Subject:
Title
Intent to Adopt FY2025-26 Operating Budget
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
Work sessions Dec. 16, 2024; Jan. 13, 2025; March 15, 2025; and March 17, 2025
Public hearing April 7, 2025
EXPLANATION AND SUMMARY:
The Town Manager's proposed budget has been reviewed in detail during four Town Council budget work sessions on Dec. 16, 2024, Jan. 13, 2025, March 15 and March 17, 2025, and during a public hearing on April 7, 2025.
The Town Manager's proposed FY2025-26 operating budget reflects current economic conditions related to inflation and supply chain issues, and the top-ranked new initiatives as identified by Council. The general fund budget includes a real estate tax rate of $0.1950 per $100 of assessed value and increases in salaries and other costs to meet current economic conditions and to be competitive in the hiring sector.
The budget, proposed for adoption as revised for fiscal year 2025-26, in the total amount of $55,497,690, is appropriated for the fiscal year beginning July 1, 2025 and ending June 30, 2026, and is detailed by fund as follows:
FUND:
|
General Fund |
$34,770,120 |
|
Debt Service Fund |
$6,001,590 |
|
Water and Sewer Fund |
$13,920,750 |
|
Stormwater |
$805,230 |
|
|
|
|
TOTAL |
$55,497,690 |
Departmental Recommendation: Recommend Council adopt the FY2025-26 budget as presented.
Finance Recommendation: Recommend Council adopt the FY2025-26 budget as presented.
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town Council has conducted a public hearing on the proposed FY2025-26 Town budget and the Town Council may adopt the advertised FY2025-26 budget in its discretion.
Town Manager's Recommendation: I recommend the Town Council adopt the operating budget, as presented.
Cost and Financing: $55,497,690
Account Number: various
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Year), or ARPA. N/A
Decision Needed by this date: May 19, 2025
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to adopt the $55,497,690 operating budget "
And
“I further move that of the said total, $34,770,120 be appropriated for general fund expenditures; $6,001,950 be appropriated for debt service fund expenditures;
$13,920,750 be appropriated for water and sewer fund expenditures; and $805,230 be appropriated for stormwater fund expenditures."
Or
Other action deemed necessary by Council.