The Winston-Salem City Council has approved a $659.8 million budget for the 2024-25 fiscal year. This year’s budget includes a property tax rate increase of 10%. Greater Winston-Salem, Inc.’s Board of Directors is issuing the following statement in response to the new budget:

Greater Winston-Salem Inc on behalf of our 868 members opposes a tax increase of this magnitude from the City of Winston Salem. While we appreciate the need for modernizing pay levels, we believe this increase without balancing in other areas makes it a harder environment for businesses to succeed by making it more expensive to operate and to recruit talent. Additionally, it will make life more expensive for employees of our member businesses and all of the citizens in Winston Salem who are already feeling the pinch from inflation. Over the last few weeks, we have communicated this with elected leaders and city officials. We request that City Council look at a more balanced approach in the future and have more time for the business community to participate in the budget process in order to achieve our collective goals of being the top mid-size city in the Southeast, being a more equitable community, and being the best place to raise a family.