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Gilbert council sets maximum FY26 budget amid $14 million in ongoing revenue losses
Summary
Council adopted a preliminary FY2026 budget upper limit and set the final property-tax hearing for June 10 after staff outlined a near-term revenue shortfall driven by state tax changes and the loss of a residential rental sales tax.
The Gilbert Town Council on Tuesday adopted a preliminary FY2026 budget ceiling and set the final property tax hearing for June 10 after staff presented a fiscal outlook that includes roughly $14 million in ongoing annual revenue reductions.
Town Manager Patrick Banger told the council the town faces two principal ongoing revenue impacts: the permanent loss of a residential rental sales tax category that equates to about $9,000,000 a year and a state shared income tax reduction of about $5,000,000. “That was a permanent, elimination of that tax category for us rolling forward,” Banger said, summarizing the change that will fully impact FY26.
The nut graf: Staff framed FY26 as a difficult budget year with…
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