Gilbert adopts FY2026 budget and sets secondary property tax levy; Ford Lightning purchase held pending EV study
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Summary
The Town Council adopted the final Fiscal Year 2026 budget, maintained the secondary property tax levy at $34,838,000, and approved holding a planned Ford Lightning vehicle purchase until a council study session on electric vehicles; the budget reflects multi‑million dollar state revenue losses and a $1.7 billion CIP.
The Gilbert Town Council on June 10 adopted the Fiscal Year 2026 budget and set the secondary property tax levy at $34,838,000.
Town Manager Patrick Banger and Finance Director Kelly Fost outlined fiscal pressures facing the town, including an estimated $9 million ongoing loss of residential rental revenue resulting from state legislative action and roughly $4.5 million in reduced state shared income tax for the coming fiscal year; staff described the combined impact as approximately $13.5–$14 million in reduced ongoing revenues.
The final budget includes a capital improvement program of roughly $1.7 billion (with about $1.2 billion carried forward and roughly $500 million in new project funding), the addition of about 34 full‑time positions and 18 limited‑term agreements, and continued debt management measures. Staff said the recommended property tax rate was to be maintained at $0.98 and that the levy motion set the secondary levy at $34,838,000.
Councilmember Koprowski moved to adopt the final budget for the period July 1, 2025 – June 30, 2026, with instruction that the planned purchase of a Ford Lightning vehicle be held until the council’s electric‑vehicle study session; Vice Mayor Buckley seconded. The council approved the final budget and levy and the holding of the Ford Lightning purchase by voice vote, 7‑0.
During discussion council members and staff noted the town’s high credit ratings and long‑term debt management as factors that lower borrowing costs. Council also recorded that water assistance funding for residents on fixed incomes was increased in the budget from a prior $10,000 fund to $150,000 for the coming year.
The council recorded no changes to the adopted levy rate at the meeting beyond setting the levy; staff said follow‑up briefings and a public budget video would be released following adoption.