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The original item was published from 4/25/2023 9:36:00 AM to 5/1/2023 12:12:08 PM.

News Flash

Fredericksburg News

Posted on: March 14, 2023

[ARCHIVED] FY 2024 Budget First Reading

Budget Recommended FY24 Newsflash image

On April 25, Council will discuss and vote on the first reading of the FY 2024 Budget at 7:30pm. Council will discuss the budget at the 5:30pm work session prior. Second and final reading of the budget is scheduled for May 9.

On April 18, a Public Hearing was held on the Recommended FY 2024 Budget at 7pm. Council  discussed the budget at the 6pm work session prior. First reading of the budget is planned for April 25 with final reading on May 9. Residents who wish to speak at the public hearing do not have to sign up to speak prior but may want to contact the Council Clerk, Tonya Lacey at or call (540) 372-1010 as a courtesy. We are happy to answer any questions you may have about the budget by calling the City Manager's Office at (540) 372-1010 or emailing  The budget public hearing and other regular council meetings are live streamed and recorded for playback at

On March 14, the City Manager released his Recommended FY 2024 Budget to Council at their regular meeting. Council will discuss the budget and make suggested changes at upcoming meetings with plans to finalize it by May 2023. 

Please see the Transmittal Letter for a concise overview of the recommendations.

The FY 2024 Recommended Budget anticipates continued positive growth in revenues. The local and regional economy has remained resilient despite inflationary impacts and changes to the way we live post-pandemic. The budget reflects increased projections in consumption-related taxes including sales tax, meals tax, lodging tax, admissions tax, and business license tax. In addition to robust organic revenue growth this budget relies on a $.02 real estate tax increase, moving from $0.86 to $0.88 per $100 in valuation (a roughly 2.5% increase). This will generate approximately $915,000 in new general fund revenue. There is also a recommended Lodging Tax fee increase from 6% to 8% generating an estimated additional $560,000. The FY 2024 budget also includes some changes in Parks and Recreation fees and EMS fees. The Recommended General Fund budget of $120,552,445 is an increase of $5,567,690, or 4.84% from the FY 2023 original General Fund appropriation of $114,954,755. The General Fund is the primary fund for most City operations. This budget document also includes a variety of other funds including Transit, City Grants, and Stormwater Management.

Employees are the most valuable resource in moving the City ahead successfully, while honoring City Council’s priorities. The City continues, as most organizations throughout the nation, to be challenged with significant recruitment and retention challenges. This past week, for example, the City was advertising for more than 25 open positions. The FY 2024 budget designates an historic amount of funding, over $3 million in new investments in compensation, to better enable recruitment and retention efforts moving forward. This budget recommends that compensation for employees increase between 5% and 10% - depending on various factor, with the average being 7.14%.  See complete budget for more details......

Recommended FY 2024 Budget
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