Community News

City Manager Lloyd Payne presented the recommended Fiscal Year 2024-2025 budget to the Mayor and City Council on Thursday. The budget continues the City’s commitment to deliver essential services and invest in the critical infrastructure needed to support its growing community, while maintaining the high quality of life that has earned Concord recognition as one of the best places to live. The budget also continues to prioritize promises made to the community to enhance city parks and greenways, improve traffic flow, and expand affordable housing options.

The recommended city-wide budget is $353,849,526 for all funds, including utilities and special revenue bonds. The budget includes a 6-cent cut to the property tax rate. If approved, the tax rate would drop from 48 cents to 42 cents per $100 of valuation. With this, the annual City property taxes for a home valued at $356,350 (the median single-family assessed home value for Cabarrus County) would be $1,496.67.

In keeping with City Council’s strategic priorities, the budget also continues to dedicate funding for transportation, affordable housing, and parks and recreation. The budget dedicates $4.4 million for transportation, focusing on roadway projects, street resurfacing, and sidewalk expansions. Affordable housing and parks and recreation each receive a dedicated $1.8 million. The parks and recreation funding supports greenway expansion and neighborhood connectivity to reach the City’s goal of 30 miles of greenways in place by 2030. The affordable housing funds will build upon the City’s efforts, in partnership with community organizations, to expand housing options and opportunities for low and middle-income residents.

To meet the City’s mission to deliver excellent service and remain an employer of choice, the budget invests in employee retention and recruitment. In 2023, the City completed a comprehensive market pricing study. That study resulted in the City refining its compensation strategy and adjusting employee pay to remain competitive and attract and retain a diverse and highly qualified workforce ready to deliver the exceptional service residents deserve, and maintain a high-performing city where everyone can thrive.

Additional highlights from the recommended budget include:

  • Prioritizes public safety, including funds for the design of a new Fire Station 13 on Flowes Store Road.
  • Continues to optimize solid waste services, with new processes proposed to improve the efficiency of limb and yard waste collection. This follows the successful transition last year away from contract service to city-provided garbage and recycling collection. The budget includes a small solid waste services fee increase to $4.00 per month.
  • Maintains our water infrastructure with key investments in critical infrastructure, including new automated metering infrastructure. The budget does not include any fee increases for water, sewer, or stormwater.
  • Invests in our electric system infrastructure to continue providing reliable power to homes and businesses. Following the recommendation of a recently completed rates and charges analysis, the budget includes rate changes to better match rates to the cost of service. With a corresponding reduction in the purchase power adjustment (PPA), however, most electric customers will see a reduction in their monthly power bill.

The complete recommended budget is available for review online at Residents can also request to review a copy in person at the City Clerk’s office.

City Council received an overview of the budget recommendation from City Manager Payne during a budget workshop on April 9. City Council will further discuss the budget and hold a public hearing during the City Council meeting on June 13 at 6 p.m. at City Hall.


Budget Overview