .
◦ Includes $ 500,000 in FY26 , FY27 , and FY29 to address modifications in employee compensation .
◦ Funding of $ 1.5 million is added to FY27 to address market changes to salaries .
◦ Includes $ 225,000 in FY26 to operate the White Dear Splashpad .
◦ Includes $ 2.2 million for new staff and operations in FY26 - 28 to support Yeargan Park Phase 1 . This includes 3 positions in Parks and 3 positions in Public Works in FY26 . Public Works will phase additional work groups over FY27 and FY28 to address additional demand as the park grows to it ' s capacity . This includes 2 positions in FY27 and 4 positions in FY28 .
• Operating
◦ Utilizes current forecasts when available .
◦ Assumes 1.5 % annual operating growth .
• Debt Service
◦ Includes existing and new bonds debt .
While staff anticipates some of the future assumptions included in the multi-year budget will change , it is critical to begin the planning process as early as possible . This will ensure staff has adequate time to research future requirements necessary to address Council priorities . In addition , it will allow Town Council adequate time to understand the impact of their decisions and to plan accordingly . Based on this , staff anticipates the multi-year budget to continue to serve as a critical tool that will ensure Garner is positioned to address future challenges . The following page includes a summary of the proposed FY 2025 – 2029 multi-year budget plan .
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