Proposed Raleigh city budget has 4-cent property tax increase

RALEIGH, N.C. (WTVD) -- The City of Raleigh has unveiled its budget recommendation for 2024.

City Manager Marchell Adams-David presented the proposal to the city council on Tuesday afternoon.

"The FY24 budget reflects our core values and strategic goals that articulate our plan of sound fiscal stewardship, enhanced operational efficiencies," Adams-David said. "It also prioritizes key City Council and Community initiatives."

The recommended budget is for $1.26 billion, a 9% increase from 2023.

The proposal includes a 4-cent property tax increase, raising the rate to 43.3 cents per $100 valuation.

The additional revenue will support operational increases related to the 2022 parks bond.

The budget also includes investments in the city's affordable housing efforts, technology, and improvements to roads, bridges and sidewalks.

Starting June 5, the city council will hold budget work sessions each Monday in June, except June 19, at 4 p.m. to deliberate the proposed budget.

A public hearing will be held at 7 p.m. on June 6 at the regular evening council meeting. Residents who want to speak at the public hearing may sign up on the City website.