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Raleigh budget briefing: FY25 on track but sales tax is cooling; council told to plan for compensation study and capital changes
Summary
Raleigh’s finance team told councilors that fiscal 2025 revenues and spending are tracking largely as expected but warned of slower sales‑tax growth, an imminent citywide compensation study and proposed changes to capital planning and bond pacing.
City budget staff gave Raleigh councilors a mid‑year briefing showing overall fiscal 2025 revenues and spending tracking close to plan, while flagging three items that will shape a coming fiscal‑year proposal: a citywide classification and compensation study, a slowdown in sales‑tax growth, and proposals to change how the city plans and sequences capital bonds.
Budget Director Sadia Sattar and Finance staff said the city’s total budget across funds is roughly $1.4 billion and that the general fund — the city’s primary operating fund — is collecting property taxes and fees at expected rates. “Property tax collections are right at historical expectations for mid‑year,” Finance staff said. The mayor and council had previously committed one penny of property‑tax revenue (roughly $11.4 million in…
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