Town government · Wake County, NC

Wake Forest's money: where it comes from and where it goes

In the latest recorded fiscal year (ended June 30, 2024), Wake Forest took in $112 million and spent $112 million.

Latest recorded year: ended June 30, 2024Comes fromGoes to

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Where it comes from

Town taxes55%Fees for services (electric power, garbage collection)27%State tax money10%Fines and other8.2%

What stands out

36%

of Wake Forest's money comes from property tax.A typical U.S. city of 50,000+ people gets 20%.

Town taxes55%

Property tax
36%$40.2 million
Sales tax
16%$17.7 million
Other taxes
3.2%$3.6 million
What's in other taxesOccupation and business licenses; motor vehicle licenses and 1 more
  • Occupation and business licenses$2.3 million
  • Motor vehicle licenses$1.3 million
  • Other licenses$5 thousand

Amounts are by Census tax category.

Fees for services27%

Fees for services
27%$30.0 million
What's in fees for servicesElectric power; garbage collection and 3 more
  • Electric power$24.2 million
  • Garbage collection$4.0 million
  • Parks and recreation$1.2 million
  • Other service charges$375 thousand
  • Other government-run businesses$112 thousand

Amounts are by Census type of charge.

State tax money10%

Money the state passes on, paid for by the state taxes residents also pay.

From the state
10%$11.4 million

Fines and other8.2%

Interest, rents and other
8.2%$9.2 million

Where it goes

Police, fire, courts and jails30%Water, sewer, trash and utilities29%Running the government and other costs15%Parks, recreation and libraries9.8%Housing and community development7.5%All other spending9.1%

What stands out

7.5%

of Wake Forest's spending goes to housing and community development.A typical U.S. city of 50,000+ people spends 1.4%.

Spending by category100%

Police, fire, courts and jails
30%$33.5 million
What's in police, fire, courts and jailsPolice; fire protection and 2 more
  • Police$16.7 million
  • Fire protection$14.1 million
  • Inspections and regulation$2.2 million
  • Courts and legal services$434 thousand
Water, sewer, trash and utilities
29%$32.2 million
What's in water, sewer, trash and utilitiesElectric power; garbage and solid waste and 1 more
  • Electric power$25.1 million
  • Garbage and solid waste$6.3 million
  • Sewer systems$790 thousand
Running the government and other costs
15%$16.4 million
What's in running the government and other costsCentral staff services (personnel, purchasing, technology); government buildings and 2 more
  • Central staff services (personnel, purchasing, technology)$7.7 million
  • Government buildings$6.9 million
  • Finance, tax collection and budgeting$1.6 million
  • Other and not broken out$340 thousand
Parks, recreation and libraries
9.8%$10.9 million
What's in parks, recreation and librariesParks and recreation
  • Parks and recreation$10.9 million
Housing and community development
7.5%$8.4 million
Roads, transit and parking
6.8%$7.6 million
What's in roads, transit and parkingRoads and highways; public transit and 1 more
  • Roads and highways$7.4 million
  • Public transit$112 thousand
  • Parking$2 thousand
Environment and natural resources
1.2%$1.3 million
What's in environment and natural resourcesNatural resources, farming and conservation
  • Natural resources, farming and conservation$1.3 million
Interest on debt
1.1%$1.2 million
What's in interest on debtInterest on general debt and interest on electric power debt
  • Interest on general debt$1.2 million
  • Interest on electric power debt$52 thousand
Sources and moreWhere these numbers come from and what they cover

Town of Wake Forest. U.S. Census Bureau, 2024 Annual Survey of State and Local Government Finances, individual unit file, fiscal year ended June 30, 2024.

What this covers. The money of Town of Wake Forest itself. Other governments that serve the same area (the city, county, school district and state) are separate and not included. Borrowing, transfers between a government's own funds, and pension trust funds are not counted as revenue.