Goldsboro, N.C. — The City of Goldsboro’s recommended budget for Fiscal Year 2025–2026 was formally presented to City Council in accordance with N.C. General Statute 159-12, outlining a $93.18 million financial plan that emphasizes infrastructure, staffing, and long-term sustainability.
The proposed budget reflects an increase of $7.3 million—or 8.5%—over the previous fiscal year. Notably, the budget is balanced without the use of any fund balance, signaling strong fiscal stewardship.
One of the key components of the budget is a recommended property tax rate of $0.69 per $100 of assessed value, a significant adjustment from the revenue-neutral rate of $0.5632. This change is projected to generate $5.2 million in new revenue for the city, with each cent equating to roughly $386,000 in gross revenue.
Major Investments and Additions:
- Staffing Enhancements: The proposed budget includes funding for three new positions, including a Second Assistant City Manager and a Deputy Police Chief under the General Fund, as well as a Stormwater Administrator funded through the Stormwater Fund to ensure regulatory compliance.
- Employee Benefits: A 1% increase to employee 401(k) contributions, bringing the city’s total contribution to 5%, is also included to strengthen employee retirement benefits.
- Infrastructure and Equipment: The budget allocates $1.2 million in cash for street repaving projects, alongside $3.45 million in equipment purchases funded through debt under the General Fund.
- Utility Rates: In line with recommendations from consulting firm Stantec, the city will implement a 9% increase to water and sewer rates under the Utility Fund to support infrastructure upgrades and operational needs.
City officials noted that the proposed investments are designed to keep pace with Goldsboro’s growing demands while also preparing the city for future challenges. The budget prioritizes essential services, public safety, and critical infrastructure without placing undue strain on reserves.
Council members will now review the proposal ahead of public hearings and final adoption.
