Mayor presents Concord's proposed FY 25 26 budget prioritizing tax stability and infrastructure

During the City Council Regular Work Session on June 12, 2025, Concord's Mayor presented the proposed budget for the fiscal year 2025-2026, emphasizing its role as a strategic roadmap that aligns with the council's priorities. The proposed budget totals $382,574,668, reflecting an 8.1% increase from the previous year, while maintaining the current property tax rate of 42 cents.

The Mayor highlighted the city's updated assessed property values, which have surged by 66.8% to approximately $24.76 billion. This increase in property values is significant as it allows the city to generate substantial revenue without raising taxes, with each penny of the tax rate yielding about $2.4 million after accounting for collection rates.

Key investments in the budget include $4.4 million for transportation improvements, $1.8 million for the greenway network, and another $1.8 million aimed at addressing affordable housing needs. These allocations are crucial as Concord faces evolving economic challenges, including inflation and changes in sales tax revenue.

The budget also proposes funding for public safety, including the addition of four new police officers and the design process for a new fire station. Infrastructure improvements are prioritized, with resources allocated for water, stormwater, and wastewater projects, as well as enhancements to the Concord Paget Regional Airport.

In terms of workforce investment, the budget includes a 3% cost of living adjustment for employees, along with merit-based increases. The city aims to support its employees amid rising living costs and healthcare expenses, which have prompted a recommended 5% premium increase for health plans.

The Mayor concluded by underscoring the budget's commitment to fiscal responsibility, ensuring that Concord can continue to deliver high-quality services without imposing additional financial burdens on taxpayers. The proposed budget will be subject to further discussion and consideration by the council in the coming weeks.