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Prescott council adopts FY 2026 budget and tax-expenditure limit
Summary
The City of Prescott adopted its fiscal year 2026 expenditure limitation and held the required public hearing, approving a budget that totals approximately $303.7 million and a property tax levy of $2,304,514; council set the levy without raising the tax rate.
After a public hearing on June 24, the Prescott City Council convened a special meeting and adopted Resolution No. 2025-1927 to approve the fiscal year 2026 budget expenditure limitation and the city-authorized position roster.
Deputy Finance Director Lars Johnson summarized the budget: proposed operating expenditures of $145,000,000, capital expenditures of $148,000,000, and a $10,000,000 contingency, which he said totaled $303,746,162 for the fiscal year beginning July 1, 2025. Johnson told the council that the property-tax levy for FY26 would be $2,304,514, an increase only reflecting new construction on the tax rolls; staff and council were not proposing an increase in the tax rate.
Following the public hearing and a roll call, the council recessed the regular meeting, convened the required special meeting, and adopted the resolution by unanimous vote. City staff said the property-tax levy would be formally adopted after the statutorily required 14-day notice and that staff would publish required notices and maintain the alternative expenditure limitation as home rule.
"To this point, there's been significant work and meetings, by city staff, by council, and from the public as well," Johnson said during his presentation. The resolution passed on a 7-0 roll call in the special meeting.
Council directed staff to complete the required post-adoption notifications and return any follow-up material as needed.
