City officials begin budget talks for 2020
WILMINGTON,NC (WWAY) — On Friday, the City of Wilmington jump started their discussion of the budget for the next fiscal year. This is just the beginning to months of deliberation.
The meeting started with the state of the budget. Hurricane Florence expenses cost the city more than $30 million. But, good news for the city:
(1) Property tax revenue and sales tax revenue came in higher than projected
(2) The city’s healthy fund balance before the storm is keeping the city on track to maintain its savings account to at least 20%
“Going into the storm, we had little over 30% of our budget in savings,” City of Wilmington Spokeswoman Malissa Talbert said. “That sounds like a huge amount, but, it’s really not, when you consider we just blew through 10% of that over $30 million in a matter of months.”
The recommended budget will be presented in May with a subsequent public hearing to follow.
By state law, the city cannot run a deficit and must have a balanced budget by June 30.