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Wilmington officials outline $51M–$63M CIP gap and options including a small tax-rate adjustment
Summary
City staff told council the current CIP bucket has a funding shortfall that ranges roughly $51.4M to $63.03M depending on grant outcomes; staff recommended a middle financing option (assuming grant awards and reserve use) that would require about 0.61 of a cent increase to the tax rate, with alternatives including delaying negotiable projects or reprioritizing existing funds.
City staff presented a detailed review of the capital improvement program (CIP), telling council that critical "non-negotiable" projects (bridges, bulkheads, stabilizations) carry an approximate shortfall of $23,000,000 and that negotiable projects add roughly $30,300,000 to the gap. Together, staff said, the total range is about $51.4M to $63.03M depending on grant awards and how a Riverwalk surplus is applied.
Heather Padgett, assistant budget director, described several individual projects and funding status. On the Front Street…
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