Alexandria City Council Adopts Fiscal Year 2024 Budget
For Immediate Release: May 3, 2023
On Wednesday, May 3, the Alexandria City Council unanimously adopted a Fiscal Year (FY) 2024 General Fund Operating Budget of $884.3 million, which represents a 5% increase from the FY 2023 budget. The FY24 budget was adopted without an increase in the real estate tax rate for City of Alexandria residents and businesses for the 7th straight year; fully supports Alexandria City Public Schools' (ACPS) operating budget; and funds two historic Collective Bargaining Agreements for the Alexandria Fire Department (AFD) and Alexandria Police Department (APD).
“Our budget is evidence of our commitment to the needs of our community,” City of Alexandria Mayor Justin Wilson said. “I’m proud of this transparent process and the level of engagement we received from our residents. I also want to applaud the diligent and exemplary work of our City employees, particularly our Office of Management and Budget.”
The approved budget focuses on continuing the City’s record of prudent fiscal management, while investing in resilient infrastructure, youth, education and employee compensation.
The FY 2024 budget maintains the real estate tax rate of $1.11 per $100 of assessed value. It also includes $258.7 million in operating funds for ACPS — a $9.9 million (or 4.0%) increase over FY 2023 funding. In addition, the FY 2024 budget contains significant capital investments for stormwater management infrastructure; educational facilities; and maintenance of existing City assets and facilities, totaling $2.4 billion to be invested over 10 years in Alexandria’s Capital Improvement Program (CIP).
“This adopted budget invests in helping our residents and businesses become more prosperous, safer, more engaged while investing in the infrastructure of our City, and investing in our future with climate action, education, housing and our youth,” City Manager James Parajon said.
The FY 2024 budget will go into effect on July 1, 2023.
Visit alexandriava.gov/Budget to learn more about the entire budget process and view all budget documents.
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This news release is available at alexandriava.gov/go/4586