Goldsboro City Council Approves FY25-26 Budget

On Monday, June 16, the Goldsboro City Council approved the Fiscal Year 2025-2026 Budget. The $93.68 million budget funds the major priorities of the City Council — economic revitalization, elimination of slums and blight, and reduction of crime — as well as prioritizing employee recruitment and retention, capital improvements, and equipment needs.

With assistance of the City Council Finance Committee, City staff developed a recommended budget that ultimately was reduced by over $31 million to meet the constraints of the current revenue sources. Even with major budget reductions, Livingston said this budget reflects the goals of the Council and addresses the City’s current challenges while investing in future planning.

“The adopted budget reflects the priorities of the Mayor and City Council by increasing funding for slum and blight removal, creating a new street improvement fund and adding $1.2 million to that fund for street resurfacing,” Livingston said. “The budget sets aside funding for a new Parks and Recreation main complex replacing Herman Park Center, which will be demolished later this year. The new Edgewood School Parks and Recreation Facility will allow parks to expand programming, thereby adding more recreation opportunities for all.”

Key highlights of the budget include:

■ Property Tax Rate: 69 cents per $100

The budget reduces the tax rate by 13.5 cents from 82.5 to 69 cents. The rate is 12.68 cents above the “revenue-neutral” rate of 56.32 cents. The additional revenue will support a 3% cost-of-living adjustment for employees as part of the implementation of the pay study, in addition to other market salary adjustments as recommended by the study, two new positions, a 1% increase in 401(k) contributions for regular employees, capital improvements and street repaving.

■ Water and Sewer Rate Increase: 7.5%

Water and sewer rates will increase by 7.5% across the board. The increase will support capital improvements, such as the water reclamation facility and specific water improvement looping projects, as well as salary and 401(k) increases for utility employees.

■ Other Revenue Increases:

A sales tax increase of approximately 6%
A vehicle fee increase from $10 to $30 to help fund street repaving

■ Other Key Investments:

$1.2 million for street repaving
$3.45 million for vehicles and equipment
$3.26 million for utility fund capital expenses
Three new positions (second Assistant City Manager, Deputy Police Chief, Stormwater Administrator)
Economic development plan
Community survey to inform future planning and increase community engagement
$400 bonus for full-time and $200 for permanent part-time employees

It’s important to note that this budget does not rely on any use of fund balance in any of the operating funds, thereby allowing the city to continue building its reserves to fund capital and infrastructure needs.