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Adoption of FY 2025 Operating Budget
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INFORMATION CONTACT:
Blake Hart, Budget Management, Director, 704-283-3674
ACTION REQUESTED:
Adopt the FY 2025 Operating Budget Ordinance and the associated Tax Rates and Fees.
PRIOR BOARD ACTIONS:
June 3, 2024, Regular Meeting, Agenda Item # 24-378 - Public Hearing Held
BACKGROUND:
The Proposed FY 2025 Operating Budget provides a balanced, fiscally sustainable financial plan for Union County. The FY 2025 Operating Budget process has included numerous public discussions and collaboration concerning the budget, budget process, and capital budget.
The FY 2025 Operating Budget is a collaborative product based upon input received at budget work sessions, meetings conducted with County departments, information received from outside agencies, and information received from school officials.
The total recommended operating budget for FY 2025 is $578,159,579:
• General Government Fund: $203,199,163
• General Government Debt Budgetary Fund: $7,318,174
• Education Budgetary Fund: $154,368,081
• Education Debt Fund: $47,280,735
• Economic Development Budgetary Fund: $1,621,970
• Water & Wastewater Operating Fund: $85,138,607
• Solid Waste Operating Fund: $13,929,495
The FY 2025 proposed tax rate is 0.5880, as follows:
• General Government Fund: 0.1632
• General Government Debt Budgetary Fund: 0.0175
• Education Budgetary Fund: 0.3742
• Education Debt Fund: 0.0292
• Economic Development Budgetary Fund: 0.0039
Additional information is provided in the Proposed FY 2025 Operating document found at: https://www.unioncountync.gov/home/showdocument?id=8858
As required by state statute, a public hearing was conducted and public input received on June 3, 2024.
FINANCIAL IMPACT:
Appropriation of $578,159,579 for the FY 2025 Operating Budget.