Wilmington presents FY2026 revenue projections; reassessment leaves overall tax billing revenue-neutral

Rob Winkler, fiscal director in the Office of Management and Budget, told the Wilmington City Council Finance Committee that the administration’s FY2026 revenue projections fund a proposed general fund budget of about $204.2 million prior to transfers and do not rely on the tax stabilization reserve to balance operations.

Winkler said the projections assume no use of the tax stabilization reserve and that the mayor’s proposed budget—presented to council in March—includes no property tax rate increase but does include a proposed water/sewer rate increase of 6.5% and a 6% stormwater increase. He said Wilmington’s Economic and Financial Advisory Committee (WIFAC) reviewed and certified the projections on March 27 and that, by city code, council cannot change certified revenue projections without further WIFAC review.

Why it matters: Newcastle County completed a citywide reassessment — the county’s first total reassessment in about 40 years — and the county’s preliminary file shows a much larger assessed base. The administration is proposing a new millage rate intended to keep total billed tax revenue the same as FY2025, but the reassessment will move the distribution of tax burden among property owners. Council members asked for the final county file and for details on any assistance for households that face higher bills under the new assessments.

Wage and net‑profits taxes and property tax Winkler showed that wage and net…