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Suffolk’s Popular Annual Financial Report (PAFR) for fiscal year 2024 was released on Monday and is available online. The PAFR provides an overview of the city’s finances and trends. The information is gathered from the 2024 Annual Comprehensive Financial Report, released in December. Suffolk’s FY runs from July 1 to June 30.

In a message from the City Manager, Al Moor wrote that as the city continues to grow, they have invested in infrastructure, public safety, education, and economic development while “maintaining fiscal responsibility.” 

According to the report, Suffolk’s population has grown 6.7% since the 2020 census and is expected to grow by 30% by 2040. As of July 2024, an estimated 100,690 people live in the city. The median home income has increased from $87,758 in FY23 to $88,508. The median home cost also increased from $314,400 to $385,000. The unemployment rate went up from 3.1% to 3.3%.

A year in review

According to the PAFR,  795 new jobs were created in FY24, and domestic and international companies made over $300 million in capital investments. 

The city continues many warehousing projects, including Coastal Logistics Center II, Virginia Port Logistics Park, Northgate Commerce Center, and Port 490 Logistics Center. The Port of Virginia became the first major East Coast port to operate on clean energy fully.

Solenis and ESKA USA announced they will expand into Suffolk. Solenis, a global producer of specialty chemicals and water treatment company, will invest $193 million in the city and is expected to create 34 new jobs. ESKA USA, a packaging and branding company, is expected to create 39 new jobs and expand in the future.

Bon Secours opened a new $80 million facility at the Bon Secours Health Center at Harbor View, adding 18 medical/surgical beds and four operating rooms.

Massimo Zanetti Beverage USA invested over $29 million to consolidate local production operations and create a new distribution center, creating 79 new jobs. Birdsong Peanuts finished a $25.1 million project to update its local production lines. 

The city provided Suffolk Public Schools with $71.7 million during FY24, 22.49% of Suffolk’s total governmental expenses and an increase from FY23. The city currently maintains 11 elementary schools, four middle schools, three high schools, and one alternative school. It has 2,300 employees, 13,450 students, and a capacity of 16,918.

Suffolk Public Works completed improvements to downtown drainage to reduce flooding and implemented automated traffic enforcement cameras to increase roadway safety.

Approximately 1,681 lane miles were maintained, 75 bridges and support structures were inspected, and about 60 centerline miles were paved.

The police department maintained re-accredation and construction began for a new fire station in North Suffolk. 

The PAFR reports that 9,427 applications were processed for SNAP, TANF, Medical Assistance, Child Care, and Energy Assistance, and 9,407 citizens received workforce development services.

Financial highlights

A city’s net position is the difference between its assets and liabilities and is one way to measure its financial health. Suffolk’s net position increased by 18%, or $135.3 million from FY23. 

4.8% of that net position is restricted, meaning those funds are limited to construction activities, payment of debt, or specific programs by law. 28.3% is the unrestricted net position. At the end of FY24, the city had a total outstanding debt of $696.5 million, a decrease from $705.2 million at the end of FY23.

The city’s four largest capital assets are improvements other than buildings (30.3%), construction (23.9%), infrastructure (18.1%), and buildings (13.6%).

General property tax revenue has steadily increased since FY15 and is the city’s largest source of revenue. In FY24, it totaled $205.6 million, up from $176.3 million in FY23, despite a two-cent tax relief credit. 

The city’s general fund increased to $202.9 million from $169 million, and the two largest general fund expenditures were public safety, with $88.1 million, and education, with $73.6 million.

For FY24, Suffolk’s tax rate was $1.09 per $100, remaining the third lowest in the region.