Subject:
Title
Public Hearing for Fiscal Year 2025-26 Operating Budget
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
March 15 and March 17, 2025, Budget Work Session
EXPLANATION AND SUMMARY:
The Town Manager’s proposed budget for fiscal year 2025-26 has been presented to the Mayor, Town Council, and residents. The proposed budget was reviewed by Town Council during work sessions held on March 15 and March 17, 2025. This public hearing allows the opportunity for residents to provide public input
The Town Manager’s proposed fiscal year 2025-26 budget reflects economic conditions expected over the next 12 to 24 months, and the top-ranked initiatives as identified by Council. The general fund budget includes no change in the real estate tax rate of $0.195 per $100 of assessed value and increases in salaries and other costs to meet current operational needs.
The proposed fiscal year 2025-26 budget totals $55,472,690 for the fiscal year beginning July 1st, 2025, and ending June 30, 2026, and is broken down as follows:
• General Fund $34,745,120
• Debt Service Fund $6,001,590
• Water and Sewer Fund $13,920,750
• Stormwater Fund $805,230
Departmental Recommendation: Recommend a public hearing on the proposed operating budget.
Finance Recommendation: Recommend a public hearing on the proposed operating budget.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Pursuant to the Code of Virginia and the Town Code, the Town Council must conduct a public hearing to receive input on a proposed new fiscal year Budget.
Town Manager's Recommendation: I recommend the Town Council close the public hearing and the Town Clerk be directed to advertise a Notice of Intent to Adopt for the Fiscal Year 2025-2026 Budget, as presented.
Cost and Financing: $55,472,690
Account Number: various
Prior Funding Approval: Annual General Budget (Year), Amendments, CIP Budget (Year), or ARPA.
Decision Needed by This date: April 7, 2025
PROPOSED/SUGGESTED MOTION
Recommended Action
“I move to close the public hearing.”
And
“I further move that the Town Clerk be directed to advertise a Notice of Intent to Adopt the Fiscal Year 2025-26 Budget at the May 19, 2025, Town Council meeting, following Town Council’s consideration of the real estate tax rate.”
Or
Other action deemed necessary by Council.