The Fayetteville City Council approved the FY 2024 budget during the June 21 Budget Work Session held in City Hall.
“One of my most important responsibilities is to ensure the financial well-being of our city and its residents, and approving a fiscally responsible budget is an essential commitment to the future prosperity of our community. Together, [the] City Council worked tirelessly together to allocate the resources to keep our city moving forward,” said Mayor Mitch Colvin in a press release. “The approved budget includes most importantly, only the voter approved tax increase, in addition to cost-of-living adjustments for our Police, Firefighters and all city employees and contours investment in city services.”
The recommended budget was presented to the City Council on June 1. During a series of budget meetings, questions were presented to City staff by Council. These questions can be found on the City’s website under the “Budget Chronicles” tab.
“I’m impressed with the amount of care and consideration that our elected officials put forth when analyzing the budget as it is presented,” said City Manager Douglas J. Hewett in a press release. “They listen to the residents and take every necessary action to ensure we provide the services everyone in this wonderful city need. Today, Council adopted a responsible budget that advances goals and priorities.”
Revenue changes from the recommended budget include:
Considerations for this budget included the change from a per capita to ad valorem method of tax distribution beginning in FY 2026 and the interlocal tax agreement covering the next two fiscal years. The impact for Fayetteville is that no additional revenue beyond FY 2022 actuals will be recognized and that any growth from that benchmark would go to the county as outlined in the approved agreement. Given the related financial projections over the coming years, the adopted FY 2024 City budget provides a responsible, transparent roadmap to sustain City services and meet expectations of residents making Fayetteville a desirable place to live, work and play.
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