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Finance Director Andy Wood unveils $113.6 million FY2027 budget; city completes $15 starting wage
Summary
Finance Director Andy Wood presented the City of Charleston’s $113.6 million general fund budget for fiscal 2027, saying it requires no tax increases while completing a multi‑year plan to raise the starting wage to $15 for full‑time city employees and redirecting sales tax to an OPEB trust to shore up retiree health liabilities.
Finance Director Andy Wood presented the City of Charleston’s proposed FY2027 general fund budget, saying the $113,600,000 plan includes no new taxes or fees and completes a multi‑year plan to ensure the city’s starting wage for full‑time employees reaches $15 an hour.
Wood told the Finance Committee the city’s audited net position has improved markedly, from a negative $451 million in 2018 to about negative $69 million in the 2025 audit, and called that improvement a positive signal for future bond reviews. “We potentially could have a positive net position here in the next couple of years,” he said, noting that structural changes to pension funding helped reduce long‑term liabilities.
The director said the budget relies heavily on business &…
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