On March 14, 2023 City Manager Wynter C. Benda proposed the FY 2024 Budget, “Moving Lynchburg Forward,” to Lynchburg City Council for deliberation and adoption. The proposed budget, across 17 City departments, is organized by City Council priorities: Public Safety, Infrastructure, Lifelong Learning, Economic Development and Quality of Life. It provides tax relief to residents and businesses over the next two years while strengthening Lynchburg’s ability to provide services.
- Balanced budget where ongoing revenues meet ongoing expenditures.
- Strengthens Lynchburg’s ability to provide expected, everyday municipal services.
- Ongoing and needed investment in the workforce with a 5% General Wage Increase.
- Creative and meaningful tax relief for residents and businesses.
- Unprecedented investment in public safety.
Tax Relief for Residents and Businesses
- Reduction of Real Estate Tax rate to $1.05: $4,488,612
- Personal Property Tax relief for ~34,490 vehicles at an average of $58.61/vehicle
- Waiver of Refuse Collection Fee for two years: $5,410,000 ($2,705,000/year)
- Waiver of Motor Vehicle License Fee for one year: $1,550,000.
The proposed budget includes $520,303,598 in Capital Improvement Program investments over a five year period. Specifically in the area of Economic Development, the City’s budget proposes:
- Continued commercial and industrial tax relief through reductions in the Business License Tax and Real Estate Tax and waiver of Motor Vehicle License Fee for one year
- Refocus of FTE for business development, real estate and business attraction
- Engineering and infrastructure support for industrial site development
- Earmark $100,000 in contribution to the Economic Development Authority to update the City-wide economic development strategy
- Ongoing support for:
– Local Redevelopment Program to support small business investments
– Sales marketing to recruit sporting events and meetings and conferences
– Destination development marketing for talent attraction and to drive visitor spending into local businesses
Budget Calendar and Engagement
The City Manager will hold a series of opportunities for citizen engagement around the budget March 16th and 17th at several locations across the City. Learn more
City Council will hold a Public Hearing on on the proposed real property tax, water resources rate study and the proposed FY 2024 budget on April 4th at 6:00 PM.