Podcast: An overview of the upcoming City budget
Details on the fiscal year 2018-2019 City budget with Assistant City Manager, Chris Story
Summer is here (not officially, but you know what we mean) and that means something very special for City Podcast regulars...it's time for the budget podcast. This week we've got Assistant City Manager Chris Story on to give us an overview of the most important ordinance City Council passes each year.
The $40.8 million fiscal year 2018-2019 budget includes no tax or fee increases and shows four percent projected revenue growth, owing largely to growing in Hospitality Tax and Business License revenue. However, much of that growth is absorbed in the budget by necessary expenditure increases for the City's equipment replacement fund, facilities maintenance, and City Employee medical insurance and retirement fund increases. The new budget goes into effect July 1. Details include:
• Three percent employee cost-of-living pay increase
• Seven percent increase for the medical insurance fund
• $250,834 for mandatory increases in employee retirement
• Increase of $50,000 for City’s legacy pension plan
• $220,000 for building facilities maintenance
• $1.49 million for equipment replacement
Listen below for more details and follow this link to download the full fiscal year budget.
Want to listen to our podcast on your iOS device? Follow this link to subscribe through iTunes. Android user? Find us on the Google Play store here. Got Stitcher? Follow this link to listen. Podcast music provided by Spartanburg singer-songwriter, David Ezell.