On Tuesday, the Apex Town Council officially adopted our 2024/25 budget, bringing budget season to a close.
This budget includes a 3.8 cent increase in the tax rate above the revenue-neutral rate, the lowest among all municipalities in Wake County. The final tax rate is 34 cents per $100 assessed value, the second-lowest in the county, and 10 cents below last year’s rate of 44 cents per $100. This adjustment offsets the higher property values from this year’s property revaluation.
Our budget prioritizes people. We are investing in our growing community by hiring 37 new positions and supporting our existing employees with competitive cost of living increases and a well-funded merit increase program. We’re also expanding our benefits to keep Apex a competitive place to work, avoiding the shortages faced by other towns. Details about the new positions and our four-year staffing plan are in the budget appendix.
We are also making significant capital investments in response to resident feedback. Our capital improvement plan prioritizes projects like streets and sidewalks, Jessie Drive, Peakway North widening, and more. Notable projects this year include a traffic light and turning lanes at BBQ and Olive Chapel, improvements at Center Street and Chatham Street railroad crossings, an Environmental Education Center in the Nature Park, a Street Hockey Rink at the Community Park, and completing Pleasant Park with a baseball/softball complex. Many of these are multi-year projects, with funding to start them this year.
I am proud that we have made these necessary investments in our workforce and capital projects while maintaining the smallest tax increase and second-lowest tax rate in the county.
Final adopted budget can be found here: https://apexnc.org/DocumentCenter/View/47375/FY24-25-Budget?bidId=
More info here: https://apexnc.org/153/Budget
VISION OF THE PEAK 