Wilmington recommended 2024 budget reveals no increase in taxes, despite proposed purchase of Thermo-Fisher building

WILMINGTON, NC (WWAY) — A proposed $70 million purchase of the Thermo-Fisher Scientific building will not come at the cost of tax payers.

A preview of the 2024 proposed budget was revealed Friday, showing financing needs for the proposed northern downtown campus would come within the existing tax rate.

Until now, a 1.5-cent property tax increase was expected to fund the massive building acquisition. But Wilmington Mayor Bill Saffo says their financial preparation has enabled them not move the cost to its residents.

“Over the last several years, Council has positioned the city to be financially strong, nimble, and responsive to the standard of service our residents want and have come to expect,” Saffo said in a statement. “This hasn’t been easy. We’ve weathered hurricanes, a pandemic, and still built up significant rainy-day savings while passing balanced budgets and achieving a AAA bond rating. This allows us to respond to emergencies and take advantage of opportunities when they present themselves. I applaud our city manager and his staff for their diligent work in preparing a budget that allows us to meet the city government’s long-term space needs in a financially responsible way. The prospect of acquiring the northern downtown campus without raising the tax rate is a testimony to this city’s strong financial position.”

The recommended budget for 2024 is scheduled to be presented at Tuesday’s Council meeting. According to officials, the budget would fund financing needs within the existing tax rate of 39.5 cents.