HomeMy WebLinkAboutTown of Wake Forest - Public Financial Report1
Citizens Financial Report
TOWN OF WAKE FOREST ~ NORTH CAROLINA
FISCAL YEAR ENDING JUNE 30, 2021
20
2
1
Finance & Budget Awards
The Town of Wake Forest’s Annual Comprehensive
Financial Report (ACFR) has won the Government
Finance Officers Association of the United States
and Canada (GFOA) award for 31 consecutive
years. For the last eight consecutive years, the Town has
received the GFOA award for the Distinguished Budget
Presentation. To earn these awards, the Town must produce
easily readable and efficiently organized budget and financial
reports, whose contents conform to program standards.
Such reports must satisfy both generally accepted accounting
principles and accepted legal requirements.
In addition, the Town’s Citizens’ Financial Report has received
the award for Outstanding Achievement in Popular Annual
Financial Reporting for the last four years. The award is
valid for a period of one year.
To view all Town of Wake Forest financial reports,
including the budget, visit the town’s website at
wakeforestnc.gov and search for “finance.”
CONTENTS
Town Leaders ......................................................3
Strategic Plan .......................................................4
Financial Results ..................................................5
Major Initiatives ....................................................8
Debt Management ..............................................11
Budget ...............................................................13
Wake Forest by the Numbers .............................14
Providing transparency
about the Town’s
financial operations
The 2021 Citizens’ Financial Report
provides citizens and other interested
parties with an overview of the Town’s
financial results. This report is prepared
to increase awareness and provide
transparency about the Town’s financial
operations.
The financial information provided here
is obtained from the audited financial
statements in the Town’s 2021 Annual
Comprehensive Financial Report (ACFR)
which is audited by Cherry Bekaert LLP
and has received an unmodified or
“clean” opinion.
The Citizen’s Annual Financial Report is
not required to present the same level of
detail as the ACFR and, therefore may
not fully conform to generally accepted
accounting principles (GAAP). This
report is designed to provide a summary
of the Town’s overall financial condition
of the Town in a user-friendly format
as well as serve as a supplement to the
ACFR, not a replacement.
To see the report, visit the town’s
website at wakeforestnc.gov and search
for “comprehensive annual financial
report.”
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to the
Town of Wake Forest
North Carolina
For its Annual Financial Report for the Fiscal Year Ended 2020
Executive Director/CEO
3
A Message from the Town Manager
The Town of Wake Forest is proud to present its
Popular Annual Financial Report (PAFR) for the
Fiscal Year ending 2021.
After a year of canceling many of our traditional
events, we began to gradually phase in our events.
Events such as Friday Night on White and Six
Sundays in Spring concert series are important to
the quality of life for our residents and they have
experienced great attendance since reopening.
Our Parks, Recreation & Cultural Resources
Department continues to see many of its programs
outpaced in attendance when compared to pre-
COVID numbers. As an example, our annual Boo
Bash attracted more than 4,000 attendees this
year when typical numbers are around 1,000. The
Renaissance Centre continues to have a positive
impact on citizens and has established itself as the
cultural arts center for Wake Forest and beyond.
Since reopening, performances sell out well in
advance of the show dates. The Centre continues
to be a destination for our downtown and plays a
key role in its success.
Our Fire Department was awarded an ISO Class
1 designation. This has the potential to lower
insurance premiums for some of our commercial
businesses in town. Wake Forest is now one of
only eighteen communities out of 1,220 in North
Carolina to receive this classification.
As we move into Fiscal Year 2022, the Town’s
Community Plan Update and Northeast
Community Plan are being finalized. We are
moving toward an
implementation phase
to address the tasks
identified in the Northeast
Community Plan, as well
as begin the process of
updating our Unified
Development Ordinance
to implement the policies
identified in the Community Plan Update.
Additionally, we will begin to finalize a list of
projects for a potential bond referendum in
November of 2022.
Our financial position remains strong. The Town
has received triple A ratings from the three
national credit rating agencies. This translates into
lower borrowing costs for the Town. Out of 552
municipalities in the State, Wake Forest is only
one of nine to achieve this rating. Additionally, our
auditors have finished their year-end review and
reported no issues or irregularities and therefore
issued a clean opinion of our finances.
On behalf of our elected officials and staff, I want
to thank you for your support of our continued
efforts in Wake Forest. We strive to make sure we
retain that sense of character that continues to
make “our Wake Forest” the ultimate location to
live, work, and play.
— Kip Padgett, Town Manager
2021 Wake Forest Mayor & Board of Commissioners
Commissioner
Jim Dyer
Commissioner
Bridget
Wall-Lennon
Commissioner
Liz Simpers
Commissioner
Adam Wright
Commissioner
Chad Sary
Mayor
Vivian Jones
Town Leaders
We strive to make sure
we retain that sense of
character that continues
to make Wake Forest the
ultimate location to live,
work and play.
4
Key Goals of the Strategic Plan
As we look to the future, Wake Forest must plan for
how it will continue providing services in a manner
that efficiently meets the needs of our growing and
ever-changing community. The strategic plan charts
our course for the next five years towards providing
excellent and sustainable quality of life for our
citizens. The Town’s strategic plan has four goals as
listed at right:
Mission Statement
The Town of Wake Forest is committed to improving
the quality of life in our community by preserving
our character, fostering economic opportunities,
strengthening our neighborhoods, delivering superior
services and embracing the diversity of our citizens.
Goal 1 Economic Development
Goal 2 Safe & Connected Community
Goal 3 Values-Based Organizational Culture
Goal 4 Fiscal Strength
Strategic Plan
A vibrant and diverse community that
provides superior public services
and an exceptional quality of life
Public works employees build and maintain sidewalks.
The Wake Forest community came together to refresh areas in the Northeast Community for “Make a Difference Day.”
5
FISCAL YEAR 2020–21 Financial Results
Governmental Results
The Governmental activities section in
the Town’s financial statements include
programs generally supported by taxes, capital
contributions along with grants from federal/
state governments. Governmental revenue
sources cover various services including: public
safety, public infrastructure, general government
administration and parks, recreation and cultural
resources. Governmental activities also include
special revenue activities, such as grants, and
capital project activities, such as greenway and
transportation projects funded by bond proceeds.
2021 2020 Change
Total Assets
& Deferred Outflows $333,404,245 $301,785,989 $31,618,256
Total Liabilities & Deferred Inflows 81,224,241 69,395,731 (11,828,510)
Total Net Position $252,180,004 $232,390,258 $19,789,746
Balance Sheet A balance sheet provides a
snapshot of what the Town owns (assets) and
owes (liabilities). Net position represents
the Town’s investment in the assets it uses in
providing services to its citizens.
Over time increases or decreases in net position
may serve as a useful indicator of whether
the Town’s financial position is improving or
weakening. During FY 2020-2021, the Town’s net
position increased $19,789,746.
A vibrant and diverse community that
provides superior public services
and an exceptional quality of life
2021 2020 Change
Revenues $78,744,732 $58,368,969 $20,375,763
(Expenses)(58,954,986) (44,709,532) (14,245,454)
Change in Net Position $19,789,746 $13,659,437 $6,130,309
Total governmental activity revenue increased
34.99% from prior year while expenses increased
31.96%. Increases from previous fiscal year were
recognized as follows:
n Ad valorem taxes – 14.8% over previous year
due to revaluation of assessed property and
strong continued growth
n Local option sales tax – 16% increase over
prior year
Income Statement An income statement
provides a summary of amounts received
(revenues) and amounts spent (expenditures).
The difference between revenue and
expenditures shows the Town’s change in net
position. A positive change indicates the Town
had enough revenues to cover its obligations and
has the ability to save for the future.
Management acknowledges that 2021 was
a successful year. After experiencing the
challenges presented by the widespread
Coronavirus (COVID-19), our strong financial
position, management practices, the willingness
of all staff to operate as a united team along
with growth in Wake County, the town has
been able to successfully navigate these
unprecedented times.
General Fund Results
The General Fund is the Town’s primary operating fund. Property taxes
and sales taxes are the two largest sources of revenue making up over
75% ($43,628,163) of the total received for the fiscal year. These revenues
provide services to citizens and businesses within Town limits.
Public safety, which includes police and fire protection account for
41% ($21,463,379) of the total expended. This is followed by General
government at 26% ($13,844,684) which includes the governing
body, administration, communications, human resources, finance,
downtown development, information technology, planning, inspections,
engineering, public works administration and fleet maintenance. The
charts on this page show the breakdown by percentage of General Fund
revenues and expenditures.
General Fund Expenditures
Year Ended June 30, 2021
$52,329,432
Public Safety $21,463,379 41.0%
General Government 13,844,684 26.4%
Debt Service 6,619,209 12.7%
Environmental Protection 4,379,114 8.4%
Cultural & Recreational 3,397,524 6.5%
Transportation 2,625,522 5.1%
General Fund Revenues
Year Ended June 30, 2021
$58,316,871
Property Taxes 33,655,281 57.7%
Sales Taxes 9,972,882 17.1%
Grants & Other Taxes 6,353,591 10.9%
Permits & Fees 4,099,595 7.0%
Sales & Services 2,068,143 3.5%
Other Sources 2,167,379 3.7%
6
Three Year Trends
2021 Actual 2020 Actual 2019 Actual
Property Taxes $33,655,281 $29,340,018 $27,713,298
Sales Taxes 9,972,882 8,594,400 8,245,963
Grants & Other Taxes 6,353,591 3,877,446 3,855,450
Permits & Fees 4,099,595 3,027,188 2,751,352
Sales & Services 2,068,143 625,102 930,868
Other Sources 2,167,379 2,768,762 1,751,684
Total GF Revenues $58,316,871 $48,232,916 $45,248,615
2021 Actual 2020 Actual 2019 Actual
Public Safety $21,463,379 $19,818,764 $16,674,495
General Government 13,844,684 13,209,979 12,362,906
Debt Service 6,619,209 6,319,300 6,703,678
Environmental Protection 4,379,114 3,853,434 3,674,634
Cultural & Recreational 3,397,524 3,681,193 3,276,171
Transportation 2,625,522 2,371,653 2,487,546
Total GF Expenditures $52,329,432 $49,254,323 $45,179,430
General Fund Revenues
General Fund Expenditures
FISCAL YEAR 2020–21 Financial Results
Proprietary Results
Proprietary or business type activities rely on fees
charged to customers for services rendered. The
Town operates Wake Forest Power and reports
as the Electric Fund. It is operated in a manner
similar to private business where the costs of
providing the service are financed or recovered
through user charges.
2021 2020 Change
Total Assets & Deferred Outflows $30,943,593 $30,861,745 $81,848
Total Liabilities & Deferred Inflows 9,799,782 9,663,095 (136,687)
Total Net Position $21,143,811 $21,198,650 $(54,839)
2021 2020 Change
Revenues $21,350,603 $20,614,193 $736,410
(Expenses)(21,405,442) (20,317,296) (1,088,146)
Change in Net Position $(54,839) $296,897 $(351,736)
Charges for services from the sale of power
increased 2.5% in the current year compared to a
2.5% decrease in the previous year.
Change in net position for business-type activities
decreased $54,839 for the fiscal year.
Balance Sheet A balance sheet provides a
snapshot of what the Town owns (assets) and
owes (liabilities). Net position represents
the Town’s investment in the assets it uses in
providing services to its citizens.
Income Statement An income statement provides
a summary of amounts received (revenues)
and amounts spent (expenses). The difference
between revenue and expenses shows the
Town’s change in net position. A positive change
indicates the Town had enough revenues to
cover its obligations and has the ability to save
for the future.
Wake Forest Power serves over 6,500 customers.
7
Major Initiatives
Wake Forest Community Plan
Update & Future Land Use Map
The Town of Wake Forest currently relies on the
2009 Wake Forest Community Plan and Growth
Strategies Map as a policy-based comprehensive
plan. The current plan contains the vision
statements, policies, and actions that have guided
growth in Wake Forest for the last 10 years.
The Town hired Houseal Lavinge in the summer
of 2020 to update the 2009 Community Plan.
Planning staff have been managing the project
through the two-year process. When adopted,
the Wake Forest Community Plan Update and
Future Land Use Map will guide development and
investment in Wake Forest for the next 10 to 20
years. The updated plan will help effectively guide
Town leaders in making substantive and thoughtful
decisions for the community.
Northeast Community Plan
The Town of Wake Forest is developing a plan for
the future of the Northeast Community. The North-
east Community Neighborhood is in the northeast
quadrant of the Town of Wake Forest. The area is
comprised of over 300 acres of land that is home to
approximately 2,300 people.
When adopted, the Northeast Community Plan
will guide policies and actions responding to
current and future needs of the community. The
goal is to help preserve the history, diversity, and
affordability of the area while addressing issues of
growth, economic health, public infrastructure,
and preservation. Residents were invited to share
their input on the plan through public meetings,
survey and an open house.
Affordable Housing Plan
In light of the increasingly difficult housing
situation many in the Triangle are experiencing,
the Town of Wake Forest is developing an
Affordable Housing Plan to help better analyze
and mitigate housing conditions within the
community. The Wake Forest Affordable
Housing Plan will examine existing local
housing conditions, determine housing needs,
establish a vision and associated goals for
housing in the community, and recommend
policies to help achieve this vision.
Underground Fiber
Infrastructure
Underground fiber infrastructure
construction started in February 2020.
Project includes installing 25 route miles
of fiber interconnecting 14 town facilities.
Cost is approximately $2.5 million is
expected to be complete by March 2022.
8
Ligon Mill
Operational Improvements
Improvements consist of widening the
existing narrow corridor from two-lanes to
a four-lane median divided highway with
left-turn lanes, bike lanes, curb and gutter
and extra wide sidewalks. Construction
started in May 2020 and is expected to
be completed by the end of 2021.
This logo indicates a project financed through general obligation bonds that were approved by Wake Forest voters in
November 2014.
20
9
Wake Forest Fire Department
After operating as a private, non-profit
organization for 37 years, the Wake Forest Fire
Department (WFFD) officially joined the Town of
Wake Forest on July 1, 2020.
Established in 1921, the WFFD currently operates
with five fire stations throughout Wake Forest.
Comprised of over 80 paid personnel, 20 part-time
employees and 28 volunteers, the department pro-
vides fire protection, emergency medical and rescue
services, as well as a public education program for
the community.
The Wake Forest Fire Department officially joined the Town of Wake Forest
adding approximately 100 employees to serve and protect the community.
Looking to the Future
The Town continues to make strategic
public investments that will spur private
development. Several developments that
are in progress are direct results of that
investment.
n 353 South White Street
The former SunTrust building, located at
the corner of White Street and Elm Avenue
spans one acre in the heart of downtown
Wake Forest. Slated for redevelopment
into a mixed-use, pedestrian-oriented
property located at a key corner, the Town
plans to use the site to serve as the major
gateway into downtown. While a developer
has not yet been selected for the
redevelopment project (an RFP process
is slated for early 2021), conceptual plans
and in-depth studies on the marketability
of the site have been completed, priming
the property for the next stages of
development.
n Phase 2 PowerHouse Row
Plans for Phase 2 of PowerHouse Row
are now underway. This structure will be
larger than Phase 1, with approximately
12,000 square feet of commercial and
retail space at street level. In total, Phase
2 of PowerHouse Row will include 47
apartment units with early investment
projections hovering around $14 million.
n 535 South White Street Warehouse
535 South White Street warehouse is a
project that will convert/update the 16,000
square foot building into a mix of uses
including food and beverage along with
private offices. Located adjacent and
sharing open space with Loading Dock
Wake Forest, the former warehouse was
acquired earlier this year and plans are in
the review phase.
Work continued on two major plan updates that will determine the future of our
community. The Northeast Community Plan and the Community Plan Update
overlap fiscal years and continue into 2022.
Approximately 100 employees were onboarded as a result of the Fire Department’s transition to the Town
on July 1, 2020.
The Affordable Housing Plan kicked off in 2021. The Town will examine local housing conditions,
determine housing needs, establish a vision and associated goals for housing in the community and
recommend policies to help achieve this vision.
Seventeen positions were added to meet the demands of our growing community.
Fiscal Year Highlights
10
Two Assistant Town Managers were added and Town departments were re-organized
and streamlined.
A cost of service and rate study was completed for Wake Forest Power. The results were
presented in December. Electric rate increases were delayed until September 1, 2021.
The Town issues debt to fund General
Governmental and business-type capital
needs. Total outstanding debt as of June
30, 2021 totals $47,942,277. This includes
general obligation bonds (voter approved debt),
revenue bonds (electric) and installment purchase
agreements. The chart below provides the
breakdown of debt type at the end of the fiscal
year.
Town’s Credit Ratings
The Town benefits from its outstanding credit
ratings. A priority of the Town is to maintain
public trust in the sustainability of the Town’s
financial system. This commitment has resulted in
the Town receiving the following credit ratings:
n Standard & Poor’s AAA
n Fitch Ratings AAA
n Moody’s Aaa
Another priority of the Town is to maximize return
on town funds. By maintaining or improving bond
ratings result in lower interest rates on debt.
Debt Issuance
The Town’s total debt increased by $5,742,587
(13.6%) during the fiscal year. Along with retiring
debt during the year, the Town issued the following
debt:
Installment Purchase Agreements:
n $2,500,000 – Fiber Construction,
July 2020, 7-year term, 2.17%
n $738,170 – Vehicles and Equipment,
September 2020 – 4-year term – 1.04%
n $1,309,512 – Aerial Ladder Fire Truck,
February 2021, 5-year term, 0.99%
n $642,435 – Vehicles and Equipment,
June 2021, 4-year term, 0.97%
General Obligation Bonds:
n $1,290,000 – Street, Sidewalk and Greenway
Improvements (various projects)
June 2021, five-year term, .54%
n $4,920,000 – Street, Sidewalk and Greenway
Improvements (various projects)
June 2021, twenty-year term, 1.62%
In addition, the Town had a rate modification of
the 2018 Street Improvements installment note
which had an outstanding balance of $1,800,000.
The new interest rate for the refinanced debt is
2.13%, which resulted in savings of $65,000
over remaining life of loan. Also, as result of the
Fire Department’s merger with the Town, two
outstanding Fire Department installment notes
were assumed by the Town. During the year the
Town retired one of the notes totaling $106,231.
The remaining Fire Department note had an
outstanding principal balance of $350,411 and a
2.99% interest rate.
Debt Management
Breakdown of Debt
Year Ended June 30, 2021
$47,942,277
General Obligation Bonds $29,400,000 61.3%
Installment Purchase
Agreements $17,739,013 37%
Revenue Bonds $803,264 1.7%
11
During 2021-2022, the Town plans to issue installment debt to purchase replacement vehicles and equipment for the Police department.
Debt Policy Compliance
The Town actively monitors and manages its debt
capacity and affordability. In keeping with the
goal of enhancing fiscal strength identified in the
strategic plan, the Town has a formal policy which
provides guidance and direction when considering
the impact of future debt.
Future Debt Issuance
The Town utilizes a debt model to plan the
issuance of future debt. The model was last
updated during FY 2017-2018 in conjunction with
issuing general obligation bonds in June 2018. The
updated debt model includes planned issuances
through 2021. A debt service fund with specific
revenues including a portion of the tax rate, vehicle
fees and downtown municipal service district tax
funds are earmarked to repay general fund debt.
During FY 2021-2022, the Town plans to issue
$1,304,500 in installment debt to purchase
replacement vehicles and equipment for the Police,
Public Works, and Inspections departments.
Another bond referendum is planned for
November 2022. The amount along with proposed
projects will be finalized in the coming months and
incorporated into the debt model update in
Spring 2022.
Debt Management
How the Town’s Debt Compares to Policy
0.6494%*
2%*
Town’s Current Debt
Town’s Policy for Debt
North Carolina State Statute
*of assessed valuation
12
Holding Park Aquatic Center offers a lap pool, water slides, children’s pool and sprayground. (top image)
During 2021-2022, the Town plans to issue
installment debt to purchase replacement vehicles
and equipment for the Police, Public Works, and
Inspections departments. (bottom image)
8%*
Budget & Planning
Property Tax Rate
The Town’s tax rate will
remain unchanged at
$0.495 for the coming
fiscal year.
13
The budget represents
the fundamental
philosophy of being
conservative with
revenue projections
and maintaining fiscal
constraint on the
expenditure side.
Fiscal Year 2021–22 Budget Highlights
Much like an average household, the Town uses
a balanced budget to ensure that it maintains a
healthy financial position. North Carolina law
requires local governments to approve a balanced
budget each year. The Town plans for its financial
needs of the future by utilizing a five-year capital
improvements plan that is updated annually,
financial forecasting, debt models, various other
studies and plans.
Governmental Activities: The 2021-2022 Adopted
Budget increased (4%) from the 2020-2021
Amended Budget, this also increased 6.5% over
the 2020-2021 Adopted Budget. The foundation
of this budget is the strategic plan which sets the
roadmap for all decisions over the next few years.
The budget endeavors to achieve the four key goals
in the strategic plan by maintaining current service
levels, enhancing infrastructure and providing for
employees. Ten (10) new positions were included
in the approved budget. Of these positions, one is
attributed to the creation of a new Legal Services
department.
The Town’s tax rate will remain unchanged at $.495
for the coming fiscal year. The rate is inclusive of
$.015 for transportation initiatives and $.005 for
affordable and workforce housing. The final budget
for the General Fund totaled $56.05 million. In
addition, the Downtown Municipal Service District
tax rate remains unchanged at $.14. Despite the
appearance of renewed fiscal growth and other
positive changes in economic conditions, the Town
will continue to focus on financial sustainability.
The budget represents the fundamental philosophy
of being conservative with revenue projections and
maintaining fiscal constraint on the expenditure
side.
Decision making will still require much care and
prudence as we continue to focus on providing the
core services our citizens expect. Prioritizing how
our resources are utilized is critical as we make
long term plans for capital investments, as well
as addressing future debt service and additional
upcoming legislative mandates.
Business–type Activities: Utility rates were increased
in the Electric Fund with the Adopted 2021-2022
Budget per an electric rate study that was presented
in December 2020. The study began during the
FY 2019-2020, however, due to the pandemic the
study, as well as any potential changes to the rates
were delayed. The total budget is $23.3 million for
the Electric Fund.
General Government
Public Safety
Fire Services
Transportation
Environmental Protection
Cultural & Recreation
Debt Service
29.5%
26.4%
15.4%
7.2%
1.7%
8.5%
11.3%
How Your Town Property Tax Dollars Are Spent Total Budget FY 2021–2022
$91,434,535
Personnel Costs $38,269,340 42%
Operating Costs $28,372,760 31%
Purchase for Power $12,298,935 14%
Debt Service $7,887,700 86%
Capital Outlay $4,605,800 5%
14
Wake Forest by the Numbers
50,244
town population
4th largest municipality
in wake county
12,794
acres within
town limits
19.99
land area in
square miles
141.58
miles of
town-owned
streets
36 yrs
median age
1,003
building permits
issued during
fiscal year
398
town employees
$40,982
per capita personal income
$92,210
median household income
78
full-time sworn
police officers
6
police stations
6,567
number of
wake forest power
customers
3.9%
wake forest
unemployment rate
25
fire department
volunteers
108
full-time and
part-time
firefighters
5
fire stations
15
Rank Principal Employers Approximate # of Employees
1 Wake County Public School System 1300
2 CenturyLink 452
3 Southeastern Baptist Theological Seminary, Inc.448
4 Walmart 412
5 Wegman’s 410
6 Town of Wake Forest 391
7 Chick Fil A 318
8 Lowes Foods 211
9 Target Corporation 200
10 Sams Club 185
11 Lowe’s Home Improvement 176
12 Rex Healthcare (Wake Forest & Wakefield) 171
13 Pack-Rat 170
14 Home Depot 164
15 Hillside Nursing Center of Wake Forest, Inc.160
16 Franklin Academy 152
17 Texas Roadhouse 123
18 Publix 120
19 Kohl’s 114
20 Moffat Pipe 88
21 Norse 70
Source: Wake Forest Economic Development projected employment
estimates
Rank Taxpayer Taxable Assessed Valuation
1 Legacy Wake Forest LLC $54,216,034
2 Wake Forest Apartments LLC 41,361,099
3 Heritage Gardens LLC 38,751,899
4 Caveness Partners LLC 36,903,241
5 Wake Forest Crossing Owner LLC 34,961,948
6 WMCI Raleigh IV LLC 33,949,300
7 Waypoint CapCreek MF Owner LLC 33,540,923
8 Crossroads Holdings LLC 30,573,582
9 Wake EMC 28,189,207
10 Walmart Real Estate Business Trust 23,649,363
Total $356,096,596
Total Assessed Valuation $6,799,785,581
Source: Wake County Revenue Department
MAJOR TAXPAYERS MAJOR EMPLOYERS
The 2021 Citizens Financial Report is a publication of:
Town of Wake Forest
FINANCE DEPARTMENT
301 S. Brooks St.
Wake Forest, NC 27587
For more information about the Town of Wake Forest visit
wakeforestnc.gov
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