Savannah Prepares for Annual Budget Workshop with Proposed FY25 Budget of $601 Million

Savannah’s Budget Workshop: A Closer Look at FY25

Hey there, Savannah! If you’re looking for some inside scoop on how your city’s financial future is shaping up, grab your coffee and settle in. The City Council is rolling out the red carpet for its annual Budget Workshop on November 20, 2024, at the Savannah Civic Center, and everyone’s invited to join in from 9:00 a.m.. It’s a chance for you, the public, to see what’s cooking in the city’s financial kitchen as they whip up the proposed budget for the upcoming fiscal year!

The Numbers Are In!

We’re talking big bucks here—i.e., a whopping $601,632,607 is on the table for the FY25 proposed budget! Excitingly, this budget doesn’t include any tax rate increases or plans to dip into the city’s General Fund or Enterprise Fund cash reserves. Sounds good, right?

To give you a little context, last year’s FY24 budget was also a hefty one, sitting at $560 million. Fortunately, both budgets come without the added stress of tax hikes, thanks to Savannah’s booming economy, which is growing like a weed!

What’s Fueling This Growth?

City Manager Jay Melder explains that Savannah’s economic landscape is positively shining. With an uptick in property values, construction permits on the rise, and job opportunities bubbling over, things are looking bright for our fair city. But, hold your horses—there’s more to this story.

The Balancing Act

Even though the revenue stream is flowing, there are still hurdles to jump. Melder highlighted four key challenges facing the budget:

1. Finite Resources: Simply put, that means we can’t just keep printing money!
2. Obligation to a Balanced Budget: The city must balance its books—no ifs, ands, or buts.
3. Rising Costs: Everything’s getting more expensive, from staff salaries to service provision.
4. Growing Demand: As more folks flock to Savannah, the demand for city services is increasing—talk about pressure!

Melder noted that, while Savannah’s local job market is hot, it has also driven up costs for the city government as they strive to keep up with competitive wages. Yes, that’s right! Companies like Hyundai are enticing talent away with enticing salaries—a good thing for workers but a tricky challenge for the city.

Affordable Housing: A Pressing Concern

With all this growth, affordability is one big hurdle Savannah must tackle. Many households are feeling the squeeze, with approximately 21,000—that’s 40% of Savannah households—paying more than 30% of their income just to keep a roof over their heads. This ‘cost-burdened’ situation is causing a stir in the local community.

Melder warns that decisions made today will shape Savannah for the next century. “We need more planning and development capacity to handle the growth,” he said. To tackle this, they’re setting up a new Planning and Economic Development Service Center! Sounds like a step in the right direction!

Your Voice Matters!

This is your city, folks, and your insights matter! Make sure to swing by the workshop on November 20 and see first-hand how your tax dollars might be working for you. Whether you’re a concerned citizen or just curious, your voice can help shape the future of Savannah.

Stay tuned for more updates! And remember: grateful communities thrive. Let’s make Savannah even better together!