Fiscal Year 2014 & 2015 Adopted City Budget
On June 10, 2013, City Council adopted the FY2014 & FY2015 Operating Budget and FY2014–2018 Capital Investment Plan. The General Fund net Operating Budget is $495 million and the General Capital Investment Plan totals $816.4 million.
The adopted budget includes a 3.17¢ property tax increase to fund community investments. The property tax rate is 46.87¢ per $100 valuation (for example, $5.28 per month increase on a $200,000 home). This increase funds the $816.4 million General CIP over four bond referenda cycles (2014, 2016, 2018, and 2020).
City Council adopted the following change to the City Manager’s recommended budget:
· Added LYNX Red Line Commuter Rail study support at an amount up to $250,000 contingent that other jurisdictions also contribute an appropriate amount to support the study’s cost
About The Budget
· The budget is a funding plan that addresses the community’s service and infrastructure needs
· The City’s General Fund budget (supported primarily by property and sales taxes) funds core, basic services including Police, Fire, Solid Waste, Transportation, Neighborhood & Business Services, Planning, and CharMeck 311
· The budget also includes four separate enterprise funds (Airport, CATS, Charlotte-Mecklenburg Utility, and Storm Water) which are supported by user fees, rates and charges
Key Budget Highlights
· Base operating adjustments (e.g. fuel, vehicle maintenance, public safety training, contract escalations) for Police, Fire, and Solid Waste
· Additional staffing to implement Charlotte Business INClusion program to expand City contracting with minority and women owned business enterprises
· $2 million initial payment to support rental assistance program endowment with The Foundation For the Carolinas, matched by private and County contributions
· Revised General CIP (funded by a 3.17¢ property tax rate increase) that keeps Charlotte growing with a focus on:
– Economic development
– Improving transportation infrastructure
– Enhancing neighborhood infrastructure
Additional FY2014 & FY2015 Adopted Budget Information:
How the City's Budget Works to Benefit The Community
All Council Budget Workshop presentations and the Public Hearing are broadcast live on the GOV Channel Cable 16 and streamed live on the GOV Channel’s website. All telecasts are closed-captioned for the hearing impaired and will also be archived on the GOV Channel website.