Raleigh budget includes $554 million for capital improvements

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North Carolina Construction News staff writer

The City of Raleigh has officially adopted a $1.26-billion budget year for the fiscal year 2024 (FY2024), highlighting essential infrastructure investments and sustainable growth. The FY2024 Capital Improvement Program is $554 million, with the total for five years (FY2024-2028) being $1.95 billion.

City staff conducted focus group sessions, an online survey, and public hearings to gather input and there were amendments made following the proposed budget including funding for the e-bike incentive program.

In addition to public safety, the adopted budget prioritizes affordable housing programs to address the ongoing housing challenges and create affordable housing options for individuals and families.

Additionally, significant funding will be allocated for road improvements, public transportation, and maintenance and expansion of green spaces.

Budget highlights:

  • $32.9 million to create affordable housing options, rental development, low-income tax credits, and programming to prevent homelessness
  • $150,000 for an e-bike incentive program pilot
  • Four new positions in Stormwater to address water quality, Federal Emergency Management Agency floodplain mapping, and capital project management which underlines council’s commitment to water quality and stormwater control; and,
  • More than $490 million in capital investments in water, stormwater, convention center/Martin Marietta Performing Arts Center, parks maintenance, technology, and general public improvements, affordable housing, and transportation. This funding is critical to support necessary capital improvements that ensure organizational effectiveness and excellence in customer service to our community.

The FY2024 budget is set to take effect July 1.

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