Hickory’s Fiscal Year 2024-2025 Recommended Budget

City Manager Warren Wood delivered his Fiscal Year (FY) 2024-2025 Recommended Budget to the Hickory City Council on May 21. The Recommended Budget totals $144,793,945 for all City operations, capital improvements, and debt service requirements for the upcoming year. This represents a 5.8% increase over the current year’s budget.

Key components of the budget include:

• General Fund (Main Operating Fund): A budget of $73,976,524 is recommended, which represents a 7.9% increase over the current year’s budget. The property tax rate for FY2024-2025 is recommended to remain unchanged at 45.5 cents per $100 of assessed value. 
• Water and Sewer Fund: A 5% increase in water and sewer volume charges is recommended for the coming year to improve infrastructure and maintain the enterprise fund’s self-sufficiency. This will equate to about a $1.86 per month increase on the average residential water and sewer bill.
• Solid Waste Fund: An increase of $1 is recommended to bring the monthly sanitation rate up to $28 per month for the upcoming fiscal year. This increase will help to offset increases in fuel and labor costs.

In his budget message, Wood outlined the City of Hickory’s next set of strategic initiatives related to protecting the Catawba River, water treatment contingency planning, expanding water storage capacity, water distribution system interconnectivity, and the future Catawba River Education Center.

“By investing in these initiatives and critical infrastructure projects, we will be able to safeguard our water system, accommodate new economic development opportunities, and ensure the well-being of residents in our region,” said Wood. “These projects will not only help in addressing current water system vulnerabilities, but will also lay the foundation for a sustainable future, demonstrating our proactive approach to resource management and community resilience.”

He added, “The Hickory we see emerging today stands in stark contrast to what we were experiencing in the mid-2000s. Hickory is known throughout the state for being forward thinking. This was clearly demonstrated by the community voting overwhelmingly for the 2014 Bond Program put forward by City Council. By the time the Bond Program is completed, it will have taken 12 full years to implement. There are few communities where that level of patience and commitment can be found. Hickory’s voters have provided the political continuity necessary to fully implement the Bond Program and have never wavered in their desire to see it through. Our community is now beginning to reap the benefits of their patience and support.”  
 
The Hickory City Council welcomes public input and will hold a public hearing on the FY2024-2025 Recommended Budget on Tuesday, June 4, at 6 p.m., during its regular City Council meeting at the Julian G. Whitener Municipal Building.

The full FY2024-2025 Recommended Budget is available for review online at www.hickorync.gov/budget. 

The recommended budget is balanced and prepared in accordance with the Local Government Budget and Fiscal Control Act and Generally Accepted Accounting Principles.