Financial Outlook

This chart illustrates the decline in Rocky Mount’s cash and investment balance from 2019 to 2025.  For several years, Rocky Mount’s cash and investment balance remained relatively stable, averaging between $110 million and $120 million from 2019 through 2022. That stability gave the city a healthy cushion to manage operations and unexpected costs. However, beginning in 2023, balances started to decline sharply. By August 2023, reserves had fallen to $100.7 million; by August 2024, they dropped further to $65.0 million. As of August 2025, the balance has plummeted to just $20.1 million.  

This chart illustrates how Rocky Mount’s annual spending has risen steadily in recent years. Total expenditures grew from $205 million in FY2019 to over $302 million in FY2024, before leveling at $301 million in FY2025. The largest driver of this increase has been capital and debt service. Salaries and wages also climbed, reaching nearly $95 million in FY2024. 

This chart highlights the steep decline in the city’s unassigned fund balance in the general fund, the financial cushion that provides flexibility in emergencies and helps maintain fiscal stability. In FY2020, the general fund balance stood at $16.4 million and grew to more than $20.5 million in FY2022. However, by FY2024, it had dropped sharply to just $6.5 million.

 This chart shows the overall decline in Rocky Mount’s total unassigned fund balance. In FY2020, the total unassigned fund balance was more than $71 million, climbing slightly to $73.8 million in FY2021. Since then, it has dropped significantly, falling to $68.9 million in FY2022, $58.4 million in FY2023, and reaching just $44.5 million in FY2024. 

This chart is a working document that shows a six-month projection of expected revenues and expenditures. It does not factor in planned cost reduction strategies or potential revenue increases.